Financial Statement Analysis and Valuation
This course teaches participants to critically use financial statements for valuation purposes and make proper adjustments when the situation requires it.
Auditors need to be able to analyse and adjust financial statements, perform a strategy analysis and use it to make consistent pro-forma statements, estimate the cost of equity and the required rate of return, and to choose a proper valuation method.
The course will also cover the way that firms handle sustainability issues and how this has an impact on future cash flows and, therefore, on the value of the firm.
This course is part of the Master in accounting and auditing.
- Strategic Financial and non-financial objectives of different types of organizations
- Accounting Quality Analysis
- Accounting Quality: Adjustments
- Financial Statement Analysis.
- Reformulation of the Financial Statements. Calculation of FCFF and FCFE.
- Cost of capital, return on operating assets and the impact of capital structure or payout policy
- Strategy Analysis.
- Construction of Pro-forma Statements.
- Different Valuation Methods.
Please note that while attendance is not compulsory in all courses, it is the student’s own responsibility to obtain any information provided in class.
All parts of the assessment must be passed in order to get a grade in the course.
Most lectures are planned to be filmed.
Group/individual mid-term assignment over two weeks, and 3-hour written exam under supervision.
This course is taught in English.
A detailed course description can be found on this link. At the bottom of the course description, you will find a link to the reading list.
The tuition fee is normally charged after the start of the semester. You will find the invoice under My invoice in the student portal.
Financing: The enrolment contract is made with you and not your employer, even if the employer pays for your studies.