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UNIVERSITAS INDONESIA

FACULTY OF ECONOMICS AND BUSINESS


DEPARTMENT OF ACCOUNTING
UNDERGRADUATE PROGRAM

SYLLABUS
ANALISIS DAN VALUASI BISNIS
(BUSINESS ANALYSIS AND VALUATION)
ECAU601421
SEMESTER I 2018=2019

No. Nama Pengajar E-mail

Bahasa Indonesia :
1 Catur Sasongko / Sihol Aritonang
2 DA Rosmiati Nainggolan / Edward Tanudjaja
3. Kurnia Rais / Darminto
4. Cut Saskia Rachman / Reynardo P Nainggolan
5. Evony Silvino / Rallyati Anas
6. Catur Sasongko / Silvya Veronica
7. Elok Tresnaningsih
8. Arman Hendiyanto / Helen Hendiyanto

Berbahasa Inggris / Class in English


9. Kurnia Rais
10. Widhi Astono
11. Hilda Rossieta /Ratna Wardhani

Subject Code ECAU601421


Subject Title Business Analysis and Valuation
Credit Value 3
Pre-requisite / Advanced Financial Accounting 1
Co-requisite / Investment and Capital Market
Exclusion Strategy and Performance Management of Organization
Role and Purposes This course is part of the financial accounting class. The course aims at giving
thorough understanding to the students about financial statements and notes
to the financial statement with an emphasis on how to interpret, analyze,
compare, and justify arguments on the financial statements and notes to
financial statement. This course will help students to develop strong analytical
skills and critical thinking (Outcome 4). The analyses focus on the
appropriateness of accounting policies used in operating, investing, and
financing activities, as well as cash flow, profitability, prospective and credit
analysis. Students will be provided by concept and framework to analyze the
financial statements quality of earnings, and make a presentation and
communicate it in English (Outcome 1).

Subject Upon completion of the subject, the student will be able to:
Learning 1. Interpret financial statements and related disclosures (T5)
Outcomes a) Understand the concept and framework to analyze and interpret the
financial statements.
b) Analyze and explain the income statement, financial position, and
cash flow statement.
2. Interpret reports that include non-financial data, for example, sustainability
reports and integrated reports (T6)
c) Analyze and explain the integrated financial statements.
3. Demonstrate, evaluate, analyze and compare alternatives choices (C2)
d) Understand and compare the financial analysis techniques.
4. Demonstrate to justify an argument or solution with supporting
evidence/relevant references (C3)
e) Understand, evaluate, and justify arguments on the financial report
quality.

Additional/Special Learning Outcomes:


A. To develop the ability to forecast the company’s future profitability and
solvency and incorporating information about expected changes in the
economics of the industry.
B. To develop the understanding on how to value the firm using various
valuation methods, making an equity investment decision by comparing likely
ranges of the value of the share to the share price observed in the capital
market.
Detailed
Course Work Week # Topic LO Required Reading
Plan
PART I: FRAMEWORK

1 A Framework for Business Analysis and  Palepu 1


Valuations using Financial Statement

PART II: BUSINESS ANALYSIS AND VALUATION


TOOLS

2 Accounting Analysis: The Basics  Palepu 3, 4


Accounting Analysis: Accounting Adjustments  PSAK

Weekly Assignment 1
3 Strategy Analysis  Palepu 2

Weekly Assignment 2
4 Financial Analysis  Palepu 5

Weekly Assignment 3
5 Prospective Analysis: Forecasting  Palepu 6

Weekly Assignment 4

6 Valuation Theory and Concepts  Palepu 7

Weekly Assignment 5
7 General Lecturing
Learning from the expert: sustainability
reporting and integrated reporting

Submission of Final Assignment - Progress


Report 1

8 Prospective Analysis: Valuation  Palepu 8


Implementation

Weekly Assignment 6

PART III: BUSINESS ANALYSIS AND VALUATION


APPLICATIONS

9 Equity Security Analysis  Palepu 9

Weekly Assignment 7

10 General Lecturing
Learning from the expert: Equity Analyst

Submission of Final Assignment - Progress


Report 2

11 Credit Analysis and Distress Prediction  Palepu 10

12 Mergers & Acquisitions  Palepu 11

Submission of Final Assignment - Final Report

13 Group presentation – Final Assignment


14 Group Presentation – Final Assignment

Teaching/Lear Teaching method uses active lecturing and class discussions, in which students
ning achieve the study objectives by discussing and completing related cases under the
Methodology guidance of lecturer. The cases are related to the topics for the session and can be
downloaded from IDX, or from current developing issues. Students must make a
group, which consists of 3 (three) students.

