Corporate Finance - David Thesmar (audio)
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Episodes of Corporate Finance
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In this very last video, M. Thesmar discusses a famous case for acquisition: the Mannesmann Vodaphone case. Here, the objective is to consider the different aspects of an acquisition process, beginning with a way to estimate the probability of
Along with his habit, the speaker goes over a new case : the Eutelsat case. It is once again the occasion to perform a financial analysis of the firm (4 step method). Then M. Thesmar goes over a valuation of the firm using the DCF approach.
What is the best for a firm when thinking about the reaction of markets to its announcements? This is the question that M. Thesmar addresses in this speech about financial communication. He mentions the idea of a pecking order in financing sour
In this video, M. Thesmar uses a case study to discuss payout policy, and the different things that influence it. He also takes the opportunity to do another financial analysis, with the famous 4 step method (videos 3 to 6 ).Afterwards, the rea
This second case is about restructuring. It makes us part of a decision of a restructuring with existing shareholders, new shareholders, convertible bonds holders, bankers. The goal is to calculate the market value of the company in different s
This first of two exercises is about cost of capital. The mensac case goes over a WACC calculation, calculations of betas, determination of the value of the company,
This video addresses the principle of debt overhang, and enables the viewer to follow the calculations related to two examples. This illustrates the different perceptions of risk from shareholders and debt holders. The speaker also tries to thi
M. Thesmar discusses in this session the notion of financial distress and expresses different points related to this kind of situation. Linked to the cost of financial distress is the cost of debt. In this scope, he goes through an example to d
After thoroughly discussing the WACC, M. Thesmar presents alternatives to it, namely the Flow To Equity method (FTE), the Adjusted Present Value (APV) and the Multiples valuation. For each, he explains the principle and goes through a small dis
The speaker goes through an example of application of this two step method to get the cost of equity, in the scope of the calculation of the WACC. Then he takes the example of banks, to see why their case is specific.
This video comes as a continuation of the previous one, where M. Thesmar first introduced the WACC. Here, he reminds the students of the WACC formula which enables to discount the cash flows when valuing a project in a firm. He then goes over a
In this video, the Weighted Average Cost of Capital (WACC) is defined by the speaker. He explains the reasons for the existence of such a concept, and it's links to debt levels, equity levels, tax shield...
M. Thesmar goes through an example of calculations related to cash flows. This appears as an application of the concepts explained in the previous video.
M. Thesmar begins his speech about valuation, which is the set of techniques used to determine the value of a firm. He addresses this from the point of view of the Net Present Value (NPV), and explains how to adapt this formula in order to make
This case enables to apply various aspects previously mentioned. For example, M. Thesmar re-explains the methodology to alter the statements in order to make them more representative of the reality of the company. Then, the case enables to go t
This case enables to apply various aspects previously mentioned. For example, M. Thesmar re-explains the methodology to alter the statements in order to make them more representative of the reality of the company. Then, the case enables to go t
This video ends the classes on taxes, ending as well the part about capital structure. M. Thesmar, takes the opportunity to define once again tax shield and considers the effect of personal taxes. The speaker explains thoroughly these different
In this video, M. Thesmar explains the difference between value & book value, then goes through an exercise. This practice exercise enables to review the proof of the Modigliani-Miller theorem, without taking taxes into account.
In this section, the speaker addresses the influence of the tax considerations in the capital structure decision. He explains the computation of the tax shield, done by comparing the value of the firm with the unlevered equivalent. Then , he pr
M. Thesmar leaves a bit the discussion on the Modigliani-Miller framework to mention the reality of market inefficiency. He explains how to account for it and stresses the fact that this affects the capital structure decision. In order to illus
The speaker exposes a returns version of the Modigliani-Miller theorem. Then is explained the influence the capital structure has on the way people perceive the company. Afterwards, the effect of risk on the cost of equity and debt is explained
How can we make the choice between debt and equity? One (theoretical) way to answer this question would be to consider the Modigliani-Miller framework. The speaker then explains this framework and talks about market efficiency. Finally, he goes
The speaker defines different concepts related to the ways a company can use to finance itself. He therefore mentions the 3 main categories that can be used : Equity, debt and Hybrid securities. He then particularly develops the first two solut
The speaker presents the logic behind use of 3 ratios commonly used by financial analysts: Price Earnings Ratio (PER), Price to book and Dividend yield. He explains how to compute and interpret these ratios. He then wraps up about financial ana
Is EBIT high enough? Is Net Income high enough? These two questions are addressed in order to try and judge on the profitability of the company we analyze. The speaker defines return on capital employed (ROCE) and net operating profit after tax
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