Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


This course is intended for students interested in financial statement analysis. After completing the course, students understand the underlying theory of financial analysis and valuation. They can assess the profitability and risk of a company using financial statement ratios and other analytical tools. They have knowledge and skills needed in analyzing financial statements in various decision-making situations. In particular, they can answer to the important question: “what is this company really worth?"  

Credits: 6

Schedule: 01.03.2021 - 14.04.2021

Teacher in charge (valid 01.08.2020-31.07.2022): Henry Jarva

Teacher in charge (applies in this implementation): Henry Jarva

Contact information for the course (valid 28.02.2021-21.12.2112):

Henry Jarva (

CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

Languages of study attainment: English


  • Valid 01.08.2020-31.07.2022:

    1. Understanding the Business

    2. Accounting Analysis

    3. Financial Ratio Analysis

    4. Cash Flow Analysis

    5. Forecasting

    6. Cost of Capital

    7. Firm Valuation

    8. Valuation Ratios

    9. Accounting Flexibility and Earnings Quality

  • Applies in this implementation:

    Please see MyCourses pages.

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    1. Exam (60 %)

    2. Assignments (40%)

    Exception: For online course in autumn 2020:
    1. Exam (40 %)
    2. Exercises (15 %)
    3. Report (35 %)
    4. Peer Evaluation of report (10 %)

  • Applies in this implementation:

    Exception for the online course in spring term 2021:
    1. Exam (40 %)
    2. Exercises (15 %)
    3. Report (35 %)
    4. Peer Evaluation of report (10 %)

  • Valid 01.08.2020-31.07.2022:

    - Lectures, 15h

    - Exercises, 6h

    - Independent work, 139h

    - Exam, 3 h

  • Applies in this implementation:

    Please reserve enough time for preparing the analyst report and then on the subsequent assessment work.


Study Material
  • Valid 01.08.2020-31.07.2022:

    Kinserdal, Plenborg & Petersen (2017). Financial Statement Analysis: Valuation - Credit Analysis - Performance Evaluation. Fagbokforlaget. ISBN:9788245021028

    Supplementary material provided by the instructor.

  • Applies in this implementation:

    Please see course pages for further information.

  • Valid 01.08.2020-31.07.2022:

    Introduction to Financial Accounting (22C00100), Financial Accounting (22C00400).


Details on the schedule
  • Applies in this implementation:

    Due to the COVID-19 situation, all lectures will be online via Zoom. Please use this link to participate online lectures:

    Schedule for lectures:

    Mon 1.3. at 12:15-14:00
    Wed 3.3 at 12:15-14:00
    Mon 8.3 at 12:15-14:00
    Wed 10.3 at 12:15-14:00
    Wed 17.3 at 12:15-14:00
    Wed 24.3 at 12:15-14:00
    Wed 7.4 at 12:15-14:00