Competitive Strategy for Desklib: Analysis of Xero Accounting Ltd and carsales.com.au
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This article analyzes Xero Accounting Ltd and carsales.com.au, including their comparative advantages, performance ratios, monthly share price movements, factors influencing share prices, beta values, expected rates of return using the CAPM, and dividend policies. Based on the analysis, a recommendation is made for investors.
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Competitive Strategy 1
Competitive Strategy
Competitive Strategy
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Competitive Strategy 2
1. Description of operation and comparative advantages of the two chosen companies
carsales.com Ltd company is a company that provides online platform to its customers to deal in
purchase and sale of automotives, marine classified and motorcycle. This company is considered
as an online destination for buying and selling of motorbikes, boats, trucks, caravans, cars and
machinery equipment. The different segments of the business include online advertising
offerings, data and research services and the operations in overseas countries (Reuters, 2018).
Xero Accounting Ltd is an online accounting firm established in the year 2006 in New Zealand.
Xero is considered as one of the fastest growing software which includes cloud based accounting
software that are being offered to different clients in different countries such as New Zealand and
UK. Apart from this, the company employs 2000 people and has around 1.38 million subscribers
(Xero Limited, 2018).
The comparative advantage of Xero Accounting Ltd is that it is able to provide cloud based
accounting software to carsales.com ltd in a cost effective manner which in turn helps them to
carry out the accounting and book keeping operations in an effective manner. This can be
provided in efficient manner because Xero has a technological and knowledge expertise in
creation of the cloud based software which can be used in online platforms. This company has a
comparative advantage over other players that offers accounting services to the customers as the
company has an advantage to provide high quality and cost effect solutions to the customers to
gain an advantage over other players in the market (Costinot, Donaldson Vogel and Werning,
2015).
In a similar manner, carsales.com ltd company also has a comparative advantage over other
players in the automotive industry as it uses the digital platform by becoming a one stop shop to
the customers to buy and sell used and new automobiles especially cars by the customers and
1. Description of operation and comparative advantages of the two chosen companies
carsales.com Ltd company is a company that provides online platform to its customers to deal in
purchase and sale of automotives, marine classified and motorcycle. This company is considered
as an online destination for buying and selling of motorbikes, boats, trucks, caravans, cars and
machinery equipment. The different segments of the business include online advertising
offerings, data and research services and the operations in overseas countries (Reuters, 2018).
Xero Accounting Ltd is an online accounting firm established in the year 2006 in New Zealand.
Xero is considered as one of the fastest growing software which includes cloud based accounting
software that are being offered to different clients in different countries such as New Zealand and
UK. Apart from this, the company employs 2000 people and has around 1.38 million subscribers
(Xero Limited, 2018).
The comparative advantage of Xero Accounting Ltd is that it is able to provide cloud based
accounting software to carsales.com ltd in a cost effective manner which in turn helps them to
carry out the accounting and book keeping operations in an effective manner. This can be
provided in efficient manner because Xero has a technological and knowledge expertise in
creation of the cloud based software which can be used in online platforms. This company has a
comparative advantage over other players that offers accounting services to the customers as the
company has an advantage to provide high quality and cost effect solutions to the customers to
gain an advantage over other players in the market (Costinot, Donaldson Vogel and Werning,
2015).
In a similar manner, carsales.com ltd company also has a comparative advantage over other
players in the automotive industry as it uses the digital platform by becoming a one stop shop to
the customers to buy and sell used and new automobiles especially cars by the customers and
Competitive Strategy 3
provide them the opportunity to compare the different parameters of the used and new cars to
customers in a convenient manner to make buying decision such as price and features of the cars
offered by different players through an online platform (Costinot, et.al, 2015).
