Course curriculum

  • 1

    Welcome to Finance for Executives

  • 2

    Introduction to Finance

    • Finance as the trade in promises

    • Why study corporate finance?

    • Finance is too serious to leave it only to finance people

    • Education is not the learning of facts but training the mind to think

    • Finance will never be an exact science
  • 3

    MODULE 0: Demystifying Finance - Understanding Financial Logic Without Math

  • 4

    MODULE 1: Financial Analysis, Part I: Speaking the Language of Business

    • 1.1 - Who are Financial Analysts?

    • 1.2 - Shareholder Value Versus Stakeholder Value

    • 1.3 - The reliability of financial information is crucial

    • 1.5 - Financial analysis is not a “one-size-fits-all” model

    • 1.6 - Would you invest in the startup of Jean-Mouloud ?

    • 1.7 - Walking through the valley of death

    • 1.8 - The Balance Sheet: a snapshot of the firm’s financial position

    • 1.9 - The P&L: measuring wealth creation

    • 1.10 - Cash Flow Statement

    • Module 1 - Learning CHALLENGE 1 - not graded

    • Module 1 - Graded Challenge
  • 5

    MODULE 2: Financial Analysis, Part II: From Numbers to Performance Insights

    • 2.1 - The financial analysis of the Balance sheet

    • 2.2 Working capital needs and Cash: a matter of survival

    • 2.3 - Working Capital needs: a time lag between cash inflows and outflows

    • 2.4 Working Capital needs: a “devourer” of cash or a financial leverage?

    • 2.5 - Net Financial Debt

    • 2.6 Capital Employed vs Invested Capital

    • 2.7 Book value is history, market value is mystery !

    • 2.8 Enterprise Value is not Equity Value: don’t forget your banker!

    • 2.9 Assessing Earnings Sustainability

    • 2.10 Free cash-flows reflect the muscles of the company

    • 2.11 Why Amazon Has No Profits (And Why It Works)

    • 2.12 The impact of non-cash items on Cash Flows

    • 2.13 Margin is NOT Return

    • 2.14 Analysing margins and cost management

    • 2.15 Margin drivers: how can you make the difference?

    • 2.16 Analysing return on investment

    • 2.17 Analysing return on equity: a first overview

    • Module 2 - Learning CHALLENGE 1 - not graded

    • Module 2: Graded Challenge
  • 6

    MODULE 3.1 - How to value an investment opportunity

    • 3.1 - Is time really money?

    • 3.2 - Risk is the price you pay for opportunity

    • 3.3 The Rules of Time Travel

    • 3.4 · Applying The Rules of Time Travel, why?

    • 3.5 · Perpetuities: funding a foundation

    • 3.6 - Annuities_ Comparing alternative financing plans

    • 3.7 - Do you have a saving plan?

    • 3.8 - Computing the cost of an amortizing loan
  • 7

    MODULE 3.2 - Investing decision criteria and value creation measures

    • 3.2.1 - Investing is like biking

    • 3.2.2 - The golden rule of investment decision making_ A first overview of NPV

    • 3.2.3 - Applying the principle of NPV_ measuring value creation

    • 3.2.4 - NPV_ critical thinking questions

    • 3.2.5 - Introduction to the IRR

    • 3.2.6 - Case study: Your pee is the new liquid gold

    • 3.2.7 - Combining IRR and NPV

    • 3.2.8 - The Payback period

    • 3.2.9 - On the road to free cash flows_ some important rules
  • 8

    MODULE 3.3 - A case study: The Light of Fidelity Project

    • Reading - A CASE STUDY_The Light Fidelity Project

    • 3.3.1 - A case study - Step 1: Forecasting Earnings

    • 3.3.2 - A case study - Step 2: Forecasting Free cash flows

    • 3.3.3 - A case study - Step 3_ Investment decision and Recommendation

    • Module 3 - Learning CHALLENGE 1 - not graded

    • Module 3 - Graded Challenge

  • 9

    MODULE 4.1 : The Principle of Valuation: an institution

    • 4.1.1 - Valuation principle: your value today is driven by your potential

    • 4.1.2 - Valuation principle: the theoretical background
  • 10

    MODULE 4.2: Firm Valuation

    • 4.2.1 - How to value a business or a stock: accepted valuation methods

    • 4.2.2 - Valuing a stock with the dividend-Discount Model

    • 4.2.3 - The Discounted Cash-Flow Model (DCF)

    • 4.2.4 - Valuation Based on Comparable Firms
  • 11

    MODULE 4.3 Bonds valuation

    • 4.3.1 - What is a bond ?

    • 4.3.2 - Fixed income is not a 100% guarantee of the income

    • 4.3.3 - The DNA of a bond

    • 4.3.4 - The expected return of a bond

    • 4.3.5 - The value of a coupon bond

    • 4.3.6 - Dynamic Behaviour of market Price and Return

    • 4.3.7 - Corporate bonds and credit spread

    • Module 4 - Learning CHALLENGE 1 - not graded

    • Module 4 - Graded Challenge
  • 12

    MODULE 5.1 : The Cost of Capital - The price of Time and Risk

    • v5.1 - 1: The Cost of Capital- a first look

    • v5.1 - 2 ** REMINDER ** Risk is the price you pay for opportunity

    • v5.1 - 3 Measuring Historical and Expected Return

    • v5.1 - 4 Measuring Historical Volatility

    • v5.1 - 5 - The Risk Premium

    • v5.1 - 6 - Firm-Specific Risk versus Market Risk

    • v5.1 - 7 - Diversification is a defensive investment strategy
  • 13

    MODULE 5.2: Evaluate the required return

    • v5.2 - 1 - The Market portfolio The weather indicator of financial markets

    • v5.2 - 2 Measuring sensitivity to changes in the market climate: Beta

    • v5.2 - 3 - Measuring the Return Required by the Investor
  • 14

    MODULE 5.3: Estimating the Cost of Capital - WACC

    • v5.3 - 1 - The Cost of Capital or ... The Price of Money

    • v5.3 - 2 - The Cost of Capital is a barometer of confidence

    • v5.3 - 3 - What is the purpose of the cost of capital in a company

    • MODULE 5. Learning CHALLENGE 1 - not graded