Lecture 7. Final remarks

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Do curso por Moscow Institute of Physics and Technology

Capstone Project – Analyzing a Real Transaction

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Moscow Institute of Physics and Technology

Capstone Project – Analyzing a Real Transaction

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Curso 5 de 5 em Specialization Understanding Modern Finance

The Capstone Project is the final part of the “Understanding Modern Finance” Specialization. The learners will be able to apply all the knowledge, skills, and understanding accumulated throughout the Specialization to study a real financial transaction that they will choose. The learners will gain insight into the reality of value creation. In a set of video instructions for the Project, some examples of similar work performed by the instructors’ students over the last 15 years will be provided as guidelines for the learners. The best way to proceed with the Project is to analyze an M&A transaction as it encompasses most topics studied in the Specialization. In addition, such transactions draw a lot of public attention that facilitates the search of the necessary information. However, learners are welcome to choose a transaction of a different kind. The key idea in any real transaction on capital markets is to create value for the stakeholders. To this end, learners will have to identify the motive and the implementation plan for the transaction and then to focus on valuation, proper financing, and actual deal completion and results.

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Capstone Project

Lecture 1. Introduction – why the Capstone Project?10:26

Lecture 2. Project challenges14:58

Lecture 3. Transaction – the big picture10:04

Lecture 4. Stakeholders revisited8:24

Lecture 5. The Project framework17:04

Lecture 6. Pieces of advice and description of deliverables18:58

Lecture 7. Final remarks6:07

Conheça os instrutores

Konstantin Kontor
Director and Professor of Finance and Strategy
American Institute of Business and Economics (AIBEc)

Well, we've now reached the point at which

this is indeed the final episode of the whole specialization.

Well, I don't know whether it's good or bad.

I have mixed feelings because it's been a long time since I started this project,

and that has taken over more than a year of my life and that's

been an important challenge and an important adventure on my side and hopefully,

it's been also a valuable adventure on your side too.

Now, some final remarks to the project.

First of all, the Capstone Project takes time.

One of the reasons that I did not glue this part to the last course,

to the M and A's course,

is that because although the video part is quite short,

just a week in general format.

But, it does take a lot of time on your side.

And that is why,

I perfectly understand that when you reach this point,

you're really eager to complete the specialization to get a certificate and then say,

"Well, I did it."

You guys are close but it still takes some time,

which is about the same as the amount of time

that you've devoted to all the previous courses,

because you have to do a lot of work by yourself.

So, please realize that it's not the thing that you can do in a day or two.

Not only because of the need to accumulate a lot of information,

digest that and then to put it in a certain format,

but because sometimes it takes the need to

take a pause and then rethink what you did once again,

and maybe once again, and then once again.

Like I said, all the projects that I did in

my consulting experience and including the one that

I'm doing right now that I mentioned before on fintech,

it takes a lot of time to just

rethink and put yourselves back in the shoes of the investors,

and then once again, and once again, and once again,

and then you come up with something that is understandable,

full of sense and really is engaging for the people.

Now, the next thing which is although quite trivial but I will remind that,

that Capstone Project employs

all your understanding.

And by understanding here,

I mean not only understanding as a word,

but all the content of the specialization,

understanding more in the finance that we're completing right now

in just a few minutes at least in my presentation.

So, it is really a cumulative thing and it's up to

you to see what is linked to a project more directly and what is more indirectly.

You don't have to really,

like I said before in the previous episode,

to really take all these pieces, all these stages.

You don't have to put all these capital markets, MPVs,

majorly accounting issues or M and As,

but instead, this is your understanding.

So, your choice of what to include and what not to

include is also a very important choice

that now can be made by you on the basis of all the knowledge,

skills, models, and the experience you've gained throughout this specialization.

And then finally, I would say that the Capstone Project is fun.

Now, I'm not mocking at you,

it does involve a lot of work but the final deliverable.

The funnier it is,

but the funnier in an advanced way, the better.

The better for you,

the better for your peers,

then the better for all the understanding of finance that now is being

transmitted to the audience by way of the specialization.

Now, I wish you all great luck in this project.

I know that throughout the specialization you guys put a lot of time,

effort, resources, attention, work, patience.

So, you've done a great job on that.

I know that is just one thing that is between you,

the successful completion of the specialization and this moment in time.

So this is one final effort.

But this is a winning effort because this

is really a piece that allows you to feel reality in

a much better way than you could otherwise pretend to

feel if you just read some article or you

just covered some of the work that has been done by others.

This is something that you will be doing,

you will be completing and that is why it's so valuable.

And now, like I said,

fortunately or unfortunately, I have really mixed feelings.

Whenever I complete the course and especially such a big piece as this specialization,

I feel sort of sad frankly,

because I have to say goodbye to you guys.

And I have been with you for a long time,

and I thank you all for what you did,

and I wish you all good luck in whatever you do. Thank you.

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