MARC details
| 000 -LEADER |
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00615nam a2200181Ia 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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110309s9999 xx 000 0 und d |
| 020 ## - INTERNATIONAL STANDARD BOOK NUMBER |
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| International Standard Book Number |
978-81-265-2412-9 |
| 082 ## - DEWEY DECIMAL CLASSIFICATION NUMBER |
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| Classification number |
658.162 |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Arzac, Enrique R. |
| 9 (RLIN) |
26454 |
| 245 ## - TITLE STATEMENT |
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| Title |
Valuation for mergers, buyouts, and restructuring |
| Statement of responsibility, etc |
Enrique R Arzac |
| 250 ## - EDITION STATEMENT |
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| Edition statement |
2 |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Name of publisher, distributor, etc |
WIley India Pvt. Ltd. |
| Place of publication, distribution, etc |
New Delhi |
| Date of publication, distribution, etc |
2008 |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
448 p. |
| Other physical details |
Paper |
| 505 ## - FORMATTED CONTENTS NOTE |
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| Formatted contents note |
Part One. The Tools of Valuation.<br/>1. A User's Guide.<br/>1.1 Valuation of Stand-alone Firms and Business Units.<br/>1.1.1 Free Cash-flow Valuation.<br/>1.1.2 Cost of Capital.<br/>1.1.3 Valuation Multiples.<br/>1.2 Economic Value Added.<br/>1.3 Valuation with Changing Capital Structure.<br/>1.4 Valuation in Developed and Emerging Markets.<br/>1.5 Mergers and Acquisitions.<br/>1.6 Deal Design and Special Offer Structures.<br/>1.7 Leveraged Buyouts.<br/>1.8 Recapitalization of Troubled Companies.<br/>1.9 Asset Restructuring.<br/>1.10 Real Options: Valuing Entry and Exit Options.<br/>1.10.1 Financial Options.<br/>1.11 Technical Notes and Problems.<br/>1.12 Valuation Aids.<br/>2. Forecasting and Valuation of Free Cash Flows.<br/>2.1 Free Cash Flows.<br/>2.2 Building a Financial Model.<br/>2.3 Enterprise Valuation.<br/>2.4 Continuation Value.<br/>2.4.1 Forecast Consistency.<br/>2.4.2 Forecasting FCFT.<br/>2.4.3 A Wrong Way to Forecast Continuation Value.<br/>2.4.4 Sensitivity to Parameter Estimates.<br/>2.4.5 Competitive Advantage Period.<br/>2.4.6 EBITDA Multiples.<br/>2.5 An Equivalent Approach: Valuing the Cash Flow to Equity.<br/>2.5.1 Decomposition of Free Cash Flows: Cash Flows to Equity and Debt.<br/>2.5.2 Equity Valuation.<br/>2.5.3 Debt Valuation.<br/>2.5.4 Financial Policy and Dividends.<br/>2.6 Some Practical Aspects.<br/>2.6.1 Choosing the Valuation Method.<br/>2.6.2 Personal Taxes and Enterprise Value.<br/>2.6.3 Enterprise Value in Tax Imputation Countries.<br/>2.6.4 Balance Sheet Adjustments.<br/>2.6.5 Cash and Marketable Securities.<br/>2.6.6 Mid-year Discounting.<br/>2.6.7 Dealing with Equity-linked and Other Securities in the Capital Structure.<br/>2.6.8 Restructuring Expenses.<br/>2.7 Analysis of Results: The Value of Franchise and Growth.<br/>2.8 Summary.<br/>Problems.<br/>3. The Equity Premium and the Cost of Capital.<br/>3.1 Estimating the Cost of Capital.<br/>3.2 The Cost of Equity.<br/>3.2.1 The Capital Asset Pricing Model Approach.<br/>3.2.2 Choosing the Riskless Rate.<br/>3.2.3 Estimating the Equity Premium: Historical Analyses.<br/>3.2.4 Time Varying Equity Premium.