Financial Analysis and Valuation

Instructor:

Tatiana A. Garanina, Senior Lecturer, Department of Finance and Accounting,

Graduate School of Management, St.Petersburg University

 

Workload:

6,0 ECTS

45 contact hours; 150 student work hours

 

Aim of the Course:

The goal of the course is to make students familiar with different techniques of financial analysis, forecasting and corporate valuation techniques and to show how these techniques could be used in managing of a company. The knowledge of these fields is crucial for achieving proper understanding in international business and financial communications. The results of different dimensions of financial analysis of financial statements lie in the heart of most of managerial decisions. Forecasting introduces the final phase of the use and analysis of financial statements: forecasts of the additional variables required for decision making. The study of forecasting is primarily concerned with the rationale for the analytic techniques used rather than the mechanics of forecasting, which is left to technical statistics and econometrics texts.

 

After the course students should have:

 

  • general understanding of financial analysis and forecasting
  • skills in analysis of financial statements and use of the results of analysis in financial and investment decision making
  • understanding the main valuation models based on discounted cash flows and residual income techniques
  • knowledge of the main forecasting techniques
  • ability to define key value drivers and their links with creating shareholders value

 

Course Content:

Part 1. Financial Statements Analysis 

Topic 1. Introduction to Financial Analysis and Forecasting

Topic 2. Structure of Financial Statements

Topic 3. The Main Methods of Financial Analysis

Topic 4. Analysis of the Balance Sheet

Topic 5. Analysis of the Income Statement and Cash Flow Statement

 

Part 2. Core Valuation Techniques

Topic 6. Valuation Techniques: Method of Comparables and Asset-Based Valuation

Topic 7. Valuation Techniques: Dividend Discounting and Discounted Cash Flow Analysis

Topic 8. Valuation Techniques: Residual Income Models

 

Part 3. Analytical Toolsa For Valuation And Forecasting

Topic 9. Analysis of Value Drivers: Profitability Analysis

Topic 10. Analysis of Value Drivers: Analysis of Growth

Topic 11. Enterprise Valuation and Estimating the Cost of Capital

Topic 12. Forecasting and Valuation Analysis

 

   

Teaching

methods:

Lectures, seminars, practicum, project, group work, exercises, home and class discussion and assignments.

Course reading:

1. Penman S. Financial Statement Analysis and Security Valuation. 2nd int.ed.  McGraw Hill, 2003.

 

2. Subramanyam K.R., Wild J.J. Financial Statement Analysis. 10th Int.ed. McGraw-Hill, 2009.3. Koller T., Goedhart M., Wessels D. Valuation: Measuring and Managing the Value of Companies. 4th ed. John Wiley & Sons, Inc. 2005.

 

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