Différences

Ci-dessous, les différences entre deux révisions de la page.

--- en:ddefifina2022 [2025/07/24 15:26] – [Brief description] cpouet
+++ en:ddefifina2022 [2026/07/27 10:07] (Version actuelle) – cpouet
@@ Ligne 5: / Ligne 5: @@
   * Title in French: Finance
   * Course code: tba
-  * ECTS credits: 8
+  * ECTS credits: 4
   * Type: advanced course
   * Semester 9 (Fall-Winter)
@@ Ligne 12: / Ligne 12: @@
   * Language of instruction: English
   * Coordinator: tba
-  * Instructor(s): Grégoire Hug (WeeFin), Réda Rahal (BNP Paribas), Julien Belon (Arx Corporate Finance), Vincent Bonnamy (La Banque Postal Asset Management)
+  * Instructor(s): Grégoire Hug (WeeFin), Réda Rahal (BNP Paribas), Eddy Aleya  (Product owner, ARX Corporate finance), William Benhaim Palmer (Manager, ARX Corporate finance), Sitraka Forler (Post Luxembourg), Lirone Samoun (smartpush)
-  * //Last update 24/07/2025 by C. Pouet//
+  * //Last update 28/07/2026 by C. Pouet//
 ==== Brief description ====
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   * ** Portfolio management ** (24 hours) taught by Grégoire Hug.
   * **  Financial risk modelling ** (24 hours) taught by Réda Rahal: this part is dedicated to credit risk and its role in banking regulation.
-  * **Applied finance ** (24 hours) taught by Julien Belon and Vincent Bonnamy: this part is about the theoretical aspects of corporate and market finance applied in real life.
+  * **Applied finance ** (24 hours) taught by Eddy Aleya and William Benaim Palmer: this part is about the theoretical aspects of corporate and market finance applied in real life.
-  * **Data Project: data sources and preprocessing** (20 hours) taught by tba.
+  * **Data Project: data sources and preprocessing** (20 hours) taught by Sitraka Forler and Lirone Samoun.
 ==== Learning outcomes ====
@@ Ligne 78: / Ligne 78: @@
     - Crypto funds
-===  Financial risk management ====
+===  Financial risk modelling ====
   - Introduction: bonds and OTC transactions
   - Modeling defaults: structural models and ratings
@@ Ligne 86: / Ligne 86: @@
 === Applied finance ===
-  - Applied corporate finance – From startup to IPO… and LBO
-    * Introduction / Presentation
+== Session 1  (2 hours) – Introduction to Mergers & Acquisitions (M&A) and Strategic Rationale ==
-    * Application areas of
+Overview of the main types of transactions (mergers, acquisitions, leveraged buyouts (LBOs), and divestitures); M&A versus equity financing (shareholder implications, dilution, and appropriate use cases for each option); strategic motivations for acquisitions (synergies, external growth, and market consolidation); key market participants (corporates, private equity firms, and investment banks); and the main stages of an M&A transaction (origination, due diligence, negotiation, and closing). Short case study based on a recent transaction.
-    * Accounting Basic Methods
-    * Valuation methods
+== Session 2  (2 hours) – Valuation Fundamentals ==
-    * We know how to value a company. Now what? Different types of operation
+Overview of the three main valuation approaches: intrinsic valuation (Discounted Cash Flow, DCF), market-based valuation (trading comparables and precedent transactions), and asset-based valuation. Discussion of the appropriate valuation methodology depending on the company's profile: profitable companies (EBITDA multiples) versus high-growth, pre-profitability companies (revenue multiples). Introduction to the Weighted Average Cost of Capital (WACC), beta, and the distinction between Enterprise Value and Equity Value (including the Enterprise Value-to-Equity Value bridge). Introductory valuation exercises.
-    *  Introduction to Fintech and start-up ecosystem
-  - Applied market finance – Options: Pricing, Hedging & Risk Management
+== Session 3  (2 hours) – Discounted Cash Flow (DCF) Valuation in Practice ==
-    * Market finance: players and products
+Building a financial forecast (business plan); estimating Free Cash Flow to the Firm (FCFF); selecting the appropriate discount rate; estimating terminal value (Gordon Growth Model versus Exit Multiple Method); and performing sensitivity analysis. Introduction to Excel through the construction of a guided DCF model.
-    * Future and forward: pricing & hedging
-    * Options: replication and pricing
+== Session 4  (2 hours) – Comparable Company Analysis and Valuation Multiples ==
-    * Sensitivity of options: the greeks
+Building a peer group using publicly traded companies and precedent transactions; common valuation adjustments (net debt, minority interests, and non-recurring items); selecting appropriate valuation multiples based on industry and company characteristics (EV/EBITDA, EV/EBIT, P/E, and EV/Sales); limitations of the comparable approach and best practices for peer group selection.
-    * Volatility and stress tests
-=== Data Project: data sources and preprocessing ===
+== Session 5  (1 hour) – Deal Structuring and Acquisition Financing ==
-Tba
+Introduction to transaction structuring (cash deals versus share deals); fundamentals of leveraged buyouts (LBOs) and financial leverage; the impact of debt financing on shareholder returns; purchase price mechanisms (locked-box versus completion accounts); and key provisions of a Share Purchase Agreement (SPA). Connections with the valuation techniques covered in previous sessions.
+== Session 6  (3 hours) – Group Case Study in Excel ==
+Comprehensive case study based on a fictional company, NORDIA Industries. The session consists of one hour of guided instruction (case presentation, data package, and methodological framework), one hour of group work (DCF valuation, comparable company analysis, football field valuation, and purchase price recommendation), and one hour of group presentations followed by a collective debrief.
 ==== Bibliography ====
-You can check the availability of the books below at [[https://documentation.centrale-marseille.fr/|Centrale Méditerranée library]].
+You can check the availability of the books below at [[https://www.centrale-mediterranee.fr/fr/centredoc|Centrale Méditerranée library]].
   - Portfolio management
     * Portait, R. and Poncet, P. (2014). Market Finance.