Applied Finance: Analysis of Origin Energy

This report provides a detailed analysis of Origin Energy, including their growth in the international market, risk analysis, corporate governance, and financial considerations. It also evaluates the company's policies related to dividend and financing sources.

Running Head: APPLIED FINANCE 0
Applied Finance
(Student Name)

APPLIED FINANCE 1
Executive Summary
There is great increase in the demand for renewable energy as well as with an increased global
population, the demand is expected to double or triple over the next five decades that represent a
big business opportunity for the companies that produce energy. One of the Australian based
companies Origin energy has string presence within the country as well as in other countries. The
company deals with natural gas production, renewable energy that supplies electricity to the huge
number of population within and outside the country. The company founded in the year 2000.
The given report will describe about the management as well as directors or the company, the
corporate governance and risk analysis of the company that presents that there is average
performance of the company that support them to survive in the competitive market in an
effective manner.

APPLIED FINANCE 2
Table of Contents
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................3
Scope of Report............................................................................................................................3
Background of Company.............................................................................................................3
Corporate Governance.....................................................................................................................3
Chief Executive Officer...............................................................................................................3
Board of Directors........................................................................................................................4
Ownership Structure....................................................................................................................6
Lenders.........................................................................................................................................6
Financial Market Consideration...................................................................................................7
Social Constraints........................................................................................................................8
Historical risk parameters:...............................................................................................................8
Default risk and cost of debt:.......................................................................................................9
Estimating cost of capital:..........................................................................................................10
Analyzing the Existing Investment................................................................................................10
Assessing the Competitive Strength..........................................................................................11
Financing Sources..........................................................................................................................12
Current financing.......................................................................................................................12
Trade-off on Debt versus Equity................................................................................................12

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Costs and Benefits of debt......................................................................................................13
Dividend policy.............................................................................................................................13
Dividend policy analysis............................................................................................................13
Custodians of cash.....................................................................................................................15
Peer group analysis....................................................................................................................16
FCFE approach:.............................................................................................................................17
DDM approach:..........................................................................................................................17
PE approach:..............................................................................................................................18
Conclusion.....................................................................................................................................18
Bibliography..................................................................................................................................19

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Introduction
Scope of Report
In the following report there will be detailed analysis of energy retailing company Origin
Energy, their growth of business in the international market, with the purpose of determining
how effectively the company is managing as well as whether it is one of the viable investment
opportunity or not. The level of risk will also analyze in this report to represent actual growth of
the company in such international market. Aiding the analysis are the five most recent years
financial as well as company data that will support in analyzing the productivity of the company
are explained in blow points:
 Risk and Return profile
 Corporate Governance
 Cash Flow and Earning
 Financing Sources
 Policies related to Dividend
Background of Company
Origin Energy is one of the leading Australian integrated energy company that deliver electricity
to 4.2 million consumers as well as developing with producing natural gas- a cleaner form of
energy for the consumers in Australia as well as other areas also. The companies also aspire to be
the number of Renewables Company in Australia, by empowering the consumers to reduce their
carbon footprints through wind, solar as well as storage technology 1.
Corporate Governance
Chief Executive Officer
Frank Calabria was appointed as Chief Executive Officer as well as Managing Director of the
Company in October 2016. Frank is a member of the Company Health, Safety and Environment
1 Janusz Brzeszczyński, Socially responsible investment and market performance: the case of
energy and resource firms. (Pearson, 2016)