2. Calculation and comparison of performance ratios
Xero Accounting Ltd Carsales.com Ltd
Particulars 2015 2016 2017 2015 2016 2017
Current Assets 293516 211480 147710 67869 74543 89032
Current
Liabilities 30351 46774 65656 49017 57512 66492
Current Ratio
9.670719
251
4.521315
261
2.249756
306
1.384601
261
1.296129
503
1.338988
149
Gross Profit 87312 157179 226004 154338 170310 176497
Sales 124020 270060 295389 311756 344010 372114
Gross profit
ratio
0.704015
481
0.582015
108
0.765106
351
0.495060
239
0.495072
818
0.474308
948
Debt 2394 2238 3444 213658 227892 195540
Equity 345653 279089 224510 229513 260370 277160
Debt to equity
ratio
0.006926
021
0.008018
947
0.015340
074
0.930918
946
0.875262
127
0.705513
061
Liquidity Ratios
Liquidity ratios reflect the liquidity position of the company. It refers to the ability of the firm to
attain the current assets to meet out their day to day activities and obligations in an effective
manner. This can be reflected by the use of evaluation of the current ratio. Current ratio provides
the information related to the availability of the current assets held to meet out its current
obligations. It is indicated that the current ratio of Xero Accounting Ltd is declining over the
years from 9.67 in the year 2015 to 2.24 in the year 2017. In a similar manner, the current ratio
of carsales.com.au has also declined from 1.38 in the year 2015 to 1.33 in the year 2017
(Carsales.com.au, 2017). From the comparison it is found out that the liquidity position of Xero
provide them the opportunity to compare the different parameters of the used and new cars to
customers in a convenient manner to make buying decision such as price and features of the cars
offered by different players through an online platform (Costinot, et.al, 2015).
2. Calculation and comparison of performance ratios
Xero Accounting Ltd Carsales.com Ltd
Particulars 2015 2016 2017 2015 2016 2017
Current Assets 293516 211480 147710 67869 74543 89032
Current
Liabilities 30351 46774 65656 49017 57512 66492
Current Ratio
9.670719
251
4.521315
261
2.249756
306
1.384601
261
1.296129
503
1.338988
149
Gross Profit 87312 157179 226004 154338 170310 176497
Sales 124020 270060 295389 311756 344010 372114
Gross profit
ratio
0.704015
481
0.582015
108
0.765106
351
0.495060
239
0.495072
818
0.474308
948
Debt 2394 2238 3444 213658 227892 195540
Equity 345653 279089 224510 229513 260370 277160
Debt to equity
ratio
0.006926
021
0.008018
947
0.015340
074
0.930918
946
0.875262
127
0.705513
061
Liquidity Ratios
Liquidity ratios reflect the liquidity position of the company. It refers to the ability of the firm to
attain the current assets to meet out their day to day activities and obligations in an effective
manner. This can be reflected by the use of evaluation of the current ratio. Current ratio provides
the information related to the availability of the current assets held to meet out its current
obligations. It is indicated that the current ratio of Xero Accounting Ltd is declining over the
years from 9.67 in the year 2015 to 2.24 in the year 2017. In a similar manner, the current ratio
of carsales.com.au has also declined from 1.38 in the year 2015 to 1.33 in the year 2017
(Carsales.com.au, 2017). From the comparison it is found out that the liquidity position of Xero
Competitive Strategy 4
Accounting Ltd is strong in comparison to carsales.com.au because its current ratio is higher than
carsales.com.au in past three years.
Profitability Ratio
The main aim of the company is to earn maximum profit. These ratios help in evaluation of the
profitability position of the companies in the market. The profitability position of the companies
has been evaluated by the help of gross profit ratio. Gross profit ratio helps in gaining
information related to the profit earned by the company as a percentage of sales. The gross profit
ratio of Xero Accounting Ltd has increased from 70.4% in the year 2015 to 76.5% in the year
2017 which indicates that the profitability position of the company has improved over the years
(Xero Limited, 2017). In a similar manner, the gross profit ratio of carsales.com.au has declined
from 49.5% in the year 2015 to 47.4% in the year 2017. The analysis indicates that the
profitability position of Xero Accounting Ltd is stronger than carsales.com.au.
Capital Structure (Leverage) Ratios
Capital structure or leverage ratios help in the analysis of the level of the debt and equity used by
the companies to finance its assets. It can be evaluated by estimating the debt to equity ratio. The
debt to equity ratio of Xero Accounting Ltd is increased from 0.006 in the year 2015 to 0.015 in
the year 2017. This shows that the company emphasizes more on utilizing the equity funds to
finance its assets in comparison to debt (Xero Limited, 2017). Besides this, the debt to equity
ratio of carsales.com.au has declined from 0.93 in the year 2015 to 0.70 in the year 2017 which
indicates that the company focuses on the utilization of increased amount of debt to finance its
assets in comparison to equity.
3. Analysis of monthly share prices movements
Accounting Ltd is strong in comparison to carsales.com.au because its current ratio is higher than
carsales.com.au in past three years.
Profitability Ratio
The main aim of the company is to earn maximum profit. These ratios help in evaluation of the
profitability position of the companies in the market. The profitability position of the companies
has been evaluated by the help of gross profit ratio. Gross profit ratio helps in gaining
information related to the profit earned by the company as a percentage of sales. The gross profit
ratio of Xero Accounting Ltd has increased from 70.4% in the year 2015 to 76.5% in the year
2017 which indicates that the profitability position of the company has improved over the years
(Xero Limited, 2017). In a similar manner, the gross profit ratio of carsales.com.au has declined
from 49.5% in the year 2015 to 47.4% in the year 2017. The analysis indicates that the
profitability position of Xero Accounting Ltd is stronger than carsales.com.au.
Capital Structure (Leverage) Ratios
Capital structure or leverage ratios help in the analysis of the level of the debt and equity used by
the companies to finance its assets. It can be evaluated by estimating the debt to equity ratio. The
debt to equity ratio of Xero Accounting Ltd is increased from 0.006 in the year 2015 to 0.015 in
the year 2017. This shows that the company emphasizes more on utilizing the equity funds to
finance its assets in comparison to debt (Xero Limited, 2017). Besides this, the debt to equity
ratio of carsales.com.au has declined from 0.93 in the year 2015 to 0.70 in the year 2017 which
indicates that the company focuses on the utilization of increased amount of debt to finance its
assets in comparison to equity.
3. Analysis of monthly share prices movements
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Competitive Strategy 5
Figure 1: XERO Comparison with All Ordinaries
The share price of Xero limited was $14.690 as on 30 January 2015 which has increased to
$23.820 on Feb 27 2015 but again later in the year as on 30 April 2015 the share price was
declined to $19.020. Again, as on 31 July 2015 the share price of Xero was declined to 15.980.
The volume of shares traded as on date were 45363. The share price continuous to fall ad
reached an all time low of the assessment period to $12.500 as on 31 August 2015. There after
the company share show some recovery and there were several corrections in the share prices
which lead the share price to reach 19.080 as on 31 August 2016. The share price of the company
again increases to 23.920 as on 31 May 2017. There is sharp recovery in the share price of
XERO and it lead to $30.900 as on 31 October 2017 (Xero Accounting Ltd ASX, 2018).
Figure 1: XERO Comparison with All Ordinaries
The share price of Xero limited was $14.690 as on 30 January 2015 which has increased to
$23.820 on Feb 27 2015 but again later in the year as on 30 April 2015 the share price was
declined to $19.020. Again, as on 31 July 2015 the share price of Xero was declined to 15.980.
The volume of shares traded as on date were 45363. The share price continuous to fall ad
reached an all time low of the assessment period to $12.500 as on 31 August 2015. There after
the company share show some recovery and there were several corrections in the share prices
which lead the share price to reach 19.080 as on 31 August 2016. The share price of the company
again increases to 23.920 as on 31 May 2017. There is sharp recovery in the share price of
XERO and it lead to $30.900 as on 31 October 2017 (Xero Accounting Ltd ASX, 2018).
