Financieel Management & Investeringsanalyse
HOC 1 ................................................................................................................................................................................ 5
Algemeen/fundamenteel waarderingsprincipe: ......................................................................................................... 5
H3: Waardering van obligaties (aanvullen met SV) .................................................................................................... 7
Terminologie ............................................................................................................................................................. 7
Waarde van een obligatie ......................................................................................................................................... 7
Vb. Frankrijk: ............................................................................................................................................................. 8
Vb. USA - halfjaarlijkse VS jaarlijkse couponbetalingen............................................................................................ 8
Maturity (looptijd) & prijzen ..................................................................................................................................... 9
Interest rate (rentevoeten) & inflatie ..................................................................................................................... 10
Yield curve ............................................................................................................................................................... 10
H4: Waardering van gewone aandelen ..................................................................................................................... 13
Verhandelen van aandelen/stocks.......................................................................................................................... 13
Terminologie ........................................................................................................................................................... 13
Waarde van een aandeel ........................................................................................................................................ 13
Bedenkingen bij groeivoeten: ................................................................................................................................. 16
HOC 2 .............................................................................................................................................................................. 17
H6: Investeringsbeslissingen nemen met de regel van de netto constante waarde ............................................... 17
CF-generatie proces ................................................................................................................................................ 17
Waardering van investeringsprojecten ................................................................................................................... 17
Hoe NCF’s berekenen? ............................................................................................................................................ 18
De Net Cash Flows and NPV berekenen: ................................................................................................................ 20
Equivalent annual CF (EAC) ..................................................................................................................................... 21
NPV gebruiken om te kiezen tss mutual exclusive projecten met ongelijke levensduur ....................................... 21
Gastles 1: pensioen financiering ................................................................................................................................ 23
Inleiding tot pensioensystemen .............................................................................................................................. 23
1. Wettelijk/public pensioen ................................................................................................................................... 23
2. Aanvullende/occupational pensioenen .............................................................................................................. 24
3. Individueel/personal pensioensparen ................................................................................................................ 24
Pensioenfondsen..................................................................................................................................................... 24
Defined Benefit vs. Defined Contribution ............................................................................................................... 24
Investeringsstrategie............................................................................................................................................... 25
BE-situatie aanvullende pensioenen....................................................................................................................... 25
Toekomstige uitdagingen en problemen: ............................................................................................................... 25
WPO 1 ............................................................................................................................................................................. 27
OEF H3: Waardering van obligaties ........................................................................................................................... 27
Prijzen & Yields........................................................................................................................................................ 28
Nom & reële rendementen ..................................................................................................................................... 31
, Bond ratings ............................................................................................................................................................ 32
OEF H4: Waardering van aandelen ............................................................................................................................ 33
Dividend discount model ........................................................................................................................................ 34
Stock price ............................................................................................................................................................... 35
Free CF’s .................................................................................................................................................................. 37
OEF H6: Berekenen van de NPV ................................................................................................................................. 38
CF’s .......................................................................................................................................................................... 39
Reële & nom stromen ............................................................................................................................................. 39
Working capital ....................................................................................................................................................... 39
Equivalent annual cash flows .................................................................................................................................. 40
Cash Flow Statement .............................................................................................................................................. 41
Bereken NPV ........................................................................................................................................................... 43
Investeringsanalyse ................................................................................................................................................. 44
HOC 3 .............................................................................................................................................................................. 45
H7: Risk and return ..................................................................................................................................................... 45
Waarde van investering van $1 in 1900.................................................................................................................. 45
