The Core Story of Finance d’Entreprise (Pierre Vernimmen)

1. The Starting Point: Why Does the Firm Exist?

The firm is not just a legal entity. Financially, it is a contract between stakeholders: shareholders, lenders, managers, employees, and suppliers.
Its goal? To create value. Not just profit—value is the difference between the market value of what it produces and the cost of all resources used (including capital).
Vernimmen’s key insight: The firm must generate a return on invested capital (ROIC) greater than its weighted average cost of capital (WACC). finance d 39entreprise pierre vernimmen pdf top

11. Mergers & Acquisitions (M&A)

• Synergies: The only justification for an acquisition premium. Synergies can be revenue-based (cross-selling) or cost-based (economies of scale).
• The Acquisition Process: Due diligence, valuation, payment methods (cash vs. stock).

Part 2: Investment Decisions (The Asset Side)

This section moves from analyzing the past to deciding on the future. It focuses on Capital Budgeting. The "Vernimmen": Decoding the Bible of Corporate Finance

• Partie 1 : La valeur et le risque - Introduction aux concepts de VAN (Valeur Actuelle Nette), TRI (Taux de Rendement Interne), et la notion fondamentale du couple rendement/risque.
• Partie 2 : La politique d’investissement - Comment choisir les projets rentables. Le fameux "Free Cash-Flow".
• Partie 3 : Le financement - Dette vs. Fonds propres. L’effet de levier. Théorie du trade-off et du pecking order.
• Partie 4 : La politique de dividende - Faut-il reverser l’argent aux actionnaires ou le réinvestir ?
• Partie 5 : Structure financière et ingénierie - LBO, OPA, fusion-acquisition, évaluation d’entreprise.