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E-raamat: Valuation for M&A, Third Edition - Building and Measuring Private Company Value: Building and Measuring Private Company Value 3rd Edition [Wiley Online]

,
  • Formaat: 496 pages
  • Sari: Wiley Finance
  • Ilmumisaeg: 22-Jun-2018
  • Kirjastus: John Wiley & Sons Inc
  • ISBN-10: 1119437415
  • ISBN-13: 9781119437413
Teised raamatud teemal:
  • Wiley Online
  • Hind: 89,87 €*
  • * hind, mis tagab piiramatu üheaegsete kasutajate arvuga ligipääsu piiramatuks ajaks
Valuation for M&A, Third Edition - Building and Measuring Private Company Value: Building and Measuring Private Company Value 3rd EditionSuurem pilt
  • Formaat: 496 pages
  • Sari: Wiley Finance
  • Ilmumisaeg: 22-Jun-2018
  • Kirjastus: John Wiley & Sons Inc
  • ISBN-10: 1119437415
  • ISBN-13: 9781119437413
Teised raamatud teemal:
Wiley Online e-raamatudRohkem infot Wiley Online kohta
Raamatu kodulehekülg: https://onlinelibrary.wiley.com/doi/book/10.1002/9781119437413

Determine a company's value, what drives it, and how to enhance value during a M&A

Valuation for M&A lays out the steps for measuring and managing value creation in non-publicly traded entities, and helps investors, executives, and their advisors determine the optimum strategy to enhance both market value and strategic value and maximize return on investment.

As a starting point in planning for a transaction, it is helpful to compute fair market value, which represents a “floor” value for the seller since it by definition represents a value agreed upon by any hypothetical willing and able buyer and seller.  But for M&A, it is more important to compute investment value, which is the value of the target company to a strategic buyer (and which can vary with each prospective buyer). 

  • Prepare for the sale and acquisition of a firm
  • Identify, quantify, and qualify the synergies that increase value to strategic buyers
  • Get access to new chapters on fairness opinions and professional service firms
  • Find a discussion of Roger Grabowski's writings on cost of capital, cross-border M&A, private cost of capital, intangible capital, and asset vs. stock transactions

Inside, all the necessary tools you need to build and measure private company value is just a page away! 

