Technology Buyouts : Valuation, Market Screening Application, Opportunities in Europe / by Tilmann Pohlhausen.

Format:

Book

Author/Creator:

Pohlhausen, Tilman E., author.

Contributor:

Meyer, Roswitha, writer of foreword.

Series:

Gabler Edition Wissenschaft.

Gabler-Edition Wissenschaft

Language:

English

Subjects (All):

Finance.

Financial Economics.

Local Subjects:

Financial Economics.

Physical Description:

1 online resource (117 p.)

Edition:

1st ed. 2003.

Place of Publication:

Wiesbaden : Deutscher Universitätsverlag : Imprint: Deutscher Universitätsverlag, 2003.

Language Note:

English

Summary:

Since 2000, technology companies have experienced dramatic losses in public market valuation. The question is whether this decline in prices opened the door for a concept hardly yet applied to this sector: leveraged and management buyouts. Tilman E. Pohlhausen explains why buyouts of companies in the technology sector have barely taken place and why this is changing. He shows how the attractiveness of a buyout target can be estimated, what makes analyzing technology buyouts different from traditional buyouts, and why there might be opportunities for private equity investors in the European technology markets. The author provides a free MS Excel model on the book's accompanying web-site that allows the screening of major technology indices using a fully adjustable scoring model to identify potentially attractive buyout targets.

Contents:

1 Introduction

1.1 Theoretical Formulation

1.2 Method and Procedures

2 The Market for Leveraged and Management Buyouts

2.1 Definitions

2.2 History

2.2 Value Generation

3 The Emergence of Technology Buyouts

3.1 Definition of a Technology Company

3.1 Investment Rationale

3.2 Technology Buyout Investors

3.2 Current Trends

3.3 Findings and Interpretations

4 Overview of Leveraged Buyout Valuation

4.1 Weighted Average Cost of Capital Method

4.2 Adjusted Present Value Method

4.3 Changing Costs of Capital Method

4.4 Equity Cash Flow Method and Internal Rate of Return

5 Simplified Valuation Model

5.1 Inputs

5.2 Leverage

5.3 Projections

5.4 Valuation

5.5 Special Cases

5.6 Model Limitations

6 Adjusting for Technology Risk and Return

6.1 Technology Risk

6.2 Technology Return

6.3 Implications

7 European Technology Market Screening

7.1 Model Extension

7.2 Model Application

7.1 Top European Technology Buyout Candidates

7.2 Findings and Interpretation

7.3 Suggestions for Further Research

8 Summary and Conclusion

References

List of Appendixes

Appendix A: Field Description Sheet

Appendix B: Excel Instructions.

Notes:

Description based upon print version of record.

ISBN:

3-322-81456-4

OCLC:

922904557