Financial engineering and structuring in leveraged buyouts:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Hamburg
Kovač
2012
|
| Schriftenreihe: | Schriftenreihe Finanzmanagement
94 |
| Schlagworte: | |
| Online-Zugang: | Ausführliche Beschreibung Inhaltsverzeichnis |
| Beschreibung: | 205 S. in getr. Zählung graph. Darst. 21 cm, 276 g |
| ISBN: | 9783830068259 3830068255 |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | IMAGE 1
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
I. PRIVATE EQUITY AND LEVERAGED BUYOUTS 1-1
II. OVERVIEW O F THE FOLLOWING THREE CHAPTERS 1-3
III. PREVIOUS RESEARCH ON LEVERAGED BUYOUTS 1-8
IV. REFERENCES 1-11
TABLES 1-23
I: LBO RELATED PUBLICATIONS IN 18 RENOWNED INTERNATIONAL JOURNALS 1-23
F I G U R E S 1-31
I: LBO RELATED PUBLICATIONS OVER TIME 1-31
CHAPTER 2:
WHO PROFITS FROM THE VALUE O F FINANCIAL LEVERAGE IN LEVERAGED BUYOUTS?
I. INTRODUCTION 2-1
II. LEVERAGED BUYOUTS 2-3
A. CHARACTERISTICS AND STRUCTURE O F LEVERAGED BUYOUTS 2-3
B. LEVERAGED FINANCE AND CHANGES IN THE DEBT CAPITAL MARKETS 2-4
III. SOURCES O F VALUE CREATION IN LEVERAGED BUYOUTS 2-7
A. CORPORATE GOVERNANCE 2-7
B. ARBITRAGE EFFECTS 2-9
C. FINANCIAL ENGINEERING 2-10
C . L . TAX SHIELD O F DEBT 2-10
C.2. EFFECTIVE CORPORATE TAX RATE 2-11
IV. SAMPLE AND METHODOLOGY 2-12
A. SAMPLE DATA 2-12
B. METHODOLOGY 2-13
V. RESULTS 2-17
A. SAMPLE CHARACTERISTICS 2-17
V
HTTP://D-NB.INFO/1026385652
IMAGE 2
B. VALUE O F TAX SHIELDS FOLLOWING THE SCENARIO-BASED APPROACH 2-19
C. VALUE O F TAX SHIELDS FOLLOWING THE PERMANENT DEBT APPROACH 2-20
D. REGRESSION ANALYSIS O F TAKEOVER PREMIA 2-21
VI. CONCLUSIONS 2-22
A. DISCUSSION O F THE RESULTS 2-22
B. LIMITATIONS O F THE METHODOLOGY 2-23
VII. REFERENCES 2-24
TABLES 2-28
I: PUBLIC-TO-PRIVATE LEVERAGED BUYOUTS IN THE U.S. 2-28
II: THE 25 LARGEST LEVERAGED BUYOUTS BY ENTERPRISE VALUE 2-29
III: ILLUSTRATIVE SOURCES AND USES O F FUNDS SCHEME 2-31
IV: ILLUSTRATIVE LBO DEBT PACKAGE 2-32
V: SAMPLE DISTRIBUTION 2-34
VI: VALUE CHARACTERISTICS O F DEALS 2-35
VII: CAPITAL STRUCTURE AND LEVERAGE 2-36
VIII: TAX SHIELDS IN DIFFERENT CASES FOLLOWING THE SCENARIO APPROACH
2-37
IX: DEBT TAX SHIELDS FOLLOWING THE PERMANENT DEBT APPROACH 2-38
X: TAX SHIELD AS A DETERMINANT O F PREMIA TO EBITDA 2-39
XI: TAX SHIELD AS A DETERMINANT O F PREMIA TO EBITDA-CAPEX 2-40
FIGURES 2-41
I: U.S. FUNDRAISING ACTIVITY BETWEEN 1980 AND 2007 2-41
II: DEVELOPMENT O F LIBOR AND TERM LOAN B SPREADS 2-42
III: CHANGES IN A COMPANY S CAPITAL STRUCTURE AND INTEREST OBLIGATION
2-43
IV: INCREASE IN ENTERPRISE AND EQUITY VALUE 2-44
V: TRANSACTION PREMIA COMPARED TO THE MARKET CAPITALIZATION AND EBITDA
2-45
VI: TRANSACTION PREMIA TO EBITDA AND EBITDA-CAPEX 2-46
VII: TRANSACTION PREMIA AND PREMIUM MULTIPLES TO EQUITY VALUE MULTIPLES
