Understanding Financial Statements Beyond the Surface
Learning to read what companies don't say out loud
Most people see numbers. But those balance sheets and income statements tell stories if you know how to listen. We teach you to spot the patterns that matter, question the assumptions that don't, and build a framework for making sense of company financials.
Our approach focuses on practical skills you can actually use. Not theory for theory's sake, but the kind of analysis that helps you understand what's really happening inside a business.
Explore Our Approach
Three Areas That Change How You See Companies
These aren't just topics we cover. They're perspectives that shift how you evaluate any business you look at.
Cash Flow Reality
Earnings can be managed. Cash flow is harder to fake. We dig into where money actually moves, not just where it appears on paper.
You'll learn to track working capital changes, spot aggressive accounting choices, and understand when growth is real versus when it's borrowed.
Quality of Earnings
Not all profits are created equal. Some come from operations. Some come from accounting decisions. Some come from one-time events that won't repeat.
We show you how to separate sustainable earnings from noise, and why that distinction matters when you're trying to understand a company's future.
Competitive Position
Numbers don't exist in a vacuum. They exist in markets. We teach you to read financials in context of industry dynamics and competitive pressures.
Margin trends, capital efficiency, and return patterns all tell you something about whether a company has real advantages or is just riding a wave.
How the Program Unfolds
Foundation Work
Weeks 1-4
We start with the basics, but not the boring kind. Financial statement structure, accounting principles, and the language of business. You'll learn what each line item actually represents and why it matters.
Analysis Frameworks
Weeks 5-10
This is where things get interesting. Ratio analysis, cash flow examination, and quality assessment. You'll work through real company examples and start seeing patterns you never noticed before.
Industry Context
Weeks 11-14
Numbers mean different things in different industries. We explore sector-specific metrics, competitive analysis, and how to benchmark performance. You'll understand why comparing a retailer to a software company requires different lenses.
Independent Projects
Weeks 15-18
Time to put it together. You'll conduct complete fundamental analyses on companies of your choice. We provide feedback, you refine your approach, and by the end you'll have developed your own analytical style.
Viktor Petrov
Lead Instructor
Who's Teaching This
I spent twelve years analyzing companies for institutional investors before deciding I'd rather teach people how to do this work themselves. Not because it's easy, but because it's learnable if someone shows you what to look for.
My background is in equity research and portfolio management, working mainly with European mid-cap companies. These days I focus on helping people in Bulgaria and Eastern Europe build practical financial analysis skills that actually work in our markets.
The course runs over 18 weeks starting September 2025. We meet twice weekly for evening sessions, plus you'll have access to our online materials and case studies. Classes are small because this kind of learning works better when we can dig into specifics together.
More About Our Background