FINANCING AND INVESTMENT DECISIONS
The life of corporations, funds, investors, is made of taking investment decisions and structuring their financing. Being equipped with the capacity to represent, assess and support the financial image of a firm and its projects, is a must for every CFO.
This module assumes there is a good understanding of the accounting representation of the firm. It builds on this assumtion to show how that representation can be interpreted from a financial perspective to use it and enrich it with additional data to produce a valuation of the portfolio of projects of the firm, its financing instruments, and thus the whole firm.
The participants will master the following elements: the identification of cash flows necessary to the valuation of projects and financing instruments, the assessment of the cost of capital to be applied to that exercise (linking the firm and its market environment), how do the diverse techniques compare, their limitations and arguments and finally, identifying the optimal investment and financing decisions. Discover a complete valuation journey, from the asset side, representing the cash flow engine of the firm, to the liability side, representing the commitments to the financing stakeholders. This module combines techniques, decision-tools, and financial strategy.
In this module you will
• learn the techniques and approaches to investment and financing decision-making
• assess the valuation of companies as a function of their business drivers and their capital structure
• understand the diversification concept and how markets can impact your valuation
• define an optimal capital structure depending on the nature of the activity of the firm
• understand how to source the ingredients of any valuation exercise
• use the present value techniques in a wide range of contexts, including bond and equity valuation, and in the presence of a term structure of interest rates
• link cash flow forecasts to valuation and financing requirements
• understand how to assess and manage a bond portfolio with respect to interest rate risk
ABOUT THE FACULTY
Kim is Professor of Finance at the Solvay BS of the Université Libre de Bruxelles. There,
Kim is in charge of the courses of Advanced Finance, and Financial History in particular.
Kim has published extensive research in topics related to financial valuation and financial
NICOLAS DE CLERCQ
Nicolas is CFO of Kinepolis. He has extensive experience in leading financial positions: controller
at KBC, Telenet and Solvus. He was subsequently finance manager at Start People
and VP Finance at USG People. He has been CFO of Kinepolis since 2012.