2-47
VIII: LBO DEBT PRINCIPAL REPAYMENT FOLLOWING TWO SCENARIOS 2-48
IX: TAX SHIELDS O F DIFFERENT SCENARIOS FOLLOWING THE SCENARIO APPROACH
2-49
X: DEBT TAX SHIELDS FOLLOWING THE PERMANENT DEBT APPROACH 2-50
VI
IMAGE 3
CHAPTER 3:
A MODEL F O R THE FINAL VALUE O F FINANCIAL LEVERAGE IN LEVERAGED
BUYOUTS
I. INTRODUCTION 3-1
II. LEVERAGED BUYOUTS, ENTERPRISE AND EQUITY VALUES AND LBO MECHANICS
3-3
A. LEVERAGED BUYOUTS 3-3
B. ENTERPRISE AND EQUITY VALUES 3-4
B . L . ENTERPRISE VALUE 3-4
B.2. EQUITY VALUE 3-5
B.3. EARNINGS MULTIPLE 3-5
C. MECHANICS O F INCREASING THE ENTERPRISE VALUE AFTER AN L B O 3-6
C. 1. THREE LEVERS THAT DETERMINE THE DEVELOPMENT O F THE EQUITY VALUE
3-7
C.2. DELEVERAGING THE LBO DEBT 3-7
C.3. INCREASE IN EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND
AMORTIZATION 3-9
C.4. INCREASE IN THE EARNINGS MULTIPLE 3-9
D. RISKS O F HIGH LEVELS O F FINANCIAL LEVERAGE IN LBOS 3-10
III. FORMALIZATION O F A MODEL FOR THE CHANGE IN EQUITY VALUE 3-11
A. CHANGE IN THE EQUITY VALUE O F A LEVERAGED INVESTMENT 3-11
A. 1. DELEVERAGING THE LBO DEBT 3-12
A.2. CHANGE IN THE EBITDA 3-14
A.3. CHANGE IN THE EBITDA MULTIPLE 3-14
A.4. CHANGE IN THE MONEY MULTIPLE AS THE CHANGE IN EQUITY VALUE 3-14
B. CHANGE IN THE EQUITY VALUE O F AN UNLEVERAGED INVESTMENT 3-15
C. MEASURING THE AMPLIFYING EFFECT O F FINANCIAL LEVERAGE 3-16
D. DECOMPOSITION O F THE MONEY MULTIPLE O F AN L B O 3-17
IV. SENSITIVITY ANALYSIS 3-20
A. DELEVERAGING THE LBO DEBT 3-20
A. 1. CASE O F A CONSTANT EBITDA 3-21
A.2. CASE O F A GROWING EBITDA 3-23
A.3. CASE O F A GROWING EBITDA BEYOND ORIGINAL POTENTIAL FOR
DELEVERAGING 3-24
B. INCREASE IN THE ENTERPRISE VALUE 3-24
C. EFFECTS O F DECREASING FACTORS 3-25
VII
IMAGE 4
V. APPLIED EXAMPLE 3-26
A. SAMPLE AND DATA 3-26
B. METHODOLOGY 3-26
C. RESULTS 3-27
C. 1. CONSTANT EBITDA MULTIPLES 3-27
C.2. DECREASING EBITDA MULTIPLES 3-29
C.3. IRR ESTIMATION O F OUR SAMPLE LBOS 3-29
VI. CONCLUSIONS 3-30
VII. REFERENCES 3-32
TABLES 3-34
I: SAMPLE DATA AND CHARACTERISTICS 3-34
II: INTERNAL RATES O F RETURN FOR DIFFERENT CASES 3-35
FIGURES 3-36
I: EXEMPLARY AMPLIFICATION O F RETURNS THROUGH LEVERAGE 3-36
II: THREE LEVERS O F INCREASING THE EQUITY VALUE 3-37
III: COMBINED EFFECTS O F INCREASING THE EQUITY VALUE 3-38
IV: MAINTAINING THE ENTERPRISE VALUE WHEN MULTIPLES OR EBITDA DECLINE
3-39
V: SUB-LEVERS O F INCREASING THE EQUITY VALUE 3-40
VI: IMPACT O F PURE DELEVERAGING WITH A CONSTANT EBITDA 3-41
VII: IMPACT O F PURE DELEVERAGING WITH A GROWING EBITDA 3-43
VIII: IMPACT O F THE PURE CHANGE IN THE EBITDA ON DELEVERAGING 3-45
IX: IMPACT O F THE PURE CHANGE IN THE EBITDA ON THE ENTERPRISE VALUE
3-46
X: IMPACT O F THE PURE CHANGE IN THE EBITDA MULTIPLE ON THE ENTERPRISE
VALUE 3-47
XI: IMPACT O F THE DECREASE IN THE EBITDA MULTIPLE 3-48
