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320 Reviews
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75 of 78 people found the following review helpful
4.0 out of 5 stars A new handbook for M&A professionals
As a detailed discussion of valuation in the M&A context, this book is a gem. It summarizes the various approaches, and the chapter on the M&A process is correct and adequately detailed. The links to online models were especially helpful, and we are making this book required reading for new analysts at our boutique M&A shop.

For those interested in...
Published on June 23, 2009 by A. J. Southwell

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21 of 29 people found the following review helpful
2.0 out of 5 stars Poorly organized and explained; there are better books on corporate valuation
The reviews seem to be unanimous in praising this book, so I must be the only person on the planet who read this book who thought that it was not very good. The information is introduced in a rather hasty, slapdash fashion, without much discussion of concepts, and very little examination of the thinking behind why various calculations are used.

For example,...
Published on July 20, 2011 by Chie Higashino


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75 of 78 people found the following review helpful
4.0 out of 5 stars A new handbook for M&A professionals, June 23, 2009
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This review is from: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Hardcover)
As a detailed discussion of valuation in the M&A context, this book is a gem. It summarizes the various approaches, and the chapter on the M&A process is correct and adequately detailed. The links to online models were especially helpful, and we are making this book required reading for new analysts at our boutique M&A shop.

For those interested in understanding the theory behind valuation, Aswath Damodaran, "Investment Valuation" still has first place. And for those who need to value non-standard assets (oil & gas, real estate, insurance companies) Jeffrey Hooke, "Security Analysis on Wall Street" remains essential.
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45 of 45 people found the following review helpful
5.0 out of 5 stars Valuation from a Practical, M&A Point of View, July 1, 2009
By 
Pedro Goes M. Oliveira (Rio de Janeiro, RJ Brazil) - See all my reviews
(REAL NAME)   
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This review is from: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Hardcover)
If you want to learn how academics think valuation should be done, read Damodaran's "Investment Valuation". If you want to know how valuation is carried out in practice in the M&A market, read this excelent book (don't misunderstand me, Damodaran's book is also very good).
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25 of 25 people found the following review helpful
5.0 out of 5 stars Top tier book, September 25, 2010
This review is from: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Hardcover)
This is an excellent book on the heart of investment banking. There are many fun books that introduce the worlds of investment banking, what it is, what they do, etc. Once one has learned about the basics of the industry, the next step is to master the technical skill set, or the art, or financial modeling and analysis. Everything that bankers do is grounded in valuation theory and corporate finance. These are the hard skill sets that are not taught in either undergraduate curriculum or even graduate school, regardless of if you go to HBS or MIT or INSEAD. Coincidentally, most of the end users of such books on modeling and valuation are the very same students that attend the like of Wharton that aspire to become senior career bankers.

When I first got into this world there were no books on the subject (roughly back in the early 90s). Now with this one book anyone aspiring to be a world class technical banker can acquire the skills thru self study. I have also used the same financial modeling vendors that the actual banks use to train new Analysts and Associates. This one book is an excellent addition to the limited literature on self-study financial modeling and analysis done, which is the core transferable skill set at the junior banker level. The heart of modeling is what helps departing Analysts transition to buy side positions such as hedge funds, mutual funds, buy-side research, endowments, and other institutional investors.

This book is perfect for the completely uninitiated. Whereas I had already had an extensive background in the subject, I honestly feel this is the perfect unassuming intro for all the liberal arts majors that want to experience life in high finance. Literally everyone agrees that mastering banking is a "craft" and apprenticeship business in which the senior most banker passed on his expertise and judgement to the junior resources. However, books such this one allow enterprising junior resources to master most of the technical, hard skill aspects of the job without spending 3 years as an Analyst or Associate. Nothing beats actual deal experience, but this book makes the learning curve much less step in a very intimidating and challenging industry for new hires.

On a final note, this book is technical enough that someone with a very extensive background can still benefit from the material. Despite having been self taught most of the valuation methods and mastering them, this book single handedly is my reference in actual consulting projects that I do in my part time. I would refer this book to any undergraduate, MBA student, newly minted M&A lawyer, accountant, corporate development professional, or anyone else because the essential skill set of financial modeling and valuation theory is at the heart of all these disparate types of positions.