Weekly Assignments
Each group must pick one publicly listed company (excluding financial industry) in
session 2, and use that company annual report (for example, 31 December 2017)
as a basis for analysis of the topic in discussed in the session.

Every week, maximum two teams will be randomly selected to deliver a


presentation (15 minutes including the Q&A). The lecturer will see the depth of
analysis (60%), the flow of the presentation (20%), and the delivery of the
presentation (20%).

This weekly assignment should be compiled throughout the semester. Lecturer


will make sure that each group has to deliver 1 (one) weekly presentation. At the
end of the semester, 5 out of 7 weekly assignments will be regarded as a group
task.
Final Assignment
Each group must use the chosen public company as a basis for final assignment
throughout the semester.

Each group has to write a complete report, which consists of following items:
- Summary of financial statement analysis based on weekly assignments
- Financial performance comparison with another company in the same
industry
- Three years – forecasted financial statement, supported by underlying
assumptions and analysis
- Equity valuation
- Recommendation (buy/sell/hold)

Each group must submit progress report 1 (session 7), progress report 2 (session
10) and final report (session 12).

Each group will present the final report during session 13 and 14 (30 minutes
each including the Q&A). The lecturer will see the depth of analysis (60%), the
flow of the presentation (20%), and the delivery of the presentation (20%).

Guest Lecture
There will be two guest lectures: session 7 (on sustainability reporting and
integrated reporting) and session 10 (on equity analysis). Student should submit a
report of each guest lecture.

Assessment Specific
Method in %
Assessment Intended Learning Outcomes to be Assessed
Alignment Weighting
Methods/Tasks
with Intended
A b C d e f g H
Learning
Continuous 100%
Outcomes
Assessment
GROUP 40%
Presentation √ √ √ √ √ √ √
(20%)
Final Assignment √ √ √ √ √ √ √ √
(20%)
INDIVIDUAL 60%
Mid Term Exam 10 10 20 40 10 10%
(30%) % % % % %
Final Term Exam 40 30 30
(30%) % % %
Details of The specific learning methods used in this subject are :
Learning 1. Lecturing
Methods 2. Problem/Case-Based Learning
In most of the sessions uses case-based learning, in which students are
divided into groups and discuss the specific cases in a team. Each group is
responsible for a particular topic, and the case must be related to the theme
of the session. Finally, each group will present the case and discuss with other
group facilitated by the lecturer. The result of the presentation and discussion
are expected to improve students understanding the concept and the
implementation based on cases. These presentation sessions are also
supposed to benefit the students to learn the analysis from other groups’
cases.

Student Study
Effort Class Contact :
Expected Lectures 15 Hours
Case-Based Learning 27 Hours
Presentation 4 Hours
Other Student Study Effort :
Preparation for Project/Assignment/Tests 40 Hours

Reading List Required Readings :


and 1. Palepu, Krishna G., Paul M. Healey & Erik Peek, Business Analysis and
References Valuation: IFRS Edition, Text and Cases. Third Edition. Cengage Learning,
2016 (Palepu)
2. Standar Akuntansi Keuangan. Ikatan Akuntan Indonesia, 2015. (PSAK)

Supplementary Readings :
3. Damodaran, Aswath, Investment Valuation. Third Edition. New Jersey:
John Wiley and Sons, 2012. (Damodaran)
4. Robinson, T.R., Henry, E., Pirie, W.L., Broihahn, M.A., and Cope., A.t.
(2015). International Financial Statement Analysis, 3rd Edition. New
Jersey: John Wiley and Sons (RHP)
5. Wild, John J., and K.R. Subramanyan. Financial Statement Analysis, 10th
Edition, McGraw-Hill, 2009. (WSH)