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

Technology Buyouts: Valuation, Market Screening Application, Opportunities in Europe

byTilmann Pohlhausen

Paperback | February 25, 2003

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Foreword The public market valuation of technology companies throughout the 1990s is probably one of the most interesting phenomena in recent financial history. No sector has generated more enthusiasm among investors, and no sector has created more millionaires, albeit mostly on paper. Once the bubble burst, the correction process was brutal. The price of technology companies dropped by over 70 percent on average, and a significant number of companies went out of business, while others were simply avoided by the investment community. I Tilman Pohlhausen asks a valid question: Did this downturn in valuation lead to some companies being unjustly undervalued, given their past and expected cash flows? If so, he continues, would such companies be suitable for a concept rarely heard of previously for technology companies: a buyout, possibly even financed to a high degree by debt? The idea is not new. In contrast to Europe, a number of well-financed private equity funds in the United States exclusively target the technology sector for buyouts. What is new, however, is that many more technology companies, because of their lower valuation, could become targets of buyout investors in Europe, as well. Ultimately, with his analysis of the buyout attractiveness of European technology companies, the author attempts to estimate the validity of this perception.
Tilman E. Pohlhausen ist als Analyst bei JP Morgan in London tätig.
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Title:Technology Buyouts: Valuation, Market Screening Application, Opportunities in EuropeFormat:PaperbackDimensions:124 pagesPublished:February 25, 2003Publisher:Deutscher UniversitätsverlagLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:3824477580

ISBN - 13:9783824477586

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Table of Contents

The market for leveraged and management buyoutsThe emergence of technology buyoutsOverview of leveraged buyout valuationSimplified valuation modelAdjusting for technology risk and returnEuropean technology market screening