<br/>3.2.5 Prospective Equity Premium.<br/>3.3 The Cost of Equity of Large Capitalization Companies.<br/>3.4 The Cost of Equity and Leverage.<br/>3.5 Beyond the Capital Asset Pricing Model.<br/>3.5.1 The Original CAPM.<br/>3.5.2 The Fama-French Three-factor Model.<br/>3.5.3 Arbitrage Pricing Theory.<br/>3.5.4 Liquidity and Expected Returns.<br/>3.6 The Cost of Equity of Small Capitalization Companies.<br/>3.7 Estimating the Cost of Equity: A Detailed Example.<br/>3.8 The Cost of Debt and Other Components of the Capital Structure.<br/>3.8.1 Investment-grade Debt.<br/>3.8.2 High-yield Debt and Preferred Stock.<br/>3.8.3 Convertible Securities, Warrants, and Other Options.<br/>3.9 Estimation of the Cost of Capital in Practice.<br/>3.10 Summary.<br/>Problems.<br/>4. Metrics and Multiples.<br/>4.1 The Use of Multiples in Valuation.<br/>4.2 Using Comparables: An Example.<br/>4.3 Multiples and Continuation Value.<br/>4.4 Relationships Among Valuation Multiples.<br/>4.5 Adjusting Multiples for Leverage and Growth.<br/>4.6 The Franchise Factor in Valuation Multiples.<br/>4.7 Normalizing P/E Ratios by the Growth Rate.<br/>4.8 Summary.<br/>Problems.<br/>5. Economic Value Added.<br/>5.1 Measuring Value Creation.<br/>5.2 Relation to Free Cash-flow Valuation.<br/>5.3 A Detailed Example of EVA Valuation.<br/>5.4 The Sources of Value: Franchise and Growth.<br/>5.5 Economic Value-added and Market Value.<br/>5.6 Some Empirical Evidence.<br/>5.7 Summary.<br/>Problems.<br/>6. Valuation with Changing Capital Structure.<br/>6.1 Leverage Changes and Enterprise Value.<br/>6.2 Adjusted Present Value and the Value of the Tax Shield.<br/>6.3 A Detailed Example of APV Valuation.<br/>6.4 Valuing an Acquisition with Leverage Above Target.<br/>6.5 Recursive WACC Valuation.<br/>6.6 Compressed APV.<br/>6.7 Uncertain Leverage: A Recursive APV Model.<br/>6.8 Valuing Equity as an Option.<br/>6.9 Summary.<br/>Problems.<br/>7. Debt Capacity for Acquisition Financing.<br/>7.1 Financial Interdependencies.<br/>7.2 Financing Growth.<br/>7.3 Growth via Acquisitions.<br/>7.4 Sustainable Debt.<br/>7.5 The Target Debt Ratio Assumed in WACC Valuation, Debt Capacity, and Interest Coverage.<br/>7.6 Debt Capacity in Leveraged Buyouts and Recapitalizations.<br/>7.7 The Debt Capacity Multiple in Practice.<br/>7.8 Summary.<br/>Problems.<br/>8. Valuing Entry and Exit Options.<br/>8.1 Net Present Value and Options.<br/>8.1.1 Accounting for Flexibility.<br/>8.1.2 Option Pricing.<br/>8.2 A Continuous-time Model of Free Cash Flows.<br/>8.3 Valuation in Discrete and Continuous Times.<br/>8.4 Valuing a Going Concern in Continuous Time.<br/>8.5 Valuing the Entry Option.<br/>8.6 Entry and Exit Options.<br/>8.7 Valuing Foothold and Growth Options.<br/>8.7.1 Foothold Investment with an Expansion Option.<br/>8.7.2 Valuing Foothold and Expansion Options.<br/>8.8 Allowing for Uncertain Costs in Foothold Investments.<br/>8.9 Sensitivity of DCF Values in the Presence of Real Options.<br/>8.10 Summary.<br/>Problems.<br/>Part Two. Mergers, Acquisitions, and Buyouts.<br/>9. Mergers and Acquisitions.<br/>9.1 Value Creation and Mergers.<br/>9.2 Legal Form of the Transaction and Tax Considerations.<br/>9.3 Examples of Tax Consequences.<br/>9.4 Tax-free Reorganizations.<br/>9.5 Merger Accounting.<br/>9.6 Premiums and the Iron Law of M&A.<br/>9.6.1 All-cash Offer.<br/>9.6.2 Share Exchange.<br/>9.6.3 Cash and Share Offer.<br/>9.7 Break-even Synergies.<br/>9.8 Premiums and the Acquirer's Foothold.<br/>9.9 Accretion-dilution Analysis.