Patrick Legland

Responsable mondial de la recherche et membre du Global Capital Markets Comité exécutif, Société Générale Corporate & Investment Banking

Finance d'entreprise et évaluation des actions

Les objectifs du cours

The course aims at giving a core background in financial analysis, and company valuation. Following this class, students will be able to assess a company financial strengths and weaknesses, through account analysis, margin understanding, financing structure assessment and value creation. Focussed mainly on real company situations, students will be able to put in practice what they learn during the class in through their working experiences.

Teaching approach:

  • Teaching will combine both core theories and simple real recent international case studies.
  • Short background articles are provided for each class, summarising the core concepts.
  • Class and materials in English.

Plan du cours

Session 1: Understanding company accounts

Real case study: Analysis of a US growing company in the technology sector

Session 2: Financial analysis: Operating leverage, Margin analysis, Profitability

Real case study: Analysis of a Qatar company, developing internationally

Session 3: Capital structure: Modigliani Miller theories, Dividend theories

Real Case Study: Analysis of a fast growing French company in the energy sector

Session 4: Leverage Effect: Optimal capital structure, Financial debt leverage

Real case study: Analysis of a highly geared international retail company

Session 5: Value creation, Investment selection

Real case study: Analysis of a Spanish property project 

Session 6: Valuation: Asset valuation, Multiples, Discounted Cash Flow

Real case study: Valuation of a Mid Cap, within the framework of an Initial Public Offering

Session 7: Initial Public Offering: Valuation techniques used by professionals, Comparables, Multiples, Discounted Cash Flow

    

Bibliographie

« Corporate finance », Pierre Vernimmen, Pascal Quiry, Yann Le Fur, Dalloz
Teaching will focus on chapter 9 to 15 (Financial Analysis) and chapter 35 (Firm Valuation)
 

Examen

40%: Travail en groupe
60% Examen final