37299 - Financial Analysis

Learning outcomes

The aim of this course is to provide a thorough understanding of the theory and practice of financial assets valuation and problems within different trading markets. At the end of the course the student will be able to: - analyse the financing alternatives available to companies; - understand the economic and financial problems of the contexts in which firms and investors operate; - analyse the issue procedures of financial assets (i.e., issue of bonds and stocks).

Course contents

Module 1 introduces the core concepts and analytical foundations of managerial finance, financial statement analysis, and investment analysis. It covers the objectives of managerial finance, the structure and main items of financial statements, basic techniques used to assess firms’ financial position, performance, and credit risk, as well as the functioning of financial markets, financial institutions, and investment banks. It also introduces the key determinants of the cost of money and the cost of capital.

Module 2 provides a more pragmatic and applied complement to these foundations. It focuses on the practical tools of financial analysis, including the cleaning and normalisation of reported figures, the reclassification of financial statements into an operating and financing framework, the interpretation of ratios, cash-flow analysis, earnings quality, credit analysis, and the use of market inputs in valuation. Particular attention is given to the preparation of a concise Financial Analysis Report in a professional format.

In particular, the course covers the following topics:

• managerial finance
• financial statement analysis
• the financial environment: markets, institutions, and investment banks
• the cost of money and the cost of capital
• financial statement cleaning, normalisation, and reclassification
• ratio analysis and performance evaluation
• working capital, liquidity, and cash-flow analysis
• earnings quality and credit analysis
• valuation, market inputs, multiples, and yield curves
• Financial Analysis Report writing

Readings/Bibliography

Primary materials include the course slides and problem sets provided on the official course platform (Virtuale), plus selected readings. Datasets and information will be drawn from publicly accessible sources or directly provided by the instructor.

Teaching methods

• Lectures focused on frameworks and interpretation.
• In-class workshops using publicly available or given data.
• “Report clinic” sessions based on 4–5 real-world analyst / rating-style reports (structure, language, evidence hierarchy).

Assessment methods

Format. The assessment consists of a 30-minute written multiple-choice examination covering conceptual and numerical questions. A scientific or financial calculator is permitted; no other materials or electronic devices are allowed.


Weighting. Module 2 accounts for approximately two-thirds of the overall course grade (weighted average across Module 1 and Module 2, proportional to hours).


Assessment criteria. The final grade reflects the accuracy of answers and the ability to understand and apply the course’s main concepts and analytical tools. Assessment grid: (a) <18 insufficient; (b) 18-23 sufficient; (c) 24-27 average/good; (d) 28-30 very good; (e) 30 cum laude excellent/outstanding.


Generative AI. The use of generative artificial intelligence during the examination is prohibited. Any use constitutes a violation of academic integrity.

Teaching tools

Slides, exercises and excel spreadsheets.

Office hours

See the website of Marcin Dominik Borsuk

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