Introduction to corporate finance

Crédit : 0 ECTS
Langue du cours : anglais
Niveau : C2-Maîtrise

Volume horaire

• CM : 21 h

Compétences 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

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

Mode de contrôle des connaissances

Test after the last course (2 hours)

Pré-requis recommandés

Fundamental notions in accounting : accrual accounting principle, double part, exercise concept

Pré-requis obligatoires

As this is an introductory course for beginners and part of a curriculum that will include more advanced courses in the discipline, no pre-requisites are required.

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

Enseignant responsable

DAVID HELLER