| Equity Markets |
| ▪ | International markets
|
| ▪ | Corporate financing strategies
|
| ▪ | Stock indices
|
| ▪ | Execution costs, CSA, unbundling, MiFID |
| Accounting and Financial Statements Analysis |
| ▪ | IFRS and corporate accounts
|
| ▪ | Management reports
|
| ▪ | Analyst meetings, in groups and one-on-one
|
| ▪ | Research process |
| Strategic and Sector Analyses |
| ▪ | Economic analysis
|
| ▪ | Industrial sectors
|
| ▪ | Cross-disciplinary themes
|
| ▪ | Style rotation
|
| ▪ | Competitive analysis, Porter
|
| ▪ | Franchise value and pricing power
|
| ▪ | Speculative premium
|
| ▪ | Sustainable development and social relations
|
| ▪ | Practical Workshop
. Assess a security’s speculative value |
| Fundamental Financial Analysis |
| ▪ | Accounting restatements and abuses
|
| ▪ | Performance analysis
|
| . | Composition of earnings
|
|
| . | Return on invested capital
|
|
| . | ROE, impact of leverage (du Pont breakdown)
|
|
| ▪ | Risk analysis
|
| |
| . | Critical analysis of liquidity measures
|
|
| ▪ | Cash flows, free cash flows
|
| . | Statement of cash flows
|
|
| . | New approaches using Free Cash Flow
|
|
| ▪ | Fundamental approach to value
|
| |
| ▪ | Practical Workshop
. Analyse ROE and its component |
| Market analysis |
| ▪ | Market value: Equity vs. Invested Capital
|
| ▪ | Market performances: risk premium, market premium
|
| ▪ | Volatility: beta approach
|
| ▪ | Interpreting the value of equity: equity multiples
|
| ▪ | Enterprise value and economic multiples |
| Valuation method built on multiples |
| ▪ | Criteria for comparison and choice of the sample
|
| ▪ | PER and EPS dilution
|
| ▪ | P/Book
|
| ▪ | EV/EBITDA or EBIT
|
| ▪ | Practical Workshop
. Calculate and interpret ratios in order to value a company |
| Discounted Cash Flow analysis |
| ▪ | Mature values: DCF, DDM (1 stage)
|
| ▪ | Growth stock: DCF, DDM (2 or 3 stages)
|
| ▪ | Project the growth rate and estimate the risk premium
|
| ▪ | Sensitivity analysis
|
| ▪ | Practical Workshop
. Choosing and applying a DDM |
| Performance Analysis and Ethics |
| ▪ | Codes of ethics
|
| ▪ | Insider trading and market manipulation
|
| ▪ | Professional pressure and conflicts of interest
|
| ▪ | Performance appraisals (Investar, Starmine, Isfa) |
| Seminar: Critical analyses of analysts’ ratings |
