5 crédits
30.0 h
Q1
Enseignants
Funhoff Axel; Grégoire Philippe;
Langue
d'enseignement
d'enseignement
Anglais
Thèmes abordés
Topic 1
- From business idea to business model
- Attributes of good business models from the perspective of professional investors
- Ways to think about developing good business models
- A brief introduction to business financing, aiming at maximizing a business' long-term value: equity, debt, mezzanine: pros/cons., implications, etc.
- Valuing businesses: which method is right for which sort of business type?
- Brief explanation of the workings of financial reporting (what do key financial metrics mean, where are they reported, and what is the underlying logic of financial reporting)
- Valuation discussion: from mature businesses to start-ups. What is the most appropriate valuation method and how do they reconcile?
- Key focus will be on EV/EBITDA, P/E, DCF
- Introduction to the workings of professional investors, especially Venture Capitalists and Private Equity investors (funds, family offices, business angels, private investors, holding companies, etc.)
- How investors make money in the different phases of investing: Seed, Growth, LBO/MBO, IPO, etc.
- Deal-making in practice: investment process, pre/post-money valuation, dilution, typical clauses in Shareholder Agreements
- Practical examples: how does the valuation of famous Unicorns reconcile with traditional valuation methods?
- Is Uber overvalued?
- Did Facebook overpay for WhatsApp?
- (Cases may be adjusted, according to actual newsflow)
Acquis
d'apprentissage
d'apprentissage
A la fin de cette unité d’enseignement, l’étudiant est capable de : | |
| 1 | Having regard to the LO of the programme X, this activity contributes to the development and acquisition of the following LO:
|
La contribution de cette UE au développement et à la maîtrise des compétences et acquis du (des) programme(s) est accessible à la fin de cette fiche, dans la partie « Programmes/formations proposant cette unité d’enseignement (UE) ».
Contenu
Topic 1
- From business idea to business model
- Attributes of good business models from the perspective of professional investors
- Ways to think about developing good business models
- A brief introduction to business financing, aiming at maximizing a business' long-term value: equity, debt, mezzanine: pros/cons., implications, etc.
- Valuing businesses: which method is right for which sort of business type?
- Brief explanation of the workings of financial reporting (what do key financial metrics mean, where are they reported, and what is the underlying logic of financial reporting)
- Valuation discussion: from mature businesses to start-ups. What is the most appropriate valuation method and how do they reconcile?
- Key focus will be on EV/EBITDA, P/E, DCF
- Introduction to the workings of professional investors, especially Venture Capitalists and Private Equity investors (funds, family offices, business angels, private investors, holding companies, etc.)
- How investors make money in the different phases of investing: Seed, Growth, LBO/MBO, IPO, etc.
- Deal-making in practice: investment process, pre/post-money valuation, dilution, typical clauses in Shareholder Agreements
- Practical examples: how does the valuation of famous Unicorns reconcile with traditional valuation methods?
- Is Uber overvalued?
- Did Facebook overpay for WhatsApp?
- (Cases may be adjusted, according to actual newsflow)
Méthodes d'enseignement
Classical lesson (free speech, supported by presentation) with a maximum of possible interaction with the students. There will be regular exercises, which also helps to involve students.
Modes d'évaluation
des acquis des étudiants
des acquis des étudiants
Continuous evaluation
- Date: No
- Type of evaluation: No
- Comments: No
- Oral: No
- Written: No
- Unavailability or comments: No
- Oral: No
- Written: QCM calculations and logical reasoning.
- Unavailability or comments: 15 points QCM + 5 points questions
Bibliographie
Bibliography:
' Axel Funhoff, 'A practical guide to interpreting financial statement and valuing companies', published by Elysion Capital, March 2017, https://drive.google.com/file/d/0B-P4PIFrB17WUmpGTTdqdi14dk0/view
' Tim Koller, Marc Goedhart , David Wessels, 'Valuation: Measuring and Managing the Value of Companies', (Wiley Finance) 6th Edition, 2015, ISBN-13: 978-1118873700
' Axel Funhoff, 'A practical guide to interpreting financial statement and valuing companies', published by Elysion Capital, March 2017, https://drive.google.com/file/d/0B-P4PIFrB17WUmpGTTdqdi14dk0/view
' Tim Koller, Marc Goedhart , David Wessels, 'Valuation: Measuring and Managing the Value of Companies', (Wiley Finance) 6th Edition, 2015, ISBN-13: 978-1118873700
Faculté ou entité
en charge
en charge
CLSM
