Ateneo - UPO

The following main topics are analyzed:- earnings management and biases of FSA process- fundamental analysis for 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): from the building of sustainability reports to an overview of their interpretation- (in brief) overall company performance and company valuation

- 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., Gelmini L., “Global Corporate Performance Evaluation and Sustainability Reporting”, Corporate Ownership & Control / Volume 21, Issue 4, 202
- Riva P., “Ruoli di Corporate Governance. Adeguati Assetti e Sostenibilità”,
Egea, Milano, 2023 – Part 2

The course aims to develop students' ability to approach financial statement analysis from the perspective of a professional analyst. In particular, it provides the analytical tools and conceptual framework required to perform financial statement analysis across different industries and for both listed and unlisted companies, adopting an advanced approach. The course also introduces the principles of financial forecasting for planning purposes.
A primary objective of the course is to adopt a practical rather than purely theoretical approach, using real-world business cases, including complex ones, to develop a deeper understanding of financial statement analysis tools and their application in complex informational settings.
The final part of the course focuses on non-financial reporting, sustainability reporting, and sustainability performance, providing students with a basic understanding of the content of sustainability reports and of how to interpret them.
The CFU awarded within the course are allocated as follows: 40% to teaching activities (DE), through lectures; 40% to interactive teaching activities (DI), through exercises and discussion of business cases; and the remaining 20% to self-learning activities.

No formal prerequisites are required. However, students intending to attend the course are expected to have a good understanding of:
-the accounting principles and procedures for recording business transactions, as well as the main mechanisms underlying the structure and operation of a business;
-the principles and methods relating to the preparation and interpretation of financial statements;
-the basic tools of financial statement analysis.

The course is delivered through lectures (delivered teaching - DE), business case discussions and exercises (interactive teaching - DI).

Students with physical disabilities, Learning Disabilities or Special Education Needs can request specific services and tools via reference office consulting the University webpage:
https://www.uniupo.it/en/services/services-students-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 assessment consists of a written examination including questions, short cases, and exercises. The examination covers both the theoretical and applied topics discussed throughout the course. It is designed to assess students' ability to apply the analytical reasoning developed during the course rather than their rote memorization of formulas and analytical techniques.
For some parts of the course, students will be required to complete individual or group assignments.
A sufficient level of preparation corresponds to the 18–20 grade range; a satisfactory level of preparation to the 21–23 range; a good command of advanced analytical tools and their application to the 24–26 range; and an in-depth knowledge, combined with independent judgement, the ability to interpret complex information and the ability to apply financial analysis and forecasting tools, to the 27–30 cum laude range.

The course adopts an advanced approach to financial statement analysis from the perspective of a professional analyst. Following an introductory review of the basic analytical techniques, the course addresses more advanced topics. It also covers financial forecasting and sensitivity analysis for the evaluation of alternative scenarios based on potential business developments.The course also addresses the following topics:Possible distortions in financial statement data and the techniques used to adjust for them. Particular attention is devoted to the logical process and methods for adjusting financial statement data in order to obtain a more meaningful assessment of a company's financial position and performance, including the calculation of appropriately adjusted financial ratios.Construction of financial plans based on strategic and operational development plans of the business activity. Financial statement analysis techniques are used not only to assess the expected financial performance and position of a company, but also to evaluate the reliability of financial forecasts and the sustainability of the underlying strategic assumptions.Analysis of the financial statements of listed companies and groups, using market data to calculate indicators that complement those derived from accounting information. The course also introduces fundamental analysis as a tool for assessing share prices and investment opportunities.With reference to non-financial and sustainability reporting, the following topics are covered:Corporate social responsibility.Non-financial reporting: the NFRD Directive, Legislative Decree 254/2016, the CSRD Directive, and Legislative Decree 125/2024.Sustainability reporting standards: GRI and ESRS.Non-financial reporting, corporate performance and company valuations.

Students are expected to be able to make effective and informed use of the data and information contained in annual financial and non-financial reports, including both the financial statements and sustainability reports. They should also be able to identify and adjust for accounting policies that may distort the assessment of a company's financial performance and position.
Students are expected to understand, correctly apply, and interpret not only the basic tools of financial statement analysis but also more advanced analytical techniques, including those applicable to listed companies.
Furthermore, a specific section of the course is devoted to the development of financial scenarios based on business strategies and reasonable assumptions applied to a company's current financial situation, including the preparation of forecast financial statements.