Financial Statement Analysis (FINSA)

Schedule

The overall aim of the course is to develop the student’s theoretical and practical knowledge in financial statement analysis and valuation with a clear focus on accounting issues in listed companies (IFRS). After completion of the course the students are expected to explain and understand how IFRS accounting issues interact with financial statement analysis and company valuation. 

The lectures provide an overview of the three different topics - accounting, financial analysis and company valuation. 

Lectures
DatesRoomContentTeacher
Mon 4 Nov 2019
12:00-15:00
WALL

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

Malmqvist Peter
Wed 6 Nov 2019
09:00-12:00
WALL

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

Malmqvist Peter
Fri 8 Nov 2019
08:00-11:00
WALL

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

Malmqvist Peter
Mon 11 Nov 2019
08:00-11:00
WALL

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

Malmqvist Peter
Wed 13 Nov 2019
13:00-16:00
WALL

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. 

Malmqvist Peter
Fri 15 Nov 2019
08:00-11:00
WALL

Special problems

Malmqvist Peter
Mon 25 Nov 2019
13:00-16:00
WALL

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

Case discussion (H&M, Inditex, Zalando)

Malmqvist Peter

Seminars
DatesRoomGroupContentTeacher
Tue 5 Nov 2019
10:00-12:00
Smedjan 1

Working in practice with the DCF-model (H&M)

Malmqvist Peter
Tue 12 Nov 2019
09:00-11:00
Hedbergsal 1

Working in practice with the DCF-model (Inditex)

Malmqvist Peter
Tue 5 Nov 2019
13:00-15:00
Smedjan 2

Working in practice with the DCF-model (H&M)

Malmqvist Peter
Tue 12 Nov 2019
12:00-14:00
Hedbergsal 2

Working in practice with the DCF-model (Inditex)

Malmqvist Peter
Tue 5 Nov 2019
15:00-17:00
Smedjan 3

Working in practice with the DCF-model (H&M)

Malmqvist Peter
Tue 12 Nov 2019
14:00-16:00
Hedbergsal 3

Working in practice with the DCF-model (Inditex)

Malmqvist Peter



Written examination
DatesRoomGroupContentTeacher
Tue 3 Dec 2019
16:00-20:00
Tue 21 Jan 2020
16:00-20:00
Re-exam


Teaching Rooms
Hedbergsal 15:201, hus 15 Kräftriket, Roslagsv 101
Smedjan 8:210, hus 8 Kräftriket, Roslagsv 101
WALL Wallenbergsalen, hus 3 Kräftriket, Roslagsv 101
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Course title:
Financial Statement Analysis
Semester: Autumn term 2019
Study period: 3
Rate of studies: 100%
Level: Graduate level (second cycle)
Credits: 7.5
Language of instruction: English

Course code: FE4429

Syllabus

Contact:


Course coordinator:
Toivo Lepp
Head of course:
Peter Malmqvist
Examiner:
Peter Malmqvist
Student services:
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Teachers: