Master courses

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.

Course content

  • 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.

Practical information

Course plan