Competitive Strategy 6
Figure 2: CAR share price for year 2015, 2016 and 2017 (ASX, 2018)
The share price of Carsales.com.au was 10.285 as on January 30 2015 which has declined to
9.426 on 30 April 2015. There after there were several fluctuations in the share prices and the
share price recovered and reaches to 11.680 on 31 December 2015. Later in the year the share
prices shows correction and reached to 12.860 on 31 August 2016 but there was decline in the
share price in the next few months and the share price of the company fall to 10.440 on 31
January 2017 (Carsales.com.au ASX, 2018).
Figure 2: CAR share price for year 2015, 2016 and 2017 (ASX, 2018)
The share price of Carsales.com.au was 10.285 as on January 30 2015 which has declined to
9.426 on 30 April 2015. There after there were several fluctuations in the share prices and the
share price recovered and reaches to 11.680 on 31 December 2015. Later in the year the share
prices shows correction and reached to 12.860 on 31 August 2016 but there was decline in the
share price in the next few months and the share price of the company fall to 10.440 on 31
January 2017 (Carsales.com.au ASX, 2018).
Competitive Strategy 7
Figure 3: Monthly share price comparison of XERO and CAR
It is analyzed that the share prices of both the companies are moving in a same direction and they
are closely related with each other but it is also found out that the share prices of carsales.com
has decline deeply and the share prices of Zero accounting has shown an increasing trend over
the years. It is also identified that the share prices of Zero accounting is highly volatile in
comparison to Carsale.com (Xero Accounting Ltd ASX, 2018; Carsales.com.au ASX, 2018).
4. Factors influencing the share prices of both the companies
The share prices of the companies fluctuates due to changes occurred in the management
structure, occurrence of the business expansion and so on. The share price of Xero as on 17 June
2015 was $17.290. The Notice of Annual meeting has influenced the share price of the company
and it has fallen to $15.900 as on 29 July 2015. There were corrections in the share price with the
Figure 3: Monthly share price comparison of XERO and CAR
It is analyzed that the share prices of both the companies are moving in a same direction and they
are closely related with each other but it is also found out that the share prices of carsales.com
has decline deeply and the share prices of Zero accounting has shown an increasing trend over
the years. It is also identified that the share prices of Zero accounting is highly volatile in
comparison to Carsale.com (Xero Accounting Ltd ASX, 2018; Carsales.com.au ASX, 2018).
4. Factors influencing the share prices of both the companies
The share prices of the companies fluctuates due to changes occurred in the management
structure, occurrence of the business expansion and so on. The share price of Xero as on 17 June
2015 was $17.290. The Notice of Annual meeting has influenced the share price of the company
and it has fallen to $15.900 as on 29 July 2015. There were corrections in the share price with the
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Competitive Strategy 8
Appointment of CFO that lead to increase in share price to $16.460. As on 5 August 2018 the
share price of the company declined to $15.00 from $15.600 at the announcement of
organizational change. There is decline in the share prices to $13.510 on announcement of
change of directors interest Notice in February 2016. The appointment of new secretary lead to
increase in the share prices of the company as on 19 October 2016 to $16.800. The share price
of Xero shows various corrections due to positive news in management and the share price
reached to $17.620 on appointment of independent director (Xero Accounting Ltd Investsmart,
2018).
Occurrence of the appointment of new chairman by carsales.com has a positive impact on its
share prices which has increased to $9.920 on 27 August 2015. the strategy of reinvesting the
dividend by the company has also resulted in an increase in the share prices on 8 October 2015 to
$9.860. there is also a significant improvement in the share prices of the company in the year
2017 due to occurrence of the acquisition of Demotores in February which has resulted in the
record of the share prices at $11.190 (Carsales.com Ltd. Investsmart, 2018).