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Committee. He was firstly origin as Chief Financial Officer in the year 2001 as well as was
appointed as Chief Executive Office Energy Markets in the year 2009. Therefore, it represent
that Frank was already the part f the company he was promoted within the company to grow the
company in the competitive market in an effective manner.
Frank manage the role of CEO as well as Managing Director in the company since the year 2016
as he is majorly responsible for the integrated business within the Australia including retailing as
well as trading of natural gas, electricity as well as LPG power generation with the soar and
energy services. Such criterion gives the board qualitative as well as qualitative guidelines to
access performance related to EBIT growth, compound annual growth of EPS as well as
numerous non-financial measures.
Mr. Frank received A$ 3,389,341 in compensation for the year 2017 in the form of:
 Salary of $ A$1,646,466
 Performance Bonus of A$1,742,875
 Stock Option of A$ 1,430,210
 And other compensation of A$3,489,051
It represent that almost 40% of his total compensation is in the form of performance bonuses
where an independent remuneration committee has also recommended the objective criteria
benchmarks in the form of short as well as long-term incentives. In the recent, Mr. Frank owns
163,530 shares in the company that make them contributor in the growth and success of the
business in an effective manner2.
Board of Directors
The table of board of directors is explained in below table:
2 Alden, S, Ottaway, A, and Tetstall, J, Australia: Drafting contracts: guidance on managing
ambiguity (2012)
http://www.mondaq.com/australia/x/163072/Contracts+Deeds/Drafting+contracts+guidance+o
n+managing+ambiguity

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The board is comprised of six non-executive directors. It represent as the positive sign as they
allow them to have unbiased judgment as well as act in the best interest of the stockholders.
Bruce William Morgan, Maxine Brenner, Steven Sargent, Teresa and Greg Lalicker are

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controlled by other companies as they have interest in the origin company that support the
company in taking decision in more effective and efficient manner.
All non-executive directors are compensated in form of salary with no share of performed
bonuses. No director except CEO as well as the Chairman has substantial stockholdings that also
implies that such area of the board is required to enhance.
There are two female directors in the board and six male directors as well as could probably
benefit from the further gender diversity to enhance the liquidity of stock as well as in turn the
market efficiency. The remuneration of the directors is already explained in above table that
represent that they have average remuneration of 3, 00000 to 6, 00000. The meeting held once in
an year in which all the directors are allowed to attend that meeting and make participate in the
decision making of the company.3
Ownership Structure
3 Yahoo Finance, AGL Energy Ltd (2018) https://au.finance.yahoo.com/quote/AGL.AX/

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According to the analysis of table most of the share part is covered by corporates in which they
have covers almost 69 percent in the overall company. While the insiders, and other individual
has small share in the company. It represent that the larger companies are keen to be investors of
Origin Energy.
The top 20 shareholders are comprised of large investment banks as well as super funds that
cover 70 per cent of the total hate outstanding. There are also no founding shareholders that are
present in the either table as well as the chairman of the company has not shown any activist
behavior in the past. 4
Lenders
The company majorly borrows money from banks as well as they also issue bonds in the market
to lend money from market in an effective manner. The company borrow fund from various
banks as well as they also issue bonds and work in derivative to raise funds from the market. The
agency has not imposed any restriction on the debt process of the company therefore; they
borrow the funds according to their convenience that make them competitive in the market.
However, they follow al the regulation of Australia while raising funds from the market. The
company has maintained perfect compliance throughout the time period analyzed as well as
additionally self-monitors such ratios on the monthly basis. Moody has given B rating to the
company according to the analysis of overall performance of the company5.
4 Annual Report, Origin Energy (2017)
http://www.originenterprises.com/template/pdf/Origin_Enterprises_plc_Annual_Report_2017.pd
f
5 Yahoo Finance, Origin Energy Limited (2018) https://au.finance.yahoo.com/quote/org.ax

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Financial Market Consideration
He financial market consideration of the company represent that they have great flow of stock in
the market that make them grow in the competitive market. The company is benefiting from
stock trading liquidity. However, the stock is significantly less traded on an average than the year
2016. It is not a cause of concern due to the reason it would not be considered thinly traded with
an average daily trading volume. The share price of the company fluctuated due to the reason of
high competition in the market that affect overall market share of the company at greater level6.
Social Constraints
The company has played great role in following their responsibilities towards the environment,
society and government that make them competitive in the market. The company has earned
6 Bloomberg, AGL Energy Ltd (2018) https://www.bloomberg.com/quote/AGL:AU

