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Comparable Companies Analysis – CH 1 Investment Banking Valuation Rosenbaum
 
01:04:49
In this video, I provide a comprehensive overview of the comparable companies analysis used in investment banking and the different steps needed to offer a defensible valuation range. The video is long but offers all the information you need to know for an entry level analyst and any student looking to prepare for a related interview. I am working off the second edition Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions textbook by Joshua Rosenbaum and Joshua Pearl. Chapter 1 covered topics like; - Finding the right universe of comparable companies using business and financial characteristics - Enterprise and equity value multiples - Treasury stock and if-converted methods for fully diluted shares - Net share settlement method (NSS) - Calendarization of financial data - Adjustments for non-recurring items - Benchmarking and valuation For those who are interested in buying the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Joshua Rosenbaum and Joshua Pearl, follow the Amazon link below; https://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210 If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 9671 FinanceKid
Discounted Cash Flow (DCF) Model – CH 3 Investment Banking Valuation Rosenbaum
 
01:23:02
The discount cash flow analysis (DCF) is a fundamental valuation methodology broadly used by investment bankers, corporate officers, and other finance professionals. It is based on the principal that the value of a company can be derived from the PV of its projected free cash flow (FCF). While many videos cover the actual framework and how to build the excel model, the assumptions and thinking behind the model are often left to more “real world” examples. This is that example! Chapter 3 covered topics like; - How do you project revenues for a DCF model? - How many years do you project cashflows for? - What is the exit multiple method? - What is the perpetuity growth method? - How do you project EBITDA for a DCF model? - How do you project EBIT for a DCF model? - How do you project the NWC for a DCF model? - What is the mid-year convention? - How do you calculate unlevered free cash flow? For those who are interested in buying the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Joshua Rosenbaum and Joshua Pearl, follow the Amazon link below; https://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210 If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles Videos referenced; Estimating Cost of Debt For WACC: https://www.youtube.com/watch?v=CSkPlxEe-dY Estimating Cost Of Equity For WACC: https://www.youtube.com/watch?v=ZigyWoDAMrE Projecting NWC; https://www.youtube.com/watch?v=2E1Hca2dVbI Why Is Your DCF Model Incorrect? https://www.youtube.com/watch?v=ByyK0AMuLxc
Views: 9668 FinanceKid
Leveraged Buyouts (LBOs) – CH 4 Investment Banking Valuation Rosenbaum
 
01:02:04
A leveraged buyout (LBO) is the acquisition of a company, division, business, or collection of assets using debt to finance a large portion of the purchase price. The remaining portion of the purchase price is funded with an equity contribution by a financial sponsor. The ability to leverage the relatively small equity investment is important for sponsors to achieve acceptable returns. The use of leverage provides the additional benefit of tax savings realized due to the tax deductibility of interest expense. Questions answered in the video include? - What are private equity firms and how do they invest? - How does leverage impact the equity returns of a sponsor? - What is a leveraged buyout (LBO)? - How does changing the financing mix change overall returns? - What is the internal rate of return (IRR)? - What are the characteristics of a strong LBO candidate? - What are the available sources of LBO financing? For those who are interested in buying the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Joshua Rosenbaum and Joshua Pearl, follow the Amazon link below; https://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210 If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 5766 FinanceKid
Precedent Transactions Analysis – CH 2 Investment Banking Valuation Rosenbaum
 
47:27
In this video, I provide a comprehensive overview of the precedent transactions analysis used in investment banking and the different steps needed to offer a defensible valuation range. The video is long but offers all the information you need to know as an entry level analyst and for any student looking to prepare for a related interview. I am working off the second edition Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions textbook by Joshua Rosenbaum and Joshua Pearl. Chapter 2 covered topics like; - Strategic vs. Financial buyers - Deal dynamics and motivations - Purchase considerations; cash, stock-for-stock, cash/stock mix - Schedule TO, 14D-9, 13E-3, and proxy statements - Enterprise and equity value multiples - Treasury stock and if-converted methods for fully diluted shares - Synergies and necessary adjustments For those who are interested in buying the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Joshua Rosenbaum and Joshua Pearl, follow the Amazon link below; https://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210 If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 2507 FinanceKid
CH 1 Questions - Comparable Companies Analysis, Investment Banking Valuation Rosenbaum
 
