Course Topics
This course provides students with the knowledge and tools needed to build and analyze financial forecasting models using Excel. The course covers the full modeling process, from the reclassification of financial statements (Balance Sheet, Income Statement, and Cash Flow Statement) to the development of forecast scenarios and the assessment of operational, credit, and equity implications of business decisions. Students will learn how to: Build integrated forecast models (3-statement models) Analyze a firm’s financial and operating performance Estimate financial needs, cash flows, and key financial ratios Simulate alternative scenarios using sensitivity and stress testing techniques Evaluate the sustainability and profitability of equity and debt investments

Teaching format
The course is taught through face-to-face lectures combined with practical case-based exercises using Excel. Each lecture typically includes: A theoretical introduction A practical application to real or simulated case studies A critical discussion of the models developed Student engagement during classwork is a key component of the learning process.

Educational objectives
ILO (Intended Learning Outcomes) ILO 1 – Knowledge and Understanding: ILO 1.1 Knowledge of economic-financial communication to stakeholders in national and international contexts ILO 1.2 Understanding of business models and performance measurement for planning and management control, as well as internal and external auditing methods and models ILO 1.3 Accounting courses will also provide expertise in specialised topics that characterise the profession of chartered accountant and auditor ILO 2 – Applying Knowledge and Understanding: ILO 2.1 Ability to develop and integrate the results of economic-financial communication into corporate decision-making models ILO 2.2 Ability to engage and interact competently with heads of the various functional areas of the company, with financial markets, and with professionals in corporate and tax law ILO 3 – Making Judgements: ILO 3.1 Ability to apply acquired knowledge to make managerial and operational decisions and to solve problems related to administration and finance in companies, intermediaries, and financial markets, while jointly considering multiple analytical perspectives, from economic to legal, financial, strategic, and managerial ILO 3.2 Ability to select data and use appropriate information to describe a problem concerning the management of companies, intermediaries, and financial markets ILO 3.3 Ability to relate models and empirical evidence in the study of companies, intermediaries, and financial markets ILO 4 – Communication Skills: ILO 4 Ability to communicate effectively, both orally and in writing, the specialised content of individual disciplines, using different registers depending on the audience and the communicative and educational purposes, and to assess the educational impact of such communication ILO 5 – Learning Skills: ILO 5.1 Ability to frame a new problem systematically and to generate appropriate taxonomies ILO 5.2 Ability to develop general models based on the phenomena studied

Additional educational objectives and learning outcomes
By the end of the course, students will be able to: Interpret financial statements from a forward-looking and managerial perspective Independently build a financial projection model in Excel Evaluate the financial sustainability of business initiatives Communicate clearly and effectively both in writing and orally on financial and technical topics Understand the logic behind financing and investment decisions from a managerial and analytical perspective

Assessment
he final assessment consists of a single written exam, divided into two sections: Model building and simulation in Excel based on a provided data set, focusing on financial projections and sensitivity analysis. Theoretical and applied questions to assess conceptual understanding and modeling logic. Alternatively, students may take an intermediate practical test, consisting of an individually developed financial model to be presented and discussed at the end of the course. ILOs assessed 1-5

Evaluation criteria
Grading will be based on: Technical accuracy and consistency of the Excel model (formulas, structure, internal links) Critical interpretation and analysis of the outputs Mastery of theoretical and methodological concepts Clarity and precision in the documentation of the model Active participation during lessons and exercises (not mandatory but considered in borderline cases)

Required readings

Course materials provided by the instructor via OLE & Teams:

• Slides and lecture notes
• Instructor’s Excel templates and case files

Supplementary readings

Penman, S. H. (2012), Financial Statement Analysis and Security Valuation, McGraw-Hill

Damodaran, A. (2012), Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, Wiley

Parrino, R., Kidwell, D. S. (2014), Financial Markets and Institutions, Wiley

Palepu, K. G., Healy, P. M. (2008), Business Analysis and Valuation Using Financial Statements, South-Western

Further information
All course materials will be available on the university’s e-learning platform (OLE) Students are strongly encouraged to bring their laptops to class for in-class exercises Optional tutoring sessions may be scheduled for in-depth exploration of selected topics or individual projects