Financial statement analysis and company valuation

Analysis of a company from a valuation perspective. Important key-ratios in company valuation. Introducing the discounted cash flow model for company valuation. Chapter 2, 6, 7, 8

Cash flow valuation and the estimation process

How to estimate the income statement, the balance sheet and the cash flow statement. The calculation of free cash flow. The calculation of the continuing value at the end of the estimation period. The concept of weighted average cost of capital (WACC). Chapter 9, 10, 11, 12, 13, 14

From EV to value per share

Accounting issues relating to the balance sheet. The concept of "debt". Pension liabilities, investment properties, biological assets, non-controlling interest, shares in associated companies, employee stock options, dilution from other stock options, discontinued operations. Chapter 14, 19, 20

From EV to value per share

Accounting issues relating to earnings and cash flow. Special problems, like non-recurring items, other comprehensive income (OCI), currency problems, earnings in associated companies, non-controlling interest, discontinued operations. Chapter 18, 19, 28

Relative valuation

Other models and key-ratios in company valuation. Introducing relative valuation, like p/e-ratios, EV/EBIT-multiples, price/sales, dividend yield and the price/equity multiple. The equity cash flow model for financial companies is introduced. 

Special problems

Non-operating assets. Debt and equity claims (chapter 18-19)

Case discussion (H&M, Inditex, Zalando)