Rendement op beursindexen.................................................................................................................................. 46
Meten van portefeuillerisico................................................................................................................................... 46
Stdv op jaarbasis ..................................................................................................................................................... 46
Bereken portefeuillerisico ....................................................................................................................................... 46
Variantie van 2-aandelen portefeuille .................................................................................................................... 47
Risicodiversificatie................................................................................................................................................... 50
Type risico’s:............................................................................................................................................................ 50
Diversificatie elimineert specifiek risico ................................................................................................................. 51
Hoe wordt marktrisico gemeten? ........................................................................................................................... 51
OEF H7......................................................................................................................................................................... 53
HOC 4 .............................................................................................................................................................................. 57
H8 – D1 – Portfolio theory ......................................................................................................................................... 57
Verwacht rendement & stdv (risico) van 2 aandelen ............................................................................................. 57
3 efficiënte portefeuilles van 10 aandelen ............................................................................................................. 58
Harry Markowitz & geboorte van portefeuilletheorie ............................................................................................ 58
H8 – D2 – Capital Asset Pricing Model ....................................................................................................................... 60
Verband tss risico & rendement ............................................................................................................................. 60
Security market line (SML) ...................................................................................................................................... 61
Waar vind ik risicovrije rente en marktpremie? ..................................................................................................... 61
Size and book-to-market ......................................................................................................................................... 61
Alternatieve theorieën ............................................................................................................................................ 62
H9 – D1 – Risk (r²) ....................................................................................................................................................... 63
Herhaling H7 ........................................................................................................................................................... 63
, Stap verder .............................................................................................................................................................. 64
H9 – D2 – The Cost of Capital ..................................................................................................................................... 64
Herhaling H6 ........................................................................................................................................................... 64
The Cost of Capital .................................................................................................................................................. 64
Weighted Average Cost of Capital (WACC) → vergelijk met dia ............................................................................ 65
Gastles 2 .......................................................................................................................................................................... 67
Real estate finance ..................................................................................................................................................... 67
Vastgoed in het investeringslandschap .................................................................................................................. 67
AG-Real Estate......................................................................................................................................................... 67
Real Estate valuation methods ............................................................................................................................... 68
NOI berekenen ........................................................................................................................................................ 69
De vastgoedmarkt ................................................................................................................................................... 71
4-kwadranten model............................................................................................................................................... 72
Externe schokken in 4-kwadrantenmodel .............................................................................................................. 73
Business case: waardering van de finance tower ................................................................................................... 74
HOC 5 .............................................................................................................................................................................. 77
OEF H8......................................................................................................................................................................... 77
OEF H9......................................................................................................................................................................... 78
Gastles 3: Building & solid investment philosophy ................................................................................................... 81
A walk through financial history ............................................................................................................................. 81
The Efficient Markets Hypothesis ........................................................................................................................... 83
Importance of knowing how returns are distributed ............................................................................................. 83
Challenges to the Efficient Markets Hypothesis: .................................................................................................... 85
, Inleiding
• Voorkennis:
o Vervolgcursus boekhouden & financiën
o Boek: Principles of Corporate Finance, 13th or earlier edition (H1, H2, & H5)
o PDF-bestand op canvas (Introduction to finance)
• Didactische aanpak:
o Zowel on-campus hoor- en werkcolleges, als online alternatief ingesproken PPT’s
• Prof. Lieven De Moor –
o Assistenten: Alesia Gerassimenko
& Ian Lenaers
• Examen:
o Cursusmateriaal op Canvas de essentie
o Schriftelijk meerkeuzevragen 100% (4 antwoordmogelijkheden), NL, gesloten-boek, gokcorrectie,
eigen rekentoestel, financiële tabellen en formularium krijgen we
o Voorbeeldexamenvragen beschikbaar op canvas
Overzicht cursus:
• Algemeen waarderingsprincipe, waardering van obligaties & aandelen
• Waardering van investeringsprojecten, bereken NCF & EAC + gastles 1: pension finance
• OEF op waardering obligaties, aandelen & investeringsprojecten
• Risk & return & OEF
• Portfolio theory & cost of capital
• Guest Lecture 2 : Real estate finance
• OEF Portfolio theory & cost of capital, vb. Examen & Q&A + gastles 3: Investment philosophy
Introduction to finance
Introduction to
finance.pdf
Formularium
CFIA_Formulary_2023.
