This is a teaching material for a module of Financial Analysis at Universidad Tecnologica de Bolivar. The educational material was developed with Professor Ricardo Davila from Universidad Javeriana, Bogota, Colombia. The written material has been modified several times using the feedback from students and other users. This material is an unpublished one. This chapter deals with the relationships with shareholders, creditors and financial leverage for a firm. We include an appraisal factor for shares AFS, that takes into account the growth rate for dividends and the firm reinvestment rate (1-payout factor) and assuming that they are constant. We give detailed examples for each case.