Winter/Summer School - Financial Statement Analysis and Valuation (FAV)


Remote/Online Winter School

March 15 - March 31, 2021 in Munich, Germany

Due to the current situation the course is completely remote. With interactive video sessions and online group-works we will ensure the same high-quality set-up. Online courses are based in well-developed instructional design. We will focus on content as well as interaction between students and lecturers. Lectures are delivered through videos with interactive course discussions and facilitated through virtual classrooms.

In-class and Remote Summer School

July 12 - July 30, 2021 in Munich, Germany

Due to the current situation the course takes place two weeks in Munich at the LMU and one week remote. The two-weeks course phase takes place at the center of Munich and is preceded by a 1-week remote preparation phase. During the preparation phase basic key concepts will be taught online. If the situation does not allow a face-to-face meeting in Munich, the course will take place entirely remote giving you the security that it will take place in any case.

Course content:

This course aims at making you familiar with firms’ financial statements and financial statement analysis by enabling you to read and analyze them to your professional benefit. Hence, you will learn to consume, analyze and forecast financial statements. Adopting a user perspective, we move beyond the technical aspects of financial reporting and preparing accounts. Instead, based on these fundamentals, you are able to understand the firm’s past business activities through the lens of financial statements. The course seeks to enable you to forecast a firm’s future business activities and to conduct a sound fundamental equity valuation to challenge market prices of real-world companies.

Goals of the course

The aims of this course, which is part of the MISU - Munich International Summer University, are threefold:

  • To introduce students to financial reporting as the “language of business”. Participants learn to analyze and interpret financial statements in order to assess the key drivers of the underlying business
  • To develop a structured forecast of the key value drivers as the most important ingredient of a company’s valuation. Especially important for managers, auditors, regulators, analysts and investors 
  • To apply the most common valuation models to challenge the current stock prices of real-world companies. Participants are able to critically assess assumptions inherent in stock prices.

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