pdf
HOC 1 ................................................................................................................................................................................ 5
Algemeen/fundamenteel waarderingsprincipe: ......................................................................................................... 5
H3: Waardering van obligaties (aanvullen met SV) .................................................................................................... 7
Terminologie ............................................................................................................................................................. 7
Waarde van een obligatie ......................................................................................................................................... 7
Vb. Frankrijk: ............................................................................................................................................................. 8
Vb. USA - halfjaarlijkse VS jaarlijkse couponbetalingen............................................................................................ 8
Maturity (looptijd) & prijzen ..................................................................................................................................... 9
Interest rate (rentevoeten) & inflatie ..................................................................................................................... 10
Yield curve ............................................................................................................................................................... 10
H4: Waardering van gewone aandelen ..................................................................................................................... 13
Verhandelen van aandelen/stocks.......................................................................................................................... 13
Terminologie ........................................................................................................................................................... 13
Waarde van een aandeel ........................................................................................................................................ 13
Bedenkingen bij groeivoeten: ................................................................................................................................. 16
HOC 2 .............................................................................................................................................................................. 17
H6: Investeringsbeslissingen nemen met de regel van de netto constante waarde ............................................... 17
CF-generatie proces ................................................................................................................................................ 17
Waardering van investeringsprojecten ................................................................................................................... 17
Hoe NCF’s berekenen? ............................................................................................................................................ 18
De Net Cash Flows and NPV berekenen: ................................................................................................................ 20
Equivalent annual CF (EAC) ..................................................................................................................................... 21
NPV gebruiken om te kiezen tss mutual exclusive projecten met ongelijke levensduur ....................................... 21
Gastles 1: pensioen financiering ................................................................................................................................ 23
Inleiding tot pensioensystemen .............................................................................................................................. 23
1. Wettelijk/public pensioen ................................................................................................................................... 23
2. Aanvullende/occupational pensioenen .............................................................................................................. 24
3. Individueel/personal pensioensparen ................................................................................................................ 24
Pensioenfondsen..................................................................................................................................................... 24
Defined Benefit vs. Defined Contribution ............................................................................................................... 24
Investeringsstrategie............................................................................................................................................... 25
BE-situatie aanvullende pensioenen....................................................................................................................... 25
Toekomstige uitdagingen en problemen: ............................................................................................................... 25
WPO 1 ............................................................................................................................................................................. 27
OEF H3: Waardering van obligaties ........................................................................................................................... 27
Prijzen & Yields........................................................................................................................................................ 28
Nom & reële rendementen ..................................................................................................................................... 31
, Bond ratings ............................................................................................................................................................ 32
OEF H4: Waardering van aandelen ............................................................................................................................ 33
Dividend discount model ........................................................................................................................................ 34
Stock price ............................................................................................................................................................... 35
Free CF’s .................................................................................................................................................................. 37
OEF H6: Berekenen van de NPV ................................................................................................................................. 38
CF’s .......................................................................................................................................................................... 39
Reële & nom stromen ............................................................................................................................................. 39
Working capital ....................................................................................................................................................... 39
Equivalent annual cash flows .................................................................................................................................. 40
Cash Flow Statement .............................................................................................................................................. 41
Bereken NPV ........................................................................................................................................................... 43
Investeringsanalyse ................................................................................................................................................. 44
HOC 3 .............................................................................................................................................................................. 45
H7: Risk and return ..................................................................................................................................................... 45
Waarde van investering van $1 in 1900.................................................................................................................. 45
