Master the latest insights, lessons, and best practice techniques for accurately valuing companies for potential mergers, acquisitions, and restructurings. Concise, realistic, and easy to use, Valuation for Mergers and Acquisitions, Second Edition has been fully updated to reflect the field's latest and most useful "rules of thumb," compare every modern approach to valuation, offering practical solutions for today's most complex and important valuation challenges. Treating valuation as both an art and a science, it covers the entire process, offering up-to-the-minute real-world advice, examples, and case studies. Leading valuation experts Kenneth R. Ferris and Barbara S. Petitt introduce and compare leading techniques including discounted cash flow analysis, earnings multiples analysis, adjusted present value analysis, economic value analysis, and real option analysis. They fully address related concerns such as the accounting structure of deals, accounting for goodwill, tax considerations, and more. Throughout, they identify common errors that lead to inaccurate valuation, and show how to avoid them. From start to finish, this guide doesn't just make valuation comprehensible: it provides the tools and insight to make valuation work.
For all financial professionals concerned with valuation, especially those involved in potential mergers, acquisitions, and restructurings; and for corporate finance instructors and students in Executive MBA programs concerned with valuation.
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In Valuation, Second Edition, valuation experts Kenneth R. Ferris and Barbara S. Petitt bring together the latest insights, lessons, and best practice techniques for accurately valuing companies for potential mergers, acquisitions, and restructurings.
Concise, realistic, and easy to use, this thoroughly updated Second Edition brings together the field's best "rules of thumb," compares every key approach, and offers practical solutions for today's most complex and important valuation challenges. Treating valuation as both an art and a science, it covers the entire valuation process, offering up-to-the-minute real-world advice, examples, and case studies for successfully valuing and acquiring target companies.
Ferris and Petitt introduce and compare leading techniques including discounted cash flow analysis, earnings multiples analysis, adjusted present value analysis, economic value analysis, and real option analysis. They fully address related concerns such as the accounting structure of deals, accounting for goodwill, tax considerations, and more. Throughout, the authors identify common errors that lead to inaccurate valuation, and show how to avoid them. From traditional ROE analysis to the latest financial reporting and tax issues, this book doesn't just make valuation comprehensible - it gives you the tools and insight you need to make valuation work.
Overview
Financial Review and Pro Forma Analysis
Traditional Valuation Models
Alternative Valuation Models
Accounting Dilemmas in Valuation Analysis
Financial Reporting and Tax Considerations in Mergers and Acquisitions
Valuation: A Debriefing
KENNETH R. FERRIS, (Tempe, Arizona) a valuation and acquisition consultant to small and mid-cap companies in Central America, served on the faculty at Northwestern's Kellogg School of Management; SMU's Cox School of Business; Thunderbird School of Global Management; Drucker School of Business at Claremont Graduate School, and Arizona State's W.P. Carey School of Business. He was a director for three NYSE-listed firms.
BARBARA S. PETITT, (Bournemouth, UK), visiting Assoc. Prof. of Finance at Thunderbird, specializes in corporate finance, valuation, mergers, acquisitions, and restructurings. She has consulted with corporate clients throughout Europe and North America.
