Series | 24 parts

Corporate Finance

Capital decisions that operations can deliver. 24 parts in four blocks, from cash, working capital and funding to cost of capital, NPV, risk, valuation, treasury, governance and a 90-day program.

A company can grow revenue, report profit and still destroy value. This series connects operating choices with the capital they require: cash and working capital, funding instruments and the cost of debt and equity, WACC, NPV and IRR, risk analysis and staged investment, bonds, DCF and multiples, liquidity, hedging, capital allocation, governance and investments in AI and the energy transition. It closes with a practical 90-day program.

24 parts

Block 1Value, Cash and Funding

Part 1 of 24Corporate Finance Is the Discipline of Allocating Scarce CapitalConnect operating decisions, capital commitments and sustainable value creation.Part 2 of 24Profit Is Not Cash and EBITDA Is Not Free Cash FlowRead earnings, investment and working capital together before judging financial performance.Part 3 of 24Working Capital Is Cash Committed to the Operating ModelImprove cash conversion through customer terms, inventory and reliable operational execution.Part 4 of 24Funding Instruments Must Fit the Business They FinanceMatch debt, equity and market access with maturity, flexibility and control requirements.Part 5 of 24The Cost of Debt Is More Than the Interest RateEvaluate borrowing through repayment capacity, credit quality and complete contractual terms.Part 6 of 24The Cost of Equity Is an Estimate, Not a Historical AverageUse CAPM with consistent currency, market and risk assumptions while recognizing its limitations.

Block 2Capital and Investment

Part 7 of 24WACC Must Match the Cash Flows and the RiskApply weighted capital costs consistently and avoid using one corporate hurdle rate for every project.Part 8 of 24Leverage Magnifies Outcomes and Narrows Room for ErrorAssess debt through return variability, repayment pressure and strategic flexibility.Part 9 of 24The Time Value of Money Makes Timing VisibleCompare cash flows consistently across dates, currencies and inflation assumptions.Part 10 of 24Investment Cases Need Incremental After-Tax Cash FlowsInclude opportunity costs, working capital and reinvestment while excluding sunk costs and financing double counts.Part 11 of 24NPV Measures Value but Still Needs a Feasible DecisionUse NPV with consistent assumptions, realistic alternatives and execution constraints.Part 12 of 24IRR and Payback Should Support the Value DecisionUse return and recovery measures without overlooking scale, late cash flows or multiple solutions.

Block 3Risk and Valuation

Part 13 of 24Risk Analysis Should Challenge the Business CaseUse sensitivity, coherent scenarios and simulation to expose uncertainty rather than create false confidence.Part 14 of 24Staged Investment Can Buy Information and Preserve OptionsUse pilots and decision gates when learning can improve the timing or scale of a commitment.Part 15 of 24Bond Prices, Yields and Duration Explain Funding ExposureDistinguish coupon, yield and maturity when assessing debt and treasury exposures.Part 16 of 24DCF Valuation Must Tell a Coherent Business StoryConnect growth, margins and reinvestment with cash flow and a consistent discount rate.Part 17 of 24Valuation Multiples Need Comparable EconomicsUse enterprise and equity multiples with consistent earnings, claims and peer assumptions.Part 18 of 24Market Prices Inform Decisions but Do Not Remove JudgmentUse market evidence without allowing recent prices, narratives or sunk costs to dominate capital decisions.

Block 4Treasury and Governance

Part 19 of 24Liquidity Management Starts with the Timing of ObligationsBuild actionable cash forecasts, funding headroom and treasury limits around actual obligations.Part 20 of 24Hedging Should Protect the Business ExposureUse derivatives with a defined exposure, clear limits and a plan for collateral and residual risk.Part 21 of 24Reinvestment, Acquisitions and Payouts Compete for the Same CapitalCompare internal investment, acquisitions and distributions through incremental value and financial resilience.Part 22 of 24Finance Governance Should Make Commitments ReviewableDefine authority, evidence and monitoring for capital decisions, funding and treasury activity.Part 23 of 24AI and Transition Investments Need a Credible Cash MechanismAssess new capability investments through staged evidence, full lifecycle costs and realistic risk scenarios.Part 24 of 24Build a 90-Day Capital Allocation and Financial Resilience ProgramConnect cash visibility, investment quality and funding resilience in a focused executive routine.