Valuation Analysis of Woolworths Limited and Wesfarmers Limited

The provided assignment content appears to be a collection of resources related to finance, investments, and portfolio management. The resources include academic articles, books, and online data sources. Specifically, the content mentions Australia, providing information on retail trade, inflation rate, and stock market quotes from Yahoo Finance and Morningstar. The references also cover various topics such as security analysis, valuation, financial analysis, and portfolio selection. Overall, the assignment content seems to be a comprehensive collection of resources for students or professionals studying finance and investments.

Running Head: Finance
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Project Report: finance

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Executive Summary
Fundamental concepts are the finest concept to recognize the best security in the
marketplace and it is moreover helpful to examine the various circumstances and state of the
corporation. In this report, diverse techniques of fundamental analysis like bottom up and top
down analysis have been studied to recognize and manage the company’s performance,
performance of the industry and companies. In this report paper, Australian market and the
retail industry has been investigated. In addition, the banking industry has been assessed and
finally the company’s performance has been analyzed and the two firms under the Australian
retail industry. More, different micro and macro aspects have been investigated for this
report. Finally, findings and recommendation has been given.

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Contents
Introduction.......................................................................................................................3
Industry and company overview.......................................................................................3
Top down analysis............................................................................................................3
Gross domestic product................................................................................................4
Fiscal policies...............................................................................................................5
Future projection on Australian stock market..............................................................5
Industry Viewpoint.......................................................................................................5
Industry data.............................................................................................................6
Future Outlook..............................................................................................................6
Bottom up analysis...........................................................................................................7
DU Pont analysis..........................................................................................................7
Wesfarmers...............................................................................................................8
Woolworth................................................................................................................9
Financial data:.............................................................................................................10
Wesfarmers.............................................................................................................10
(Morningstar, 2017)................................................................................................12
Woolworth..............................................................................................................12
Ratio Analysis.............................................................................................................13
Wesfarmers.............................................................................................................13
Woolworth..............................................................................................................14
Summary and Findings...................................................................................................15
Recommendation and Conclusion..................................................................................16
References.......................................................................................................................17

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Introduction:
Investment is a trending term now days. Everybody wants to invest the saving amount
into the market to manage the fund and enhance the return over the fund. There are two
options for the investor to invest into the market one is for short term and other one is for
long term. For long term investment, it is required for the investor to analyze the performance
of the company as well as worth of the company in terms of various micro and macro
economical factors. It has been analyzed that the fundamental analysis is a good choice to
analyze the micro and macro economical factors of the company as well as the industry under
which the firm operates its business functioning1.
Fundamental analysis helps the investors and analysts to identify the worth of the
business. In this report, it has been found that the mainly two options are there for conducting
the fundamental analysis which is top down analysis and bottom up analysis. Top down
analysis depict about the macro economical factors of an industry such as how the market is
performing what are the various factors which could affect the operations of the business etc.
whereas the bottom up analysis depict about the micro economical factors of companies such
as the worth of the business, performance of the business changes which have taken place
into the operations of the company etc. in this research paper, retail industry has been
invetsiagted and further, 2 companies which are performing under the Australian retail
industry has been chose which are Wesfarmers and Woolworths2.
Industry and company overview:
1 Damodaran, Aswath, (2016), Damodaran on valuation: security analysis for investment and
corporate finance. Vol. 324. John Wiley & Sons.
2 Cacuci, Dan Gabriel, ed., (2015), Handbook of Nuclear Engineering: Vol. 1: Nuclear
Engineering Fundamentals; Vol. 2: Reactor Design; Vol. 3: Reactor Analysis; Vol. 4:
Reactors of Generations III and IV; Vol. 5: Fuel Cycles, Decommissioning, Waste Disposal
and Safeguards. Vol. 2. Springer Science & Business Media,.

