Gestion financière et marketing

Crédit : 3 ECTS
Langue du cours : anglais

Volume horaire

  • CM : 21 h

Compétences à acquérir

Appréhender la corporate finance pour les futurs managers marketing.

Description du contenu de l'enseignement

The course provides an introduction to the fundamentals of financial management and applications to business and marketing challenges in the firm. It will cover some of the theory and practice of decision-making within the corporation: corporate investment decisions, valuation, budget process and investment management.
The main sections of the course are: (i) management of the income statement ; (ii) understanding the balance sheet ; (iii) investment/financing decision, with applications including budgeting ; (iii) links between corporate finance decisions and the share price, merger and acquisition.

Key examples in this course are drawn from all industries with 2013 financial statements of 28 public corporate firms:
  • Food: Nestle (#1), Mondelez (#6), Danone (#7)
  • Consumer/Beauty: Procter & Gamble (#1), L’Oréal (#1 Beauty)
  • Wine & spirits: Diageo (#1), Pernod Ricard (#2), Remy Cointreau
  • Luxury Industry: LVMH (#1), Richemont (#2)
  • Advertising: Omnicom (#2), Publicis (#3)
  • Building materials: Holcim (#1), Lafarge (#2)
  • Energy: General Electric (#1), EDF, Alstom
  • Oil: Exxon (#1), Total (#7)
  • Technology: Samsung (#1), Apple (#2)
  • Automobile: PSA (#8), Dongfeng
  • Financial services: BNP (#7), Barclays (#8)
  • Healthcare products: Pfizer (#2), Sanofi (#4)
  • Retailer: Wall Mart (#1), Carrefour (#3)
For the luxury industry, examples drawn from all categories: fashion (Apparel, ready to wear), cosmetic (Fragrance, make-up, skin care), jewelry, watches, accessories or wine & spirit. The companies: Armani, Burberry, Coach, Dolce & Gabbana, Estee Lauder, Ferragamo, Gucci Group, Hermès, Hugo Boss, L’Oréal Luxe, LVMH, Michael Kors, Prada, Puig, Ralph Lauren, Richemont, Shiseido, Swatch Group, Tiffany & Co.

Planning course :
  • Session 1: amphy (Guillaume Renard)
- Introduction to corporate finance : corporate finance and financial markets, consolidated financial statements, agenda to perform a financial analysis
- Management of the income statement : the environment: the market, the competitors, the corporate governance (shareholders board, executive committee), sales analysis by channel (retail, wholesale, license), internal/external, organic, cost of good and gross margin optimization, price structure in an international company, the charges: variable and fixed costs, the virtuous spiral and optimization of the profitability, different levels of income: operating, financial, exceptional.
 
  • Session 2: amphy
- Understanding the balance sheet : the economic asset: capital employed, the financial structure, additional elements
- Cash flow statement, investment/financing decision- Ash flow from operation: definition : fnancing activities, investing activities: capital expenditures, the dividends paid to the shareholder:
 
  • Session 3: by group
- Group 1 Master Marketing/Research: case study Nestle
- Group 2 Master Luxury: case study Hugo Boss
 
  • Session 4: amphy
- Market value and Share price : the link between corporate finance decisions and market value, market value, share price, Price earnings ratio, principles and practice of valuation, methodologies: DCF, multiples EV/Sales, P/E, acquisitions and takeovers strategies
- Brand value and Licensing : the value of luxury, licensing
 
  • Session 5: by group
- Submission of the paper and presentation during the course (50% of the grade).
- Group 1 Master Marketing/Research: a firm in consumer goods industry
- Group 2 Master Luxury: a firm in luxury industry
 
  • Session 6: amphy
  • Final exam (50% of the grade)
  • Conclusion

Mode de contrôle des connaissances

The grade will be based on a paper prepared in team (50%) and a final exam (50%) :
  • The paper shall be prepared in trio. It should be a written comprehensive financial statement analysis report on a corporation over a period of at least 5 years
  • The company for analysis should be submitted to the teacher for approval on a first come, first served basis. No two trios shall tackle the same company. You will find the data in the financial reports (Available on internet) or on Thomson one banker (Available in the library). The paper has to be submitted in class 5.The final exam shall be administered during class hours

Bibliographie, lectures recommandées

The textbooks for the course are :
  • The Theory and Practice of Corporate Finance, by Aswath Damodaran.
  • The Financial Statement Analysis ad Security Valuation by Stephan H. Penman.
  • Corporate Finance: theory and practice by Pierre Vernimmen, Pascal Quiry and Yann Le Fur.
  • L’essentiel de la finance à l’usage des managers by Pierre Cabane.
  • La comptabilité facile by Laurent Batsch.

Enseignant responsable

GUILLAUME RENARD

Enseignant responsable

ARTHUR GIRES

Enseignant responsable

JOELLE PELLEGRIN



Année universitaire 2016 - 2017 - Fiche modifiée le : 27-04-2017 (14H16) - Sous réserve de modification.