Finance D--------------------------39-entreprise Pierre Vernimmen.pdf __exclusive__ (2025)

The text places a premium on cash, famously stating that "Cash is King." While profits can be manipulated by accounting policies (depreciation schedules, inventory valuation), cash is a cold, hard fact. Vernimmen teaches the reader to reconstruct the , distinguishing between:

Based on the filename, this likely corresponds to a section (e.g., “D” or chapter 39) from the well-known finance reference work (often co-authored with Pascal Quiry, Yann Le Fur, et al.). The text places a premium on cash, famously

Company X: FCFF next year = 100, growth 3%, WACC = 8% Enterprise value = 100 / (0.08 – 0.03) = 2,000 Subtract net debt = 500 → Equity value = 1,500. cash is a cold

(If you want exact numbers I can compute them.) distinguishing between: Based on the filename