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Australian market has been analyzed and found that the performance of Australian
market has been enhanced from last few years which directly impacted over the Australian
retail industry. It has been found that the Australian retail industry falls into top 20 economies
globally3. Various issues have been faced by this industry but currency, the affect of that
issues have been lowered. In addition, Wesfarmers and Woolworths are the top best retail
companies in Australian market. Both the companies have registered their business into the
Australian stock exchange and both the companies are offering its products and services to
the global customers.
Top down analysis:
Top down analysis is an investigation over various macro factors of a company. In
this analysis, numerous factors have been investigated related to the external and internal
factor of an industry. This analysis depict the user about the performance of the industry in
terms of gross domestic product, inflation rate, fiscal policies of the country company in
terms of analyzing the performance of the industry. This part of fundamental analysis is
mainly conducted by the analyst and investors to identify the position of the industry in terms
of various aspects. Top down analysis is totally opposite to the bottom up analysis. In top
down analysis, entire firms of the industry are examined together by the investors and it is
identified that how the industry is performing. This study depict that it is required that if the
industry is enjoying the growth than firms would also enjoy the growth. This process depends
upon entre industry and the performance of that industry4.
3 Zhu, Qinghua, Yijie Dou, and Joseph Sarkis. "A portfolio-based analysis for green supplier
management using the analytical network process." Supply Chain Management: An
International Journal 15, no. 4 (2010): 306-319.
4 Lim, Sungmook, Kwang Wuk Oh, and Joe Zhu, (2014), "Use of DEA cross-efficiency
evaluation in portfolio selection: An application to Korean stock market." European Journal
of Operational Research 236, no. 1 :361-368.

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For conducting the study of top down analysis, Australian retail industry has been
chose. This study has been conducted over Australian retail industry to analyze that how the
industry is performing and how it is different from the other industry. There are various tools
which could be used by the analyst and the investors to analyze the performance of the
industry such as contribution of the industry in total GDP, FDI, PE ratio of the company,
inflation rate etc.
Top down analysis study express the point of view about the industry. In this analysis,
it is examined that whether the industry is in a condition that the higher return could be get
from the industry or the industry is in a critical condition that it could not pay the dividend
amount to its stakeholders5. This study has been performed over both the companies to
analyze that whether the industry is performing according to the performance of the company
or the performance of the company is totally opposite to the performance of the industry.
Gross domestic product:
It has been evaluated that the total GDP of Australia is around 1.205 trillion that is
quite smaller than the total GDP per capital of Canada and India but it has been analyzed that
this is quickly enhancing from last few years. Additionally, the risk of exchange rate and
political sustainability is quite convinced in contrast of other countries like UK and so it
becomes simple for the analyst and the investors to invest the money into Australia and in the
Australian retail industry to manage the return (Lou et al, 2012).
5 Kevin, S. Security analysis and portfolio management. PHI Learning Pvt. Ltd.,
DeFusco, Richard A., Dennis W. McLeavey, Mark JP Anson, Jerald E. Pinto, and David E.
Runkle, (2015), Quantitative investment analysis. John Wiley & Sons.

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6
Through the investigation over the Australia retail industry, it has been established
that the Australian retail industry is rising up quickly from last few years. The industry’s
growth rate has been analyzed 8% and thus it has been evaluated that Australian industry’s
return is quite higher.
Fiscal policies:
Further, the fiscal policy of Australian retail industry has been observed and various
changes have been found into the fiscal policy of Australia which has impacted directly over
the Australian retail industry. Due to changes into the fiscal policies, the FDI has been
enhanced. GDP is also one of the reasons behind enhancing the FDIs in the country7.
6 Analysis – total Retail, (2017), Retail Trade, Australia
<http://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/8501.0Main%20Features2Jun
%202017?opendocument&tabname=Summary&prodno=8501.0&issue=Jun
%202017&num=&view>
7 Shroff, Ronnie H., Christopher C. Deneen, and Eugenia MW Ng, (2011), "Analysis of the
technology acceptance model in examining students' behavioural intention to use an e-

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Future projection on Australian stock market:
Future projection study has been conducted over Australian retail industry and it has
been found that the GDP of the country is depicting an upward slope in near future. Further,
the inflation rate and employment rate of the country has also been predicted and a future
increment has been expected in it. Thus it is a good option for the investor to invest into the
Australian retail industry8.
Industry Viewpoint:
Australian retail industry depict that the various positive changes have taken pace into
the operations of the company from last few years. the turnover the retail industry has been
enhanced from last year (Krantz, 2016). Consequently, some issues have also been occurred
in front of the industry but currently, the new policies and strategies of the industry has
helped to reduce that issues and right now, the performance of the industry is stunning.
Industry data:
9
portfolio system, (2015), " Australasian Journal of Educational Technology 27, no. 4.
8 Trading Economy, (2017) Australian Inflation rate
<https://tradingeconomics.com/australia/inflation-cpi>
9 Australian retail index, (2017), Home <https://www.australianretailindex.com.au/>

