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Technology Buyouts

Valuation, Market Screening Application, Opportunities in Europe

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  • © 2003

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Authors:
  1. Tilman E. Pohlhausen
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Table of contents (8 chapters)

  1. Front Matter

    Pages I-XVI
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  2. Introduction

    • Tilman E. Pohlhausen
    Pages 1-4

  3. The Market for Leveraged and Management Buyouts

    • Tilman E. Pohlhausen
    Pages 5-13

  4. The Emergence of Technology Buyouts

    • Tilman E. Pohlhausen
    Pages 15-27

  5. Overview of Leveraged Buyout Valuation

    • Tilman E. Pohlhausen
    Pages 29-37

  6. Simplified Valuation Model

    • Tilman E. Pohlhausen
    Pages 39-62

  7. Adjusting for Technology Risk and Return

    • Tilman E. Pohlhausen
    Pages 63-73

  8. European Technology Market Screening

    • Tilman E. Pohlhausen
    Pages 75-88

  9. Summary and Conclusion

    • Tilman E. Pohlhausen
    Pages 89-90

  10. Back Matter

    Pages 91-108
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Keywords

About this book

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.

About the author

Tilman E. Pohlhausen ist als Analyst bei JP Morgan in London tätig.

Bibliographic Information

  • Book Title: Technology Buyouts

  • Book Subtitle: Valuation, Market Screening Application, Opportunities in Europe

  • Authors: Tilman E. Pohlhausen

  • DOI: https://doi.org/10.1007/978-3-322-81456-2

  • Publisher: Deutscher Universitätsverlag Wiesbaden

  • eBook Packages: Springer Book Archive

  • Copyright Information: Deutscher Universitäts-Verlag GmbH, Wiesbaden 2003

  • Softcover ISBN: 978-3-8244-7758-6Published: 25 February 2003

  • eBook ISBN: 978-3-322-81456-2Published: 06 December 2012

  • Edition Number: 1

  • Number of Pages: XVI, 108

  • Topics: Finance, general

  • Industry Sectors: Biotechnology, Finance, Business & Banking

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