XII: AMPLIFICATION O F RETURNS WHEN EXITING AT THE SAME EBITDA MULTIPLE
3-49
XIII: DECOMPOSITION O F THE L B O MONEY MULTIPLE 3-50
XIV: AMPLIFICATION O F RETURNS WHEN EXITING AT LOWER EBITDA MULTIPLES
3-52
FORMULAS 3-54
I: CALCULATION O F OUTSTANDING DEBT PRINCIPAL AFTER N YEARS 3-54
II: AMOUNT O F CUMULATED DEBT PRINCIPAL REPAYMENTS AFTER N YEARS 3-57
III: MONEY MULTIPLE O F AN L B O INVESTMENT 3-58
IV: CALCULATION O F RETAINED EARNINGS O F AN UNLEVERAGED INVESTMENT IN
YEAR N
INCL. TAXED INTEREST INCOME 3-59
VIII
IMAGE 5
V: MONEY MULTIPLE O F AN UNLEVERAGED INVESTMENT INCL. TAXED INTEREST
INCOME 3-61
VI: CALCULATION O F RETAINED EARNINGS O F AN UNLEVERAGED INVESTMENT IN
YEAR N
INCL. TAX-EXEMPT INTEREST INCOME 3-62
VII: MONEY MULTIPLE O F AN UNLEVERAGED INVESTMENT INCL. TAX-EXEMPT
INTEREST
INCOME 3-64
VIII: IMPACT O F PURE DELEVERAGING WITHOUT EBITDA GROWTH 3-65
IX: IMPACT O F THE PURE DELEVERAGING BY THE ADDITIONAL EBITDA 3-66
X: IMPACT O F THE PURE CHANGE IN THE EBITDA MULTIPLE 3-67
CHAPTER 4:
LEVERAGED BUYOUTS IN THE 1980S & 2000S - SIMILARITIES AND DIFFERENCES
I. INTRODUCTION 4-1
II. LEVERAGED BUYOUTS AND THE IMPORTANCE O F DEBT 4-3
A. LEVERAGED BUYOUTS 4-3
B. IMPORTANCE O F DEBT IN LBO TRANSACTIONS 4-3
B . L . HIGH-YIELD BOND MARKET IN THE 1980S 4-4
B.2. COLLATERALIZED DEBT OBLIGATIONS IN THE 2000S 4-5
III. SAMPLE AND METHODOLOGY 4-6
A. SAMPLE DATA 4-6
B. METHODOLOGY 4-6
IV. RESULTS 4-8
A. SAMPLE CHARACTERISTICS 4-8
B. STRUCTURE O F THE TRANSACTIONS 4-9
B . L . RELATIVE VALUATION O F THE EQUITY VALUES AT ENTRY 4-9
B.2. RELATIVE VALUATION O F THE ENTERPRISE VALUES AT ENTRY 4-9
B.3. PREMIA PAID TO ACQUIRE THE TARGET COMPANIES EQUITY CLAIMS 4-10
B.4. STRUCTURE O F DEBT AND EQUITY AND FINANCIAL DISTRESS 4-11
C. DEVELOPMENT AFTER THE LBO 4-13
C. 1. CHANGES IN EBITDA AND EBITDA MARGIN 4-13
C.2. CHANGES IN CAPEX AND CAPEX TO REVENUES 4-14
C.3. SERVICING DEBT INTEREST AND PRINCIPAL 4-15
D. LEVERAGED BUYOUTS AND BANKRUPTCY 4-17
IX
IMAGE 6
V. CONCLUSIONS 4-18
VI. REFERENCES 4-20
TABLES 4-22
I: NUMBERS AND SIZES O F LBOS IN OUR SAMPLE 4-22
II: ENTERPRISE AND EQUITY VALUES BY SIZE 4-23
III: INDUSTRY DISTRIBUTION 4-24
IV: ENTERPRISE AND EQUITY VALUES 4-25
V: DEAL PREMIA 4-26
VI: FINANCIAL STRUCTURE O F LBOS 4-27
VII: CHARACTERISTICS O F ASSET STRIPPING AND NON-ASSET STRIPPING LBOS
4-28
VIII: CHANGE IN COMPANIES EBITDAS AFTER THE LBO 4-29
IX: CHANGE IN COMPANIES EBITDA MARGINS AFTER THE L B O 4-30
X: CHANGE IN COMPANIES CAPEX AFTER THE LBO 4-31
XI: CHANGE IN COMPANIES CAPEX TO REVENUES RATIOS AFTER THE L B O 4-32
XII: INTEREST EXPENSES TO EBITDA RATIOS AFTER THE LBO 4-33
XIII: INTEREST EXPENSES TO EBITDA-CAPEX RATIOS AFTER THE LBO 4-34
XIV: OUTSTANDING LBO DEBT PRINCIPAL AFTER THE L B O 4-35