Preface xi
Dedication and Acknowledgments xv
PART I Introduction
1(14)
Chapter 1 Winning through Mergers and Acquisitions
3(12)
Critical Values Shareholders Overlook
5(1)
Stand-Alone Fair Market Value
6(2)
Investment Value to Strategic Buyers
8(2)
Win--Win Benefits of Merger and Acquisition
10(1)
Computation of Cavendish's Stand-Alone, Fair Market Value
11(1)
Investment Value to Strategic Buyer
12(3)
PART II Building Value
15(84)
Chapter 2 Building Value and Measuring Return on Investment in a Private Company
17(24)
Public Company Value Creation Model
17(2)
Computing Private Company Value Creation and ROI
19(16)
Analyzing Value Creation Strategies
35(6)
Chapter 3 Market and Competitive Analysis
41(20)
Linking Strategic Planning to Building Value
43(5)
Assessing Specific Company Risk
48(5)
Competitive Factors Frequently Encountered in Nonpublic Entities
53(1)
Financial Analysis
54(5)
Conclusion
59(2)
Chapter 4 Merger and Acquisition Market and Planning Process
61(30)
Common Seller and Buyer Motivations
64(1)
Why Mergers and Acquisitions Fail
65(2)
Sales Strategy and Process
67(11)
Acquisition Strategy and Process
78(8)
Due Diligence Preparation
86(5)
Chapter 5 Measuring Synergies
91(8)
Synergy Measurement Process
92(3)
Key Variables in Assessing Synergies
95(1)
Synergy and Advance Planning
96(3)
PART III Measuring Value
99(142)
Chapter 6 Valuation Approaches and Fundamentals
101(18)
Business Valuation Approaches
101(2)
Using the Invested Capital Model to Define the Investment Being Appraised
103(1)
Why Net Cash Flow Measures Value Most Accurately
104(2)
Frequent Need to Negotiate from Earnings Measures
106(3)
Financial Statement Adjustments
109(3)
Managing Investment Risk in Merger and Acquisition
112(5)
Conclusion
117(2)
Chapter 7 Income Approach: Using Expected Future Returns to Establish Value
119(16)
Why Values for Merger and Acquisition Should Be Driven by the Income Approach
119(2)
Two Methods within the Income Approach
121(7)
Three-Stage DCF Model
128(3)
Establishing Defendable Long-Term Growth Rates and Terminal Values
131(2)
DCF Challenges and Applications
133(2)
Chapter 8 Cost of Capital Essentials
135(34)
Cost of Debt Capital
136(2)
Cost of Preferred Stock
138(1)
Cost of Common Stock
138(1)
Fundamentals and Limitations of the Capital Asset Pricing Model
139(3)
Modified Capital Asset Pricing Model
142(1)
Build-Up Model
143(8)
Summary of Rate of Return Data
151(2)
Private Cost of Capital
153(3)
International Cost of Capital
156(1)
How to Develop an Equity Cost for a Target Company
157(2)
Reconciling Discount Rates and P/E Multiples
159(2)
Conclusion
161(1)
Appendix 8A Using Specific Company Risk Strategically
162(7)
Chapter 9 Weighted Average Cost of Capital
169(12)
Iterative Weighted Average Cost of Capital Process
170(4)
Shortcut Weighted Average Cost of Capital Formula
174(2)
Common Errors in Computing Cost of Capital
176(5)
Chapter 10 Market Approach: Using Guideline Public Companies and M&A Transactions
181(18)
Transaction Multiple Method
182(4)
Guideline Public Company Method
186(4)
Selection of Valuation Multiples
190(1)
Commonly Used Market Multiples
191(8)
Chapter 11 Asset Approach
199(10)
Book Value versus Market Value
200(1)
Premises of Value
201(1)
Use of the Asset Approach to Value Noncontrolling Interests
201(1)
Adjusted Book Value Method
202(5)
Specific Steps in Computing Adjusted Book Value
207(2)
Chapter 12 Adjusting Value through Premiums and Discounts
209(8)
Applicability of Premiums and Discounts
210(1)
Application and Derivation of Premiums and Discounts
211(2)
Apply Discretion in the Size of the Adjustment
213(2)
Control versus Lack of Control in Income-Driven Methods
215(1)
Fair Market Value versus Investment Value
215(2)
Chapter 13 Reconciling Initial Value Estimates and Determining Value Conclusion
217(24)
Essential Need for Broad Perspective
217(3)
Income Approach Review
220(5)
Market Approach Review
225(1)
Asset Approach Review
226(2)
Value Reconciliation and Conclusion
228(3)
Checks to Value
231(1)
Candidly Assess Valuation Capabilities
232(1)
Valuation Scenarios -- Platform for M&A
232(3)
