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<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" aria-hidden="true" focusable="false" width="1em" height="1em" preserveAspectRatio="xMidYMid meet" viewBox="0 0 24 24" class="iconify mr-1" data-icon="mdi:arrow-left" style="vertical-align: -0.125em; transform: rotate(360deg);"><path d="M20 11v2H8l5.5 5.5l-1.42 1.42L4.16 12l7.92-7.92L13.5 5.5L8 11h12z" fill="currentColor"></path></svg>=====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), Lilian Lancelot (Caisse des dépôts), Lirone Samoun. * //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 Lilian Lancelot, * ** Data Project: modeling and validation ** (20 hours) taught by Lirone Samoun. ==== 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 Méditerranée library]]. - Structured finance * Vernimmen, P. (2021). Finance d’entreprise. Dalloz. - Project finance * tba - Workshop in corporate finance * tba