5. Calculation of beta values and expected Rates of Return using the CAPM
The calculated beta for Xero Accounting Ltd is 1.54. Besides this, the calculated beta for
carsales.com.au is 1.10.
The required rate of return for Xero Accounting Ltd and carsales.com.au is being calculated by
the use of CAPM model and following formula:
Appointment of CFO that lead to increase in share price to $16.460. As on 5 August 2018 the
share price of the company declined to $15.00 from $15.600 at the announcement of
organizational change. There is decline in the share prices to $13.510 on announcement of
change of directors interest Notice in February 2016. The appointment of new secretary lead to
increase in the share prices of the company as on 19 October 2016 to $16.800. The share price
of Xero shows various corrections due to positive news in management and the share price
reached to $17.620 on appointment of independent director (Xero Accounting Ltd Investsmart,
2018).
Occurrence of the appointment of new chairman by carsales.com has a positive impact on its
share prices which has increased to $9.920 on 27 August 2015. the strategy of reinvesting the
dividend by the company has also resulted in an increase in the share prices on 8 October 2015 to
$9.860. there is also a significant improvement in the share prices of the company in the year
2017 due to occurrence of the acquisition of Demotores in February which has resulted in the
record of the share prices at $11.190 (Carsales.com Ltd. Investsmart, 2018).
5. Calculation of beta values and expected Rates of Return using the CAPM
The calculated beta for Xero Accounting Ltd is 1.54. Besides this, the calculated beta for
carsales.com.au is 1.10.
The required rate of return for Xero Accounting Ltd and carsales.com.au is being calculated by
the use of CAPM model and following formula:
Competitive Strategy 9
Risk free rate = 5%
Expected market return = 6%
Beta of Xero Accounting Ltd = 1.54
Beta of carsales.com.au = 1.10
Required rate of return for Xero Accounting Ltd = 0.05 + 1.54 * (0.06 – 0.05)
= 0.05 +1.54 * 0.01 = 0.05 + 0.0154 = 0.0654 = 6.54%
Required rate of return for carsales.com.au = 0.05 + 1.10 * (0.06 – 0.05)
= 0.05 + 1.10 * 0.01 = 0.05 + 0.011 = 0.061 = 6.1%
6. Dividend policies
Carsales has adopted the dividend policy of provision of franked dividend to its investors and
offers an opportunity to shareholders to acquire ordinary shares at not at discount by the use of
dividend reinvestment plan. Besides this the price of the share is calculated by the use of daily
volume weighted average sale price. The reason behind the selection of this policy is that it helps
in provision of the dividend to the share holders by taking into consideration the occurrence of
volatility in the share prices (Carsales.com.au, 2016).
Xero has not implemented any dividend policy as it does not believe in making the payment of
dividends to its shareholders and emphasizes on the reinvestment of the profit in the business for
the purpose of expansion in other market to exploit the opportunities available in the market
(Xero Limited, 2016).
Risk free rate = 5%
Expected market return = 6%
Beta of Xero Accounting Ltd = 1.54
Beta of carsales.com.au = 1.10
Required rate of return for Xero Accounting Ltd = 0.05 + 1.54 * (0.06 – 0.05)
= 0.05 +1.54 * 0.01 = 0.05 + 0.0154 = 0.0654 = 6.54%
Required rate of return for carsales.com.au = 0.05 + 1.10 * (0.06 – 0.05)
= 0.05 + 1.10 * 0.01 = 0.05 + 0.011 = 0.061 = 6.1%
6. Dividend policies
Carsales has adopted the dividend policy of provision of franked dividend to its investors and
offers an opportunity to shareholders to acquire ordinary shares at not at discount by the use of
dividend reinvestment plan. Besides this the price of the share is calculated by the use of daily
volume weighted average sale price. The reason behind the selection of this policy is that it helps
in provision of the dividend to the share holders by taking into consideration the occurrence of
volatility in the share prices (Carsales.com.au, 2016).
