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AC215: Business Analysis and Valuation

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Course Content

This course introduces the valuation techniques used by analysts - in corporate finance, equity research, fund management, and strategy consulting – in order to value stocks and firms. It shows how to use financial statements, and more generally business analysis, in order to generate expectations of future performance. It furthermore shows how the value of a stock or a firm in an efficient market reflects expectations of future performance.

More specifically, this course introduces a framework for business analysis and valuation using publicly available information, such as the information contained in financial statements, in order to develop an in-depth analysis of a firm and extract its fundamental value. Much of the course's emphasis is on case studies.

The framework covers key analysis components such as:

  • Business strategy analysis;
  • Accounting analysis;
  • Financial analysis;
  • Prospective analysis.

The framework is then applied to a variety of contexts including:

  • Valuation;
  • Evaluation of mergers and acquisitions.

Each of the topics in this course covers both institutional details and results of relevant academic research, which are supported by case studies.

This course should hence appeal to students interested in corporate finance, equity research, fund management, and strategy consulting.

Course Outcomes

This course aims to introduce students to business analysis and valuation.

By the end of the course, students should be able to apply an economic framework enabling them to analyse a firm’s expected performance and value the firm’s shares.

World-class LSE teaching

The Department of Accounting continues to enjoy a reputation as one of the leading groups in the world for teaching and research on the economic, institutional and organisational aspects of accounting and financial management. The department strives to combine 'global appeal' with a distinctive 'European orientation' in terms of institutional knowledge and affiliations, as well as intellectual traditions.

 


Texts*

K. Palepu, P. Healy, V. Bernard and E. Peek, Business Analysis and Valuation: Using Financial Statements, CENGAGE (Fourth edition, 2016).  Earlier editions can also be used.

*A more detailed reading list will be supplied prior to the start of the programme

**Course content, faculty and dates may be subject to change without prior notice

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 KEY FACTS

Session: Two

Dates: 10 - 28 July 2017

Lecturers:
Professor Joanne Horton
Dr Pascal Frantz


Level: 200 level

Fees: Click here for information

Prerequisites: Introductory accounting and introductory finance

Lectures: 36 hours 

Classes: 18 hours

Assessment*: Two written examinations

Typical credit**: 3-4 credits (US) 7.5 ECTS points (EU)


How to apply?

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*assessment is optional – see FAQs

**You will need to check with your home institution. Read more about credit transfer here.