Advanced Financial Analysis
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Program Professional Framework
Advanced Financial Analysis
Program Overview
Moving beyond standard ratio calculation, this programme develops the analytical depth needed to judge the true performance, risk and value of a business. Participants learn to adjust reported figures for non-recurring items, leases under IFRS 16 and other accounting choices; analyse profitability through DuPont decomposition and return on invested capital; assess cash flow quality, working capital and liquidity; evaluate solvency and credit risk; and detect warning signs of earnings management. The programme also covers peer benchmarking and an introduction to valuation multiples, using financial statements of listed companies on Gulf exchanges such as Tadawul, ADX, DFM and QSE.
Learning Outcomes
- ✓Normalise reported earnings by adjusting for non-recurring items, IFRS 16 lease effects and accounting policy differences.
- ✓Decompose return on equity using a three- and five-step DuPont analysis and explain the drivers.
- ✓Calculate and interpret return on invested capital, economic profit and free cash flow.
- ✓Assess earnings quality by comparing accruals with operating cash flows and identifying red flags.
- ✓Benchmark a company against regional peers using profitability, efficiency, liquidity and leverage indicators.
- ✓Prepare an analytical report with conclusions on performance, risk and outlook.
Target Audience
- Financial analysts and senior accountants
- Credit analysts and relationship managers in banks
- Investment and equity research professionals
- Finance managers responsible for performance reporting
Detailed Program Modules
01Framework for In-Depth Analysis
- Business strategy and industry context
- Quality of financial statement inputs
- Analytical workflow and tools
02Adjusting and Normalising Financials
- Non-recurring and unusual items
- IFRS 16 lease adjustments
- Comparability across accounting policies
03Profitability and Returns
- DuPont decomposition of ROE
- ROIC and economic profit
- Margin and cost structure analysis
04Cash Flow and Working Capital
- Operating and free cash flow analysis
- Cash conversion cycle
- Liquidity and funding needs
05Solvency, Credit Risk and Earnings Quality
- Leverage and coverage ratios
- Accrual-based earnings quality tests
- Red flags of earnings manipulation
06Benchmarking and Valuation Insight
- Peer selection and benchmarking
- Valuation multiples and their drivers
- Writing the analytical conclusion
Training Methodology
Applied Project & Assessment
Applied Project
Participants analyse the published financial statements of a company listed on a Gulf exchange, producing normalised financials, a DuPont and ROIC analysis, cash flow and earnings quality assessment, a peer benchmark and a concise analytical report with a clear view on performance and risk.
Assessment
Short diagnostic at the start, practical tasks linked to each learning outcome, and evaluation of the applied project against published criteria.