Fondamentaux en finance d'entreprise

Les objectifs du cours

The purpose of this course is to familiarize students with the basics of Corporate Finance. First, this course provides students with the tools to understand a company's financial statements. Next, it goes over the main valuations techniques of a company.

Plan du cours

PART I: FINANCIAL ANALYSIS

1. Financial Information

Disclosure of Financial Information
Introduction to the Cash Flow Statement
Income Statement
Balance Sheet
Reconciliation of the Cash Flow and Earnings Approaches

2. Financial Analysis

Standard Financial Plan
Margin Analysis, Investments, Financing, Profitability, Leverage Effect
IFRS and Fair Value Accounting

PART II: VALUATION

1. Financial Tools

Time Value of Money: Capitalisation and Discounting
Cost of Capital: from Cost of Equity to Cost of Capital

2. Valuation Techniques

Discounted Present Value of Financial Flows
Multiples of Comparable Companies

Bibliographie

Berck J. and P. DeMarzo (2007), Corporate Finance, Pearson International Edition, 1st edition
Brealey R. and S. Myers (2002), Principles of Corporate Finance, McGrow-Hill, 7th edition
Colette C. and Richard J. (2005), Système comptable Français et Normes IFRS, Dunod, 7th edition
Vernimmen P., Quiry P., Dallocchio M., Le Fur Y. and A. Salvi (2009), Corporate Finance, Theory and Practice, Wiley, 2nd edition