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great image as a corporate citizen by contributing in protecting the environment as well as
society in an effective manner. They accelerate the growth of renewable energy in an effective
manner. The company has taken various initiate to protect the society. However, some of the
environment incident also penalized the company in which they were required to pay $12615 in
the form of penalty.
Environment: an environmental incident or Origin’s failure to consider as well as adequate
mitigate the environmental, social as well as socio economic impacts on the communities with
the environmental has great impact on the reputation of the company at greater level.
Social: as experience in programs implementing the health safety as well as environment
strategies that also include for mental health with physical wellbeing. The company has adopted
various steps in socially sustainable development to set and monitor the sustainability aspirations
Governance: consider, review as well as monitor the climate related risks as well as opportunities
as a part of the investment consideration, with the regular financial as well as operational
performance reviews. The HSE committee also meets and analyzes the risk at least quarterly.
Historical risk parameters:
On the basis of regression analysis, it has been found that the beta and alpha of the
company is -0.38 and -0.002. The risk and return performance of the company against the market
index is as follows:

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Calculation of return
Figure 1: Risk evaluation
The beta of company defines that there is high volatility into stock price of the company
in context with the market index. It explains that the investment into the company is quite riskier.
The slope of regression defines about huge changes on monthly basis and explains that the
investor must evaluate the market position and stock performance of the company before
investing into the market. Beta estimates tell about huge fluctuations as well as higher risk
associated with the stock of the company. Alpha defines about the industry risk i.e. -0.002 and
beta defines about the business risk of the company which is -.03. It is important for the investors
to know about different risk in order to make better decision.
Financial leverage risk of the company is also higher because of the mismanagement of
capital structure of the company. On the basis of beta figures, cost of equity of the company has
been calculated which is 2.63% (appendix). According to a manager, it indicates about lower
cost of the company. Hence, the equity level must be managed by the company accordingly7.
7 Morningstar, 2 differing views on these utility, energy stocks (2018)
https://www.morningstar.com.au/stocks/article/2-differing-views-on-these-utility-energy-
stocks/167890

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Default risk and cost of debt:
Currently, Moody has rated the company on the basis of cost of debt, net profit level and
financial performance of the company. Rating of the company is C.
On the basis of ratio analysis study over the company, it has been recognized that the
current ratio and quick ratio of the company is 0.85 and 0.80 which has been reduced from
previous year and indicates about huge risk involved with the liquidity level of the company.
Further, it defines that the capital structure ratio of the company has been changed a lot in
previous year. Currently debt to equity ratio of the comapny explains that the liquidity level of
the company is quite higher and the ratio of debt to equity of the company is 0.67:1. It concludes
that debt level has been improved by the company as well service offering of the company has
also been improved.
Annual report (2018) defines that the tax rate is 30% in the company. On the basis of
current borrowings of the company, cost of debt has been calculated which are as follows:
Cost of debt:
Net finance cost
500,000.0
0
Less: Tax @30%
150,000.0
0
After tax cost of debt
350,000.0
0
Borrowings amount
12,453,000.0
0

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After tax cost of debt (%) 2.81%
Estimating cost of capital:
The outstanding equity shares of the company are 1757442 and the stock price of the
company is $ 9.64. It explains that the market value of stock is $ 21,00,921.81. Further, debt
worth of the company is $ 12,453,000. the weight of both the source of the company is as
follows:
Markey Value Weights
Debt Equity Total
Equity shares
2,100,921.
81
Value of debt
12,453,000.0
0
Total
12,453,000.0
0
2,100,921.
81
14,553,921.8
1
D. Weights 85.56% 14.44%
On the basis of all the given information, it has been found that the cost of equity of the
company is 2.78%. It defines that currently company has to pay 2.78% from the total earnings to
the debt holders and shareholders against their amount in the company.