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Test your knowledge of comparable companies analysis! The following video covers the chapter 1 questions from the Joshua Rosenbaum Investment Banking book. The multiple choice questions offer a great challenge for any students preparing for their investment banking interviews. Chapter 1 covered topics like; - Finding the right universe of comparable companies using business and financial characteristics - Enterprise and equity value multiples - Treasury stock and if-converted methods for fully diluted shares - Net share settlement method (NSS) - Calendarization of financial data - Adjustments for non-recurring items - Benchmarking and valuation For those who are interested in buying the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Joshua Rosenbaum and Joshua Pearl, follow the Amazon link below; https://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210 If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 2002 FinanceKid
CH 3 Questions - Discounted Cash Flow (DCF) Model, Investment Banking Valuation Rosenbaum
 
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Once you’ve watched the full CH3 video and learned how to build a DCF model, test your knowledge with these 15 questions! I walk through the examples and tie what we learned in the chapter video to these questions. So what did we learn? - How do you project revenues for a DCF model? - How many years do you project cashflows for? - What is the exit multiple method? - What is the perpetuity growth method? - How do you project EBITDA for a DCF model? - How do you project EBIT for a DCF model? - How do you project the NWC for a DCF model? - What is the mid-year convention? - How do you calculate unlevered free cash flow? For those who are interested in buying the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Joshua Rosenbaum and Joshua Pearl, follow the Amazon link below; https://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210 If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 1791 FinanceKid
CH 4 Questions - LBO Transactions, Investment Banking Valuation Rosenbaum
 
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Once you’ve watched the full CH4 video and learned about the LBO transaction and the private equity industry, test your knowledge with these 15 questions! I walk through the examples and tie what we learned in the chapter video to these questions. So what did we learn? - What are private equity firms and how do they invest? - How does leverage impact the equity returns of a sponsor? - What is a leveraged buyout (LBO)? - How does changing the financing mix change overall returns? - What is the internal rate of return (IRR)? - What are the characteristics of a strong LBO candidate? - What are the available sources of LBO financing? For those who are interested in buying the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Joshua Rosenbaum and Joshua Pearl, follow the Amazon link below; https://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210 If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 1113 FinanceKid
Sell-Side M&A – CH 6 Investment Banking Valuation Rosenbaum
 
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The sale of a company, division, business, or collection of assets is a major event for its owners, management, employees, and other stakeholders. It is an intense, time-consuming process with high stakes, usually spanning several months. The seller typically hires an investment bank and its team of trained professionals to ensure that key objectives are met and a favorable result is achieved. This video covers sell-side M&A from chapter 6 of the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions textbook by Joshua Rosenbaum and Joshua Pearl. Questions answered in the video include? - What is a broad auction? - What is a targeted auction? - What is a negotiated sale? - What is the sell-side M&A process from start to finish? - What is the difference between a strategic and financial buyer? - What is a Confidential Information Memorandum (CIM)? - What is a letter of intent (LOI)? - One step vs two-step merger For those who are interested in buying the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Joshua Rosenbaum and Joshua Pearl, follow the Amazon link below; https://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210 If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 3140 FinanceKid
CH 6 Questions - Sell-Side M&A, Investment Banking Valuation Rosenbaum
 
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Once you’ve watched the full CH6 video and learned about the sell-side M&A process, test your knowledge with these 15 questions! I walk through the examples and tie what we learned in the chapter video to these questions. So what did we learn? - What is a broad auction? - What is a targeted auction? - What is a negotiated sale? - What is the sell-side M&A process from start to finish? - What is the difference between a strategic and financial buyer? - What is a Confidential Information Memorandum (CIM)? - What is a letter of intent (LOI)? This video covers chapter 6 of the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions textbook by Joshua Rosenbaum and Joshua Pearl. For those who are interested in buying the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Joshua Rosenbaum and Joshua Pearl, follow the Amazon link below; https://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210 If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 886 FinanceKid
Session 24: Acquisition Valuation
 