<br/>9.10 Free Cash-flow Valuation: Total versus Incremental Free Cash Flows.<br/>9.11 Comprehensive Merger Example.<br/>9.11.1 Terms of the Merger.<br/>9.11.2 Building the Financial Model of the Merger.<br/>9.11.3 Accretion-dilution Analysis.<br/>9.11.4 Free Cash-flow Valuation.<br/>9.11.5 Sensitivity and Scenario Analysis.<br/>9.12 Summary.<br/>Problems.<br/>10. Deal Making with Difference of Opinion.<br/>10.1 Sources of Disagreement in Deal Making.<br/>10.2 Risk Shifting.<br/>10.3 Staged Financing.<br/>10.4 Earnout Agreements.<br/>10.5 Valuing Earnout Cash Flows.<br/>10.6 Earnouts as Options on Future Cash Flows.<br/>10.6.1 Earnouts with Thresholds.<br/>10.6.2 Earnouts with Thresholds and Caps.<br/>10.6.3 Earnouts Based on Average Performance.<br/>10.6.4 Valuing the Seller's Repurchase Option.<br/>10.6.5 Valuing Multiyear Earnouts.<br/>10.6.6 Earnouts Based upon Relative Performance.<br/>10.7 Perpetual Earnouts and Class Shares with Threshold.<br/>10.8 Summary.<br/>Problems.<br/>11. Special Offer Structures: Price Guarantees and Collars.<br/>11.1 Special Offer Structures.<br/>11.1.1 Risk Arbitrage.<br/>11.1.2 Guarantees.<br/>11.2 Valuing Price Guarantees.<br/>11.2.1 Commodity Price Guarantees.<br/>11.3 Valuing Offers with Price Collars.<br/>11.4 Additional Features in Price Collars.<br/>11.4.1 Walk-away Rights.<br/>11.4.2 Top-up Rights.<br/>11.4.3 Fixed Exchange Ratio with Collar.<br/>11.4.4 Weighted Average.<br/>11.5 Summary.<br/>Problems.<br/>12. Acquisitions in Developed and Emerging Markets.<br/>12.1 The Global Capital Market.<br/>12.2 Translating Foreign Currency Cash Flows.<br/>12.3 The Cost of Capital in Developed Capital Markets.<br/>12.4 Valuing Emerging-market Companies.<br/>12.4.1 Translating Free Cash Flows to the Acquirer’s Currency.<br/>12.4.2 Value to the Acquirer.<br/>12.4.3 Nominal and Real Cash Flows and the Cost of Capital.<br/>12.4.4 Value to the Seller.<br/>12.5 On the Nature of the Country Risk Premium.<br/>12.6 Post-emergence Systematic Risk.<br/>12.7 Summary.<br/>Problems.<br/>13. Leveraged Buyouts.<br/>13.1 The Rationale for LBOs.<br/>13.2 Financing LBOs.<br/>13.3 Robust Financial Structures.<br/>13.4 Computing the Returns to Investors.<br/>13.5 Option Pricing of Warrant Kickers.<br/>13.6 Debt Capacity and Affordable Price.<br/>13.7 Returns to Investors and the Private-equity Discount.<br/>13.8 A Detailed LBO Example.<br/>13.9 Mezzanine Financing.<br/>13.10 APV Valuation.<br/>13.11 Summary.<br/>Problems.<br/>Part Three. Recapitalizations and Restructuring.<br/>14. Recapitalization of Troubled Companies.<br/>14.1 Dealing with Financial Distress.<br/>14.2 Framework for Recapitalizations.<br/>14.3 Out-of-court Workouts and Bankruptcy.<br/>14.3.1 Out-of-court Workouts.<br/>14.3.2 In-court Reorganization.<br/>14.3.3 Prepackaged Bankruptcy.<br/>14.3.4 Liquidation.<br/>14.4 Accounting Treatment.<br/>14.4.1 Troubled Debt Restructuring.<br/>14.4.2 Asset Impairment.<br/>14.4.3 Fresh-start Accounting.<br/>14.5. Tax Considerations.<br/>14.6 Valuing Recapitalization Securities.<br/>14.6.1 The Southland LBO.<br/>14.6.2 The Recapitalization Plans.<br/>14.6.3 Valuing the New Debt Securities.<br/>14.6.4 Valuing Equity.<br/>14.6.5 Recovery.<br/>14.7 Valuing Recapitalization Rights and Options.<br/>14.8 Summary.<br/>Problems.<br/>15. Asset Restructuring.<br/>15.1 Asset Restructuring and the Value Gap.<br/>15.2 Is There a Diversification Discount?<br/>15.3 Share Repurchases.<br/>15.4 Asset Disposition.<br/>15.5 Tax and Accounting Treatment.