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Debt
Ordinary
Shares Total
Cost of Finance 2.81% 2.63%
Market Weights
0.8
6
0.1
4
WACC 2.40% 0.38% 2.78%
Analyzing the Existing Investment
The accounting return that the company earns on the existing investments is 9%. The cost of
equity of the company is 2.6% and the capital is 2.78% that represent that the company is
receiving great return from the market. Their overall performance is quite better in the market
that makes them more competitive.
The economic value added of the company is 0.46 that represent that the company is not
sufficiently able to bear the cost of equity. While comparing with the previous year, the EVA of
the company has been declined at greater level. In the previous year the company was able to bar
all the cost in more efficient manner and did able to manage their cost more efficiently.
The company is not able to perform well in the whole financial year. They even do not able to
meet the cost of equity as they efficiently did in the previous year. Such issue occur due to some
abnormal changes occur in the business that affected overall performance of the company at
greater level. Therefore, the quality of the company went down that create issue for the company
at greater level.
While analyzing the finical ratio of the company, the profit ratio of the company represents that
the profit is declining at greater level. However, the asset efficiently ratio represent that the

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company has efficiently manage their assets that provide them god return in an effective manner.
Therefore, the overall performance of the company is highly affected as the performance of the
company declined that affected overall profit margin of the company at greater level8.
Assessing the Competitive Strength
SWOT Analysis
Strengths Weaknesses
 The company serves more than 4
million consumers, suppliers the
sustainable share of the country’s
electricity with a generation capacity of
over 5000 MW.
 The company has team of more than
5000 employees that make them
competitive
 The company come in top 20
Australian companies
 The company is set up in limited areas
 The company has less capacity as
compared to the global giants
 The company is also present in a small
portion of the value chain
Opportunities Threats
 The company can entre in the power
generation to diversify their business in
an effective manner.
 They can also expand their operations
in other countries that will make them
more competitive in the market.
 While expanding their business in other
countries, the company is also required
to follow all the compliances that
involved with various laws.
 There is great decline in the markets of
Europe, Russia that would affect
8 Morningstar, AGL Energy Ltd (2018) https://www.morningstar.com/stocks/xasx/agl/quote.html

APPLIED FINANCE 16
overall profit margin of the company
 The change in regulation and policies
of government create hurdle for the
company to manage business
efficiently.
Porter Five forces
Threat of New Entrants: the threat of new entrants for the company is high in such industry due
to increase support by the government of the renewable energy industry that creates an
opportunity for the new companies to entre in such market.
Threat of Substitute: such industry has medium threat of substitute as the substitute exists in the
form of the traditional sources of the energy. Therefore, the focus on the renewable sources of
the energy will also continue to win many of the consumers in the future that lead to enhance the
market.
Bargaining Power of Consumers: the bargaining power of consumers is also high in such
industry due to due to the reason of new technology has not been fully embraced by the
individual. The company will have to keep the consumers educating on the significance of using
solar and wind energy to attract maximum consumers.
Bargaining power of suppliers: the power of suppliers in such industry is high due to the reason
of specialized requirement of the industry that lead to fewer suppliers.
Rivalry: The company face great competition in such industry as well as the completion among
the competitors continues to enhance in the market. The major global player have invested a
huge number of capital as well as have the man power to continue with some of the innovative
ideas that enhance the level of competition in such industry at greater level. The main
competitors of Origin Energy are AGL Energy and Inter Rao. They have expanded their business

