4.5 The Accountant Signs Off (A summary of the course)

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来自 The University of Melbourne 的课程

金融分析语言与工具

811 个评分

The University of Melbourne

金融分析语言与工具

811 个评分

课程 1（共 5 门，Specialization 公司财务概要）

In this course, participants will learn the foundations of accounting principles and financial analysis, develop an understanding of the links between these, and the measurement of value creation at the firm level. This is the first course in a four-course Specialization on the Essentials of Corporate Financial Analysis and Decision-Making, created in partnership between the University of Melbourne and Bank of New York Mellon (BNY Mellon).

从本节课中

Value Measurement via Discounted Cash Flow Analysis

Having identified the key elements of a company's financial statements, and the way in which information from these statements can be utilized in financial analysis, we shift our focus this week to discounted cash flow (DCF) analysis. Sound financial decision-making by CFOs and investors, requires an assessment of future (uncertain) financial outcomes. DCF analysis allows the financial analyst to extrapolate the financial statement information in a forward-looking manner. The DCF technique provides an objective way in which we can evaluate financial decisions while overcoming many of the shortcomings associated with standard ratio analysis.

4.0 Value Measurement Using Discounted Cash Flow Analysis6:39

4.1 Discounting Cash Flows (Not every dollar is equal)15:27

4.2 Forecasting Cash Flows (Back to the future)8:16

4.3 Fair Value Using Net Present Value (Finance meets accounting)9:29

4.4 Caution When Using DCF Analysis (Rubbish in… rubbish out)7:46

4.5 The Accountant Signs Off (A summary of the course)3:29

与讲师见面

Paul Kofman
Dean, Faculty of Business and Economics
Sidney Myer Chair of Commerce
Sean Pinder
Associate Professor
Faculty of Business and Economics

We've come to the end of this first course on the language and

tools of financial analysis.

The accountant signs off.

What we've done in this course, through four modules,

is provide you with an understanding of financial statements.

We've set the analyst to work computing ratios,

multiples, on the basis of those financial statements.

Then we've explained some of the limitations,

the warnings in using accounting information.

And we've extended the analysis by looking forward by using discounted cash flow

analysis to compute simple net present values for project or firm valuation.

That should set you up to engage meaningfully in discussions about

corporate financial analysis.

But, before you do, let's just quickly go over the principles,

the core messages for corporate financial analysts.

The financial statements disclose short-term and

long-term financial health of the firm.

That allows the accountant to then assess financial health over time and

against the firms competitors.

That then in turn will provide an anchor for financial analysts and for

the CFOs working for the firm to plan for the future to invest

in the shares of the firm, to invest in new projects, adding shareholder wealth.

They do that using discounted cash flow methodology,

complemented where necessary by multiples analysis.

But be aware of the limitations and the risks.

>> Exactly, Paul.

Hi, I'm Sean Pinder.

I'll be taking the third course in the finance specialisation,

Corporate Financial Decision Making for Value Creation.

And within that course, we're going to be building upon the financial tools you

have established over the last four modules with Paul.

We're going to use those tools in an applied setting to solve some quite

complex questions.

Questions such as, should a firm take over another firm?

Should a firm restructure?

How much debt should the firm take on?

Some really quite interesting questions that are important to companies

in broad financial markets today.

I look forward to seeing you then.

>> Thanks Sean, that sounds interesting.

But before we go there, it might be useful to take a closer look at markets.

The markets that the corporation uses to attract debt,

to issue its shares, to manage its risks.

So market values, as we've discovered, are somehow more preferable than book values.

Now why is that?

So what do the markets reveal that the accountants can't uncover from

an inspection of the corporation's accounts.

We need to take a closer look at the key global financial

markets that corporations use.

We need to identify their role.

We need to see how they operate in practice, and

we need to introduce the key players.

How and why are they regulated?

All of that from a corporation's perspective.

I hope to see you in the second course.

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