Rendement op beursindexen.................................................................................................................................. 46
Meten van portefeuillerisico................................................................................................................................... 46
Stdv op jaarbasis ..................................................................................................................................................... 46
Bereken portefeuillerisico ....................................................................................................................................... 46
Variantie van 2-aandelen portefeuille .................................................................................................................... 47
Risicodiversificatie................................................................................................................................................... 50
Type risico’s:............................................................................................................................................................ 50
Diversificatie elimineert specifiek risico ................................................................................................................. 51
Hoe wordt marktrisico gemeten? ........................................................................................................................... 51
OEF H7......................................................................................................................................................................... 53
HOC 4 .............................................................................................................................................................................. 57
H8 – D1 – Portfolio theory ......................................................................................................................................... 57
Verwacht rendement & stdv (risico) van 2 aandelen ............................................................................................. 57
3 efficiënte portefeuilles van 10 aandelen ............................................................................................................. 58
Harry Markowitz & geboorte van portefeuilletheorie ............................................................................................ 58
H8 – D2 – Capital Asset Pricing Model ....................................................................................................................... 60
Verband tss risico & rendement ............................................................................................................................. 60
Security market line (SML) ...................................................................................................................................... 61
Waar vind ik risicovrije rente en marktpremie? ..................................................................................................... 61
Size and book-to-market ......................................................................................................................................... 61
Alternatieve theorieën ............................................................................................................................................ 62
H9 – D1 – Risk (r²) ....................................................................................................................................................... 63
Herhaling H7 ........................................................................................................................................................... 63
, Stap verder .............................................................................................................................................................. 64
H9 – D2 – The Cost of Capital ..................................................................................................................................... 64
Herhaling H6 ........................................................................................................................................................... 64
The Cost of Capital .................................................................................................................................................. 64
Weighted Average Cost of Capital (WACC) → vergelijk met dia ............................................................................ 65
Gastles 2 .......................................................................................................................................................................... 67
Real estate finance ..................................................................................................................................................... 67
Vastgoed in het investeringslandschap .................................................................................................................. 67
AG-Real Estate......................................................................................................................................................... 67
Real Estate valuation methods ............................................................................................................................... 68
NOI berekenen ........................................................................................................................................................ 69
De vastgoedmarkt ................................................................................................................................................... 71
4-kwadranten model............................................................................................................................................... 72
Externe schokken in 4-kwadrantenmodel .............................................................................................................. 73
Business case: waardering van de finance tower ................................................................................................... 74
HOC 5 .............................................................................................................................................................................. 77
OEF H8......................................................................................................................................................................... 77
OEF H9......................................................................................................................................................................... 78
Gastles 3: Building & solid investment philosophy ................................................................................................... 81
A walk through financial history ............................................................................................................................. 81
The Efficient Markets Hypothesis ........................................................................................................................... 83
Importance of knowing how returns are distributed ............................................................................................. 83
Challenges to the Efficient Markets Hypothesis: .................................................................................................... 85
, Inleiding
• Voorkennis:
o Vervolgcursus boekhouden & financiën
o Boek: Principles of Corporate Finance, 13th or earlier edition (H1, H2, & H5)
o PDF-bestand op canvas (Introduction to finance)
• Didactische aanpak:
o Zowel on-campus hoor- en werkcolleges, als online alternatief ingesproken PPT’s
• Prof. Lieven De Moor –
o Assistenten: Alesia Gerassimenko
& Ian Lenaers
• Examen:
o Cursusmateriaal op Canvas de essentie
o Schriftelijk meerkeuzevragen 100% (4 antwoordmogelijkheden), NL, gesloten-boek, gokcorrectie,
eigen rekentoestel, financiële tabellen en formularium krijgen we
o Voorbeeldexamenvragen beschikbaar op canvas
Overzicht cursus:
• Algemeen waarderingsprincipe, waardering van obligaties & aandelen
• Waardering van investeringsprojecten, bereken NCF & EAC + gastles 1: pension finance
• OEF op waardering obligaties, aandelen & investeringsprojecten
• Risk & return & OEF
• Portfolio theory & cost of capital
• Guest Lecture 2 : Real estate finance
• OEF Portfolio theory & cost of capital, vb. Examen & Q&A + gastles 3: Investment philosophy
Introduction to finance
Introduction to
finance.pdf
Formularium
CFIA_Formulary_2023.