APPLIED FINANCE 17
at greater level and manage employees more than Origin Energy. It makes such company more
competitive in the market.
Financing Sources
The following parts examines the Origin Energy current financing mix and evaluate whether
they have applied the proper level of equity and debt to finance the current functions.
Current financing
Origin Energy presently raises equity by issuing the new shares on a market and at 30 June 2017,
the total issued share capital of company (covering treasury shares) comprised 126,382,206
ordinary shares of 0.01 € each. Since 30 June 2017, 57,729 ordinary shares were issued on
vesting of DSRs granted as per the Equity Incentive Plan. Nothing is payable on the vesting of
the DSRs and, accordingly, no amount remains unpaid in relation to the any share9.
Trade-off on Debt versus Equity
The debt-to-equity ratio onset differs relying on which sector the corporation runs, since certain
needs more debt financing in comparison of the others. Usually, the big capital stocks are
measured fiscally strong in a case when the ratio is under forty per cent. In reference of the
origin energy, a debt-to-equity ratio is 77.30%. It means that when the debt of corporation can
pose the issue for the income constancy, then this is not at the startlingly higher levels yet. One
may assess in a case when level of debt of Origin Energy is maintainable through assessing the
payment of interest against the corporation’s earnings. Preferably, it is required that income must
contain interest by minimum 3 times, thus decreasing concerns while profits are greatly instable.
In the addition of this, the profits of company only contains the interest 2.64 times that is deemed
as insufficient. The debtor can be less motivated to loan the corporation more money, providing
company less headroom for the development by debts.
9 Origin, Origin Income Tax Transparency Report (2016)
https://www.littlebigidea.com.au/content/dam/origin/about/investors-media/fy2016-income-tax-
transparency-report.pdf

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Costs and Benefits of debt
Origin energy is very clear and transparent regarding the tax arrangements and fulfils all of the
essential taxes agreement and the obligations related to reporting. All the functions of a company
in Australia and out of the country are subject to taxes and all the outside country organisations
are legal running businesses and are not vehicle to reduce taxes. The energy giant Origin Energy
paid no corporation tax at all, as they offset the bill by loss as well as tax concession. Over the
previous years, the company has decreased the debt from AU$ 9.43 billion to AU$ 8.56 billion
that is made of current debt as well as long-term debt. With this diminishing in the debt, the
current short-term investment as well as current cash level stands at AU$ 652 million, ready to
arrange in the businesses.
Dividend policy
The following parts examine the dividend policies of Origin Energy compared to the peers and
assess whether they have run into the correct balances between compensating shareholders and
retaining earnings properly.
Dividend policy analysis
The view of board is that suspension of the dividend is in a best interest of the company’s
shareholders at this period. Origin Energy declared the first dividend in 3 years off the back of
the strong first half but informed political ambiguity can put paid to the plan to reward investor
once more at the whole year results. The energy giant noted the 796 million dollars profits for the
first half of financial year 2018-2019, putting this back in the black after the 207 million dollars
losses in the last periods that was disfigured by write-downs. In the addition, the dividend return
is very good momentous for the development of company10.
The corporation highlighted this can repeat the allocation at the whole year outcomes however
only if there was no any political surprise. Besides, the Origin anticipates to declare more 10¢
10 Svensson, Lars EO. Cost-benefit analysis of leaning against the wind. No. w21902 (National Bureau of Economic
Research, 2016).

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per share completely franked dividend at whole year outcomes given the conditions of market
don’t substantially alter and the supervisory atmosphere as well as political atmosphere does not
negatively influence functions. Earnings at the retail power arm of group were comparatively
flat, with company showing that enhanced competitions had decreased the return. The company
also anticipated the frailer second half for the power arms. Ben Wilson, the RBC Capital Markets
analyst stated that the outcomes fulfilled the expectation of market, and the easier next half
performances were practically not avoidable.
Source: https://www.gurufocus.com/stock/OGFGY/dividend

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Source: https://www.gurufocus.com/stock/OGFGY/dividend
Custodians of cash
The critical feature for the investors of Origin Energy is it is generating extremely strong FCF
(>2bn dollars yearly) and decreasing the debt level meaningfully. It is expected that the Origin
Energy would be in the targets gearing ranges in the end of the finnacial year 2019. It is also
believed by the company that it will lead to the significant increament in dividend from finnacial
year 2020. Further, for the first time from the long time, the company declared the dividend of
10C per share with the outcomes of half-year result or the dividend of 20C per share with the
outcomes of full-year result. Even more significantly, the company would be capable to securely
enhance the dividend to >45c per share in the financial year 2020 as per the estimate, stating the
dividend yield >6%.
Furthermore, underpinning the expectations for increasing dividends is 15% FCF yield at price
of current oil prices over the estimations. It is essential to provided the qualities of asset base of
the corporation. As the increases of cash flow is returned to shareholders through the high

