Ateneo - UPO

The following main topics are analyzed:
- earnings management and biases of FSA process
- fundamental analysis of listed companies
- stock market ratios;
- equity reports and market analysts opinions;
- analysis of banks’ financial statements;
- financial planning techniques;
- sustainability reporting (or "non-financial" reporting)

- Teodori C., L’analisi di bilancio, ed. Giappichelli, quarta edizione 2022.
Pennman S. Financial statement analysis and security valuation, ed. McGraw Hill Education, 2012.
- BORRÉ L. , Gli assetti e le performance d’azienda. Un modello di valutazione, Giuffrè, 2003.
- RIVA P., “Ruoli di Corporate Governance. Adeguati Assetti e Sostenibilità”, Egea, Milano, 2023 – Parte Seconda

The course's intent is to give the student a professional analyst's outlook. The specific purpose is to supply the tools and the basic logic to perform a financial statement analysis in various business sectors and both for listed and non listed companies, adopting an advanced approach, as well as carrying out economic-financial forecasts in a planning perspective.
The prominent goal of this part of the course is to provide an approach that is not abstract or theoretical, but tested on even complex cases drawn from the reality of business life, so as to foster a deeper awareness of the use of financial statement analysis tools, even in complex information situations.
In the final part of the course, the topic of non-financial and sustainability reporting is addressed, with the aim of providing students with an awareness of the characteristics of such reporting included in companies' annual reports, as well as the logic and methods for evaluating the integrated performance of the company, also in relation to non-economic-financial profiles.

No formal prerequisite are needed.
However, substantially, students intending to attend the course must have a good understanding of the below:
- posting of administrative facts as well as the main composition mechanisms and business operation;
- theory and methods pertaining to the drafting and interpretation of the period's financials;
- basic financial analysis tools.

The course develops through class lessons, business case discussions and exercises, professional testimonials

Students with physical disabilities, Learning Disabilities or Special Education Needs can request specific services and tools via the Staff Sviluppo e Coordinamento Carriere e Servizi alle Studentesse e agli Studenti, consulting the University webpage: https://www.uniupo.it/en/services/servicesstudents-physical-or-learning-disabilities Students with disabilities, learning disabilities or special education needs, once they have contacted the University Staff, can refer to the tutor in charge of the course to define the examination modalities, concerning academic aspects.

The exam consists in a written test with questions, incidents, short cases and exercises. The exam will focus on the theoretical and applied subject matters discussed in class throughout the course. The exam contents are intended to verify the student's ability to develop the logics that were deleved into in class, rather than the mnemonic memorization of formulas and analysis techniques.
For some parts of the course, students will be required to complete individual or group assignments.

The course's intent is to tackle the topic of financials analysis through an advanced approach in the perspective of a professional analyst. After an introduction and a reference to basic analysis techniques, the lessons will then deal with second level themes. The construction of economic and financial forecasts will be debated as well as sensitivity analysis to evaluate perspective scenarios in relation to potential business activity dynamics.
The following subject matters will be tackled:
• Possible distortions of financial statement data on which the analysis is performed and an in-depth study of techniques for their neutralization. In this regard, the logical process and techniques for adjusting economic and financial data are discussed in order to conduct a more meaningful analysis of a company's financial balances and dynamics, including the calculation of appropriately adjusted financial indicators.
• Construction of economic and financial plans based on strategic and operational development plans of the business activity. Financial statement analysis techniques are used here not only to assess expected economic and financial balances but also to evaluate the reliability of the forecasts made and the sustainability of the strategic assumptions adopted.
• Analysis of the financial statements of publicly traded companies or groups, using market data to calculate complementary indicators to those based on accounting data alone.
• Conducting fundamental analysis to assess the share prices of listed securities and investment opportunities.
In relation to non-financial and sustainability reporting, the following topics are addressed:
• Conceptual framework of non-economic-financial profiles in the evaluation of company structures and global performances;
• Regulatory and normative profiles;
• Business cases

Students are expected to fully and consciously utilize the data and information contained in the annual financial and non-financial reports, both for the economic-financial part and for the sustainability section. Moreover, they must recognize and be able to neutralize possible distorting accounting policies in relation to the assessment of the company's economic and financial performance and balances.
Students are expected to know and be able to use and interpret properly not only the basic tools of financial analysis but also some more advanced tools, including those applicable to listed companies.
Furthermore, a specific section of the course is dedicated to the development of economic-financial scenarios based on business strategies and reasonable assumptions applied to a given actual situation, also preparing the related economic and financial forecast statements.