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ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010] 2014-01-16 ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE.

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Presentation on theme: "ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010] 2014-01-16 ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE."— Presentation transcript:

1 ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010] 2014-01-16 ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM

2 ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010] 2 ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM E-mail: GRZEGORZ.MICHALSKI@UE.WROC.PLGRZEGORZ.MICHALSKI@UE.WROC.PL www: HTTP://MICHALSKIG.UE.WROC.PL/HTTP://MICHALSKIG.UE.WROC.PL/ Mobile: +48503452860 5 lectures + 1 exam (individual homework sent via email + test) Next lecture: 6 th October. Michalski G., Prediction cooperator future condition using financial statements (In Polish: Ocena kontrahenta na podstawie sprawozdań finansowych), ODDK, Gdańsk, 2008. D.R.Harrington, B.D. Wilson, Corporate Financial Analysis, Irwin.

3 ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010] 3 Basic financial aim of the firm Firm value maximization: Where: FCF n = free cash flows, CC = cost of capital financing the firm (WACC) n = period in which FCF n will be generated

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