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In this session, we start by looking at the sorry history of acquisitions to acquiring firms and then examine common errors in acquisition valuation. Slides: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/realoptions2mod.pdf http://www.stern.nyu.edu/~adamodar/podcasts/valspr15/valsession24.pdf Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session24test.pdf Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session24soln.pdf
Views: 14565 Aswath Damodaran
How Are The Three Financial Statements Linked? - Mock IB Question
 
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Mock Investment Banking Interview Questions; - How are the three financial statements linked? - How will a $10 depreciation charge impact the three financial statements Key Takeaway - Start with the income statement, move onto the cash flow statement, and then end with the balance sheet. Practice as much as you can before the interview. Good luck! If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 24636 FinanceKid
Investment Banking Interview Question: Financial Statements
 
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Joshua Rosenbaum and Joshua Pearl, authors of the highly acclaimed and authoritative textbook, Investment Banking, walk through how to answer technical questions asked during the investment banking interview process. Learn with the pros: https://www.efficientlearning.com/ib Don't guess what it takes to ace your interview and and answer questions including "How do the three main financial statements link together?" Access additional lecture videos and practice questions with a 14 day free trial of Wiley's Investment Banking Prep course: https://www.efficientlearning.com/investment-banking/products/free-trial/
Views: 57172 Wiley Finance
Investment Banking Analyst Interview (2019) Questions and Answers
 
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Subscribe Now For More Content - Back on the 10th of June 2019 -- In this video we will go over what you can expect during your investment banking interviews, we will cover specific questions as well as ideal answers to help you ace your interviews and land the job. Only 2% of applicants are successful in their investment banking recruitment and a large proportion of candidates fail there interviews over simple questions. In this video I will show you what questions you need to prepare for, most will be surprised by the level of knowledge you will need, hence why only 2% are successful every year. Investment Banking Interviews are broken into two parts Behavioural & technical questions. To be successful you will need to ace both sets of questions regardless of your background. Behavioural / Competency questions are designed to see how you cope under pressure and to see how well you know about the industry and the life of an investment banker. Theses questions are often overlooked but if you get one of these questions wrong then you might as well just walk out of the interview room. Technical questions are broken into the following 1) Basic Accounting 2) Finance 3) Financial Valuation 4) M&A 5) LBO 6) Brain teasers Behavioural questions: Walk me through your resume Why Investment Banking What are your weaknesses What are your strengths Why this firm
Views: 5849 High Finance Graduate
CH 2 Questions - Precedent Transactions Analysis, Investment Banking Valuation Rosenbaum
 
16:44
Test your knowledge of precedent transactions analysis! The following video covers the chapter 2 questions from the Joshua Rosenbaum Investment Banking book. The multiple choice questions offer a great challenge for any students preparing for their investment banking interviews. Chapter 2 covered topics like; - Strategic vs. Financial buyers - Deal dynamics and motivations - Purchase considerations; cash, stock-for-stock, cash/stock mix - Schedule TO, 14D-9, 13E-3, and proxy statements - Enterprise and equity value multiples - Treasury stock and if-converted methods for fully diluted shares - Synergies and necessary adjustments For those who are interested in buying the Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Joshua Rosenbaum and Joshua Pearl, follow the Amazon link below; https://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210 If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 1098 FinanceKid
Wiley Investment Banking Prep Course
 
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Joshua Rosenbaum and Joshua Pearl, authors of the highly acclaimed and authoritative textbook, Investment Banking, introduce the all-new Wiley Investment Banking Prep Course. Take a free trial at https://www.efficientlearning.com/investment-banking/products/free-trial/ and jump-start a successful career on Wall Street.
Views: 759 Wiley Finance
Walk me through a DCF? (NEW) | Interview Answer
 
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Subscribe Now For More Content - Back on the 10th of June 2019 ___ 🔥Don't forget to Subscribe, Like and Share this video🔥 Walk me through a DCF is a very common investment banking interview question, in fact, your almost guaranteed to get asked it during your interviews. In this video I will show you how to fully answer this question and more by providing insights into how a real DFC is performed by investment banking analyst. By using this answer you will impress your interviewer.
Views: 5097 High Finance Graduate
2014 LBM Distribution Conference - Joshua Rosenbaum
 
