Fundamental Analysis of Australian Retail Industry

This assignment delves into a fundamental analysis of the Australian retail industry, focusing on key players like Wesfarmers, Woolworths, and the broader retail sector's performance. It utilizes financial data from sources like Yahoo Finance and Trading Economics to calculate ratios, analyze trends, and assess the industry's health. The assignment emphasizes understanding macroeconomic factors influencing the sector and drawing conclusions about future prospects.

Running head: Financial market and Institutions
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Financial market and institutions

Financial market and Institutions
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Executive summary
In this report paper, fundamental analysis’s techniques have been analyzed and it has
been found that how could these activities help an investor to make a better decision about
the investment into the stock market. It is quite requisite for every stockholder or investor to
make a decision about long term investment in the stocks of a company. For For conducting
this report, retail industry of Australia has been taken into the context and two companies of
retail industry has also been taken which are Wesfarmers and Woolworths limited for
performing this study n a well manner, top down analysis and bottom up analysis have been
done to make a better decision.

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Contents
Introduction.......................................................................................................................4
Industry overview.............................................................................................................4
Woolworth Limited..........................................................................................................4
Wesfarmers limited...........................................................................................................5
Top down analysis............................................................................................................5
Future projection on Australian stock market..............................................................8
Industry Viewpoint.......................................................................................................8
Industry data.............................................................................................................8
Future Outlook..............................................................................................................9
Current intrinsic value of companies............................................................................9
Wesfarmers limited:..................................................................................................9
Woolworths.............................................................................................................10
(Yahoo finance, 2017)....................................................................................................10
P/E model....................................................................................................................10
Wesfarmers limited:................................................................................................10
Woolworths.............................................................................................................11
Bottom up analysis.........................................................................................................11
Financial data:.............................................................................................................12
Wesfarmers.............................................................................................................12
(Morningstar, 2017)................................................................................................13
Woolworth..............................................................................................................13

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(Morningstar, 2017)....................................................................................................14
Ratio Analysis.............................................................................................................14
Wesfarmers.............................................................................................................14
Woolworth..............................................................................................................15
DU Pont analysis........................................................................................................16
Wesfarmers.............................................................................................................16
Woolworth..............................................................................................................17
Summary and Recommendation.....................................................................................19
References.......................................................................................................................20

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Introduction:
In this file, main concern has been put over the Fundamental analysis. It is quite
requisite for every stockholder or investor to make a decision about long term investment in
the stocks of a company. It has been observed that fundamental analysis method is crucial for
the investors as it offers the entire ups and downs information of the company of last few
years through analyzing the worth of the company. While conducting the study of
fundamental analysis, it has been observed that various information such as annual report,
financial statement, new changes in the company etc. For conducting this report, retail
industry of Australia has been taken into the context and two companies of retial industry
has also been taken which are Wesfarmers and Woolworths limited for performing this study
n a well manner (trading economy, 2017).
Industry overview:
Retail industry of Australian has been analyzed and it has been observed that this
industry of Australia offers the higher GDP of the country. It has been observed that due to
the global financial crisis the Australian retail industry has also been affected as well as it
hampered the performance of the entire companies of the industry. Still the Australian retail
company is performing very well and thus the companies of the industry had affected the less
in comparison of other industry’s firms. Further, Wesfarmers and Woolworths limited has
been observed as two of the biggest Australia retailing companies in the market of Australian.
Hence, for performing this report, these 2 companies have been taken into the context as the
growth of the industry hugely depends over these two companies.
Woolworth Limited:
Woolworth’s limited company is recognized as one of biggest Australian retailing
companies. Woolworth limited is operating its business from last 2 decades in the Australian
market. In 1997, it has registered itself in the Australian stock exchange to trade the business
of stocks. The head office of the company is situated at South Africa. This company has
operated its business functions into numerous sections such as Woolworths logistic segment
for handling the transportation, Woolworths clothing segment for producing and selling the
home ware items, beauty products and clothing, Woolworth food consists the food outlets,