Xero has not implemented any dividend policy as it does not believe in making the payment of
dividends to its shareholders and emphasizes on the reinvestment of the profit in the business for
the purpose of expansion in other market to exploit the opportunities available in the market
(Xero Limited, 2016).
Competitive Strategy 10
7. Recommendation letter
To,
Richard
From the above analysis, it is found out that Xero Accounting Ltd is a company that has a better
financial position and performance in comparison to carsales.com.au. This indicates that the
investor should make investment in Xero Accounting Ltd as it has better profitability and
liquidity position. However, the other factor from the perspective of dividend policy, the
investors should make an investment in carsales.com.au as the company is paying the dividend to
its shareholders. It is also found out that the company has also made acquisitions with different
companies that help in the exploitation of the available opportunities in the market
(Carsales.com.au, 2016). Although the share prices of both the companies are moving in the
same direction from past three years, but there is a possibility in the growth and development of
the carsales.com.au in comparison to Xero Accounting Ltd in an effective manner. However, the
required rate of return of Xero Accounting Ltd is higher than that of carsales.com.au, which
shows that the investor should make an investment in Xero Accounting Ltd (Xero Limited,
2017).
Thanks and Regards
Charlie
Thaumas consultants Limited
7. Recommendation letter
To,
Richard
From the above analysis, it is found out that Xero Accounting Ltd is a company that has a better
financial position and performance in comparison to carsales.com.au. This indicates that the
investor should make investment in Xero Accounting Ltd as it has better profitability and
liquidity position. However, the other factor from the perspective of dividend policy, the
investors should make an investment in carsales.com.au as the company is paying the dividend to
its shareholders. It is also found out that the company has also made acquisitions with different
companies that help in the exploitation of the available opportunities in the market
(Carsales.com.au, 2016). Although the share prices of both the companies are moving in the
same direction from past three years, but there is a possibility in the growth and development of
the carsales.com.au in comparison to Xero Accounting Ltd in an effective manner. However, the
required rate of return of Xero Accounting Ltd is higher than that of carsales.com.au, which
shows that the investor should make an investment in Xero Accounting Ltd (Xero Limited,
2017).
Thanks and Regards
Charlie
Thaumas consultants Limited
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Competitive Strategy 11
References
Carsales.com Ltd. Investsmart. (2018) Company Announcements. [Online]. Available at:
Carsales.com.au ASX. (2018) Charting. [Online]. Available at:
https://www.asx.com.au/prices/charting/?code=CAR&compareCode=ALL
%20ORDIANRIES&chartType=COMMONBASE&priceMovingAverage1=&priceMovingAver
age2=&volumeIndicator=BAR&volumeMovingAverage=&timeframe=monthly [Accessed on:
28 September 2018].
Carsales.com.au. (2016) Annual Report. [Online]. Available at:
http://shareholder.carsales.com.au/FormBuilder/_Resource/_module/NwbnH0pKFk-
uPGxM7cmTrw/docs/reports/annual/Annual_Report_2016.pdf [Accessed on: 28 September
2018].
Carsales.com.au. (2017) Annual Report. [Online]. Available at:
http://shareholder.carsales.com.au/FormBuilder/_Resource/_module/NwbnH0pKFk-
uPGxM7cmTrw/docs/reports/annual/Annual_Report_June_2017.pdf [Accessed on: 28
September 2018].
Costinot, A., Donaldson, D., Vogel, J. and Werning, I. (2015) Comparative advantage and
optimal trade policy. The Quarterly Journal of Economics, 130(2), pp.659-702.
https://www.investsmart.com.au/shares/asx-car/carssales-limited/announcements?page=4
[Accessed on: 28 September 2018].
Reuters. (2018) Carsales.com.au. [Online]. Available at:
https://www.reuters.com/finance/stocks/overview/CAR.AX [Accessed on: 28 September 2018].