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Secure the Capital You Need for the Future
Views: 1595 Rick Schumacher
Financing Options In The Mining Industry
 
01:05:27
How do gold companies finance themselves? The global mining industry is very capital intensive and requires hundreds of millions to take a project from exploration to production. This means that companies must be good at raising capital to develop projects and create shareholder value. The four key sources of financing are; - Equity financing; common shares & flow-through shares - Internal funds - Debt financing - Alternative financing through royalty or streaming agreements Skip ahead to the mining stage that interests you; 9:25 - Exploration Stage 28:50 - Evaluation Stage 47:15 - Development Stage 58:40 - Production Stage In this video, I cover some important question related to the financial side of the mining industry. - How do junior exploration companies finance themselves? - What are royalty agreements? What is a Net smelter royalty? - What are streaming agreements? - What are the trade-offs between royalty and streaming agreements? - What is the capital pool company program and how has it helped the mining industry? - What are earn-in JVs and how can they help junior exploration companies? For more information on this topic, consider the book, “How Gold Companies Finance Themselves: Financing options at various stages of development and production.” You can buy the book on Amazon at the link below; https://www.amazon.com/How-Gold-Companies-Finance-Themselves/dp/098484905X If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 2173 FinanceKid
Selecting an Investment Bank:  Why positioning is so important when selling a business.
 
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Hear from Mirus Capital Advisors Partner Jamie Grant as he describes the importance of positioning your business for a sale. Mirus Capital Advisors provides investment banking solutions to corporate clients in building products, technology, business services, manufacturing, consumer products, health care and the resort & hospitality industry. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations and valuations. For additional information, visit www.merger.com or follow us on Twitter @MirusCapital.
Discounted Cash Flow (DCF) Analysis | Step by Step Guide
 
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In this video on Discounted Cash Flow Analysis, we are going to discuss the definition and step by step approach of Discounted Cash Flow. 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐂𝐚𝐬𝐡 𝐅𝐥𝐨𝐰 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬? ---------------------------------------------------------------------- DCF valuation uses a firm's forecast free cash flows and discounts them back to reach the current value estimate, which is now the basis for potential investment. 𝐒𝐭𝐞𝐩 𝐁𝐲 𝐒𝐭𝐞𝐩 𝐀𝐩𝐩𝐫𝐨𝐚𝐜𝐡 𝐭𝐨 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐂𝐚𝐬𝐡 𝐅𝐥𝐨𝐰 ------------------------------------------------------------------------------------- Step #1 - Financial Statements Projections Step #2 - Calculation of free cash flow to firms Step #3 - Calculate the rate of discount Step #4 - Calculate the terminal value Step #5 - Present Value Calculations Step #6 - Adjustments Step #7 - Analysis of sensitivity To know more about 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐂𝐚𝐬𝐡 𝐅𝐥𝐨𝐰 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬, you can go to 𝐥𝐢𝐧𝐤 𝐡𝐞𝐫𝐞:- https://www.wallstreetmojo.com/dcf-discounted-cash-flow/ Subscribe to our channel to get new updated videos. Click the button above to subscribe or click on the link below to subscribe - https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1
Views: 359 WallStreetMojo
Precedent Transaction Analysis
 
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Here's a quick overview of putting together a precedent transaction for a valuation analysis.
Views: 3395 Paul Pignataro
PRECEDENT TRANSACTIONS - Investment Banking Interview Answer | Investment Banking
 
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Subscribe Now For More Content - Back on the 10th of June 2019 🔥Don't forget to Subscribe, Like and Share this video🔥 #investment banking #Precedent Transaction #investment banking interview In this video we go through a precedent transaction analysis and the steps Investment banking analyst will go through to complete this type of analysis. Precedent trasnaction and the comparables company analysis are both relative valuation methodologies which are frequently asked during investment banking interviews to interns, analyst and associates. “Walk me though a precedent transaction analysis?” we will go though each step in this video in detail. We will go through each step in detail and explain the concept behind each step, for a detail tutorial of step 4 see our investment banking financial modelling course which will take you which each step and you can also follow along with Excel sheets. www.highfinancegraduate.com
Valuation and Discounted Cash Flow Analysis (DCF)
 
