=====Course unit: Corporate Finance =====
** <color red> Beware! Under construction. </color> **
==== Course metadata ====
  * Title in French: Finance d'entreprise
  * Course code: tba
  * Type: specialized course
  * ECTS credits: 8
  * Semester 10 (Spring)
  * Teaching period: Mid-February to Mid-April
  * Teaching hours: 100h
  * Language of instruction: English and French
  * Coordinator: tba
  * Instructor(s): Amaury Schoenauer (Caisse d’Epargne CEPAC),  Mehdi El Alaoui	(International Finance Corporation), Benoît Forgues	(Rgreen), Olivier Vandooren (Sigée Finance), Julien Belon (Arx Corporate Finance), Hugues Chabalier (2CFinance), 
Mathieu Rebbi (EY)
  * //Last update 04/07/2022 by C. Pouet//

==== Brief description ====

This course unit is divided into four parts: 
  * ** Structured finance ** (24 hours) taught by Amaury Schoenauer,
  * ** Project finance ** (24 hours) taught by Mehdi El Alaoui, Benoît Forgues and Olivier Vandooren,
  * ** Workshop in corporate finance ** (24 hours) taught by Julien Belon, Hugues Chabalier and Mathieu Rebbi,
  * ** Data Project:  modeling and validation ** (20 hours) taught by tba.

==== Learning outcomes ====

  * Know how to build a financial model and challenge its assumptions
  * Understand how bankers can manage risks using structured finance
  * Know the advantages and drawbacks of structured operations
  * Understand how these operations can allow for financing large industrial projects
  * Know the advantage and drawbacks of PPPs
  * Understanding the specificities of start-up financing and advising

==== Course content ====
=== Structured finance ===
  -  Main market players and rationale for using structured finance
  - Promoters Credits
    * Understanding the Promoter's logic
    * Understanding Credit Risk
    * Assessing the risks for the banker
  - Investor Credit
    * Conceptualization
    * Leverage and Loan to Value (LTV)
    * Debt Service Cover Ratio (DSCR) and Interest Cover Ratio (ICR)
    * Slicing of Debt
  - Due diligence and points of vigilance of the banker
    * Leases and Rental Conditions
    * Valuation Report
  - Other operations
  - Perspectives on Market Finance (Securitization)

=== Project finance ===
  - The main steps of project finance
    * Tender
    * Structuring
    * Optimization
  - Financial modelling
    * The issue of circularity
    * Internal rate of return and gearing ratio
    * Case study
  - The case of renewable energy projects
    * Prices and costs of renewables
    * Bank versus funds
    * How to set the price of a project?

=== Workshop in corporate finance ===
  - Financial modelling using Excel
  - The specificities of Transaction Services Advisory
  - Advising start-ups (on their business model and in making them viable)
  - Projects with real start-ups
=== Data Project:  modeling and validation ===
tba

==== Bibliography ====
You can check the availability of the books below at [[https://documentation.centrale-marseille.fr/|Centrale Marseille library]].
  - Structured finance
     * Vernimmen, P. (2021). Finance d’entreprise. Dalloz.
  - Project finance
     * tba
  - Workshop in corporate finance
     * tba