With this one book I can mentor all my friend that are majoring in finance and teach them what took me years to learn piece meal when such information was non-existent and extremely proprietary and difficult to come by.
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15 of 15 people found the following review helpful
5.0 out of 5 stars Great Book, June 7, 2013
This is a great book for individuals seeking to begin a career in Investment Banking. As an Economics major, I did not know how to valuate a company like an Investment Banker. This book has given me confidence during interviews and has helped me land my first position as a Summer Analyst within a boutique M&A firm in downtown San Francisco. The price of this book is worth the value if you are serious about pursuing a career in Investment Banking.
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27 of 30 people found the following review helpful
5.0 out of 5 stars The best investment banking book for today's world, July 12, 2009
This review is from: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Hardcover)
Investment banking is one of those industries where the only constant is change. The books I had from just a few years ago now seem hopelessly out-of-date. That's why I'm so happy I found this book - it's my bible for the finance world. I've already bought copies for friends - I even got one for my financial advisor and he loved it! I'm definitely going to send a copy to everyone I know who's preparing for Wall Street interviews now. The concepts are sophisticated but the book is so well-written it makes complex valuation seem like second nature.
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12 of 12 people found the following review helpful
5.0 out of 5 stars If Investment Banking were a religion, this would be its bible., September 2, 2013
A great read. I picked up a copy at the Wall Street Oasis Conference in New York City this Summer. This should be mandatory reading to all who aspire to be working in Investment Banking or even for a financial sponsor as the instruction is quite thorough. It's authored by two Investment Bankers with acknowledgements mostly by people that work/have worked in the industry. Having read and owned McKinsey's classic, Valuation, I can say that this is book is just as relevant and worthy to be placed alongside it on my book shelf.

Part 1 of the book:
In Investment Banking, at least at the Analyst level. A huge bulk of your time will be spent "doing comps" the first chapter opens up nicely on this topic. If you're able to articulate this chapter in an interview and have a working knowledge of this chapter while on the job (presumably in an internship) the people you work with will notice.

DCF (or Discounted Cash Flow Analysis) A good 34 pages on this here. All explained really well with sensible examples. Conceptualizing this will prepare you well when answering the potential interview question "Walk me through a DCF Analysis."

Part 2 of the book:

LBO's (or Leveraged Buy-Out), using debt to finance the majority of a deal. Highly relevant, and depending on the firm/interviewer you could be asked to construct an LBO model which the examples go through to a T.

M&A, I-Banks advise on the sellside and the buyside. The book distinguishes the differences between them well and explains in detail how an investment bank acts as a sellside and buyside advisor and the role it plays.

Overall, this is quite applicable to students interested in pursuing careers in Investment Banking but also as a means of learning everything about company valuation. Considering the obscene costs of textbooks now, pawn your Finance textbook immediately after your class and buy this. Trust me.
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11 of 11 people found the following review helpful
5.0 out of 5 stars Great book, but some flaws in Kindle version, July 24, 2010
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This review is from: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Hardcover)
The book is recommended and you will easily find enough reviews for this book.

A note to be added is the resolution of Kindle book. I notice it is a general problem of all Kindle book that when the contents come with a big chart or table, most of them can be hardly read as the resolution is not enough for zooming in. I tried it on my iPad and laptop, and I am sure it is not the problem of my screen resolution.

In addition, it will be great if the charts and tables in Kindle books are allowed to be rotated.

Amazon, please fix it. Otherwise, most of these books are useless as the charts and tables inside are the crucial part of the content.
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13 of 14 people found the following review helpful
5.0 out of 5 stars great book!, June 11, 2013
Having read the first version of the book I wasn't sure if it was worth it to buy this one, but the added material, new chapter and the addition of Bloomberg tools makes it a must have.
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9 of 9 people found the following review helpful
5.0 out of 5 stars Essential Book For Any Finance Professional's Library, December 8, 2009
By 
Chris Moon (Hawaii/New York) - See all my reviews
This review is from: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Hardcover)
When I first decided to change careers and get into finance I knew I was at a distinct disadvantage for not having spent years in the trenches as an analyst and associate at a major i-bank. I had none of the experience that goes into developing a banker and I did not know where to start. Therefore I am thankful that Pearl and Rosenblaum have successfully codified in one volume knowledge that was traditionally passed down from senior-banker to junior-banker. Their book has gone farther than any other textbook in educating me what is needed to build the foundation for getting deals done. I will keep this book close by for future reference. Well done.
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12 of 13 people found the following review helpful
4.0 out of 5 stars Great Practical Reference, June 6, 2013
This is good for anyone looking to get a job on Wall Street. Unlike college finance courses, the book includes knowledge and skills needed in the real world. If you're just starting out in finance, read Fridson's book on financial statement analysis first - Financial Statement Analysis: A Practitioner's Guide (Wiley Finance) - and then pick this up for more practical IB-related work...
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Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions
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