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Here's a quick overview on Valuation. We also construct an entire discounted cash flow analysis on WalMart in conjunction with my book Financial Modeling and Valuation: A Practical Guide to Investment Banking and Private Equity http://www.amazon.com/Financial-Modeling-Valuation-Practical-Investment/dp/1118558766/ref=sr_1_8?ie=UTF8&qid=1422553204&sr=8-8&keywords=valuation
Views: 89812 Paul Pignataro
#ImarticusLive - Investment Banking and Valuation Techniques
 
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Investment Banking and Valuation Techniques is a webinar held on October 24, 2016. Visit: http://www.imarticus.org
Views: 2234 Imarticus Learning
Discounted Cash Flow (Part 2 of 2): DCF Applied to a Real Firm
 
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This video follows Part 1 (available here: http://youtu.be/77ivvN2Uk28), which reviewed the basics of a DCF Model, including how to program a basic model in an Excel spreadsheet. This video illustrates a Discounted Cash Flow Model applied to a real firm. In particular, I discuss the various sources that help inform the inputs, assumptions, and forecasts for the DCF model, including freely available sources on the web, as well as Bloomberg Professional. Disclaimer: This video is for educational purposes only. It is not investment advice. It is not intended to recommend either positively or negatively the company that is used in the illustrative example. The music is "Gnomone a Piacere" by MAT64 (http://www.mat64.org/).
Views: 95276 Jason Greene
10. Mergers and Acquisitions M&A in Investment Banking
 
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In this video on Mergers and Acquisitions (M&A) in Investment Banking, we discuss What is Mergers and Acquisition or M&A and how Investment Bankers help in M&As Mergers and Acquisitions in easy language means - either company A mergers with company B to form a larger entity C - - or company A gets acquired by company B and company A ceases to exist. Investment Bankers help companies identify potential Mergers and acquisitions target. Their role includes the following - 1. analyzing the target's financial information 2. evaluating potential synergies 3. identifying risks and benefits 4. assessing operations 5. preparing a financial model to understand accretive/dilutive analysis. With this, the Investment Banker in M&A Advisory prepares pitch books and meets potential acquirers and targets and also helps in negotiations For more detail, please refer to https://www.wallstreetmojo.com/investment-banking-mergers-and-acquisitions/
Views: 2436 WallStreetMojo
VTS 01 1
 
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Video #1
Views: 4 joshua rosenbaum
Investment Banking 101 : Projections
 
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In this episode of the financial modelling series Sergey explains how to create financial projections for your start-up company. To learn about Sergey's IB interview prep course follow the link: http://edu.fless.pro/investment-banking-interview-prep-eng Subscribe and stay with us! FLESS https://fless.pro Instagram https://www.instagram.com/flesspro Facebook https://www.facebook.com/flesspro VK https://vk.com/flesspro Telegram https://t.me/flesspro
Views: 4164 Fless
WFL Presents: J. Rosenbaum and J. Pearl, CFA Exam Review and CMT Program
 
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00:01 CFA exam review with Wiley Efficient Learning (delivered by David Cahill and Peter Olinto) https://www.efficientlearning.com/cfa/ 15:30 Joshua Rosenbaum & Joshua Pearl - authors of Investment Banking: Valuation, Leveraged Buyouts, and M&A http://eu.wiley.com/WileyCDA/WileyTitle/productCd-1118656210.html 52:40 CMT (Chartered Market Technician Program) overview delivered by CEO/Executive Director Alvin Kressler https://cmtassociation.org/cmt/chartered-market-technician/
Views: 150 Warwick Finance Lab
Investment Banking 101 : DCF Model
 
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Sergey concludes the modelling course by building discounted cash flow model. Some steps are omitted. Please watch previous videos to understand the context: - Operating model: https://youtu.be/nmTjzMsLAZM - Projections: https://youtu.be/Ral1n1rfjnE Subscribe and learn more! FLESS https://fless.pro Instagram https://www.instagram.com/flesspro Facebook https://www.facebook.com/flesspro VK https://vk.com/flesspro Telegram https://t.me/flesspro
Views: 3559 Fless
1. What is Investment Banking (What do they actually do?)
 
