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Advanced Financial Analysis

  • Enseignant(s):   P.André  
  • Titre en français: Analyse financière approfondie
  • Cours donné en: anglais
  • Crédits ECTS: 3 crédits
  • Horaire: Semestre de printemps 2020-2021, 2.0h. de cours (moyenne hebdomadaire)
  •  séances
  • site web du cours site web du cours
  • Formations concernées:
    Maîtrise universitaire ès Sciences en comptabilité, contrôle et finance

    Maîtrise universitaire en Droit et économie
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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.


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


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


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)


1ère tentative

Sans examen (cf. modalités)  

100% Team project: details on Moodle website


Sans examen (cf. modalités)  

100% Team project: details on Moodle website

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