ECTS : 0
Description du contenu de l'enseignement :
Context This course is dedicated to students who have not studied the financial structure of the firm and practiced corporate finance. In that context, it presents the central place of valuation in finance and the usefulness of financial theory to deal with it properly.
Table of contents
Session 1: Introduction to the concept of value creation and financial analysis
Lecture: 3 hours
Definition and importance of corporate finance
Maximising shareholder value
Reading and interpreting financial statements
Analysis of financial ratios: liquidity, solvency, profitability
Session 2: Investment decision
Lecture: 3 hours
Analysis of investment projects: NPV, IRR, payback period
Investment portfolio management
Session 3: Financing decision 1/2
Lecture: 3 hours
Sources of financing: equity, debt and leverage effect
Cost of capital: cost of equity, cost of debt, weighted average cost of capital (WACC)
Session 4: Financing decision 2/2
Lecture: 3 hours
Optimal capital structure: Modigliani-Miller, Hamada theories
Session 5: Company valuation 1/2
Lecture: 3 hours
Valuation techniques: patrimonial approach, comparables method, Discounted Cash flow method (part 1)
Session 6: Company valuation 2/2
Lecture: 3 hours
Valuation technique: Discounted Cash flow method (part 2)
Structuring of a Leverage Buy Out
Session 7: Revision for the final exam
Lecture: 3 hours
Practical case studies
Compétence à acquérir :
- Understand the fundamentals of corporate finance and their practical application
- Develop skills in financial evaluation and financial resource management
- Analyse a company's investment and financing decisions
- Understand the concepts of financial risk management
- Study financial strategies for maximising shareholder value
Mode de contrôle des connaissances :
Test after the last course (2 hours)
Bibliographie, lectures recommandées :
Vernimmen P., Quiry, & Le Fur Y. (2025), Corporate finance, Wiley
Berk J. & DeMarzo P. (2020), Corporate Finance, Pearson
Brealey R. A., Myers, S. C. & Allen, F. (2017), Principles of Corporate Finance, Mc Graw Hill