AGL Energy Limited: A Comprehensive Financial Analysis
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This report provides a comprehensive financial analysis of AGL Energy Limited, a leading Australian energy company. It examines the company's ownership governance structure, calculates key financial ratios, analyzes share price trends, and determines the weighted average cost of capital (WACC). The report also explores the company's dividend policy and recommends investment strategies based on the findings.
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HI5002: Finance for business
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Table of Contents
Introduction....................................................................................................................................3
Portfolio..........................................................................................................................................4
1. A brief description of Company...........................................................................................4
2. Ownership Governance Structure.......................................................................................5
3. Calculation of Ratios.............................................................................................................7
4. Two graphs from www.asx.com.au with the description of results..................................9
5. Significant factors that influenced share price.................................................................11
6. Calculation of ’ beta values and Expected Rates of Return using the CAPM...............12
7. Weighted Average Cost of Capital (WACC).....................................................................13
8. Preferred optimal capital structure...................................................................................15
9. Dividend Policy....................................................................................................................17
10. Letter Recommendation....................................................................................................18
Conclusion....................................................................................................................................19
References.....................................................................................................................................20
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Introduction....................................................................................................................................3
Portfolio..........................................................................................................................................4
1. A brief description of Company...........................................................................................4
2. Ownership Governance Structure.......................................................................................5
3. Calculation of Ratios.............................................................................................................7
4. Two graphs from www.asx.com.au with the description of results..................................9
5. Significant factors that influenced share price.................................................................11
6. Calculation of ’ beta values and Expected Rates of Return using the CAPM...............12
7. Weighted Average Cost of Capital (WACC).....................................................................13
8. Preferred optimal capital structure...................................................................................15
9. Dividend Policy....................................................................................................................17
10. Letter Recommendation....................................................................................................18
Conclusion....................................................................................................................................19
References.....................................................................................................................................20
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Introduction
The company is required to be managed in such manner that success is attained. For this, all the
resources which are available with it shall be used in most appropriate manner. In this report, the
overview of the company will be provided which in the given case is taken as AGL Limited. The
governance structure of the company will be provided and then the ratios will be calculated so
that performance of the company can be evaluated in most appropriate manner. Graphs will be
also included so that the fluctuations in the share price can be ascertained in the appropriate
manner. The dividend policy and the cost of capital and rate of return will also be calculated in
the report.
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The company is required to be managed in such manner that success is attained. For this, all the
resources which are available with it shall be used in most appropriate manner. In this report, the
overview of the company will be provided which in the given case is taken as AGL Limited. The
governance structure of the company will be provided and then the ratios will be calculated so
that performance of the company can be evaluated in most appropriate manner. Graphs will be
also included so that the fluctuations in the share price can be ascertained in the appropriate
manner. The dividend policy and the cost of capital and rate of return will also be calculated in
the report.
3
Portfolio
1. A brief description of Company
AGL energy is an Australian company which is operating in the electricity generation. This is
one of the largest ASX listed investors which is dealing with the renewable energy. The numbers
of customer accounts are more than 3.6 million (AGL, 2017). The aim of the company is to
enhance and achieve growth in the carbon-constrained world. They work in such manner by
which customers are supported and also contribute to the charity partners. The portfolio of the
company is diverse and it includes peaking, intermediate generation plants, a base which is
spread in the traditional thermal generation, storage and natural gas. There are various renewable
energy sources which are also used by the company such as wind, solar and hydro.
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1. A brief description of Company
AGL energy is an Australian company which is operating in the electricity generation. This is
one of the largest ASX listed investors which is dealing with the renewable energy. The numbers
of customer accounts are more than 3.6 million (AGL, 2017). The aim of the company is to
enhance and achieve growth in the carbon-constrained world. They work in such manner by
which customers are supported and also contribute to the charity partners. The portfolio of the
company is diverse and it includes peaking, intermediate generation plants, a base which is
spread in the traditional thermal generation, storage and natural gas. There are various renewable
energy sources which are also used by the company such as wind, solar and hydro.
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2. Ownership Governance Structure
i)
Main substantial shareholders
Having more than 20% shareholding: The person who holds the shares in the company are
considered as the shareholders and out of them some are considered as the substantial
shareholder. They are the ones who will be holding the shares of more than 20% total stake. In
the company, there is no such shareholder who is holding this large number of shares (AGL,
2017).