<br/>15.5.1 Private Sales, IPOs, and Carve-outs.<br/>15.5.2 Spin-offs.<br/>15.5.3 Tracking Stock.<br/>15.6 Sum-of-the-parts Valuation.<br/>15.7 Headquarter Costs and Benefits.<br/>15.8 Comprehensive Restructuring Analysis.<br/>15.8.1 Sum-of-the-Parts Valuation: Multiples.<br/>15.8.2 Sum-of-the-Parts Valuation: Free Cash Flows.<br/>15.8.3 Valuing the Effect of Cost Reductions at Wendy's Stores.<br/>15.8.4 Refranchising Wendy's Operated Restaurants.<br/>15.8.5 Comparison of Restructuring Actions.<br/>15.8.6 Monetizing Real Estate.<br/>15.8.7 Share Repurchases.<br/>15.8.8 Wendy's Restructuring Plan.<br/>15.9 Summary.<br/>Problems.<br/>Appendix A. Financial Options.<br/>A.1 Financial Options in M&A Valuation.<br/>A.2 European Calls and Puts and American Calls.<br/>A.3 American Puts.<br/>A.4 Warrant Pricing Model.<br/>A.5 Asian Options.<br/>A.6 Knockout (Barrier) Options.<br/>A.7 The Put-call Parity.<br/>A.8 Stock Options Paying a Known Dividend Yield.<br/>A.9 Dilution Adjustment in Warrant Valuation.<br/>Problems.<br/>Appendix B. Valuation Aids Software.<br/>Appendix C. Answers to Selected End-of-Chapter Problems.<br/>Appendix D. Modeling Mergers and Buyouts with DealModeler™: User's Manual.<br/>D.1 Brief Description of DealModeler A–…<br/>D.2 Modeling Mergers and Acquisitions A–…<br/>D.3 Modeling Leveraged Buyouts A–…<br/>Technical Notes.<br/>References.<br/>Index. |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
Offering a unique combination of practical valuation techniques with the most current thinking, this book provides readers with an up-to-date synthesis of valuation theory as it applies to mergers, buyouts and restructuring. They'll gain a strong understanding of the problems encountered in valuation practice as well as sound solutions. |
| 530 ## - ADDITIONAL PHYSICAL FORM AVAILABLE NOTE |
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| Additional physical form available note |
4486 |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name as entry element |
Corporations Valuation |
| 9 (RLIN) |
26455 |
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| Topical term or geographic name as entry element |
Consolidation and merger of corporations |
| Form subdivision |
Textbooks. |
| 9 (RLIN) |
26456 |
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| Topical term or geographic name as entry element |
Consolidation and merger of corporations |
| 9 (RLIN) |
26457 |
| 773 0# - HOST ITEM ENTRY |
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| Main entry heading |
ARZAC, ENRIQUE |
| Edition |
2ND |
| Place, publisher, and date of publication |
NEW DELHI WILEY INDIA |
| Other item identifier |
333413 |
| Title |
VALUATION FOR MERGERS, BUYOUTS, AND RESTRUCTRING |
| 773 0# - HOST ITEM ENTRY |
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| Host Biblionumber |
32080 |
| Host Itemnumber |
37919 |
| Main entry heading |
ARZAC, ENRIQUE |
| Edition |
|
| Place, publisher, and date of publication |
NEW DELHI WILEY INDIA |
| Other item identifier |
333406 |
| Title |
VALUATION FOR MERGERS, BUYOUTS, AND RESTRUCTURING |
| Record control number |
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| International Standard Serial Number |
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| International Standard Book Number |
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| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Koha item type |
Book |
| Source of classification or shelving scheme |
Dewey Decimal Classification |
