Financial Economics Financial Statement Analysis Profesor: Raúl Crespo (ADL Biopharma - Executive director (independent) and Chief Administrative Officer )

Students will develop the basic skills to value companies, focusing on the main concepts and methodologies: weighted average cost of capital, capital structure, comparables methodology and DCF methodology. Additionally they will get familiar with the basic concepts impacting valuations and transaction structuring from a corporate finance viewpoint: synergies, control premium, hybrid securities, etc.

1) Main concepts in Finance 2)The cost of capital and capital structure -2.1. The cost of capital and WACC -2.2. Modigliani and Miller propositions -2.3. The Trade-off theory -2.4. The Pecking Order theory -2.5. Main empirical studies 3)Introduction to valuation 4)Comparables methodology 5)DCF methodology 6)Valuation in a M&A context 7)Financial instruments most widely used in Corporate Finance

The course is based on: 1) Slides and class discussions: theory and main concepts 2) Practical cases contained in the slides will be used as examples to facilitate learning 3) The two case studies which account for 50% of the final grade will be worked out in class the week after the delivery date to consolidate the key take-aways 4) As regards the two case studies, students will work in teams