APPLIED FINANCE 21
dividend, it is expected ORG to trade up to above 9.00 dollars per share over the upcoming
twelve months. It is believed by the company that the strength of free cash flow of company is
more than sufficient to give the larger safety margin ahead of the possible upcomig
administartive modifications in the service sectors. In this way, it is mainly because of the its
multinational restructure with the investor looking for oil price disclosure gravitating to the gas
and oil pure-play, when the peer AGL Energy has the recipient of the investor looking for
Incorporated service exposure. It can say that this is the short-run marketplace inefficiencies,
which would solve over a period ahead, specifically as investor achieve the appreciation for the
strong dividend of company paying potential from the financial year 202011.
Source: https://www.gurufocus.com/stock/OGFGY/dividend
11 Reuters, Origin Energy Limited (2019) https://www.reuters.com/finance/stocks/company-
profile/ORG.AX

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Peer group analysis
Dividend Yield relative to Peer
2015 2016 2017 2018 current Average
of five
years
Origin
Energy
9.31 1.52 - - 1.34 4.72
Peer AGL
Energy
3.54 3.08 3.74 5.68 5.23 4.17
(Morningstar, 2018)
Market analyst Atkins is less positive on greatly indebted Origin Energy. Market analyst Atkins
that it will be so risky to invest in Origin Energy believes it. Form the above analysis, it is clear
that AGL Energy is fairly valued at about $22, with the projected fiscal 2019 PE ratio of 13
times and the 5.5 per cent commonly franked dividend yield. On the other hand, dividend yield is
nil. The projected fiscal 2019-dividend yield is 2.75.The Corporation has the narrow financial
channel, reinforced by the lower-cost coal-fired energy station, focussed marketplaces, and cost
benefits from perpendicular incorporation.
In the addition of this, the attraction for shareholders involve the defensive earning, lower
gearing, and regular dividends. The solid operating cash flow makes able the payment of
consistent mostly franked dividend, the increased attractions in the lower rate of interest
situation. As per the result, it can say that the share price is possibly to be increasing if oil price

APPLIED FINANCE 23
stays strong; however, it is beneficial to prefer the AGL Energy because of the low risk profile
and concrete, generally franked dividend yield12.
FCFE approach:
On the basis of FCFE method, it has been found that average FCFF of the company of
last 5 years are $ 936,634. Further, it has been found that the average growth rate of the company
is 32.05% on the basis of PE level and retention rate of the company.
Further, it has been found that discrete cash flow of the company is $ 47,553,992.05 and
terminal cash flow of the company is $ 53,020,932.51. It further indicates that per share value of
equity of the company is $ 50.14 whereas the market share price of the company is $ 9.64. It
indicates that the stock price of the company is undervalued and hence, it is right time for the
investors to buy the stock in the market to get higher return.
Present value of terminal cash flows
Terminal cash flows
1
5,600,772.28 53,020,932.51
Total value of Firm ($'000) 100,574,924.57
Less: Value of Debt 12,453,000.00
Total value of Equity 88,121,924.57
No of Shares Outstanding 1,757,442.00
12 Brzeszczyński, Janusz. Socially responsible investment and market performance: the case of energy and resource
firms. (Pearson, 2016).