Having more than 5%: The shareholders who are holding the more than 5% present of the
stake, are also required to be identified. There is only one shareholder who is holding the 5.42%
of the stake which has 352055 shares and that is HSBC Custody Nominees (Australia) Limited.
ii)
Designation Name
Chairman Jerry Maycock
Managing Director & CEO Andy Vesey
Director Jeremy Maycock
Director Jacqueline Hey
Director Les Hosking
Director Graeme Hunt
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i)
Main substantial shareholders
Having more than 20% shareholding: The person who holds the shares in the company are
considered as the shareholders and out of them some are considered as the substantial
shareholder. They are the ones who will be holding the shares of more than 20% total stake. In
the company, there is no such shareholder who is holding this large number of shares (AGL,
2017).
Having more than 5%: The shareholders who are holding the more than 5% present of the
stake, are also required to be identified. There is only one shareholder who is holding the 5.42%
of the stake which has 352055 shares and that is HSBC Custody Nominees (Australia) Limited.
ii)
Designation Name
Chairman Jerry Maycock
Managing Director & CEO Andy Vesey
Director Jeremy Maycock
Director Jacqueline Hey
Director Les Hosking
Director Graeme Hunt
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Director Belinda Hutchinson
Director Peter Botten
Director Diane Smith-Gander
Director John Stanhope AM
There is no such person who is holding the substantial interest in the company and so it cannot
be said that the company is a family company.
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Director Peter Botten
Director Diane Smith-Gander
Director John Stanhope AM
There is no such person who is holding the substantial interest in the company and so it cannot
be said that the company is a family company.
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3. Calculation of Ratios
Calculation of Ratios
Sr.
No. Particular Year 2017
$M
Year 2016
$M
1 Total Asset 14458.000 14604.000
2 Total Liability 6884.000 6678.000
3 Ordinary Equity 7574.000 7926.000
4 Net profit After Tax (NPAT) 539.000 -407.000
5 Current Asset 3625.000 3587.000
6 Current Liability 2731.000 2553.000
7 Inventory 351.000 414.000
8 Quick Asset 2380.000 2139.000
9 Debt 3466.000 3387.000
10 Net Sales 12584.000 11150.000
11 Fixed Asset 6513.000 6541.000
12 Gross profit 1472.000 222.000
13 EPS (Cents) 80.400 -60.400
Current Ratio = Current Asset/
Current Liability 1.33 1.41
Quick Ratio = Quick Asset/
Current Liability 0.87 0.84
Debt Equity ratio = Debt/ Equity 0.46 0.43
Inventory Turnover Ratio = sales /
Inventory 35.85 26.93
Fixed Asset Turnover Ratio = sales
/ Fixed assets 1.93 1.70
Gross Profit Margin Ratio = Gross
profit / Sales 0.12 0.02
ROA = Net Income / Total Asset 0.04 -0.03
Earnings per share 80.40 -60.40
The current and quick ratio of the company is used to determine the liquidity position whereas
ratios such as the debt-equity ratio, turnover ratio are used to measure the solvency of the ratios.
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Calculation of Ratios
Sr.
No. Particular Year 2017
$M
Year 2016
$M
1 Total Asset 14458.000 14604.000
2 Total Liability 6884.000 6678.000
3 Ordinary Equity 7574.000 7926.000
4 Net profit After Tax (NPAT) 539.000 -407.000
5 Current Asset 3625.000 3587.000
6 Current Liability 2731.000 2553.000
7 Inventory 351.000 414.000
8 Quick Asset 2380.000 2139.000
9 Debt 3466.000 3387.000
10 Net Sales 12584.000 11150.000
11 Fixed Asset 6513.000 6541.000
12 Gross profit 1472.000 222.000
13 EPS (Cents) 80.400 -60.400
Current Ratio = Current Asset/
Current Liability 1.33 1.41
Quick Ratio = Quick Asset/
Current Liability 0.87 0.84
Debt Equity ratio = Debt/ Equity 0.46 0.43
Inventory Turnover Ratio = sales /
Inventory 35.85 26.93
Fixed Asset Turnover Ratio = sales
/ Fixed assets 1.93 1.70
Gross Profit Margin Ratio = Gross
profit / Sales 0.12 0.02
ROA = Net Income / Total Asset 0.04 -0.03
Earnings per share 80.40 -60.40
The current and quick ratio of the company is used to determine the liquidity position whereas
ratios such as the debt-equity ratio, turnover ratio are used to measure the solvency of the ratios.
