Mergers and Acquisitions

About the Course

Comparable & Trading Comps, DCF, LBO, Buy Side/Sell Side

Course Contents

  •  Introduction to Mergers and Acquisitions
  • It is true that we live in uncertain and volatile times—times that have destroyed or consumed more than a few of the most legendary Wall Street institutions. However, one thing will remain a constant in the long-term—the need for skilled finance professionals with strong technical expertise. Companies will always seek counsel from experienced and independent professionals to analyze, structure, negotiate, and close deals as they navigate the market and take advantage of value-creating opportunities. This course is for students interested in pursuing opportunities in Investment Banking. Students will learn the art and science of investment banking. The course will cover topics on valuation, M&A, strategy and negotiations. All these ingredients are vital for being a successful investment banker.
  •  Identifying Comparable Companies
  • An important part of M&A is to find comparable companies from the global list of companies. This allows the banker to compare the performance of the target company to that of other companies in the same or similar space. This is important in establishing valuation benchmarks. It is more of an art than a science as this chapter will explain.
  •  Share Dilution
  • In this chapter you will learn about the different types of reports that a company needs to obtain as it searches for comparable companies. You will learn about share dilution and how to compute diluted share price.
  •  Equity and Enterprise Value Multiples
  • Equity and enterprise multiplies play an important role in determining the valuation of the company. There are industry specific multiples that drive the valuation of the company. In this chapter you will learn about the different valuation multiples and how they are important in establishing the valuation of a company.
  •  Valuation based on Trading Multiples
  • In this section the past topics will come together and we will apply it to value a company in the chemical industry. We will establish the "Football Field" which essentially gives the valuation of a company based on trading multiples of comparable firms.
  •  Precedent Transaction
  • In this chapter we look at recent transactions that have been done. The chapter focuses on control premium, synergies and purchase considerations (cash deal, stock deal etc.)
  •  Case Study on Precedent Transaction
  • In this chapter we continue with our case study on the chemical company that was introduced earlier. So far we have looked at valuation based on trading comparable. Now, we will look at valuation based on Precedent Comparable.

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