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Corporate Valuation & Financial Statement Analysis


Aims of the course

Students will learn and understand advantages, disadvantages, usefulness and limitations of various models used in corporate valuation and financial analysis (discounted cash flows model, relative valuation, contingent claims valuation, residual income models, etc.). They will also know how to use the models in practice.

Course syllabus

• Introduction into valuation and financial analysis
• Discounted Cash Flow (DCF) valuation
o Dividend-Discount Model
o Free Cash Flow Model
 Estimating Cash Flows
 Estimating Discount Rates
 Estimating Growth
• Probabilistic approaches to valuation
• Relative valuation (use of multiples)
• Use of Real Options in Valuation
• The residual income model (RIM)
• Abnormal earnings growth model (AEG)
• The value of operations and the value of financing decisions;
• Valuing corporate control, private companies, M&As, financial institutions, companies in financial distress
• Special topics in Valuation
• Properties of financial analysts' forecasts and earnings management.

Course director(s)

  • Office Hours
  • Tuesday at 13:00 in RZ-204
  • Office Hours
  • Wednesday at 13:30 in RZ-105
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