CHAPTER	TITLE
Chapter 8	Overview of a standard plan for a financial analysis
Chapter 9	EBITDA / SALES
	EBIT / SALES
	Different examples of the scissors effect
Chapter 11	WC / SALES
	Operational working capital
	Operational working capital
	Poids des créances clients
	Poids des dettes fournisseurs
	Example of investment policy analysis
Chapter 12	NET DEBT/EBITDA
	EBIT / net interest expenses
	Liquidity
Chapter 13	Multiples
	How the wealth created is apportioned
	ROCE
	ROE
Chapter 15	Number of listed companies
	Number of listed companies in 2002 and 2003
	Number of transactions in equity share in 2001
	The 10 biggest stock markets in the world by market capitalization 2003
	Annual performance of mutual trust in USA vs. the market index (1963-1988)
	Serial correlation AMGA
	Saica-La Rochette
	Bank balance sheet and income statement
Chapter 16	Discounting and capitalization at 15%
	Value of 1 euro capitalized at various rates
	Capitalization and discounting
	Net Present Value and the discount rate
Chapter 17	Investment with multiple IRR
	Investment with no IRR
	IRR mutually exclusive project
Chapter 19	Evolution of financial indicators
Chapter 20	Binomial tree
	Sensitivity analysis of financial break even
Chapter 21	Regression beta
	Monthly returns of some financial securities
Chapter 22	Liquidity premium
	Market risk premium in France and Europe
	Market risk premium in emerging markets
	Market risk premium in USA
	SML for the Euro zone
	Standard deviation of returns for different holding-periods
Chapter 23	Food sector beta
	Risk and rating
	The weighted average cost of capital
Chapter 24	Interest Rate Swaps
Chapter 25	Value dynamics
Chapter 26	EU cumulative average default rates (1981-2003)
	Euro-denominated volume of issues by type of issuer
	Euro denominated issues by type of coupon
	Germany - Long and short term interest rates since 1981
	Market value of bonds listed in 2003 (000.000 of US$)
	Spreads as a function of rating and maturity for industrial companies
	Rating classification of new EU issuers (1981-2003)
	Rating process
	USA - Yield differentials with 10-year Treasury bonds
	EU - Yield differentials with 10-year govt. Bond
Chapter 27	US Secondary loan market volume ($ bils)
	Value of bonds listed (domestic & foreign) (1990-2003)
Chapter 28	Dividend yield
	Nestlé stock price evolution
Chapter 29	Binomial tree
	Time to maturity
	Gauss distribution
	Volatility of the option
	Stock index volatility of major European markets
Chapter 30	Hybrid securities: the origins…
	Example of a convertible bond: Faber Group zero coupon 10/05
	Spectrum Convertible alternative
Chapter 31	Number of foreign companies with share listed
	Complexity of the deal
	High yield default rates
	Issuing costs of debt
Chapter 32	Book-building
	EDF’s sale of 7.8% of Pechiney
	Average value of issues per rating class
	Value creation by sector
	Value creation of Eurostoxx 50 - 2003
Chapter 33	Weighted average cost of capital of the most important listed European groups
Chapter 34	Optimal capital structure
	MM with no taxes and other distortions
	MM with corporate taxes
	Trade-off model
Chapter 35	Debt holders position
	A decomposition of the underlying asset value
	Market value balance sheet of Holding SA
	Shareholders position
Chapter 36	Financing alternatives and their impact on EPS
	The life cycle of a company and the extended trade-off model
	The cost of sources of financing
Chapter 38	Share price of Legris Industries
	Payout ratio Fiat
	Payout ratio Nestlè
Chapter 39	Capital increases in 2002
Chapter 40	From entreprise value to equity value
	The life cycle of value
Chapter 41	Super majority rules in European companies general meetings
	Transaction volume for shares of European groups listed on both sides of the Atlantic
	Simplified organigram of the Frère Group
Chapter 43	Structures for business combinations
Chapter 44	LBO debt structuring
	Buy-outs and buy-ins in continental Europe
Chapter 45	Bankruptcy rate of companies rated by Moody's
	Number of bankruptcies in Europe
	Lender or borrower friendly bankruptcy procedures?
Chapter 46	Notional pooling and the risk of bankruptcy
Chapter 47	Securitisation
	European securitization issuance
	Breakdown of the European securisation market
	An example of an off-balance sheet lease
Chapter 48	Interest rate Swap
	Global credit derivatives market excluding asset swap

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