FNCE30011 Digestible Full Course Study Guide

Description

A complete, exam-focused synthesis of a corporate valuation course — built specifically to cut your revision time, not add to it. What's covered (10 topic blocks plus a final review): - Equity valuation using DCF (FCFE model, dividend discount model, reconciling dividends vs FCFE) - Enterprise valuation — the Standard WACC, APV, and how risky the interest tax shield really is - Enterprise valuation — the Vanilla WACC, the recursive WACC model, and the "ITS in the cash flow vs the discount rate" misconception, corrected properly - Estimating discount rates — CAPM, Fama-French, levering/de-levering betas, cost of debt via credit spreads - Surplus assets, corporate groups, leases, tax, terminal values, changing operating risk - PE multiples — what they actually represent (PVGO decomposition) and how to estimate them from comparables - EV multiples (EBIT/EBITDA/EBITDA-CAPEX), negative earnings, what makes a valuation defensible - Where value actually comes from — good growth vs bad growth (R vs k_e), real options, dilution and control effects - Valuation by replication — arbitrage, the Law of One Price, convertible bonds and capped-payoff instruments Every section links straight to a quick-reference formula sheet, and closes with a calculation-type priority guide ranking the technique families that carry the most weight (recursive WACC, EV/equity multiples, WACC reconciliation, hybrid replication, dilution, CAPM/beta) with guidance on how to build fluency in each. Ideal as your single cheat-sheet source and as the guide you work through in the weeks before the exam rather than the night before — it's organised so each topic stands alone if you're targeting weak spots, but reads as one continuous logic if you're starting from scratch.