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10
Future Outlook:
This depict about the future changes in the Australian retail industry which has been
estimated through analyzing over the market. It has been found that the industry is enhancing
rapidly and in near future, there are more chances for the company to enhance the market and
manage the performance of the company11. Though, it has also been found that the subparts
of the retail industry would help the company to enhance the performance of the company.
Thus through the top down analysis, it has been investigated that the Australian retail
industry’s performance in concern of finance and market is quite imposing and this industry
is quite able to offer a great return to its investors12.
10 Trading Economy, (2017) Australian Inflation rate
<https://tradingeconomics.com/australia/inflation-cpi>
11 Fasanghari, Mehdi, and Gholam Ali Montazer. (2010), "Design and implementation of
fuzzy expert system for Tehran Stock Exchange portfolio recommendation." Expert Systems
with Applications 37, no. 9: 6138-6147.
12 Gelman, Andrew, John B. Carlin, Hal S. Stern, David B. Dunson, Aki Vehtari, and Donald
B. Rubin, (2014), Bayesian data analysis. Vol. 2. Boca Raton, FL: CRC press,

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Bottom up analysis:
Bottom up analysis is an investigation over various micro factors of a company. In
this analysis, numerous factors have been investigated related to the internal factor of the
company. This analysis depict the user about the performance of the company in terms of
managing the funds, raising the funds, administering the financial performance, efficiency of
the company, operations of the company and the performance of the company in terms of
finance. This part of fundamental analysis is mainly conducted by the analyst and investors to
identify the position of the company in terms of various aspects. Bottom up analysis is totally
opposite to the fundamental analysis. In bottom up analysis, individual securities are
examined by the investors and it is identified that how the individual company is performing.
This study depict that it is not required that if the industry is enjoying the growth than
investors would also enjoy the growth. This process depends upon an individual security and
the performance of that security.
For conducting the study of bottom up analysis, two firms of Australian retail industry
has been chose. These two firms are Wesfarmers and Woolworths limited. This study has
been conducted over two firms to analyze that how the company is performing and how it is
different from the industry13. There are various tools which could be used by the analyst and
the investors to analyze the performance of the company such as analysis over the financial
statements of the company, liquidity ratio analysis, profitability ratio analysis, efficiency ratio
analysis, solvency ratio analysis, capital structure analysis, DU Pont analysis etc14.
13 Piotroski, Joseph D., and Eric C. So, (2012), "Identifying expectation errors in
value/glamour strategies: A fundamental analysis approach." The Review of Financial Studies
25, no. 9 2841-2875.
14 Brown, Reilly, (2012), "Analysis of investments & management of portfolios.".
Reilly, Frank K., and Keith C. Brown, (2011), Investment analysis and portfolio
management. Cengage Learning.

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Bottom up analysis study express the point of view about the individual company and
not about the entire firm. In this analysis, it is examined that whether the company is in a
condition that the higher return could be get from the company or the company is in a critical
condition that it could not pay the dividend amount to its stakeholders. This study has been
performed over both the company to analyze that whether the companies are performing
according to the performance of the company or the performance of the company is totally
opposite to the performance of the industry.
DU Pont analysis:
DU Pont analysis is a study which has been investigated over Wesfarmers and
Woolworths Company to identify the return on equity (ROE) of both the companies. Return
on equity is a measurement which calculates the profitability condition of a company by
considering the shareholder equity’s value which has been stated in the book. The book value
of shareholder equity could be calculated as assets minus liability. Return on equity is a tool
which depicts that how a company makes use of the investment to make more profits and
enhance the earnings growth.
Wesfarmers:
Wesfarmers falls into the list of top Australian retailing companies. Company is
performing greatly in the market and the profitability position of the company is also good.
Calculations have been done of ROE over the company which has been placed below. The
study of DU Pont analysis express that the return on equity of the company is 12% which
means that the 12% profit is earned by the company through the investment.
DuPont Model: What
If Analysis
Income
Statement
Sales
$68,
015
Expenses
(COGS/Oper.
Exp.)
$46,
359
Net Profit
After Taxes
$2,8
73
Interest Expense $264 divided by
Net
Profit
4.22
%
Income Taxes
$65,
658 Sales
$68,
015 Margi
n

