• Title in French: Finance d'entreprise
• Course code: tba
• ECTS credits: 3
• Teaching hours: 72h
• Type: specialized course
• 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 24/03/2021 by C. Pouet

This course unit is divided into three 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.

• 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

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

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

1. Financial modelling using Excel
2. The specificities of Transaction Services Advisory
3. Advising start-ups (on their business model and in making them viable)
4. Projects with real start-ups

Check the availability of the books below at Centrale Marseille library.

1. Structured finance
   • Vernimmen, P. (2021). Finance d’entreprise. Dalloz.
2. Project finance
   • tba
3. Workshop in corporate finance
   • tba