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The profitability ratio of the company states about the performance of the company during the
year as well as the return that is being provided to the shareholders of the company (Basu, 2018).
The company current ratio and quick ratio which are ideal for the organisation are 2:1 and 1:1
respectively. The ratio has decreased from 1.41 to 1.33 but it is still in a satisfactory position as
the company can meet the short term as well as long-term liabilities. In case of quick assets, the
company should try to strengthen the assets so that there is no problem (Hossan, 2010).
The Debt equity ratio of the company has increased from 0.43 to 0.46. The company position is
still satisfactory as there is a balance of both the debt and equity in the capital structure. The
Turnover ratio of the company increased with the increase in the revenue as well as the fixed
asset turnover ratio which is a positive sign.
The performance ratio of the previous year were not at all satisfactory as the company incurred
losses but in current year company is able to provide a positive return to the stakeholders of the
company with better and effective results in terms of return on asset, gross profit margin as well
a earning per share (Hossan, 2010).
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year as well as the return that is being provided to the shareholders of the company (Basu, 2018).
The company current ratio and quick ratio which are ideal for the organisation are 2:1 and 1:1
respectively. The ratio has decreased from 1.41 to 1.33 but it is still in a satisfactory position as
the company can meet the short term as well as long-term liabilities. In case of quick assets, the
company should try to strengthen the assets so that there is no problem (Hossan, 2010).
The Debt equity ratio of the company has increased from 0.43 to 0.46. The company position is
still satisfactory as there is a balance of both the debt and equity in the capital structure. The
Turnover ratio of the company increased with the increase in the revenue as well as the fixed
asset turnover ratio which is a positive sign.
The performance ratio of the previous year were not at all satisfactory as the company incurred
losses but in current year company is able to provide a positive return to the stakeholders of the
company with better and effective results in terms of return on asset, gross profit margin as well
a earning per share (Hossan, 2010).
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4. Two graphs from www.asx.com.au with the description of results
(i) The share price of the Company for 2 Years and comparison with all ords index
(Figure – Share price of Company for last 2 years)
(Source – Reuters, 2018)
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(i) The share price of the Company for 2 Years and comparison with all ords index
(Figure – Share price of Company for last 2 years)
(Source – Reuters, 2018)
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(Figure – Share price comparison of Company with All Ords Index)
(Source – Market index, 2018)
Introduction
The change in the share price or the movement in the same of the company is being stated in the
report along with the All Ords Index to compare them as well as to determine any correlation is
there between them on the basis of volatility.
Content
The share price of the company can be said as fluctuation as there are many changes in every
week. The company share prices showed an increasing trend at the beginning and then started to
fall. In comparison to the All Ords index, the company is able to surpass the same as well as
perform way above the same. It can be considered that there can be a relation between the All
Ords Index as well as the share price because the share price moved as the share price of the All
Ords index. The change in share price of All index was positive with respect to the change in
share price of the company.
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(Source – Market index, 2018)
Introduction
The change in the share price or the movement in the same of the company is being stated in the
report along with the All Ords Index to compare them as well as to determine any correlation is
there between them on the basis of volatility.
Content
The share price of the company can be said as fluctuation as there are many changes in every
week. The company share prices showed an increasing trend at the beginning and then started to
fall. In comparison to the All Ords index, the company is able to surpass the same as well as
perform way above the same. It can be considered that there can be a relation between the All
Ords Index as well as the share price because the share price moved as the share price of the All
Ords index. The change in share price of All index was positive with respect to the change in
share price of the company.
10
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Conclusion
It can be concluded with the help of the above report the company is very strong and have higher
share price than the All Ords Index. There is volatility in the share price but not much as there
are fluctuations in the share price of the company.
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It can be concluded with the help of the above report the company is very strong and have higher
share price than the All Ords Index. There is volatility in the share price but not much as there
are fluctuations in the share price of the company.
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5. Significant factors that influenced share price
Since AGL Energy Limited is a business organization which deals majorly with energy
production, there are various factors affecting the determination of share price. These factors can
be broadly classified into two major categories, namely, internal or external factors
(Aruomoaghe & Agbo, 2013). Another basis or point of classification can be minor or major.
Whatever be the point of classification, all the factors need to be analysed accordingly. Ignorance
of a single factor can bring a major change in the share price and as such can affect the
determination of share price to a major extent.