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multipli
ed by
ROA
=
7.1
6%
Balance Sheet Sales
$68,
015
Current Assets
$9,6
67 divided by
T.
Asset
1.69
55
Total Assets
$40,
115 Turno
ver
Long Term Assets
$30,
448
R
O
E
mult. by
12
%
Current Liabilities
$10,
417
Total
Liabilities
$16,
174
Long Term Debt $3
T.
Assets
$40,
115
Stockholder
Equity
$23,
941
divided
by
Fin.
Lev.
1.6
8
Multi
plier
Equity
$23,
941
Before Tax Cost
of Debt
10.0
0%
Tax Rate
30.0
0%
After Tax Cost of
Debt
7.00
%
15
Woolworth:
Woolworths falls into the list of top Australian retailing companies. Company is
performing greatly in the market and the profitability position of the company is also good.
Calculations have been done of ROE over the company which has been placed below. The
15 Yahoo finance, (2017), Woolworths limited, Australia.
<https://au.finance.yahoo.com/quote/WOW.AX?p=WOW.AX>

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study of DU Pont analysis express that the return on equity of the company is 22% which
means that the 22% profit is earned by the company through the investment.
DuPont Model: What
If Analysis
Income
Statement
Sales
$65,
004
Expenses
(COGS/Oper.
Exp.)
$38,
618
Net Profit
After Taxes
$4,3
53
Interest Expense
$1,2
34 divided by
Net
Profit
6.70
%
Income Taxes
$65,
658 Sales
$65,
004 Margi
n
multipli
ed by
ROA
=
8.8
1%
Balance Sheet Sales
$65,
004
Current Assets
$10,
340 divided by
T.
Asset
1.316
137
Total Assets
$49,
390 Turn
over
Long Term
Assets16
$39,
050
R
O
E
mult.
by
22
%
Current Liabilities
$10,
978
Total
Liabilities
$29,
564
Long Term Debt $3
T.
Asset
s
$49,3
90
Stockholder
Equity
$19,
826
16 Bodie, Zvi. Investments, (2013), McGraw-Hill,.

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divided
by
Fin.
Lev.
2.4
9
Multi
plier
Equity
$19,8
26
Before Tax Cost
of Debt
10.0
0%
Tax Rate
30.0
0%
After Tax Cost of
Debt
7.00
%
17
Financial data:
Further, financial analysis has been done over the company to analyze the
performance of the company in terms of position of the company, changes which has taken
place from last year, profitability of the company, rise into the expenditure of the company
etc. this analysis is a study which evaluates the financial statement of a company to make a
better decision about the economical and profitable conduction. Income statement, cash flow
statement, balance sheet, changes in the equity etc are analyzed in this case. Some of the key
points of the financial analysis of the company has been highlighted to identify the better
performance of the company.
Wesfarmers:
Wesfarmers falls into the list of top Australian retailing companies. Company is
performing greatly in the market and the profitability position of the company is also good.
Analysis has been done over the Income statement, cash flow statement, balance sheet,
changes in the equity etc which has been placed below18. The study of financial data analysis
express that the various changes have been taken from last year in current year. It has been
17 Yahoo finance, (2017), Wesfarmers limited, Australia,
<https://au.finance.yahoo.com/quote/WES.AX?ql=1&p=WES.AX>
18 Richardson, Scott, İrem Tuna, and Peter Wysocki. (2010), "Accounting anomalies and
fundamental analysis: A review of recent research advances." Journal of Accounting and

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analyzed that the performance of the company has been enhanced in terms of revenue of the
company and the net profit of the company and various other aspects of the financial data of
the company.
Financial Data of Wesfarmers company
Particulars Amount Amount
AUD$ '000 AUD$ '000
Total Revenue 68,015 65,512
COGS 46,359 45,525
Operating Profit/(Loss) 21656.0 19987.0
EBIT 4138.0 1038.0
Finance cost 264.0 308.0
Net profit 2873 407
Current Assets 9667 9684
Quick Assets 3137 3424
Inventory 6530 6260
Average inventory 6395.0
Trade
receivables/Debtors
1633.0 1628.0
Average Debtors 1630.5
Total Assets 40115 40783
Average assets 40449 60604.5
Dividend Paid 13770 11340
Current Liabilities 10417.0 10424.0
Trade
Payables/Creditors
6615 6491
Average creditors 6553
Total Liabilities 16174 17834
Capital Employed 29698.0 30359.0
Long term loans 5,757 7,410
Shareholders' Equity 23941 22949
Dividend per Share
(DPS)
2.56 733
Earnings per Share
(EPS)
2.54 0.33
Price per Share 10 10
Dividend per Share
(DPS)
2.56 733
Earnings per Share
(EPS)
2.54 0.33
Price per Share 10 10
Economics 50, no. 2: 410-454.

