I. Understanding the financial statement
 Financial statements provide the fundamental information describing historic events and constitute the origin of company valuation. You will learn the accounting principles behind valuing assets, as well as breaking down the balance sheet into operating non- operating items, and, the income statement into ordinary and unordinary items.
II. Foundations of valuation
 In this case, you will learn techniques and models for estimating a firm’s free cash flow. Important aspects are tax effects, adjusting for R&D as well as estimating the net investment for growth calculations. The case will also discuss the correct information to be used for estimating the cost of capital.
III. Valuation from a portfolio management perspective
 The objective is to understand the investment philosophy of the investor. Active and passive portfolio management have different valuation purposes adopting different techniques. In this part the importance of barriers to entry is analysed, discussing the effect on volatility, distribution and growth in earnings
IV. Special topics in valuation
 Issues related to specific cases will be analyzed (non listed companies and corporate restructuring)