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Title: Valuation: Mergers, Buyouts and Restructuring (Wiley Finance)
ISBN: 0470128895
Author:
Enrique R. Arzac
Publicate Date: 2007-11-09
Publish: 2007-11-09
List Price: $178.95
Average Customer Rating: 4.0
Format: Hardcover
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Amazon Lowest New Price: $65.90
Amazon Lowest Used Price: $68.00
Amazon Merchant Price: $112.74
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| Customer Review: |
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1: Hard but very comprenhensive and useful
This book is a must for anyone who desires to improve her valuation and modeling skills.
It includes well detailed examples of LBO deal, which is quite rare in the literature.
The computation of the wacc is very comprehensive (may be too much) but the reader does not need to understand it to benefit from the other valuable chapters and demonstrations.
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2: Planet Best
I have read many many books on Valuation for investment banking purposes. Many of them have good theories and decent number crunching. But this is the best one in regard technical aspects of finance. It's not for everyone. The book really is for practioner and MBA students who want go ahead of their peers. If you are through with this book nobody can beat you in valuation world.
Enrique I would really want you to cover Project Finance in your next addition.
I thoroughly enjoyed the book and liked the technical cocenpts especially the explanation about fomulas and derivations at the end of the book. Moreover the book is absolutely to the point and covers analytical part of Valution for M&A, LBO and Restructuring.
Great Work Enrique.
Manu
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3: For those who love going into the detail...
This is one of the best books I have read to date on Valuation. It spanks various methodologies and speaks to their differences. It goes into the detail and stays there to provide the depth necessary to get a intuative understanding. WARNING: not for those who do not like math. You can follow the derivations and I found it very good practice and reinforcement to learning the concepts.
Buy it and try it on a company in the news.
Cool!
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4: OK but very technical
Overall, the book covers relevant M&A material but it's difficult to read. Coming from a finance background, I was looking for a reference book to be used at work. There are other books that are more user-friendly. Recommendation: get Applied Mergers & Acquisitions from Wiley Finance instead; same topics but a pleasure to read.
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5: Purely for Reference
As an M&A finance practitioner, I am torn between giving this book a 3-star or 4-star rating. As many reviewers have noted, this is structured to be a reference book. There is more math than is typically needed or used in most small or medium-sized transactions, and there is very little introductory material for the uninitiated to get their bearings. Instead, the books delves straight into valuation exercises that are at times even more difficult than what I have encountered in the profession. The examples, while numerous and varied, are often reviewed much too quickly, and occasionally with so many permutations and small digressions that it is difficult to keep track of the purpose of the original endeavor. And as good students know, it is very hard to remember how to do something when you do not know *why* you are doing it. As such, it is difficult to recommend this book with much enthusiasm to anyone who does not at least have a few transactions under their belt because as a general guide it does not at all do the trick.
However, for more experienced users, it can come in handy, although I will still have to say that information is unnecessarily difficult to find. I feel like this book is so dense that it would be much more effective in an electronic (and hence, searchable) version. That being said, I really enjoyed a few chapters, including Chapter 9, which had some excellent examples of the effect different tax treatments have on a transaction. It came in very handy for a deal I was working on where I had to deal with NOLs.
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