ESCP Europe

Language

English

Journal

In Journal of Accounting Education March 2023 62

Publication year

2023

Item number

10.1016/j.jaccedu.2022.100826

Subjects

• Financial statement analysis
• Initial public offering
• Equity investment
• Undervaluation
• Analysts’ recommendation

Highlights •An accounting-based approach to valuation: strategy analysis (industry regulation and analysis of the company’s business model), financial statement analysis, forecasting and valuation.•Promotes students’ strategic and critical thinking in evaluating prices set by different actors (investors, analysts, and the government) participating in the IPO of a state-owned company.•Develops students’ competences for financial modeling and valuation using Excel.•Improves communication skills by synthesizing the analysis into a professional report, including an investment recommendation. The case study lets students view the IPO process through the eyes of a financial analyst.•Suited for undergraduate advanced financial accounting and finance courses and courses in M.S. in Accounting, Finance or Management.