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In this video, we discuss what is Investment Banking? We also discuss the basics of Investment Banking roles and how exactly they make money. Introduction to Investment Banking Basics Investment Bankers are just like real estate brokers. The investment bankers primary work for commissions for investors. They help and act as an agent for the following kind of work - - Sales and Trading of Stocks - Raising Capital for companies through IPO, FPO, Bond placements or private placements. - Help in mergers and acquisitions - Restructuring of the organization. - Underwriting and Market Making Investment Bankers is a financial analyst who is proficient in excel, accounting, financial modeling, and valuations. They prepare pitch books and also complete legal work for their clients. For more detail, please refer to https://www.wallstreetmojo.com/what-is-investment-banking/
Views: 4059 WallStreetMojo
Investment Banking 101: Operating Model
 
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In this episode of the financial modelling series Sergey, ex-Goldman Sachs investment banker, will describe how to build an operating model for a start-up company with the step-by-step financial modelling guide. 00:47 income statement assumptions total revenue cost of goods sold research & development sales & marketing general & administrative expenses other expenses 26:00 balance sheet assumptions operating assets operating liabilities capex & depreciation schedule other assumptions 37:35 income statement revenue gross profit operating expenses operating income ( EBIT) prfoit before taxes net income 49:10 balance sheet assets liabilities & shareholders equity 01:04:08 cash flow statement cash flow from operating activities Original Excel file with financial model can be found here: https://goo.gl/QScJgJ Our Investment Banking preparation course https://youtu.be/bBMmN8Cmq3g WANT TO GET INTO INVESTMENT BANKING? Join Sergey's course on Investment Banking Interview Prep https://edu.fless.pro/investment-banking-interview-prep-course SUBSCRIBE AND STAY WITH US! FLESS https://fless.pro Instagram https://www.instagram.com/flesspro Facebook https://www.facebook.com/flesspro VK https://vk.com/flesspro Telegram https://t.me/flesspro
Views: 7029 Fless
Investment Banking and Valuation Techniques - #KnowledgeBytes
 
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In this video of Imarticus Learning, Reshma Krishnan and Joy Parekh talk about the importance of Investment banking and valuation techniques and how it is beneficial for a career in various financial sectors. Financial Statement Analysis is the core of any Investment Bank and this video focuses on some of the key concepts of valuations. They also elaborate the financial modelling across financial services and explain the pillars of Financial Modeling. They further explain the forecasting process. Reshma tells us about the concept of Discount Cash Flow in detail. She also explains the need to document assumptions. Reshma then tells us about the Certified Financial Modeling course and gives an overview of the curriculum. Joy then gives us details about the career assistance services at Imarticus Learning. Check our complete #ImarticusPrograms playlist here: http://bit.ly/2JP52hM TO know more about this course please visit here: https://imarticus.org/certified-investment-banking-operations-program/?utm_source=youtube&utm_medium=organic&utm_campaigntype=youtube Subscribe to our channel to get video updates. Hit the subscribe button above. - - - - - - - - - - - - - - - - - Why Imarticus? Imarticus Learning offers a comprehensive range of professional Financial Services and Analytics programs that are designed to cater to an aspiring group of professionals who want a tailored program on making them career ready. Our programs are driven by a constant need to be job relevant and stimulating, taking into consideration the dynamic nature of the Financial Services and Analytics market, and are taught by world-class professionals with specific domain expertise. Headquartered in Mumbai, Imarticus has classroom and online delivery capabilities across India with dedicated centres located at Mumbai, Bangalore, Chennai, Pune, Hyderabad, Coimbatore and Delhi. For more information, please write back to us at [email protected] Call us at IN: 1-800-267-7679 (toll free) - - - - - - - - - - - - - - - - - Website:https://imarticus.org/ Facebook: https://bit.ly/2y6UjKW Twitter: https://bit.ly/2J11llx LinkedIn: https://bit.ly/2xwSoPM
Views: 150 Imarticus Learning
Investment Banking Valuation - Weighted Average Cost of Capital (WACC)
 
