EHL Course Catalogue 2011-2012 - Ecole Hôtelière de Lausanne

CONCENTRATION: FINANCE
8331AC – Corporate finance
40 hours of contact – 4 US quarter credits – 6 ECTS credits
� Summary
In applying a strategy, students must be able to identify and calculate risks, use the most common
methods of determining the value of a group or unit and evaluate policies relating to governance,
investment and financial management. They must also be able to identify the main sources of value
creation.
� Objective
After successfully completing this course, students should be able to read the financial statements
of a company critically and evaluate its economic risks and financial performance. This should allow
an estimate of the company‟s capacity to create value and its sustainability.
They should therefore be able to:
� Evaluate the balance between the strategies and governance and the creation of value for the
shareholders.
� Lead a fundamental corporate analysis including:
o Determine share value and corporate value using different approaches.
o Lead and evaluate investment projects based on balancing risk and profitability.
o Identify sources of financing for an investment project or firm, choosing the best
financial structure to maximize the value of the company and the stock.
o Evaluate alignment between a group‟s dividend policy and the market‟s expectations.
o Identify and evaluate the sources of risk facing companies and their shareholders,
such as geopolitical, macro-economic, market, operational and financial risks.
8332AC – Real Estate management
40 hours of contact – 4 US quarter credits - 6 ECTS credits
� Summary
This course is designed for students specializing in finance at a property or corporate level. Its
objectives are related to promoting sound hospitality projects (i.e., primarily hotels, but also
restaurants and related properties such as time-shares and condominiums) and real estate finance
decisions, using appropriate methods. During the semester, the course addresses valuation, debt
financing arrangements, equity capital structures, and related financial institutions. It features a mix
of theoretical and practical approaches, including case studies and lectures from industry
specialists. The guiding principle is to make money on every hospitality real estate transaction.
The course addresses a variety of valuation and finance issues relating to hotel, restaurant, and
tourism real estate, with reference to:
� The market, its operators, investors and lenders.
� Rights or interests: use; occupancy; management; and ownership (minority and outright)
Ecole Hôtelière de Lausanne – Course Catalogue Page | 36