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Valuation is not just a critical step in buying or selling a company, it's an instrumental tool for measuring and managing the successful growth of any business. If you are an advisor, investor, business owner, or board member, this comprehensive guide from the authors of the bestselling "Art of M&A" series provides the essential information you need to:
Master the fundamentals of business valuation
Understand the difference between price and value
Analyze business potential using valuation multiples and DCF
Avoid the pitfalls of valuation "rules of thumb"
Use contingent consideration to bridge value expectations
Unlock value using tax structure
Build a transaction model that evaluates multiple forecast scenarios
Know when to buy and sell-and succeed
Regardless of a company's particular industry, financial condition, or stage of development, this book arms you with a full range of valuation methods and downloadable finance models suitable to any situation. You'll gain not only a rigorous understanding of quantitative financial models, but also the qualitative drivers that make a business more valuable in the eyes of a buyer. Unlike most other M&A texts, the Art of M&A Valuation and Modeling also explains how to enhance valuation using deal techniques learned only through the authors' decades of hands on, practical experience.
As an added bonus, the book features sample models and real-world examples so you can see the valuation process in action. This practical guide makes it easy for you to chart the course of your own company's growth, diversification, progress, efficiency, synergy, and more. For what it's worth, The Art of M&A Valuation and Modeling could be the best investment you'll ever make.
List of contents
FOREWORD
SECTION I FUNDAMENTALS OF M&A VALUATION
Chapter 1 Cracking the Code: What's It Worth?
Chapter 2 Evaluating Comparable Companies and Transactions
Chapter 3 Introducing Classic DCF AnalysisSECTION II ADVANCED TOPICS IN M&A VALUATION
Chapter 4 Bridging Expectations with Contingent Consideration and Related Tools
Chapter 5 Unlocking Value Using Tax Structure
Chapter 6 Building a Transaction Model
Appendix I Landmark and Recent M&A Legal Cases Impacting Valuation
Appendix II Valuation: A Glossary of Terms SECTION III SAMPLE FINANCIAL MODELS
Comparable Companies and Transactions Standalone DCF Transaction Model
NOTES 279
INDEX 287
About the author
H. Peter Nesvold, Esq., CFA, CPA , is a senior vice president at Lazard Asset Management and the coauthor of The Art of M&A and The Art of M&A Structuring.
Alexandra Reed Lajoux, M.B.A., Ph.D. , is chief knowledge officer of the National Association of Corporate Directors. She is author of The Art of M&A Integration and coauthor of The Art of M&A, The Art of M&A Due Diligence, The Art of M&A Structuring , and The Art of M&A Financing and Refinancing.
Summary
An M&A “dream team” of experts show you how to master the art of M&A valuation-including tools for assessing and enhancing value.
