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+ | =====Course unit: Corporate Finance ===== | ||
+ | ==== Course metadata ==== | ||
+ | * Title in French: Finance d' | ||
+ | * Course code: tba | ||
+ | * ECTS credits: 3 | ||
+ | * Teaching hours: 72h | ||
+ | * Type: specialized course | ||
+ | * Language of instruction: | ||
+ | * Coordinator: | ||
+ | * Instructor(s): | ||
+ | Mathieu Rebbi (EY) | ||
+ | * //Last update 24/03/2021 by C. Pouet// | ||
+ | |||
+ | ==== Brief description ==== | ||
+ | |||
+ | 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. | ||
+ | |||
+ | ==== 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' | ||
+ | * 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 | ||
+ | |||
+ | |||
+ | ==== Bibliography ==== | ||
+ | Check the availability of the books below at [[https:// | ||
+ | - Structured finance | ||
+ | * Vernimmen, P. (2021). Finance d’entreprise. Dalloz. | ||
+ | - Project finance | ||
+ | * tba | ||
+ | - Workshop in corporate finance | ||
+ | * tba | ||
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