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Learning outcomes
This course is intended for students interested in financial statement analysis. After completing the course, students apply the underlying theory of financial analysis and valuation. They can evaluate 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 including ESG performance. In particular, they can answer to the important question: what is this company really worth?

Content
 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
10. ESG performance

Teacher
David Derichs, PhD 

Study material
Plenborg, Kinserdal (2020). Financial Statement Analysis: Valuation - Credit Analysis - Performance Evaluation. Fagbokforlaget. ISBN:9788245034240

Supplementary material provided by the instructor. 

Online learning environment for the course & Activating Aalto ID

MyCourses online learning environment is a tool for both students and teachers for communication and managing everyday course work. You need an Aalto User ID to log in to the course's MyCourses workspace and participate in teaching. You can activate your Aalto User ID the day after the registration and you should activate it no later than the day before the start of the course. Instructions for activating your Aalto User IDDigital workspace of the course:

More details on completing the course will be available at MyCourses closer to the start of the course.

Workload
6 credits, 160 h
Recorded lectures, 15h
Recorded/Guided exercises, 6h
Independent work, 139h
Exam, 3 h

Prerequisites
ABL-C1111 Introduction to Financial Accounting / 22C00100 Kirjanpito or similar

Evaluation
1. Exam (40 %)
2. Exercises (15 %)
3. Group course project (35 %)
4. Peer Evaluation of course project (10 %)

Teaching time and location
The course time is 5.5.-19.6.2025. The course is independent self-learning course and can be completed online. Please notice that the exams are at Aalto University campus in Otaniemi.

Exams
The exams for this course are conducted as electronic EXAM room exams at Otaniemi campus. The teacher will provide more detailed instructions for the exam.

Exam completion period: 9.-19.6.2025. Students book their exam time themselves through the system. The teacher will provide more detailed instructions for the exam.

Retake exam completion period: 18.-29.8.2025. Please, remember to register for the retake in Sisu on 11.8.2025. at the latest.  

Exam instructions at the Open University

Registration and course fee

Registration for Open University courses is done via the link below:

Registration for this course starts on 17.3.2025 at 9.00  
Registration for this course ends on 7.5.2025 at 23.59
 

It is not possible to register before the registration period has started or after it has ended.





The course fee is paid upon registration for each course at a time and it is binding. Familiarize yourself with registration and payment rules as well as other guidelines for students:
Registration, payments and rules

If you are an attending degree student at Aalto University, it is possible for you to complete this course for free of charge during summer 2025. Registration is done normally in Sisu. Please make sure that you have the correct course code in your study plan before registering to the course. You can check the course code from the top of this page.
Instructions for course registration (for Aalto degree students)For this course, free spots are available for Aalto University staff. Staff registration is open 3.3.-14.3.2025 via. Read further information on the registration from the page Lifewide Learning study offering for staff.

This course is organized by the Aalto University Open University.

Access Token on Aalto University Campus

To be able to enter campus premises and classrooms you need the student access token of Aalto University. You can get the student access token from campus lobby services. The access token need to be activated with your Aalto account and password before you can use it. Please, arrive the campus well in advance before your first class so that you can make the access token work. Please, see the instructions how to get and activate the access token: How to get an access tokenOtaniemi Campus, Espoo: Campus map

Individual study arrangements

If you need individual study arrangements in order to attend a course, contact the Open University in good time, at least 14 days before the start date of the course or the examination date. Further information and instructions for applying individual study arrangements can be found here:Individual study arrangements at Open University