Course Learning Outcomes (CLOs) are those describing the knowledge, skills and competencies that students are expected to achieve upon successful completion of the course. In this context, Course Learning Outcomes defined for this course unit are as follows:
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| Knowledge
(Described as Theoritical and/or Factual Knowledge.)
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| Skills
(Describe as Cognitive and/or Practical Skills.)
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| Competences
(Described as "Ability of the learner to apply knowledge and skills autonomously with responsibility", "Learning to learn"," Communication and social" and "Field specific" competences.)
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1) Will be able to analyze the performance of the companies with the analysis of financial statements.
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2) Students will be able to comprehend a company's financing and investment strategies and develop their analytical skills with financial analysis and forecasting methods.
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3) They will be able to apply different tools and techniques to determine company value.
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4) Will be able to understand financial statements through the eyes of various users.
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5) At the end of the training, students will be equipped with financial analysis, company analysis and estimation methods and company valuation in all aspects.
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| Week |
Subject |
Materials Sharing * |
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Related Preparation |
Further Study |
| 1) |
Introduction
Company concept, company types, company bodies,
Financial statements and financial reports of companies
Types of financial statements; basic and supplementary financial statements
Financial reporting standards |
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| 2) |
Financial Statements Used in Company Valuation and Financial Analysis
Balance Sheet (Statement of Financial Position)
Asset items
Liability items
Structure of the balance sheet
Income statement (Comprehensive Income Statement)
Income statement principles, parts of the income statement |
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| 3) |
Equity, Capital and Shares Concepts
Paid-in capital, capital increase, paid and bonus shares
Stock price; nominal price market price
Stock return
Examples of capital increasing |
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| 4) |
Financial Analysis Methods;
1-Vertical percentage method
Analysis and interpretation of balance sheet with vertical percentage, sample application
Analysis, interpretation and sample application of the income statement with vertical percentage
2- Horizontal percentage method (comparative financial statements analysis), |
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| 5) |
Financial Analysis methods;
3- Ratio analysis
Ratio analysis, liquidity ratios, financial structure ratios, activity ratio, profitability ratios Application examples and comments
Financial analysis methods;
4- Trend (trend percentages) analysis, trend analysis and interpretation of the balance sheet and income statement,
5- Combined ratio (Dupont) analysis |
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| 6) |
The Role of Accounting Standards in Financial Analysis
Valuation Concept in Accounting
Accounting and Valuation in Turkish Commercial Code
Valuation in Tax Procedure Law
Financial statement differences according to Tax Procedure Code- IFRS
Effect of inflation on financial statements |
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| 7) |
Midterm |
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| 8) |
The Concept of Value and Types of Valuation
Price, Value and Valuation Concepts
Key Value Concepts
Company Valuation Reasons, General Factors Affecting Company Value
The Role of Fundamental Analysis in Company Valuation
Generally Accepted Valuation Approaches
International Valuation Standards |
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| 9) |
Asset Based Company Valuation Approach
1. Book Value Method
2. Net Asset Value Method
3. Liquidation Value Method |
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| 10) |
Market Based (Relative) Valuation Approach
1. Winning Multipliers
2. Carrying Value and Replacing Value Multipliers,
3. Income Multipliers
4. Industry-Specific Multipliers |
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| 11) |
Income-Based Valuation Approach
Things to know about the income-based method
1-Determining the Cost of Capital in Companies
Capital Structure, Cost of Debt and Cost of Equity
Weighted Average Cost of Capital
2- Financial Forecast
Financial Forecasting Methods, Regression Analysis, Growth Rates, Percentage of Sales
Estimation of Sales and Expenses
Estimation of Working Capital and Investments
Estimation of Pro forma Financial Statements |
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| 12) |
Income-Based Valuation Approach
1. Discounted Cash Flows (DC) Method
- Stages in Valuation with Discounted Cash Flows Discounted Dividends Method, Free Cash Flows Method
2. Alternative Income-Based Methods
Capitalization and Economic Added Value Method of Income, Residual Profit Model . |
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| 13) |
Special Valuations; Brand Valuation
Brand related concepts
Financial based brand valuation,
International brand valuation standards
Brand valuation approaches; Cost-effective, royalty relief, price/premium method |
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| 14) |
Valuation Application on Public Companies |
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| Course Notes / Textbooks: |
[1] AKGÜÇ, Öztin. (2013). Mali Tablolar Analizi. Avcıol Basım Yayım. 4. Baskı. İstanbul.
2] TOROSLU, Vefa ve DURMUŞ, C. Niyazi. (2017). Finansal Tablolar Analizi. Seçkin Yayıncılık. 4. Baskı. İstanbul.
[3] SİPAHİ, Barış, YANIK,Serhat ve Aytürk,Yusuf. (2016).”Şirket Değerleme Yaklaşımları”. Seçkin Yayıncılık. 2. Baskı. İstanbul.