XV: CHARACTERISTICS O F DEFAULTED AND NON-DEFAULTED LBOS AT ENTRY 4-37
FIGURES 4-38
I: AVERAGE EQUITY CONTRIBUTION TO LBOS 4-38
II: INTEREST BASE RATES DURING THE L B O BOOM PERIODS 4-39
III: CHANGE IN COMPANIES EBITDAS AFTER THE LBO 4-41
IV: CHANGE IN COMPANIES EBITDA MARGINS AFTER THE L B O 4-42
V: CHANGE IN COMPANIES CAPEX AND CAPEX TO REVENUES RATIOS AFTER THE LBO
4-43
VI: LBO DEBT PRINCIPAL REPAYMENT 4^14
VII: DEFAULTED LBOS FROM THE 1980S SAMPLE 4-45
VIII: GROWTH RATES O F THE U.S. GROSS DOMESTIC PRODUCT 4-46
IX: U.S. UNEMPLOYMENT RATE 4-47
X
|
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| spelling | Stucke, Rüdiger Verfasser aut Financial engineering and structuring in leveraged buyouts Rüdiger Stucke Hamburg Kovač 2012 205 S. in getr. Zählung graph. Darst. 21 cm, 276 g txt rdacontent n rdamedia nc rdacarrier Schriftenreihe Finanzmanagement 94 Zugl.: Paderborn, Univ., Diss., 2010 Financial Engineering (DE-588)4208404-0 gnd rswk-swf Leveraged Buyout (DE-588)4252432-5 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Financial Engineering (DE-588)4208404-0 s Leveraged Buyout (DE-588)4252432-5 s DE-604 Schriftenreihe Finanzmanagement 94 (DE-604)BV013087358 94 X:MVB text/html http://www.verlagdrkovac.de/978-3-8300-6825-9.htm Ausführliche Beschreibung DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025669966&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Stucke, Rüdiger Financial engineering and structuring in leveraged buyouts Schriftenreihe Finanzmanagement Financial Engineering (DE-588)4208404-0 gnd Leveraged Buyout (DE-588)4252432-5 gnd |
| subject_GND | (DE-588)4208404-0 (DE-588)4252432-5 (DE-588)4113937-9 |
| title | Financial engineering and structuring in leveraged buyouts |
| title_auth | Financial engineering and structuring in leveraged buyouts |
| title_exact_search | Financial engineering and structuring in leveraged buyouts |
| title_full | Financial engineering and structuring in leveraged buyouts Rüdiger Stucke |
| title_fullStr | Financial engineering and structuring in leveraged buyouts Rüdiger Stucke |
| title_full_unstemmed | Financial engineering and structuring in leveraged buyouts Rüdiger Stucke |
| title_short | Financial engineering and structuring in leveraged buyouts |
| title_sort | financial engineering and structuring in leveraged buyouts |
| topic | Financial Engineering (DE-588)4208404-0 gnd Leveraged Buyout (DE-588)4252432-5 gnd |
| topic_facet | Financial Engineering Leveraged Buyout Hochschulschrift |
| url | http://www.verlagdrkovac.de/978-3-8300-6825-9.htm http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025669966&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV013087358 |
| work_keys_str_mv | AT stuckerudiger financialengineeringandstructuringinleveragedbuyouts |