Summer University Course

Large-scale investment projects require you to make complex financial decisions, for which you need a broad skillset from business planning through capital budgeting to financing. 
Marcell Dülk


This is a 100 % introductory course with no prerequisites.

Course description

The course aims to give an overview of all the essential corporate financial principles, skills, and challenges that financial decision-makers would face in case of large investment projects. Besides the necessary methodological background, the course will take a rather practical approach in the form of an extensive, real-world-based case study. Participants will thus become familiar with the various tasks they have to solve and the interdependencies they have to be careful about, in order to make sound financial decisions.


  • Introduction to basic corporate financial principles (shareholder value maximization, NPV, IRR, cost of capital, stand-alone principle, sunk costs etc.)
  • Financial perspective of accounting statements (project (free) cash flow, EBIT, net working capital, capital spending, depreciation etc.)
  • Business planning (market analysis, forecasts, evaluation of information, identification of key drivers, analysis of relationships between variables etc.)
  • Understanding technical project content and its reflection in valuation
  • Preparation of pro-forma financial statements
  • Project financing and cost of capital (equity and debt, leverage, CAPM, WACC etc.)
  • Debt financing and implications (cash flow waterfall, covenants and related calculations etc.)
  • Sensitivity analysis
  • Complex case study on the application of the above topics
  • Extensive group work (analysis, presentation, discussion)

Learning outcomes

  • understand the basic objectives and principles of financial decision-making
  • be able to prepare a business plan for an investment project
  • develop skills on synthesizing and translating relevant information for financial decision-making
  • understand the requirements and implications related to debt financing
  • be able to assess the economic attractiveness of a project
  • improve professional teamwork, presentation, and argumentation skills


Students planning to obtain ECTS credits for the course will write a 90-minute in-class examination. Grading will be based on the written examination (80%) and contribution to class work (20%).

Reading materials

Course notes distributed on the sessions

Marcell Dülk is assistant professor at the Department of Finance and Accounting. He received his PhD in corporate finance and has been teaching and publishing in international scientific journals in this field for several years. He was a manager at PricewaterhouseCoopers (PwC) Hungary, he thus has significant practical experience in firm/project valuation. Formerly, he also worked at the strategy department of Budapest Electricity Plc. He graduated with honors as engineering manager and studied abroad in the U.S. at Indiana University Bloomington’s Kelley School of Business for an academic year on HAESF scholarship.