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| References: |
[1] AKGÜÇ, Öztin. (2013). Mali Tablolar Analizi. Avcıol Basım Yayım. 4. Baskı. İstanbul.
2] TOROSLU, Vefa ve DURMUŞ, C. Niyazi. (2017). Finansal Tablolar Analizi. Seçkin Yayıncılık. 4. Baskı. İstanbul.
[3] SİPAHİ, Barış, YANIK,Serhat ve Aytürk,Yusuf. (2016).”Şirket Değerleme Yaklaşımları”. Seçkin Yayıncılık. 2. Baskı. İstanbul.
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(KPLOs and SPLOs are the abbreviations for Key & Sub- Programme Learning Outcomes, respectively. )
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Programme Learning Outcomes |
Contribution Level (from 1 to 5) |
1) |
Students learn and apply knowledge, concepts and theories in basic and sub-fields of management. |
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1.1 Students are competent with using knowledge of all basic fields of management such that strategic management, organizations, finance, accounting, marketing and human resources in daily business problems. |
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1.2 Students learn basic knowledge in sub-fields of management such as mathematics, statistics, behavior science, law, information technologies. |
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2) |
Students acquire ability to effectively plan and use economic, technological and human sources and tools in organizations by applying appropriate theories and methods. |
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2.1 Students use economic and technological sources effectively and efficiently in the field of business administration. |
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2.2 Students use information and communication technologies effectively in business practices. |
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3) |
Students have competencies of eagerness for life-long learning, easiness to comply with innovation and change as an employee/employer/manager to meet modern business life's expectations. |
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3.1 Students use competencies of time management and self-discipline to reach strategic aims. |
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3.2 Students plan and manage information and communication processes efficiently. |
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3.3 Students acquire skills for leadership and teamwork, entrepreneurship and change management. |
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3.4 Students solve problems and make decisions with an awareness of ethical values and social responsibilities. |
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4) |
Students apply what they learn theoretically in real business life during a semester. |
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4.1 Students experience all processes in business life. |
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4.2 Students take part in activities related to their major field in a real business. |
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4.3 Students have the chance to compare theoretical postulates and real business practice. |
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4.4 Students gain knowledge and experience in their major field. |
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5) |
Students acquire the competencies expected by business world and society as they defined in institutional outcomes of our university on an advanced level. |
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5.1 Students acquire problem-analyzing and -solving, and conflict resolution skills. |
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5.2 Participates as a team member and takes responsibility in the environments that require the solving of the conflicts and acts as a leader when necessary. |
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5.3 Has awareness for ethical and social responsivity. |
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5.4 By supporting the learnt courses with quantitative and qualitative data; and by using verbal and visual communication means, s/he transfers them to the groups within and outside his/her group in a systematical and effective way. |
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5.5 Evaluates the norms and standards present in the works in which s/he takes responsibility in a critical point of view. |
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5.6 Develops strategical, innovative and entrepreneurial ideas. |
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5.7 Acquires competence of managing the change. |
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5.8 Shows development personally and socially with and awareness for lifelong learning. |
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5.9 Follows advanced technologies and developments about digital transformation. |
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5.10 Students have cultural consciousness at a level they can transfer to groups among and beyond their major field. |
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5.11 Students have citizenship consciousness. |
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5.12 Acquires communication in a Foreign Language (English) competence defined on the level of at least B1 in European Language Portfolio. (In programs whose medium of instruction is English, on the level of B2/B2+). |
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| WORKLOAD OF TEACHING & LEARNING ACTIVITIES |
| Teaching & Learning Activities |
# of Activities per semester |
Duration (hour) |
Total Workload |
| Course |
14 |
3 |
42 |
| Laboratory |
0 |
0 |
0 |
| Application |
0 |
0 |
0 |
| Special Course Internship (Work Placement) |
0 |
0 |
0 |
| Field Work |
0 |
0 |
0 |
| Study Hours Out of Class |
0 |
0 |
0 |
| Presentations / Seminar |
1 |
10 |
10 |
| Project |
0 |
0 |
0 |
| Homework Assignments |
1 |
10 |
10 |
| Total Workload of Teaching & Learning Activities |
- |
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62 |
| WORKLOAD OF ASSESMENT & EVALUATION ACTIVITIES |
| Assesment & Evaluation Activities |
# of Activities per semester |
Duration (hour) |
Total Workload |
| Quizzes |
1 |
15 |
15 |
| Midterms |
1 |
15 |
15 |
| Semester Final Exam |
1 |
25 |
25 |
| Total Workload of Assesment & Evaluation Activities |
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55 |
| TOTAL WORKLOAD (Teaching & Learning + Assesment & Evaluation Activities) |
117 |
| ECTS CREDITS OF THE COURSE (Total Workload/25.5 h) |
4 |
ECTS Information Package / Course Catalogue