University of Gävle
Master of Business Administration, Accounting
Written examination in
Financial Statement Analysis and Company Valuation, 7.5 credits (FEA013)
Date: 2026-03-27
Time: 1500 – 2000
You are allowed to use a calculator in this exam.
Please answer only in English. Try to answer precisely and structure your answers properly.
Answers that cannot be read will not be graded.
The exam consists of three questions giving a maximum of 20 points which counts as 20% of the
final grade.
The overall judgment will be based on the level of your knowledge, understanding and ability to
reflect on the issues.
Good luck!
Asif M. Huq (mobile: 073 635 7764)
Fredrik Hartwig
Question 1 (8 points)
Explain as thoroughly as possible which key financial ratios an investor should consider before making a
potential investment, and explain why each of these ratios should be taken into account.
Question 2 (2 points)
Explain how it is possible to indirectly determine the amount of dividends paid by a company using only
the balance sheet data from the beginning and the end of the year.
Question 3 (5 points)
Explain the application of and difference between WACC and CAPM in the context of firm
valuation.
Question 3 (5 points)
Explain the differences and similarities between cashflow and income-based methods in the
context of firm valuation.