Appendix 13A Disciplined and Thorough Valuation Analysis Key to Avoiding Failed M&A Deals
235(1)
Analysis of a Hypothetical Synergistic Deal
235(1)
Establishing the Value of an Acquisition Target
236(2)
Establishing Value for the Acquirer
238(1)
Considerations of Other Impacts on Value
239(2)
PART IV Specialty Issues
241(156)
Chapter 14 Exit Planning
243(26)
Why Is Exit Planning So Difficult?
244(3)
What Makes Planning for Your Private Company Investment Unique?
247(2)
Why Should Exit Planning for Your Private Company Begin Now?
249(1)
Exit Planning Process
250(19)
Step 1 Setting Exit Goals
252(2)
Step 2 Owner Readiness
254(2)
Step 3 Type of Exiting Owner
256(2)
Step 4 Exit Options
258(5)
Step 5 Range of Values
263(2)
Step 6 Execution of Exit Plan
265(4)
Chapter 15 Art of the Deal
269(20)
Unique Negotiation Challenges
269(2)
Deal Structure: Stock versus Assets
271(5)
Asset Transaction
276(3)
Terms of Sale: Cash versus Stock
279(3)
Personal Goodwill
282(1)
Bridging the Gap
283(3)
See the Deal from the Other Side
286(3)
Chapter 16 Fairness Opinions
289(20)
Why Are Fairness Opinions Obtained?
291(3)
The Use of Fairness Opinions by Private Companies
294(1)
Parties Who Prepare Fairness Opinions
295(2)
Components of a Fairness Opinion
297(4)
What Fairness Opinions Are Not
301(1)
Conclusion
302(1)
Appendix 16A Sample Fairness Opinion Letter
303(6)
Chapter 17 M&A and Financial Reporting
309(22)
U.S. GAAP and IFRS
310(1)
Relevant FASB and IFRS Statements
311(1)
Reviews by the Audit Firm
312(1)
ASC 820: Fair Value Measurements
313(2)
ASC 805: Business Combinations
315(10)
ASC 350: Goodwill and Other Intangible Assets
325(1)
Incorporating ASC 805 into the Due Diligence Process
326(3)
References
329(2)
Chapter 18 Intangible Asset Valuation
331(22)
Approaches to Valuing Intangible Assets
332(2)
Key Components to Intangible Asset Valuation
334(9)
Intangible Asset Valuation Methods
343(9)
Conclusion
352(1)
Chapter 19 Measuring and Managing Value in High-Tech Start-Ups
353(28)
Why Appraisals of High-Tech Start-Ups Are Essential
353(2)
Key Differences in High-Tech Start-Ups
355(1)
Value Management Begins with Competitive Analysis
356(2)
Stages of Development
358(2)
Risk and Discount Rates
360(1)
Start-Ups and Traditional Valuation Methods
361(6)
QED Survey of Valuation Methods Used by Venture Capitalists
367(5)
A Probability-Weighted Scenario Method to Value Start-Ups
372(5)
Equity Allocation Methods
377(3)
Conclusion
380(1)
Chapter 20 Cross-Border M&A
381(16)
Strategic Buy-Side Considerations
381(9)
Due Diligence
390(5)
Sell-Side Considerations
395(2)
PART V Case Studies
397(56)
Chapter 21 Merger and Acquisition Valuation Case Study -- Distribution Company
399(30)
History and Competitive Conditions
400(1)
Potential Buyers
401(1)
General Economic Conditions
402(1)
Specific Industry Conditions
403(1)
Growth
404(1)
Computation of the Stand-Alone Fair Market Value
404(5)
Risk and Value Drivers
409(9)
Summary and Conclusion of Stand-Alone Fair Market Value
418(2)
Computation of Investment Value
420(7)
Suggested Considerations to Case Conclusion
427(2)
Chapter 22 Merger and Acquisition Valuation Case Study -- Professional Services Firm
429(24)
Characteristics
429(4)
Valuation Methods
433(2)
Case Study Introduction
435(1)
Potential Buyer
435(1)
Historic Financial Performance
436(3)
Future Expectations
439(4)
Risk and Value Drivers
443(2)
Discounted Cash Flow Method
445(1)
Other Valuation Methods to Consider
445(6)
Suggested Considerations to Case Conclusion
451(2)
About the Authors 453(2)
Glossary 455(10)
Index 465
CHRIS M. MELLEN is a managing director with Valuation Research Corporation who leads its Boston office. Previously, he was president of Delphi Valuation Advisors, Inc., which he founded in 2000 and sold to VRC in 2015. Mellen is the author of numerous articles on valuation-related topics and coauthor of the second edition and author of the third edition of Valuation for M&A.

FRANK C. EVANS is the founder of Evans and Associates Valuation Advisory Services. A prolific educator and speaker, he is coauthor of the first and second editions of Valuation for M&A.
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