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Valuation Methods - Weighted Average Cost of Capital (WACC) WACC is frequently used as a discount rate for DCF analysis Part of Finance and Investment Banking crash course Additional courses coming on: -discounted cash flow DCF analysis -public comparable company analysis -precedent transaction analysis -LBO analysis (based on demand) Actuarial Science resume advice: http://www.actuarialninja.com/ Random news website: http://haolaowai.org/
Views: 807 Mifan Films
Bloomberg Training: Discounted Cashflow Analysis DCF - www.fintute.com
 
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The Discounted Cash Flow DCF Analysis is one of the most widely used methods of valuing a company. Equity analysts and investment bankers around the world use the Discounted Cash Flow analysis to find the intrinsic value of a stock. This Bloomberg Tutorial will show you how to use the discounted cash flow DCF function in Bloomberg and how to download and use the Excel Discounted Cash Flow template provided by Bloomberg. If you are new to financial modeling you should start by learning a basic Discounted Cash Flow model and build from there.
Views: 25644 Fintute
Performing Precedent Transaction Analysis
 
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Precedent transaction analysis is a method of company valuation where past M&A transactions are used to value a comparable business today. Click here to learn more about this topic: https://corporatefinanceinstitute.com/resources/knowledge/valuation/precedent-transaction-analysis/
Valuation Methodologies - Investment Banking University
 
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Valuation Methodologies 1. Public Company Valuation TEV = MVE + Debt + Preferred + Minority - Cash 2. Comp Companies – Also known as trading comps. Management team gives you 1 to 2 years projections or equity research comp reports to get forward multiples (x Revenue or x EBITDA ) which may be used as the basis for this valuation. You can get comps from the general overview as it will discuss the target’s comps in the 10K. Find comps with good multiples to then tell your story to the marketplace to then get a certain valuation. a. Select the universe of comparable companies – Choose 7, 8, 10 comps, need their 10K, 10Q, analyst reports to get TEV for each comp then divide by line item to get multiple. b. Locate financial information on comp companies – Information must come from latest filing (10K or 10Q). Print out 10K, 10Q, analyst reports. c. Spread key financial information, ratios and multiples – Calculate TEV (in comp spread tab). To get MVE, use TSM method. TSM = Exercisable options outstanding x (share price – strike) / share price. d. Benchmark comp companies – Get the multiple that the company is trading at for each metric for each comp and get mean and median of comps for the metrics (ex. TEV/EBITDA) e. Determine implied valuation – Multiply mean and median multiple x the revenue or EBITDA to get the valuation range for your target company. Notes: The better the company, the higher the multiple and the better valuation you get. In IB/PE/CorpFin, you need to know comp companies and transaction comps. “Here are the comps in your sector…” Higher multiple because… Operating in better markets, better operations The multiple tells you which company is better, margin analysis tells you why they are better. Sell side key question: “Which comp would you use to guide potential buyers?” 3. Precedent Transactions – comp transactions a. Select universe of comp transactions b. Locate deal-related and financial information – Need press release of the deal, 8K, 10K, and 10Q. Type of payment: cash, stock, cash & stock. c. Spread financial information, ratios and multiples – Get transaction TEV (implied) & transaction MVE (implied) d. Benchmark precedent transactions e. Determine implied valuation Notes: 20% to 25% control premium paid with the transaction multiple being an implied one based upon the valuation. Determine whether the market is good or bad based upon whether people are paying good premiums (control premiums). When a transaction occurs, update client on the latest transaction to show them impact on the control premiums being paid and implied multiple as well. Point to the transaction comps that have the highest control premium. 4. Discounted Cash Flow (DCF) a. Spread historical financial statements (input historicals) and derive historical ratios, trends and variables (drivers of future performance; margins and growth rates). Project financial statements (proforma). Revolver modeling to link IS, BS, and SCF b. Project free cash flow (FCF) c. Determine Weighted Average Cost of Capital (WACC) – Discount rate Cost of equity: Rf = 10 year treasury Market risk premium = Rm – Rf. Refer to Ibbotson. Ultimately this is S&P returns over 70, 80, or 90 years Beta = Levered beta of comps to unlevered median and mean of comps (unlevered beta); should be .5 to 2.5; 2 year to 5 year betas (taking out capital structure and relever to actual capital structure. With beta, we are putting capital structure on unlevered beta mean and median of comps to calculate WACC of own company. Cost of debt: weighted average of tranches of debt tax effected; found in 10K. Rates from the notes. If private company, get from clients the tranches and to get rates, go to DCM to get approximation. Cost of equity 20% to 25% in private markets. No use of debt is an inefficient use of capital. Trying to optimize the D/E ratio to minimize cost of financing. d. Determine terminal value – EBITDA multiple which is going to be almost 80% of the company value. Terminal value = LTM multiple from comps x EBITDA. Perpetuity growth rate should be 2.5% to 3% and should not be larger than the size of the GDP of the country e. Calculate net present value (NPV) and determine implied valuation
Leveraged Buyout Case on Heinz
 