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Woolworth:
Woolworths falls into the list of top Australian retailing companies. Company is
performing greatly in the market and the profitability position of the company is also good.
Analysis has been done over the Income statement, cash flow statement, balance sheet,
changes in the equity etc which has been placed below19. The study of financial data analysis
express that the various changes have been taken from last year in current year. It has been
analyzed that the performance of the company has been enhanced in terms of revenue of the
company and the net profit of the company and various other aspects of the financial data of
the company.
Financial Data of Woolworths retail company
Particulars Amount Amount
AUD$ '000 AUD$ '000
Total Revenue 65,004 56,504
COGS 38,618 33,356
Operating Profit/(Loss) 26386.0 23150.0
EBIT 5043.0 4140.0
Finance cost 1234.0
Net profit 4353 3120
Current Assets 10340 8281
Quick Assets 3223 2400
Inventory 7117 5881
Average inventory 6499.0
Trade
receivables/Debtors
1608.0 1081.0
Average Debtors 1344.5
Total Assets 49390 41455
Average assets 45422.5
Dividend Paid 13770 11340
Current Liabilities 10978.0 9086.0
Trade
Payables/Creditors
10370 8631
Average creditors 9500.5
Total Liabilities 29564 27204
Capital Employed 38412.0 32369.0
Long term loans 18,586 18,118
Shareholders' Equity 19826 14251
Dividend per Share
(DPS)
2.56 733
Earnings per Share 2.54 0.33
19 Brown, Reilly, (2012), "Analysis of investments & management of portfolios.".

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(EPS)
Price per Share 10 10
Dividend per Share
(DPS)
2.56 733
Earnings per Share
(EPS)
2.54 0.33
20Price per Share 10 10
Ratio Analysis:
Lastly a study has been performed over the various ratios of the company to analyze
the performance of the company, liquidity condition of the company, profitability position of
the company, solvency position of the company, capital structure of the company etc21. this
study express about entire micro economical factors of the company. This analysis study is
quite easy to conduct and it gives a brief idea to the customer about the position of the
company so that the best decision could be made by the investors about the investment.
Wesfarmers:
Wesfarmers falls into the list of top Australian retailing companies. Company is
performing greatly in the market and the profitability position of the company is also good.
Analysis has been done over liquidity position, profitability position, solvency position,
capital structure etc, which has been placed below. The study of ratio analysis express that
the various changes have been taken from last year in current year. It has been analyzed that
the performance of the company has been enhanced in terms of profitability, liquidity and the
solvency position of the company.
Computation of ratio analysis
Liquidity ratio 2017 2016
Current ratio 0.928002304 0.929009977
20 Morningstar, (2017), Wesfarmers limited, Australia,
<http://financials.morningstar.com/income-statement/is.html?t=WFAFF>
21 Reilly, Frank K., and Keith C. Brown, (2011), Investment analysis and portfolio
management. Cengage Learning.

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Quick ratio 0.301142363 0.328472755
Working capital -750.0 -740.0 1%
Profitability Ratios 2017 2016
Operating Profit Margin 0.060839521 0.015844425 -
0.044995095
Net Profit Margin 0.042240682 0.006212602 -0.03602808
Return on Capital Employed 0.1 0.0 -
0.105145133
Return on Equity 0.120003342 0.017734978 -
0.102268364
Return on Total assets 0.071619095 0.009979648
Debt equity ratio
Capital structure ratio 2017 2016
Debt- equity 0.675577461 0.777114471
Interest coverage ratio 15.67424242 3.37012987
Efficiency ratio
Efficiency ratio 2017 2016
Receivable turnover ratio 41.7141981
Creditor turnover ratio 7.074469709 6.143724696
Inventory turnover ratio 7.249257232 27.96375921
Assets turnover ratio 1.681500161 1.080975835
Computation of return on capital invested
Particular 2017 2016
ROCI -298.4051037 -588.964182
Woolworth:
Woolworths falls into the list of top Australian retailing companies. Company is
performing greatly in the market and the profitability position of the company is also good.
Analysis has been done over liquidity position, profitability position, solvency position,
capital structure etc, which has been placed below. The study of ratio analysis express that
the various changes have been taken from last year in current year. It has been analyzed that
the performance of the company has been enhanced in terms of profitability, liquidity and the
solvency position of the company.
Computation of ratio analysis
Liquidity ratio 2017 2016

