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: 08.09.2020 - 19.10.2020

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 (applies in this implementation):

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

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:

    The new weights are as follows:

    • Exam 40 %
    • Exercises 15%
    • Course Project: Analyst Report 35%
    • Peer
      Evaluations of Analyst Reports 10%

  • Valid 01.08.2020-31.07.2022:

    - Lectures, 15h

    - Exercises, 6h

    - Independent work, 139h

    - Exam, 3 h

  • Applies in this implementation:

    • The workload necessary to complete the course is 162 hours translating to 6 ECTS. 

      • Exercises - 10 hours
      • Course Project - 60 hours
      • Independent Study based on the module requirements - 90 hours
      • Exam - max 3 hours (could be shorter and will be announced)


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.

  • Valid 01.08.2020-31.07.2022:

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