Corporate Finance Programme

Corporate Finance aims to design and implement financial strategies which the company can use to create value in the future by focusing on two fundamental aspects: an analysis of investment decisions and an optimal financing structure together with its dividends policy.

Intervention Phases in Corporate Finance depending on the Company's life cycle.

• Embryonic Cycle: Seed Capital
• Adolescent Cycle: Development Capital
• Adult Cycle: Expansion Capital
• Acclimatization Cycle: Revitalising Capital

Valuation of Investment Projects.

• Analysis Models
• Characteristics of relevant cash flows
• Calculating the free cash flow
• Valuation effect of debt use: the shareholder's cash flow
• The discount rate and the discounted cash flow
• Sensitivity analysis and decision trees

The Capital Structure and Dividends Policy.

• Financial leverage
• Limits to debt use
• Dividends policy and self-financing

Capital Cost.

• The cost of equity: the capital asset pricing model
• Calculating betas
• The weighted average cost of capital

Who Invests in Companies and who is Looking for Capital.

• Strategic and industrial partners (4 types)
• Financial partners (4 types)
• Investment banks
• Business brokers
• Letting the cat out of the bag

Company Valuation.

• Accounting value and substantial value
• The business value
• Valuation by cash flow discounts
• Valuation by comparable multiples
• Valuation within the international context: identifiable risks

Vital reports to be taken into Account.

• A good business plan
• A good prior valuation
• A good viability plan
• A good vendors due diligence audit
• A good prospectus
• A good purchase and sale agreement

Types of Operations.

• Sales and acquisitions
• Mergers
• MBO's and MBI's
• LBO's
• Takeover bids

The Function and Role of Business Brokers.

• Strategic
• Legal-Tax
• Economic
• Psychological

The Phases and Stages of the Intermediation Process.

• Analysis (3 stages)
• Approximation (3 stages)
• Execution (3 stages)
• Closing (3 stages)

Legal, commercial, production and human resources considerations

Analysis of the most common Fee Systems on the market.

• The goals fee
• The monthly retainer fee

The impact of New technologies.

• The importance of new technologies in corporate finance operations
• Databases: SABI, FACTIVA, STANDARS & POOR´S MARKET INSIGHT ®

Practical Cases presented by one or two protagonists of each operation (1).

• Creating a start-up
• A business angel enters on the deal
• An MBO operation (Management by out)
• An MBI operation (Management buy in)
• A "BIMBO" operation (MBI+MBO)
• A merger between competitor companies (horizontal integration)

Practical Cases presented by one or two protagonists of each operation (2).

• A cross border operation
• A purchase-sale transaction of only assets
• Acquiring a company in liquidation proceedings