The focus of the course is about on the use of the financial statements, particularly for analysis and valuation. Students will see the accounting “come to life” as they apply it in the world of financial analysts and for valuation issues. In this course, we learn how to use accounting and financial information for the analysis of corporate financial performance and for equity valuation. The course will be taught with a view to designing techniques to be used in analyzing financial statements with financial analysis and evaluation purposes for acquisitions, restructurings and other investments, and for calculating the value generated by strategic scenarios. By the end of the course, the student will be able to conduct a financial analysis, evaluate equity investments using the firm’s fundamentals and write a thorough, credible equity research report or investment analysis.

he course is designed to provide students with conceptual background and analytical tools necessary to evaluate financial statements issued by private and public companies. It focuses on understanding the uses and the limitation of both the financial statements and the traditional and non-traditional methods used in analysing them. We will discuss the financial statements, the differential effects of alternative accounting principles and their effects on reported performance, and the interpretation of financial information. The course compasses lectures, working and analysing case studies, presentations and class discussions. Every participant of the course is supposed to contribute actively to an interactive dialogue and a positive learning environment. We will have traditional lectures (50%) and cases studies and/or practical work (50%). Students will be better able to make judgements about the firm’s financial position, analyse cash flows and earnings quality, discover hidden assets and liabilities, and assess the overall performance of a firm. In each module you are provided with the technical and practical knowledge to apply methods and methodologies for financial statement analysis using excel. By working in groups, you will create and develop an excel file to Reformulate Financial Statements and calculate financial ratios. Upon completion of this course, you will be able to complete the following key tasks: Analyse financial statements; Calculate Financial Ratios; Interpret Financial Statements; Prepare a Financial Report; Set up a presentation

The course is designed to provide students with the conceptual background and analytical tools necessary to conduct a financial statements analysis and write a financial analyst report. The first part focuses on financial statement analysis. We will deal with financial statements analysis looking at the differential effects of alternative accounting principles and their effects on reported performance. This part is designed to provide students with the conceptual background and analytical tools necessary to evaluate financial statements. In the second part of the course, we present the main limitation of traditional financial performance. We introduce the main non-accounting based performance measures like the economic profit (Economic Value Added) and how these measures are used in the real word to valuate firms starting from accounting data.

(PHP) Palepu, K.G., Healy P.M., Peek, E. (2022), Business Analysis and Valuation: IFRS Edition, Cengage Learning – Chapter 1 (P) Penman, S.H. (2013), Financial Statement Analysis and Security Valuation, McGraw-Hill (5th Edition – International Edition) - Chapters 1, 3, 5 and 14 (HW) Hawawini, G., Viallet, C. (2022), Finance for Executives, Cengage Learning - Chapters 4, 5, 6

Each class starts with a Q&A section devoted to answer questions emerging from the previously held classes. Even if it is not mandatory, you might be requested to prepare yourself before the class. In this case, the instructor assumes that you have done it. I would emphasize the practical activity by the students through exercises and case studies. The “from theory to practice sessions” are set on Wednesday. Consequently, you are strongly encouraged to engage in discussions with peers and me during classes, using classes as an opportunity to increase your knowledge and your practical skills.

This master follows the Fully Enquiry Based system. The assessment takes place on a continuous and widespread basis throughout the semester, namely continuous assessment and on a final examination. The continuous assessment includes individual tests and group project work. The overall evaluation consists in: - Final written exam --> 60% (18 points) - Project work --> 40% (12 points) Continuous assessment – Group project work Teams of students will be randomly composed, and the related company (a European Listed Company) will be attributed. We can assign the same company to more than one group (it will depend on the number of the students and therefore of the groups). The continuous assessment will be conducted in class or as take-home assignments that include the different steps of the preparation of the project work. The outcome achieved in the project work during the semester has a total weight of 40% of the overall final grade. Non-attending students are considered to be non-participants in the assessment tasks included in the continuous assessment, and thus they are evaluated through a single final exam, which accounts for 100% of the overall final grade for the courses of interest. The dates of the continuous assessment are: - October 1: Reformulation of the Balance Sheet and of the Income Statement. - October 29: Preparation and interpretation of the Cash Flow Statement - November 12: Analysis of profitability and liquidity

We accept maximum of 14 thesis for Academic Year The window for application is March 1st – 15th 2025. Who can apply? - Students who have passed the exam without a grade rejection Students have to prepare a thesis proposal based on a short presentation (maximum 3,000 words in .doc) which must include: - Object (research question, business scope/market or industry/product or service) - Research objective - Short literature review - Main contribution of the research (in relation to the above mentioned literature) - Research Method/Data Collection In addition, students must present a list indicating the exams passed to date (please indicate CFU and relative grades). In case the project has not been selected, the student can be assigned to another thesis (if there are slots still available) identified with the assistance of the supervisor. The rule “first come first serve” is not applicable. The student/research project selection will be made based on the thesis project and only after the above mentioned deadline. A list of possible thesis topics will be available during the course.