Some of the major factors responsible for influencing or determination of share price are relating
to nations related or factors relating to outside the international boundaries. The most prominent
factors are the political and economic factors. This is because energy production sector is the
sector which involves continuous updating or modification with the changing scenario. Any
change in the economic scenario prevalent in the Australia or world, this sector is highly affected
or influenced by any slight change. Another factor that is affected is the cost of fuel or other
manufacturing inputs that are used to produce or manufacture the energy. Besides, cost of labor,
political situations, GDP of Australia, its political relations with other countries are also some
major factors that also need to be considered.
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Since AGL Energy Limited is a business organization which deals majorly with energy
production, there are various factors affecting the determination of share price. These factors can
be broadly classified into two major categories, namely, internal or external factors
(Aruomoaghe & Agbo, 2013). Another basis or point of classification can be minor or major.
Whatever be the point of classification, all the factors need to be analysed accordingly. Ignorance
of a single factor can bring a major change in the share price and as such can affect the
determination of share price to a major extent.
Some of the major factors responsible for influencing or determination of share price are relating
to nations related or factors relating to outside the international boundaries. The most prominent
factors are the political and economic factors. This is because energy production sector is the
sector which involves continuous updating or modification with the changing scenario. Any
change in the economic scenario prevalent in the Australia or world, this sector is highly affected
or influenced by any slight change. Another factor that is affected is the cost of fuel or other
manufacturing inputs that are used to produce or manufacture the energy. Besides, cost of labor,
political situations, GDP of Australia, its political relations with other countries are also some
major factors that also need to be considered.
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6. Calculation of ’ beta values and Expected Rates of Return using the CAPM
i) The (β) value of the company is 0.60 (Reuters, 2018).
ii) The rate of return as per CAPM is = Rf + (β) (Market risk premium)
Where,
Rf is the Risk-free rate
Rate of return = 4% + 0.60*6%
= 4% +3.6%
= 7.6%
iii)
The company can be chosen as a conservative investment due to the low rate of return. The low
rate of return but above the risk-free rate indicates that the risk involved with the share price of
the company is minimal. The shareholders are less prone to any losses as there are chances of
less fluctuation along with the long-term returns and growth (Kennon, 2017). The company with
the least risk involved with regards to the return of the shareholders is stated as the conservative
investment. There can be chances that the return provided on the shares is not very much high
but in the long term there are fewer chances of any loss and good chances of satisfactory returns
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i) The (β) value of the company is 0.60 (Reuters, 2018).
ii) The rate of return as per CAPM is = Rf + (β) (Market risk premium)
Where,
Rf is the Risk-free rate
Rate of return = 4% + 0.60*6%
= 4% +3.6%
= 7.6%
iii)
The company can be chosen as a conservative investment due to the low rate of return. The low
rate of return but above the risk-free rate indicates that the risk involved with the share price of
the company is minimal. The shareholders are less prone to any losses as there are chances of
less fluctuation along with the long-term returns and growth (Kennon, 2017). The company with
the least risk involved with regards to the return of the shareholders is stated as the conservative
investment. There can be chances that the return provided on the shares is not very much high
but in the long term there are fewer chances of any loss and good chances of satisfactory returns
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7. Weighted Average Cost of Capital (WACC)
i) WACC = E x Re + D x Rd (1 – T)
V V
Where,
Re = Rate of return as per CAPM [calculated in 6(ii)]
E = Equity
D = Debt
Rd = Cost of Debt
V = Equity + Debt
T = Tax Rate
WACC = 7574 x 0.076 + 3466 x (237/3466) (1 – 0.30)
11040 11040
WACC = 0.0521 + 0.0150
WACC = 0.0671
WACC = 6.71%
ii)
The WACC cost of the company consists must be recovered by the company to satisfy the needs
of the stakeholders. They must focus on the performance of the company to provide the return.
The investment decisions are affected by the WACC cost as higher WACC cost can put pressure
on the managers to generate returns (Finance Management, 2018). The projects that may be
beneficial for the company in long-term but involve high cost of capital or debt can be rejected
by the company if the WACC of the company is high similarly if the currently WACC cost of
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i) WACC = E x Re + D x Rd (1 – T)
V V
Where,
Re = Rate of return as per CAPM [calculated in 6(ii)]
E = Equity
D = Debt
Rd = Cost of Debt
V = Equity + Debt
T = Tax Rate
WACC = 7574 x 0.076 + 3466 x (237/3466) (1 – 0.30)
11040 11040
WACC = 0.0521 + 0.0150
WACC = 0.0671
WACC = 6.71%
ii)
The WACC cost of the company consists must be recovered by the company to satisfy the needs
of the stakeholders. They must focus on the performance of the company to provide the return.