References
Carsales.com Ltd. Investsmart. (2018) Company Announcements. [Online]. Available at:
Carsales.com.au ASX. (2018) Charting. [Online]. Available at:
https://www.asx.com.au/prices/charting/?code=CAR&compareCode=ALL
%20ORDIANRIES&chartType=COMMONBASE&priceMovingAverage1=&priceMovingAver
age2=&volumeIndicator=BAR&volumeMovingAverage=&timeframe=monthly [Accessed on:
28 September 2018].
Carsales.com.au. (2016) Annual Report. [Online]. Available at:
http://shareholder.carsales.com.au/FormBuilder/_Resource/_module/NwbnH0pKFk-
uPGxM7cmTrw/docs/reports/annual/Annual_Report_2016.pdf [Accessed on: 28 September
2018].
Carsales.com.au. (2017) Annual Report. [Online]. Available at:
http://shareholder.carsales.com.au/FormBuilder/_Resource/_module/NwbnH0pKFk-
uPGxM7cmTrw/docs/reports/annual/Annual_Report_June_2017.pdf [Accessed on: 28
September 2018].
Costinot, A., Donaldson, D., Vogel, J. and Werning, I. (2015) Comparative advantage and
optimal trade policy. The Quarterly Journal of Economics, 130(2), pp.659-702.
https://www.investsmart.com.au/shares/asx-car/carssales-limited/announcements?page=4
[Accessed on: 28 September 2018].
Reuters. (2018) Carsales.com.au. [Online]. Available at:
https://www.reuters.com/finance/stocks/overview/CAR.AX [Accessed on: 28 September 2018].
Competitive Strategy 12
Xero Accounting Ltd ASX. (2018) Charting. [Online]. Available at:
https://www.asx.com.au/prices/charting/?
code=XRO&compareCode=CAR&chartType=COMMONBASE&priceMovingAverage1=&pric
eMovingAverage2=&volumeIndicator=BAR&volumeMovingAverage=&timeframe=monthly
[Accessed on: 28 September 2018].
Xero Accounting Ltd Investsmart. (2018) Company Announcements. [Online]. Available at:
https://www.investsmart.com.au/shares/asx-xro/xero-limited/announcements?page=9 [Accessed
on: 28 September 2018].
Xero Limited. (2016) Annual Report. [Online]. Available at:
https://www.xero.com/media/9883890/xro_2016_annual_report.pdf [Accessed on: 28 September
2018].
Xero Limited. (2017) Annual Report. [Online]. Available at:
https://www.xero.com/content/dam/xero/pdf/Xero%20Annual%20Report%20FY17.pdf
[Accessed on: 28 September 2018].
Xero Limited. (2018) About us. [Online]. Available at: https://www.xero.com/au/about/
[Accessed on: 28 September 2018].
Xero Accounting Ltd ASX. (2018) Charting. [Online]. Available at:
https://www.asx.com.au/prices/charting/?
code=XRO&compareCode=CAR&chartType=COMMONBASE&priceMovingAverage1=&pric
eMovingAverage2=&volumeIndicator=BAR&volumeMovingAverage=&timeframe=monthly
[Accessed on: 28 September 2018].
Xero Accounting Ltd Investsmart. (2018) Company Announcements. [Online]. Available at:
https://www.investsmart.com.au/shares/asx-xro/xero-limited/announcements?page=9 [Accessed
on: 28 September 2018].
Xero Limited. (2016) Annual Report. [Online]. Available at:
https://www.xero.com/media/9883890/xro_2016_annual_report.pdf [Accessed on: 28 September
2018].
Xero Limited. (2017) Annual Report. [Online]. Available at:
https://www.xero.com/content/dam/xero/pdf/Xero%20Annual%20Report%20FY17.pdf
[Accessed on: 28 September 2018].
Xero Limited. (2018) About us. [Online]. Available at: https://www.xero.com/au/about/
[Accessed on: 28 September 2018].
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