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AC315: Applied Valuation and Securities Analysis

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Course Content

The focus of this equity research course is very much applied, and it adopts a case-study approach to value stocks and companies using financial statements. Special attention will be dedicated to initial public offerings (IPO) and valuing of young, fast-growing companies. The course also helps students to develop a scientific approach towards fundamental analysis with a view to trading profitably.  

Students are invited to work in small groups and value stocks.  The course includes a valuation-based IPO game in which students working in small groups are competing to advise on an IPO offering. 

 Topics covered include:

  • Valuation methods;
  • Valuation application using Excel (financial modelling)
  • Performance analysis and implications for valuation;
  • Quality of financial statements and implications for valuation
  • Valuations in special settings (IPOs, young and high growing companies)
  • Common errors in company valuations;
  • Analysis of growth and sustainable earnings
  • Relative valuation

Course Outcomes

Students will gain an understanding in valuation techniques through a case study approach.

This course should appeal to students interested in equity research, asset management, corporate finance and strategy consulting. It would also complement course AC215: Business Analysis and Valuation, though this is not a prerequisite.

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.

On this three week intensive programme, you will engage with and learn from lecturers from the LSE’s accounting faculty. Both AC315 course lecturers, Dr Vasiliki Athanasakou and Dr Pascal Frantz, teach on a number of our undergraduate and graduate Accounting modules, including Financial Reporting in Capital Markets, and Valuation and Security Analysis.


Texts*

Valuation and Security Analysis, by Beccalli and Frantz (2013). [online]

Financial Statement Analysis and Security Valuation, by Penman, (2013) McGraw Hill, 2007.

*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: Three

Dates: 31 July - 18 August 2017

Lecturers:
Dr Vasiliki Athanasakou
Dr Pascal Frantz


Level: 300 level

Fees: Click here for information

Prerequisites: Introductory accounting (including basic financial analysis) and finance.

Lectures: 36 hours 

Classes: 18 hours

Assessment*:  Written examination and project work

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.