BA_FA Financial Analysis

Vysoká škola finanční a správní
léto 2014
Rozsah
2/1. 6 hodin KS/semestr. 5 kr. Ukončení: zk.
Vyučující
Ing. Kateřina Kalinová (cvičící)
Ing. Marie Těhlová (cvičící)
Ing. Miloš Krejčí (pomocník)
Garance
Ing. Marie Těhlová
Katedra ekonomie a managementu (FES, KEM) – Katedry – Vysoká škola finanční a správní
Kontaktní osoba: Ing. Edita Jerie, DiS.
Rozvrh seminárních/paralelních skupin
BA_FA/cBM1PH: každou lichou středu 17:30–18:14 E129, každou lichou středu 18:15–19:00 E129, M. Těhlová
BA_FA/cBM2PH: každý lichý čtvrtek 10:30–11:14 E128, každý lichý čtvrtek 11:15–12:00 E128, K. Kalinová
BA_FA/pBMPH: Út 18. 2. 17:30–20:45 E228, Út 25. 2. 17:30–20:45 E228, Út 18. 3. 17:30–20:45 E228, Út 1. 4. 17:30–20:45 E228, Út 15. 4. 17:30–20:45 E228, Út 29. 4. 17:30–20:45 E228, M. Těhlová
Předpoklady
Required courses (prerequisites): 1. Corporate Finance 1 and 2 2. Accounting A 1 and 2
Omezení zápisu do předmětu
Předmět je otevřen studentům libovolného oboru.
Cíle předmětu
At the end of the course students will acquire skills in basic methods used in assessment of financial performance of businesses – i.e. in financial analyses. Students will will be able to understand the chosen assessment techniques, ratio indicators and comprehensive methods of financial analysis. They will also learn how to interpret various ratios and how to interpret results of financial analysis. The Financial Analysis course serves as a foundation for follow up courses focused on controlling and financial management.
Osnova
  • 1. Main terms of financial analysis (FA); the essence, procedure and the sources of financial analysis information; basic structure of balance sheet and profit & loss statement; limitations of basic financial reports. Methods of financial analysis and their classification; interpretation of the ascertained FA values; structural and trend analysis; assessment of their explanatory power.
  • 2. Difference indicators of liquidity – net working capital, profit levels for FA on the basis of financial results – EBIT, EBT, EAT; added-value-based indicators MVA, EVA; problems and use in financial analysis.
  • 3. Ratio indicators as the cornerstone in FA; their importance and the explanatory power of the individual ratio indicators of FA – profitability ratios ROA, ROE, ROS; liquidity ratios – current, quick and cash ratio.
  • 4. Ratio indicators – activity ratios, also known as asset utilisation ratios – the speed and time period of turnover; indicators of fixed asset coverage; cash turnover cycle; capital structure indicators – debt ratios and equity ratios and indicators of business’s debt abilities; explanatory power of the individual ratio indicators.
  • 5. Ratio indicator systems – DuPont breakdown of ROE and ROA, Pyramid Decompositions, and their explanatory power; comprehensive FA indicators – bankruptcy models – Altman Z-score of 1968 and 1983 known as the ZETA Model.
  • 6. Comprehensive FA indicators – bankruptcy and solvency models – Credibility Index of the Ivan and Inka Neumaier known as IN 95, IN 99 and IN 01, its explanatory power and deficiencies; Grunwald Solvency Model; Kralick Quick Test; Argenti A–score Model.
  • 7. Comparison of the explanatory power of the individual models, their pros and cons for FA.
Literatura
    doporučená literatura
  • BREALEY, Richard A, Stewart C MYERS a Franklin ALLEN. Principles of corporate finance. 8th ed. New York, NY: McGraw-Hill/Irwin, c2006, xxviii, 1028 p. ISBN 0072957239X.
  • BIERMAN, Harold a Seymour SMIDT. Financial management for decision making. London: Collier Macmillan, c1986, xix, 842 p. ISBN 00-231-0030-3.
  • ROBINSON, Thomas R. International financial statement analysis. 2nd ed. Hoboken, N.J.: John Wiley, c2012, xxvii, 1009 p. ISBN 04-709-1663-X.
  • BRIGHAM, Eugene F. Financial management: theory and practice. 13th ed. Mason, OH: South-Western Cengage Learning, c2011, xxxi, 1152 s. ISBN 978-1-4390-7809-9.
Výukové metody
PS: (full time students) 2 hours per week of lectures and 1 hour per week of seminars (2/1); KS: (part time students) 6 seminars (90 min each). Lectures for present studies will be split into theoretical as well as practical part. Theoretical parts will be always explained on practical examples on seminars.
Students in full time study program should attend 75% of seminars as a minimum. Students in part time study program should attend 50% of seminars as a minimum.
Metody hodnocení
Credit: Active participation at both lectures and practical lessons (seminars), elaboration of written seminar work or presentation
Examination: Written tests (40+50%), presentation (10%)
Vyučovací jazyk
Angličtina
Další komentáře
Předmět je dovoleno ukončit i mimo zkouškové období.
a0.
Předmět je zařazen také v obdobích léto 2013, léto 2015, léto 2016, léto 2017, léto 2018, léto 2019, léto 2020, léto 2021.