The investment decisions are affected by the WACC cost as higher WACC cost can put pressure
on the managers to generate returns (Finance Management, 2018). The projects that may be
beneficial for the company in long-term but involve high cost of capital or debt can be rejected
by the company if the WACC of the company is high similarly if the currently WACC cost of
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company is lower there are chances that even a high-cost investment decision may also be
selected having long-term benefits (KPMG, 2015).
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selected having long-term benefits (KPMG, 2015).
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8. Preferred optimal capital structure
i)
The optimal structure can be considered for the company if there is a balance between both the
component that is debt as well as equity. The company can generate funds from any of these by
but there is involvement of cost in case of debt which needs to be kept minimal as it increases the
risk for the shareholders of the company.
(Figure – Gearing ratio of Company)
(Source – AGL, 2017)
The gearing ratio of the company has increased from 25.7% to 29.6% but it is still a satisfactory
position as the company is able to earn higher profits in comparison to the previous year and
using of the same to generate funds is a good option. The company still have a higher proportion
of equity in the capital structure of the company which is a positive approach.
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i)
The optimal structure can be considered for the company if there is a balance between both the
component that is debt as well as equity. The company can generate funds from any of these by
but there is involvement of cost in case of debt which needs to be kept minimal as it increases the
risk for the shareholders of the company.
(Figure – Gearing ratio of Company)
(Source – AGL, 2017)
The gearing ratio of the company has increased from 25.7% to 29.6% but it is still a satisfactory
position as the company is able to earn higher profits in comparison to the previous year and
using of the same to generate funds is a good option. The company still have a higher proportion
of equity in the capital structure of the company which is a positive approach.
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ii)
The change has been reflected in the gearing ratio of the company as the debt component has
increased during the year from 3086 million to 3173 million and also there is a decrease in the
shareholder's fund or equity from 7926 million to 7574 million.
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The change has been reflected in the gearing ratio of the company as the debt component has
increased during the year from 3086 million to 3173 million and also there is a decrease in the
shareholder's fund or equity from 7926 million to 7574 million.
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9. Dividend Policy
During the financial year 2017, AGL Energy Limited has paid interim as well as the final
dividend. Interim dividend amounting 41 cents per share has been paid on 27th March 2017.
Final dividend amounting 50 cents has been paid on 22nd September 2017. Both these dividends
have been franked up to 80%. Such higher dividend payout ratio and payment of interim
dividend indicate that the company is earning sufficient and adequate profits by properly
managing its financial resources. It also indicates that the company has not any future plans or
expansion plans and there are adequate plans for meeting any contingency or uncertainty
(Amirya, et. al., 2014).
In comparison with the previous financial year 2016, it can be observed that company is
maintaining the same dividend policy since it has paid an interim and final dividend in the year
2016 as well (Aruomoaghe & Agbo, 2013). However, the amount of dividend paid in the year
2016 is much lower in comparison to the current year 2017. Another prominent year to be kept in
mind is that dividend paid in 2016 is fully franked.
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During the financial year 2017, AGL Energy Limited has paid interim as well as the final
dividend. Interim dividend amounting 41 cents per share has been paid on 27th March 2017.
Final dividend amounting 50 cents has been paid on 22nd September 2017. Both these dividends
have been franked up to 80%. Such higher dividend payout ratio and payment of interim
dividend indicate that the company is earning sufficient and adequate profits by properly
managing its financial resources. It also indicates that the company has not any future plans or
expansion plans and there are adequate plans for meeting any contingency or uncertainty
(Amirya, et. al., 2014).
In comparison with the previous financial year 2016, it can be observed that company is
maintaining the same dividend policy since it has paid an interim and final dividend in the year
2016 as well (Aruomoaghe & Agbo, 2013). However, the amount of dividend paid in the year
2016 is much lower in comparison to the current year 2017. Another prominent year to be kept in
mind is that dividend paid in 2016 is fully franked.