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Woolworths financial services department offers various financial services to the clients,
further, various other departments are also there such as Country road group, witchery group,
David Jones etc. Currently, the company is operating its business in approx 14 companies
with the 43000 man power and it is operating its business through 1300 outlets. Australian
Retail Company and the annual report of the company depict that almost 40% of total
revenue is earned by the company from Australian market only (Morningstar, 2017).
Wesfarmers limited:
Wesfarmers limited company is recognized as one of biggest Australian retailing
companies. Wesfarmers limited is operating its business from last 10 decades in the
Australian market. In 1914, this company has come into existence and it has registered itself
in the Australian stock exchange to trade the business of stocks. The head office of the
company is situated at Perth in Australia. This company has operated its business functions
into numerous sections such as gas processing, retail industry, safety product distribution
industry, distribution industry, coal mining industry, production industry and many, chemical
industry, fertilizers manufacturing industry and lastly investment businesses in various
countries like UK, Australia, new Zealand and global. Presently, company has diversified its
business into various markets and industries to manage the performance and profitability of
the company (Nelson et al, 2012).
Top down analysis:
Fundamental analysis is one of the methods to manage the portfolio or stock of the
company. Top down analysis and bottom up analysis are the two methods of technical
analysis. In fundamental analysis, external factor and internal factor of a company has been
analyzed to monitor the performance and positioning of the company and the industry. Top
down analysis express its concern about various market changes and the economical factor of
the country. Basically, this analysis has been performed over the Australian retail industry of
to analyze the various macro economical aspect of the industry. It has been found through the
study that various issues are faced by the investors while making a decision about the
investment in a stock so various methods are available for them to make a better decision.
Top down analysis is one of them. For performing the study over the top down analysis of
Australian retail industry various macro economical factors have been analyzed such as,

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inflation rate of the country, GDP, interest rate etc (Krnatz, 2016). Through the study, it has
been found that in Australian retail market, various macro economical factor are there to
influence the operation of the industry.
Potential of the investors have been analyzed for conducting this report further. GDP
has been taken as the main indicator that helps the investors and analyst in evaluating the
health of economy, political condition, environmental factor and conditions of the country.
The global financial crisis has also been studied and found that due to that crisis, Australian
retail industry has also faced issued and because of that issues, the return of the company to
their investors have been lowered (Morote, García-Ybarra & Castillo, 2013). Still, the return
offered by the Australian retail industry is far better than other industries and other countries.
(Yahoo finance, 2017)
Through the above chart, it has been found that the Australia’s GDP per capital is
USD 1.205 trillion whereas the GDP of other companies such as India and Canada are quite
higher. But changes into last few years have been studied and found that the GDP of the
country is enhancing rapidly. Additionally, it has also been observed that the political
sustainability and exchange rate risk of Australian market is rather positive in contrast of
other states like UK and therefore it becomes simple for the stockholders to invest into this

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state and the Australian retail industry is also adopting many strategies to manage the risk
(Zaki et al, 2014).
(Analysis – Total retail, 2017)
The Australian retail industry has been analyzed and it has been found that the
performance of the retail industry in the Australia is enhancing its performance from last few
years. The retail industry of Australia is depicting an average rate of 8% of growth every year
and the growth rate of retail industry is quite higher in Australian market. Further, various
techniques and policies of the Australian market have been analyzed and it has been found
that the political changes are quite constant and thus they are not impacting over the
performance and profitability of the company. More, the fiscal policy of Australian market
has been analyzed and found that diverse changes have taken places into the Australian fiscal
plan which have impacted over the Australian retail industry and due to it, the foreign direct
investment of the company has also been enhanced (Lou et al, 2012). GDP chart of the
Australian market depict that the Australian GDP has been lowered from last 2 years still the
Australian market’s current condition depicts about an upward slope of GDP that express
about the investment which would be higher in the Australian market as Australian market’s
return capacity would be enhanced due to it. The Australian market’s inflation rate has also
been investigated and it has been found that the country’s inflation rate has been improved by
1.95% currently from last year.
The Australian retail industry and the firms under the Australian retail industry have
been evaluated and it has been found that various positive changes have been put into the
Australian retail industry. Woolworths and Wesfarmers limited which are the top companies

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of Australian retail market have been investigated and it has been found that the return to the
shareholders are enhancing in both the companies (Luo et al, 2014). And the operations and
the policies and strategies of the company has also been analyzed and it has been found that
both the companies are fairly competitive and it aids the industry to manage the return and
the risk of the Australian retail industry.
Future projection on Australian stock market:
The study of future projection has been done over Australian retail industry. The
study over the GDP of the Australian market depicts about an upward slope which would be
enjoyed by the company in near future. Additionally, the employment rate and inflation rate
of the Australian market has also been forecasted and according to the forecast, a future
growth is expecting in the market. Hence, through the prediction, it is said to the investors
that it is a good option to invest into the retail industry as the return would be higher and the
risk is quite less in future (Seng & Hancock, 2012).
Industry Viewpoint:
Australian Retail industry has been evaluated and it has been found that the total
revenue of the Australian retail industry has been superior from last few years. Further, it has
also been analyzed that the retail industry’s total turnover has been improved still various sub
parts of the Australian retail industry are expressing a negative figures. Further, the industry’s
growth has also been found and there are more chances of the industry to perform better in
near future.
Industry data:

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(Analysis – Retail industry, 2017)
Future Outlook:
Wesfarmers limited and Woolworths limited has been taken into the context and
through this analysis, it has been evaluated that the future profitability and the performance of
Wesfarmers limited and Woolworths limited are quite striking. Both companies have adopted
various new strategies to handle the profitability and company’s performance. The BOD of
Wesfarmers limited and Woolworths limited have announced about the new planning for
managing the functioning of the company and comeback into the market with strong
preparation.

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Current intrinsic value of companies:
The intrinsic value of Wesfarmers limited and Woolworths limited has been evaluated
according to the two models (Piotroski & So, 2012) which are P/E multiple model as well as
cash flow technique.
Wesfarmers limited:
Below are the Wesfarmers’s stock price movement in last 5 years.
(Yahoo finance, 2017)
The above graph depict that the stock price of the company has been fluctuated various
times in last 5 years.
Woolworths:
Below are the Woolworths’s stock price movement in last 5 years.
(Yahoo finance, 2017)
The above details depict that the stock price of the company has been fluctuated less in
last 5 years.
P/E model:

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Further, for analyzing the intrinsic value of the company, PE model has been taken
into the context. Wesfarmers limited and Woolworths limited’s performance has been
indicated through considering the Australian retail industry as well. In this model,
Wesfarmers and Woolworths’s EPS and PE have been calculated and after that by
multiplying the P/E and EPS, price of stock has been calculated. Through this report, it has
been investigated that whether the stocks are undervalued or overvalued shares.
Wesfarmers limited:
Intrinsic Value: PE Multiple approach
A. Industry PE 25.25
B. EPS
0.
52
C. Price per share 13.13
D. Actual Price 42.52
E. Over valued 29.39
(Morningstar, 2017)
While evaluating the share price of the company, it has been found that the Earnings
per share of the company are 0.52 whereas the PE ratio of the industry is quite higher. It has
been analyzed that the stock price of the Wesfarmers is highly overvalued. Thus it could be
said that the industry is not performing according to the rules and regulations of the industry.
Woolworths:
Intrinsic Value: PE Multiple approach
A. Industry PE 25.25
B. EPS 0.78
C. Price per share 19.695
D. Actual Price 17.08
E. Under valued 2.615
While evaluating the share price of the company, it has been found that the Earnings
per share of the company are 0.78 whereas the PE ratio of the industry is quite lesser. It has
been analyzed that the stock price of the Woolworths is highly undervalued. Thus it could be
said that the industry is not performing according to the rules and regulations of the industry
(Hajkowicz, Cook & Littleboy, 2012).

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Thus through this report, it could be depicted that the retail industry of Australia’s
performance is quite attractive and this investment would provide high return to its investors.
Bottom up analysis:
Fundamental analysis is one of the methods to manage the portfolio or stock of the
company. Top down analysis and bottom up analysis are the two methods of technical
analysis. In fundamental analysis, external factor and internal factor of a company has been
analyzed to monitor the performance and positioning of the company and the industry.
Bottom up analysis express its concern about stock price changes and the changes into the
company’s business functioning. Basically, this analysis has been performed over the
Australian retail industry of to analyze the various micro economical aspect of the firm. It has
been found through the study that various issues are faced by the investors while making a
decision about the investment in a stock so various methods are available for them to make a
better decision. Bottom up analysis is one of them. For performing the study over the bottom
up analysis of Australian retail industry various micro economical factors have been analyzed
such as, ratio analysis, DU Pont analysis etc (Krnatz, 2016). Through the study, it has been
found that in Australian retail market, various micro economical factors are there to influence
the operation of the industry (Zhang et al, 2013).
Potential of the investors have been analyzed for conducting this report further. Ratio
analysis and DU Pont analysis have been taken as the main indicator that helps the investors
and analyst in evaluating the performance of the company, return to the investors, price
fluctuations etc. The global financial crisis has also been studied and found that due to that
crisis, Australian retail industry has also faced issued and because of that issues, the stock
price of the company has been lowered (Morote, García-Ybarra & Castillo, 2013). Still, the
fluctuation in the stock price of Australian retail firms is quite lesser.
Financial data:
Firstly, financial data of the company has been analyzed to perform the bottom up
analysis of the company:
Wesfarmers:

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For the bottom up analysis, 2 year’s financial data of the Wesfarmers has been
evaluated to recognize the company’s position and performance (Parker & Vannest, 2012). It
has been found that the performance and the position of the company have been enhanced
from 2016 in 2017.
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
(Morningstar, 2017)

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Woolworth:
For the bottom up analysis, 2 year’s financial data of the Woolworths has been
evaluated to recognize the company’s position and performance (Parker & Vannest, 2012). It
has been found that the performance and the position of the company have been enhanced
from 2016 in 2017.
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
(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
(Morningstar, 2017)

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Ratio Analysis:
Additionally, the study of ratio analysis has been performed to conduct the bottom up
analysis over both the companies to investigate the micro factor of the company. It has been
evaluated that this analysis over the ratios would assist the investors’ in making a better
decision about the investment. For this study, numerous ratios have been evaluated like
profitability ratio, liquidity ratio, efficiency ratio etc. these ratios calculation and the
interruption has been given below:
Wesfarmers:
The Wesfarmers have been taken into the context, for performing the study of ratio
analysis, various ratios have been calculated. Through the below calculations, it has been
found that the liquidity position of Wesfarmers is constant from last year which express about
a good liquid position of the company. More, profitability condition has been evaluated of the
company which express a better profitable condition from 2016 in 2017 (Parker & Vannest,
2012). Lastly, company’s efficiency ratio express about the efficiency of the company and
the functions of the company.
Computation of ratio analysis
Liquidity ratio 2017 2016
Current ratio 0.928002304 0.929009977
Quick ratio 0.301142363 0.328472755
Working capital -750.0 -740.0 1%
Profitability Ratios 2017 2017
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

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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
Woolworth:
The Woolworths have been taken into the context, for performing the study of ratio
analysis, various ratios have been calculated. Through the below calculations, it has been
found that the liquidity position of Wesfarmers has been better from last year due to changes
in the current assets and liabilities of the company. More, profitability condition has been
evaluated of the company which express a better profitable condition from 2016 in 2017
(Parker & Vannest, 2012). Lastly, company’s efficiency ratio express about the efficiency of
the company and the functions of the company which are quite better.
Computation of ratio analysis
Liquidity ratio 2017 2016
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

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Receivable turnover ratio 48.34808479
Creditor turnover ratio 4.064838693 1.841042058
Inventory turnover ratio 5.942144945 30.85661425
Assets turnover ratio 1.431096923
(Sarsby et al, 2014)
DU Pont analysis:
Lastly, a study of DU Pont analysis has been conducted over both the companies to
evaluate the company’s ROE position. This DU Pont analysis has been performed to get a
brief idea about the company’s condition for making a better decision about the investment in
the company.
Wesfarmers:
Firstly, this study has been performed over the Wesfarmers. ROE of the company has
been analyzed in this study. The ROE of the Wesfarmers is 12% in 2017.
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
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

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19
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
%
(Yasin, 2014)
Woolworth:
Firstly, this study has been performed over the Woolworths. ROE of the company has
been analyzed in this study. The ROE of the Woolworths is 22% in 2017.
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
%

Financial market and Institutions
20
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 Assets
$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
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
%
Summary and Recommendation:
In this report, retail industry of Australia has been analyzed and further 2 firms of the
same industry has been taken into the context to perform the top down and bottom up
analysis. Through the top down analysis of the company, it has been found that both the

Financial market and Institutions
21
companies as well as the retail industry of Australia is performing well and the companies
have adopted various new strategies and policies to manage the performance of the company
and the enhance the return to the shareholders. Through conducting the top down analysis
over the Wesfarmers limited and Woolworths limited, it has been found that the retail
industry of Australia’s performance is quite attractive and this investment would provide high
return to its investors.
Further, the bottom up analysis has also been performed over the Wesfarmers limited
and Woolworths limited to analyze the micro factor of both the companies and make a better
decision about the investment into the company. It has been analyzed through this report that
the financial performance of both the companies has been enhanced from 2016 in 2017.
Further the ratio analysis study depict that the performance of the company in terms of
liquidity and profitability is quite string and the profits of the company are enhancing rapidly
and lastly, the ROE of both the companies are competitive.
Thus through both the analysis over the retail industry of Australia as well as
Wesfarmers limited and Woolworths limited, it could be said that the firms and industry
would perform even better in near future and thus it is a good choice for the investors to
invest their amount for a long term to enjoy the return of the company.

Financial market and Institutions
22
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