BA_FA Financial Analysis

Vysoká škola finanční a správní
léto 2020
Rozsah
2/1. 12 hodin KS/semestr. 5 kr. Ukončení: zk.
Vyučující
Ing. Kateřina Kalinová (cvičící)
Garance
Ing. Kateřina Kalinová
Katedra financí (FES, KF) – Katedry – Vysoká škola finanční a správní
Kontaktní osoba: Lenka Pokorná
Rozvrh seminárních/paralelních skupin
BA_FA/cBMPH: každou sudou středu 12:15–12:59 E123, každou sudou středu 13:00–13:45 E123, K. Kalinová
BA_FA/cCUXPH: každé sudé úterý 14:00–14:44 E004, každé sudé úterý 14:45–15:30 E004, K. Kalinová
BA_FA/pBMCUXPH: Út 12:15–12:59 E004, Út 13:00–13:45 E004, K. Kalinová
Předpoklady
There are no prerequisites for this course.
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.
Výstupy z učení
At the end of the course students will be able to
understand and interpret the basic financial statements
identify major functions of the financial analysis including its users
choose the proper financial analysis method
interpret various ratios
evaluate financial performance of the business based on the financial analysis methods
interpret results of financial analysis
formulate recommendations based on financial analysis
Osnova
  • 1. Main terms of financial analysis (FA); the essence, procedure and the sources of financial analysis information; basic structure of balance sheet, profit & loss statement and cash flow statement; limitations of basic financial reports.
  • 2. Methods of financial analysis and their classification; interpretation of the ascertained FA values; horizontal and vertical analysis; assessment of their explanatory power.
  • 3. Ratio indicators as the cornerstone in FA; their importance and the explanatory power of the individual ratio indicators of FA ; liquidity ratios – current, quick and cash ratio.
  • 4. Solvency ratios - debt and coverage ratios, importance of the financial structure of the company, WACC.
  • 5. Profitability ratios - profit levels, ratios of ROA, ROE, ROS, ROCE and their explanatory power, influence of leverage.
  • 6. Activity ratios – the speed and time period of turnover; indicators of fixed asset coverage; cash conversion cycle and its role in the effective financial management.
  • 7. DuPont breakdown of ROE and ROA, Pyramid Decompositions, and their explanatory power.
  • 8. Capital market ratios - P/E, P/S, P/BV, dividend payout - their role in the investors´ decision making process; industry specific ratios.
  • 9. Cash flow ratios - CFO/revenue CFO/equity, CFO/assets; situations requiring use of CF ratios.
  • 10. MVA and EVA indicators.
  • 11. Comprehensive FA indicators – bankruptcy models – Altman Z-score of 1968 and 1983 known as the ZETA Model.
  • 12. Comparative financial analysis - summary of the semester project, practical example of real life companies.
Literatura
    povinná literatura
  • ROBINSON, Thomas R. International financial statement analysis. 2nd ed. Hoboken, N.J.: John Wiley, c2012, xxvii, 1009 p. ISBN 04-709-1663-X.
    doporučená literatura
  • BIERMAN, Harold a Seymour SMIDT. Financial management for decision making. London: Collier Macmillan, c1986, xix, 842 p. ISBN 00-231-0030-3.
  • HILLMAN, A, Richard F KOCHANEK a Noah P BARSKY. Principles of accounting: a focus on analysis and interpretation. 9th ed. Mason, Ohio: Thomson, c2004, CH 14 - 17. ISBN 0759320462.
  • SCHROEDER, Richard G, Myrtle CLARK a Jack M CATHEY. Financial accounting theory and analysis: text and cases. 10th ed. Hoboken, NJ: Wiley, c2011, xi, 612 p. Beckova edice ekonomie. ISBN 04-706-4628-4.
  • 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 practical lessons (seminars), elaboration of written seminar work and presentation (40%)
Examination: Written test (40%), presentation (20%)
Vyučovací jazyk
Angličtina
Další komentáře
Předmět je dovoleno ukončit i mimo zkouškové období.
Předmět je zařazen také v obdobích léto 2013, léto 2014, léto 2015, léto 2016, léto 2017, léto 2018, léto 2019, léto 2021.