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Current ratio 0.941883768 0.911402157
Quick ratio 0.293587174 0.264142637
Working capital -638.0 -805.0
Profitability Ratios 2017 2016
Operating Profit Margin 0.077579841 0.073269149
Net Profit Margin 0.06696511 0.05521733
Return on Capital Employed 0.1 0.1
Return on Equity 0.219560174 0.218932005
Return on Total assets 0.08813525 0.075262333
Debt equity ratio
Capital structure ratio 2017 2016
Debt- equity 1.491173207 1.908918672
Interest coverage ratio 4.086709887
Efficiency ratio
Efficiency ratio 2017 2016
Receivable turnover ratio 48.34808479
Creditor turnover ratio 4.064838693 1.841042058
Inventory turnover ratio 5.942144945 30.85661425
Assets turnover ratio 1.431096923
Computation of return on capital invested
Particular 2017 2016
ROCI -479.8245614 -533.4946757
22
Summary and Findings:
Through this report, it has been found that the top down and bottom up both the
analysis are totally different from each other. Both of these tasks are evaluated by the analyst
in different situation. Such as if the industry analysis is required to done than top down
analysis is a better option otherwise the bottom up analysis could be opted by the company.
Further, in this research the following findings have been performed to evaluate entire
associated factors. In this report, it has been investigated that the Australian retail industry is
22 Morningstar, (2017) Woolworths limited, Australia,
<http://financials.morningstar.com/income-statement/is.html?
t=WLWHF&region=usa&culture=en-US>

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managing the performance very well. It has been analyzed that the global crisis has impacted
over the performance of the company but still various strategies have helped the company to
manage the position.
Through conducting this report, it has been found that the Australian market has been
impacted through the global crisis but now the market has managed the performance. Further,
it has also been found that the companies are performing well in the retail industry as the
same time, the retail industry of the Australian market is also depicting about the huge
performance of the company. The financial data of both the company depict that the firms are
also enhancing their market and profitability position with the increment in the industry
position. Thus it has been found that if the investor would invest into the Australian retail
industry then the return of the investor would be attractive and the long run investment would
offer huge return to the investors.
Recommendation and Conclusion:
Thus to conclude, it has been investigated that the Australian market is enhancing
rapidly, consequently, the performance and the policies of Australian government is also
attractive which attracts FDIs to invest into the market. Further, it has been investigated that
the various opportunities are available for the investors in the Australian retail industry. The
bottom up analysis depict about the performance of both the companies whereas the top down
analysis depict about the performance of Australian retail industry.
Through this report it could be said that the retail industry of the Australian market is
also depicting about the huge performance of the company. The financial data of both the
company depict that the firms are also enhancing their market and profitability position with
the increment in the industry position. Thus it has been found that if the investor would invest
into the Australian retail industry then the return of the investor would be attractive and the
long run investment would offer huge return to the investors.

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22
References:
Books:
Zvi, B., Investments, (2013), McGraw-Hill,.
Scott, R., Tuna, I., and Wysocki. P., (2010), "Accounting anomalies and fundamental
analysis: A review of recent research advances." Journal of Accounting and Economics 50,
no. 2: 410-454.
Reilly, B., (2012), "Analysis of investments & management of portfolios.".
Frank K., and Keith C. Brown, B., (2011), Investment analysis and portfolio management.
Cengage Learning.
Piotroski K., Joseph D., and Eric C. So, (2012), "Identifying expectation errors in
value/glamour strategies: A fundamental analysis approach." The Review of Financial Studies
25, no. 9 2841-2875.
Fasanghari, M., and Gholam A., (2010), "Design and implementation of fuzzy expert system
for Tehran Stock Exchange portfolio recommendation." Expert Systems with Applications 37,
no. 9: 6138-6147.
Andrew G., John B., Carlin K., Hal S. Stern, David B. Dunson, Aki Vehtari, and Donald B.
Rubin, (2014), Bayesian data analysis. Vol. 2. Boca Raton, FL: CRC press,
Ronnie H., Christopher C. Deneen S., and Eugenia M, (2011), "Analysis of the technology
acceptance model in examining students' behavioural intention to use an e-portfolio system,
(2015), " Australasian Journal of Educational Technology 27, no. 4.
Kevin, S. Security analysis and portfolio management. PHI Learning Pvt. Ltd.,
DeFusco K., Richard A., Dennis W. McLeavey, Mark JP Anson, Jerald E. Pinto, and David
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