In my consulting career, I have worked on lots of models to value M& A candidates, to restructure debt, to perform due diligence etc. My main problem was that I always found it difficult to get a good reference book on valuation. Most books just give the basics of DCF and treat valuation in a straightforward manner.
Arzac's book on the other hand treats valuation from a practical and theoretical perspective and is supported by research evidence. I found his book to be very helpful as it contained the different types of valuation tools and arrangements commonly found in practice i.e. adjusted present value, earnouts, original issue discount, synergies and scenario analysis, contingent clauses, entry, foothold and exit options etc. I am an engineer by training so I found the technical notes at the end of the book to be very handy. In addition, the CD accompanying Arzac's textbook is very useful as it provided many essential valuation tools such as option pricing, debt capacity calculator etc. I highly recommend this book to anyone with a serious interest in corporate finance, consulting and investment banking

This is a solid work on the subject matter of valuations. Although it is definitely academically oriented rather than telling a than a story, it gives great examples (many of them based on real-life deals) of actual real-life applications.

The plethora of examples and solid coverage in the area earns this book a permanent spot on my bookshelf. I believe I'll be referencing it quite often. Also, the included CD has helpful sample deal models at are immediately usable.

On a side note, I find no basis for the 'one-star' review from the 'MBA-student' hoping to gain some insights before an interview at an investment bank. Comparing Arzac's solid work to the reviewer's misleading comments raises questions about the reviewer's competence and/or credibility.

Both as a PhD and MBA student, I found this book extremely helpful in technical, theatrical and practical ways. I would highly recommend this book to anyone in the I-banking and finance fields or anyone that consider entering these fields.

I am an MBA student and had hoped to gain some insights before an interview at an investment bank. I bought the book, misled by the author's credentials and the many 5 star reviews. However, this book is a DUD. It is facile, poorly written and a waste of time and money. Fortunately I also bought Applied Mergers and Acquisitions by Robert F. Bruner ( listed under "the buy this book with" button). The later saved the day!

Skip this - get the Bruner book.

Offers a meaningful framework with insights for both the student and the practioner.