Objectifs

Equity analysts, but also corporate managers, need to understand how financial statements provide information regarding corporations. This course examines the principles of financial statement analysis (reported using both IFRS and US GAAP). It provides participants with a framework to understand how the value that businesses generate are captured in financial statements and how to link these to a company's share price.

Contenus

Leveraging some of the skillsets acquired in other domains and courses, participants should be able to :

- Perform a financial statement analysis of comparable firms

- Link fundamentals to business valuation and price a company’s shares

- Understand the drivers of value creation in a company

- Analyse the quality of financial statements

- Credit risk analysis

The 4-hour session every other week is usually split into a lecture and exercises.

N.B. Course will taught in English

Références

Penman, Stephen, Financial Statement Analysis and Security Valuation, 5th edition, McGraw-Hill International, 2013

Other reference:

Robinson, T. R., Henry, E., Pirie, W.L. and Broihahn M. A., International financial statement analysis, CFA Institute Investment series, John Wiley & Sons, Inc., 3rd edition, 2015

Pré-requis

A basic understanding of

1- The capital structure of the firm (balance sheet, income statement)
2- Time value of money and Discounted cash-flows analysis
3- CAPM model and the value of diversification
4- Industry Analysis framework (e.g, porters 5 forces, BCG matrix, SWOT)

Evaluation

1ère tentative

Examen:

Ecrit 3h00 heures

Documentation:

Autorisée avec restrictions

Calculatrice:

Autorisée avec restrictions

Evaluation:

100% Examen 3hrs

Rattrapage

Examen:

Ecrit 3h00 heures

Documentation:

Autorisée avec restrictions

Calculatrice:

Autorisée avec restrictions

Evaluation:

100% Examen 3hrs