Seminar of Business Strategy

This course provides a unique learning experience by having students assess a company buy-out and growth opportunity with close coaching from senior executives from BCG and from CNP (Private Equity). The course includes interactive sessions on advanced corporate finance and strategy topics as well as a strategic Due Diligence assignment on an actual leveraged buy-out opportunity pursued by CNP. This course will be particularly relevant for students aiming at a career in corporate strategy, investment banking, private equity or entrepreneurship.
Practically, the seminar is composed of 7 sessions:

1. Introduction by BCG
2. Review of key applied strategy concepts with illustration on real cases by BCG (with C-level guest speaker to share experience)
3. Recap of advanced corporate Finance and valuation methodologies by BCG and CNP
4. Practical explanation of the Private Equity investments and LBO models by CNP. Presentation of the investment case and of the Due Diligence and Valuation assignment, LBO exercise.
5. Personalized coaching session with BCG on the due diligence assignment, resolution of the LBO exercise with CNP
6. Intermediate presentation of the Due Diligence preliminary conclusions in front of BCG and CNP
7. Final presentation of the DD and of the company valuation in front of BCG and CNP, correction in the full class.

The course aims at developing the ability of students to apply advanced corporate strategy and corporate finance concepts to high-stake, complex business problems. More specifically, the course key learning objective are as follows:

• Mastering the fundamentals of shareholder value creation (growth, profitability, multiple evolution, etc.)
• Understanding the real-life source of competitive advantages and developing the ability to assess the strategic robustness of business opportunities, incl. the methodology for Strategic Due Diligences
• Understanding the Private Equity investment model and mastering leveraged buy-out valuation methodologies
• Combining strategic and financial lenses to investment and company acquisition decisions, translating qualitative insights into quantitative business plans
• Articulating crisply both in writing and orally recommendations to invest and how to create value in a specified asset

Review of key concepts in finance and strategy with the whole classroom
Applying theoretical concepts to real life case through a strategic DD with support and coaching of BCG and CNP
Presentation of conclusion to a real investment committee

References, bibliography, and recommended reading

5 articles to be sent after session 1 to prepare session 2

• What Is Strategy? (Porter, HBR)
• Creating Corporate Advantage (Collins & Montgomery, HBR)
• Your Strategy Needs a Strategy (Reeves, Love, Tillmans, HBR & BCG)
• Transient Advantage (McGrath, HBR)
• Key Financial Metrics (BCG)

Contacts

• BCG
• Stefan Dab (Senior Managing Director and Partner)
• François Lemaître (Partner)
• Quentin Walschot (Consultant)

 

• CNP
• Xavier Le Clef (CEO)
• David Caudron (CFO)
• Gil Brihaye (Investment Manager)
• Romain Brusten (Investment Professional)

 

• MasterCard
• Sébastien Albert (VP Strategy & Planning Mastercard Europe)

Campus

Solbosch

Method(s) of evaluation

• Oral examination
• Other
• Written report

Oral examination

Other

Written report

• Students will be holistically assessed at the end of the course, based on their contribution throughout the sessions and on the group assignment
• Progress along the way will be highly rewarded
• Coaching and feedback (especially after interim presentations) will be provided
• Grades will be based on the combination of 6 criteria:
• Model economics
• Investment parameters judgment
• Calculation robustness
• Written presentation
• Oral presentation
• Participation
• Rules of engagements
• Students are expected to attend all sessions (incl. coaching sessions, Q&As, etc.)
• Individual participation will be rewarded as normal (no extra point), good (+1) or very proactive (+2)
• Individual freeriding will be penalized (potentially more heavily)

Language(s) of evaluation

• english