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10. Letter Recommendation
Letter of Recommendation
To,
The Client,
The above company is very much suitable for the portfolio investment as there is an increase in
the share price of the company and is high above the All Ords index. The company can is a
conservative investment in the long-term growth and sustainability. The performance of the
company not only improved but also managed to generate profit during the year. The company
was able to provide good returns to the stakeholders of the company with minimal risk due to the
effective optimal capital structure. The company had incurred losses in the previous year but
managed to increase the sales in the current year as well as profitability. The company future
looks strong with the low-cost capital of the company. The WACC cost of the company is not
very much high which provide liberty to choose any investment to the company.
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Letter of Recommendation
To,
The Client,
The above company is very much suitable for the portfolio investment as there is an increase in
the share price of the company and is high above the All Ords index. The company can is a
conservative investment in the long-term growth and sustainability. The performance of the
company not only improved but also managed to generate profit during the year. The company
was able to provide good returns to the stakeholders of the company with minimal risk due to the
effective optimal capital structure. The company had incurred losses in the previous year but
managed to increase the sales in the current year as well as profitability. The company future
looks strong with the low-cost capital of the company. The WACC cost of the company is not
very much high which provide liberty to choose any investment to the company.
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Conclusion
From the report, it can be concluded that business shall maintain the finance inappropriate
manner and for that various aspect are taken into consideration. In this, the corporate structure
has been identifying. The calculations are made for the ratios and other rates in relation to cost
and returns. The dividend policy is also determined and the recommendations are provided
which are to be followed by the investors.
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From the report, it can be concluded that business shall maintain the finance inappropriate
manner and for that various aspect are taken into consideration. In this, the corporate structure
has been identifying. The calculations are made for the ratios and other rates in relation to cost
and returns. The dividend policy is also determined and the recommendations are provided
which are to be followed by the investors.
20
References
AGL, (2017). AGL 2017 Annual Report. AGL. [Online]. Available at
https://www.agl.com.au/about-agl/media-centre/asx-and-media-releases/2017/august/agl-
2017-annual-report. [Accessed on 22 May 2018]
Amirya, M., Djamhuri, A., & Ludigdo, U., 2014. Development of Accounting and
Budget System of General Services Board in Universitas Brawijaya: Study of
Interpretive. International Journal of Humanities and Social Science.
Aruomoaghe, J., & Agbo, S., 2013. Application of Variance Analysis for Performance
Evaluation: A Cost/Benefit Approach. Research Journal of Finance and Accounting.
Basu, C., (2018). Four Basic Types of Financial Ratios Used to Measure a Company's
Performance. Chron. [Online]. Also available at http://smallbusiness.chron.com/four-
basic-types-financial-ratios-used-measure-companys-performance-25299.html.
[Accessed on 22 May 2018]
Finance Management, (2018). Importance and Use of Weighted Average Cost of Capital
(WACC). Finance Management. [Online]. Available at
https://efinancemanagement.com/investment-decisions/importance-and-use-of-weighted-
average-cost-of-capital-wacc. [Accessed on 22 May 2018]
Hossan, F., (2010). Performance evaluation and ratio analysis of Pharmaceutical
Company in Bangladesh. West. [Online]. Also available at
http://hv.diva-portal.org/smash/get/diva2:323754/FULLTEXT01.pdf. [Accessed on 22-
05-2018].
Kennon, J., (2017). What Is a Good Return on Your Investments?. The balance. [Online].
Available at https://www.investsmart.com.au/shares/asx-wow/woolworths-group-
limited/announcements?page=2. [Accessed on 22 May 2018]
KPMG, (2015). Cost of Capital Study 2015. KPMG. [Online]. Also Available
https://assets.kpmg.com/content/dam/kpmg/pdf/2016/01/kpmg-cost-of-capital-study-
2015.pdf. [Accessed on 22 May 2018]
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AGL, (2017). AGL 2017 Annual Report. AGL. [Online]. Available at
https://www.agl.com.au/about-agl/media-centre/asx-and-media-releases/2017/august/agl-
2017-annual-report. [Accessed on 22 May 2018]
Amirya, M., Djamhuri, A., & Ludigdo, U., 2014. Development of Accounting and
Budget System of General Services Board in Universitas Brawijaya: Study of
Interpretive. International Journal of Humanities and Social Science.
Aruomoaghe, J., & Agbo, S., 2013. Application of Variance Analysis for Performance
Evaluation: A Cost/Benefit Approach. Research Journal of Finance and Accounting.
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