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Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed. http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid=1391540998&sr=8-1&keywords=leveraged+buyouts
Views: 21586 Paul Pignataro
Investment Banking Course Video 2 - Investment Banking University
 
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There are many investment banking texts out there that claim that financial modeling and valuation is the core work of the investment banker. This is simply not the truth. The core work of the investment banker is origination, mandate/target matching, and deal structuring. It should follow that a text/course on investment banking should be based upon the same. It is the good fortune that the reader has encountered such a book/course. Investment Banking: M&A Origination, Execution, Financial Modeling & Valuation explains origination, mandate/target matching, and deal structuring (i.e. how investment bankers actually make their money). For those new to investment banking you are first going to want to clarify whether you would like to work on the sell side for a few years or pursue a career in investment banking. The skills that you will need to get started in investment banking are different than those that you will need to have a long and successful career in investment banking. The role in investment banking transforms from one that is research, financial modeling & valuation based into one focused on origination and facilitating the M&A process. M&A (Mergers & Acquisitions) is the core product of investment banking, and the other products, advisory & capital-raising, simply support this. We founded Investment Banking University (www.InvestmentBankingU.com) to prepare students for both bulge bracket and middle market investment banking career opportunities. We see a paradigm shift occurring in the field of investment banking. The idea that you need to spend three years of your life as an analyst doing 80+ hour workweeks building financial models to become an investment banker is a faulty paradigm. The real value add of an investment banker is not financial modeling & valuation, but rather origination, mandate/target matching, and deal structuring. You don’t need Goldman Sachs’ permission to be an investment banker just like you don’t need McKinsey’s permission to be a consultant. Investment banking for private companies in the middle market is a great way to build your initial coverage and career as an investment banker without sacrificing a family life or your health.
Precedent Transactions Analysis
 
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A basic tutorial on how the logic of how a Precedent Transactions Analysis works. Great for anyone interviewing for investment banking. Find model on ValuationUniversity.com
Views: 6247 Valuation University
Sell side vs Buy side Analysts
 
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This video discusses the difference between sell-side analysts and buy-side analysts. Sell-side analysts typically work for a brokerage firm or an investment bank and follow one or more companies within a specific industry. They forecast a company's earnings per share, issue a price target for the stock, and provide buy/sell/hold recommendations in the hope that investors would find the information useful and choose to do business with their investment bank or brokerage firm. Buy-side analysts, on the other hand, typically work for a pension fund, charitable foundation, or other large investor. The buy-side analyst's job is to identify attractive investment opportunities for their employer. A pension fund with $100 million to invest would rely on buy-side analysts to determine the appropriate investment strategy. Buy-side analysts in turn may interact with and rely on the information provided by sell-side analysts. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 10638 Edspira
Mock Investment Banking Interview Question – LBO Exit Strategies
 
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Mock Investment Banking Interview Questions; - What Are The Monetization Strategies For A LBO Holding? If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 483 FinanceKid
Bank M&A: Pricing Considerations for 2018
 
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Rick Childs of Crowe Horwath shares his views on deal pricing in 2018, based on the 2018 Bank M&A Survey.
Views: 255 Bank Director