APPLIED FINANCE 24
Per share value of value of equity $ 50.14
Per share value of value of equity (market) $ 9.64
Undervalued
(appendix)
DDM approach:
Further, DDM approach has been applied over the company. It explains that the dividend
of the company in the year of 2018 was 0.10 which would be improved to 0.08 in next financial
year. further, it explains that the growth rate and discount rate of the company is -20% and
2.63%. It explains that the intrinsic value of the company is -0.34 whereas the market share price
of the company is $ 9.64. It indicates that the stock price of the company is overvalued and
hence, it is right time for the investors to share the stock in the market to get higher return.
Dividend Discount Model
Dividend expected 0.08
Growth rate -20%
Discount rate 2.63%
Intrisic Value (0.34)
Market Price 9.64

APPLIED FINANCE 25
Overvalued
PE approach:
Lastly, PE approach has been applied over the company. It explains that the industry PE
ratio of the company in the year of 2018 was 8.50 and EPS of origin is 0.12. It explains that the
intrinsic value of the company is 1.02 whereas the market share price of the company is $ 9.64. It
indicates that the stock price of the company is overvalued and hence, it is right time for the
investors to share the stock in the market to get higher return13.
PE Multiple Model
Industry PE
ratio 8.50
EPS of
Origin 0.12
Intrisic Value 1.02
Market Price 9.64
Overvalue
d
13 The wall street Journal, Origin Energy Limited (2019)
https://quotes.wsj.com/AU/XASX/ORG/financials

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Conclusion
From the above analysis it can be concluded that the overall performance of Origin Energy is
average. Origin Energy is one of the leading Australian based Energy Company that supply
electricity to huge number of people. According o the analysis of report of the company, the
company was performing well in the previous year as comparison to the current year that
affected overall performance of the company at greater level. The stock price of the company
also fallen down that can give an opportunity to the individuals to purchase their shares due to
the reason their intrinsic value is undervalued that can give profit to the market in an effective
manner. The risk and return of the company is average that represent that the company is
performing average in the market that can help them to survive in the competitive market in an
effective and efficient manner.

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Bibliography
A. Articles/ Books/ Reports
Janusz Brzeszczyński, Socially responsible investment and market performance: the case of
energy and resource firms. (Pearson, 2016).
Lars, S, Cost-benefit analysis of leaning against the wind. No. w21902 (National Bureau of
Economic Research, 2016).
B. Others
Alden, S, Ottaway, A, and Tetstall, J, Australia: Drafting contracts: guidance on managing
ambiguity (2012)
http://www.mondaq.com/australia/x/163072/Contracts+Deeds/Drafting+contracts+guidance+o
n+managing+ambiguity
Annual Report, Origin Energy (2017)
http://www.originenterprises.com/template/pdf/Origin_Enterprises_plc_Annual_Report_2017.pd
f
Bloomberg, AGL Energy Ltd (2018) https://www.bloomberg.com/quote/AGL:AU
Bloomberg, Origin Energy Limited (2018) https://www.bloomberg.com/quote/ORG:AU
Morningstar, 2 differing views on these utility, energy stocks (2018)
https://www.morningstar.com.au/stocks/article/2-differing-views-on-these-utility-energy-
stocks/167890
Morningstar, AGL Energy Ltd (2018) https://www.morningstar.com/stocks/xasx/agl/quote.html
Morningstar, Origin Energy Limited (2018)
https://www.morningstar.com/stocks/XASX/ORG/quote.html
Origin, Origin Income Tax Transparency Report (2016)
https://www.littlebigidea.com.au/content/dam/origin/about/investors-media/fy2016-income-tax-
transparency-report.pdf

APPLIED FINANCE 28
Reuters, Origin Energy Limited (2019) https://www.reuters.com/finance/stocks/company-
profile/ORG.AX
The wall street Journal, Origin Energy Limited (2019)
https://quotes.wsj.com/AU/XASX/ORG/financials
Yahoo Finance, AGL Energy Ltd (2018) https://au.finance.yahoo.com/quote/AGL.AX/
Yahoo Finance, Origin Energy Limited (2018) https://au.finance.yahoo.com/quote/org.ax