Advanced Financial Statement Analysis
Deeper analysis of financial statements with in depth case problems that assess current/past performance, using that to project future performance and enterprise value.
CPE Credits: 14
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Module 1: Analysis of Past Financial Performance
- Business Model Analysis
- Global economic environment
- Country/region analysis
- Industry/company analysis
- Corporate governance/operational risk
Module 2: Sustainable Earnings Analysis
- Recurring vs. non-recurring items
- Extraordinary items
- Analyzing business segments
- Spotting accounting shenanigans
Module 3: Cash Flow Analysis
- Operating cash flows
- Cash flow from investing
- Cash flow from financing
Module 4: Balance Sheet Analysis
- Assets and valuation
- Other than temporary impairment
- Liabilities and minority interest
- Contingencies and other disclosures
- Supplementary information
Module 5: Credit Analysis
- Liquidity ratios
- Solvency ratios
- Profitability ratios
- Spotting unusual trends
- Bankruptcy risk models
Module 6: Equity Analysis
- Valuation models
- Return on investment measures
- The Du Pont analysis formula
- Unlocking hidden value by restructuring or acquisition
Module 1: Financial Forecasting and Pro Forma Financial Statements
- Preparing projected financial statements
- Sensitivity analysis
- Projecting financial flexibility
- Projecting compliance with debt covenants
- Pro forma financial statements for acquisitions
- Multi-year projections
Module 2: Forecasting External Funding Requirements
- Sales forecasting methods
- Building projected income statements
- Building projected balance sheets
- Estimating external funding requirements
- Scenario analysis
- Determining interest expense
Module 3: Sustainable Growth Analysis
- Sustainable growth equation
- Dangers of rapid growth
- Dangers of slow growth
- Sustainable growth management
Module 4: Implications of a Company's Financing Decisions
- Pros and cons of financial leverage
- Techniques for analyzing financing alternatives
- Determining how much to borrow
- Impact on shareholder value
Module 5: Financial Analysis of Specialized Industries
- Banking
- Insurance
- Coal Mining
- Oil & Gas
- Electric Power
- Case Problems for Analysis and Discussion