CERTIFICATE PROGRAMS
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FUNDAMENTALS OF FINANCE – CAPITAL BUDGETING ONLINE TRAINING
This 4-day education will be an intense introduction to capital budgeting and more importantly discounted cash flow valuation of corporate investments.
This program teaches participants to build, challenge and defend a real investment case from scratch. It assumes no prior finance coursework and brings university students and working professionals through the same material together. A short pre-reading on financial statements is sent in advance so that the first session can begin at the right level for everyone. By the close of the fourth day each participant holds a complete and auditable investment file which includes a six-year cash-flow model, a discount rate they constructed themselves rather than received, a risk analysis, and a one page recommendation of the kind a board can act on.
The four days are organised around four questions. The first asks which project creates value and how competing projects should be ranked. Topics include the time value of money in nominal and real terms, net present value, internal rate of return and its modified form, payback, the profitability index and equivalent annual cost. The second day asks which cash flows actually belong in the model, and this is where the Turkish material begins in earnest including incremental cash flow principles, corporate taxation, depreciation under the Tax Procedure Law, the investment incentive certificate, value-added tax, and the discipline of keeping inflation and exchange rates consistent across every line. The third day asks what happens if the forecast is wrong, and works through sensitivity and scenario analysis, break-even and operating leverage, Monte Carlo simulation, real options and decision trees, and the behavioural biases that make investment forecasts systematically optimistic. The fourth day asks where the discount rate comes from. Topics include risk and beta, constructing a Turkish discount rate, the weighted average cost of capital, incentive-backed financing valued through adjusted present value, and the quiet damage done by inflating a hurdle rate.
A single case runs through all four days. We consider a family-owned flexible packaging manufacturer that exports sixty per cent of its output and is evaluating an 840.6 million lira production line supported by an investment incentive certificate and a subsidised loan.
What makes the program Turkish is not a change of currency. Corporate tax is applied at twenty five per cent against the ten per cent minimum tax ceiling, depreciation follows the useful life schedules of the Tax Procedure Law rather than American conventions, the investment incentive certificate is modelled year by year until the contribution amount is exhausted which produces a visible jump in tax, a disinflation path and an exchange rate path derived from relative purchasing power parity run through every price and cost line, and the discount rate is built through a currency bridge precisely because Turkish market interest rates and the model's own inflation assumptions do not belong to the same world. Subsidised credit is valued separately through adjusted present value because a benefit tied to a fixed loan amount cannot be accommodated inside a cost of capital that assumes a fixed debt ratio.
The training will take place online via Zoom on 14, 16, 21 and 23 December 2026, between 19:00–22:00.
