This Financial Statement Analysis is designed for graduate students aiming to master the practical application of financial information for advanced financial and valuation purposes. Unlike introductory financial accounting courses, this program delves into the sophisticated analysis and interpretation of financial statements to support critical financial decision-making. A core objective of this course is to equip students with the ability to critically examine corporate financial performance using accounting and financial data. This involves understanding how different accounting principles impact reported results and identifying key drivers of profitability and cash flow sustainability. Students will learn to go beyond surface-level figures to gain a deep understanding of a company's financial health. Furthermore, the course emphasizes the application of financial statement analysis for valuation in complex financial scenarios. This includes preparing students to evaluate companies for acquisitions, restructurings, and other strategic investments. A key outcome for students will be the capability to evaluate equity investments based on a firm's fundamental characteristics. This involves interpreting financial statements to determine a company's intrinsic value and making informed investment decisions. To solidify these skills, students will gain hands-on experience through real-world case discussions and the use of financial databases. Ultimately, the course aims to enable students to produce thorough and credible equity research reports or comprehensive investment analyses. This encompasses not only the analytical skills but also the ability to effectively communicate complex financial findings in a clear and persuasive manner. The curriculum will also introduce advanced, non-accounting-based performance measures demonstrating their real-world application in firm valuation. The practical learning experience will be significantly enhanced by guest speakers and a final project work applying all learned concepts to a real company

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The course is designed to provide students with an in-depth and practical understanding of financial statement analysis. The curriculum is structured into four progressive blocks, each with specific objectives. The first block serves as an introduction to the course and a crucial recap of fundamental accounting documents. Students will explore how financial statements are vital tools for performance measurement and business valuation. Key concepts related to the Statement of Financial Position (IAS 1), the Income Statement, the Statement of Changes in Equity, and the Cash Flow Statement (IAS 7) will be reviewed, establishing a solid framework for subsequent analyses. The second block focuses on the reformulation of financial statements, a critical step for in-depth financial analysis. Students will learn to transform the Balance Sheet and Income Statement from a managerial perspective, calculating key indicators such as EBITDA and EBIT. Significant attention will be given to preparing and interpreting the Cash Flow Statement, including cash flows from operating, investing, and financing activities, as well as Free Cash Flow. This section also incorporates real-world case studies, like the F.I.L.A. and Lu.Ve. cases, to apply concepts and begin setting up the group project work. In the third block, the focus shifts to the in-depth interpretation of financial statements. Students will practice analyzing liquidity and operational efficiency using traditional measures. The course will also cover how to analyze a company's profitability, risk, and growth, examining the structure and drivers of operating profitability. This phase is fundamental for developing the ability to approach the financial analysis of a real company and effectively structure complex analyses. Exam simulations and project work discussions will further enrich the practical learning experience.

(PHP) Palepu, K.G., Healy P.M., Peek, E. (2019), Business Analysis and Valuation: IFRS Edition, Cengage Learning (7th Edition) – Chapter 1, Chapter 2 https://www.cengage.uk/c/business-analysis-valuation-an-international-perspective-7e-palepu-healy-peek/9781473796157/ (HW) Hawawini, G., Viallet, C. (2025), Finance for Executives, Cengage Learning (7th Edition) - Chapters 4, 5, 6 https://www.cengage.uk/c/finance-for-executives-managing-for-value-creation-8e-hawawini-viallet/9781473795570/

The course employs an engaging and practical teaching methodology designed to foster deep understanding and application of financial statement analysis concepts. Each lesson begins with a dedicated Question & Answer session, providing an opportunity to clarify doubts from previous classes. Students are encouraged to prepare in advance for each session, and active participation in discussions with peers and the instructor is highly encouraged to maximize learning and develop practical skills. A significant emphasis is placed on hands-on student activity, primarily through exercises and real-world case studies. "From theory to practice" sessions are specifically scheduled to bridge conceptual knowledge with practical application. The practical application of accounting and financial analysis is further enhanced through: - Discussions of real-world cases: Analyzing actual company scenarios to understand complex financial situations. - Use of financial databases: Leveraging financial databases to access and interpret relevant data. - Practical examples using Excel: Students will gain direct experience with Excel, specifically in preparing and analyzing financial data, including Q&A sessions focused on Excel files for project work. - Preparation of a project work: Students will apply course concepts and techniques to a real company, leading to a comprehensive investment analysis or equity research report.

This course follows the SMART 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 --> 70% (21 points) - Project work --> 30% (9 points)

Yhey will be communicated during the course