Detailed Financial and Strategic Analysis: Medibank Private Ltd

This report conducts a financial analysis of Medibank Private Ltd, beginning with a business and strategy analysis incorporating PESTEL and Porter's Five Forces to assess the company's operational environment and competitive positioning. The analysis evaluates the industry's growth potential and Medibank's accounting practices, including the quality of its financial information and accounting policies. Financial ratios, including operational, financial, and investment ratios, are used to conduct a thorough financial analysis, incorporating cross-sectional and time-series analyses to review the company's performance over a specific period. The report concludes with a prospective analysis, forecasting the income statement and balance sheet based on trend analysis, business factors, and macroeconomic conditions, providing recommendations based on the overall performance evaluation. Desklib offers a range of study tools and resources for students, including solved assignments and past papers.

Running head: FINANCIAL ANALYSIS
Medibank Private Limited
Name of the Student:
Name of the University:
Author’s Note:

1FINANCIAL ANALYSIS
Executive Summary
The aim of the project is to review and conduct a financial analysis on the Medibank Private
Ltd. The Business and strategy analysis was performed which included the performance of
the company’s business and the strategy involved by the company in the form of the Pestel
analysis and the factors that affect the workings of the company. The analysis of the porter’s
five forces has helped us evaluate the business and industry review under which the company
operates. The growth potential of the industry were identified to capture and analyse the
performance of the company. The accounting analysis conducted helped us evaluate the
performance of the company in respect to the industry. Certain ratios were taken on industry
and company perspective for evaluating the same. The accounting policies of the companies
along with the quality of the financial information was also evaluated. The financial analysis
of the company was carried on by using the financial ratios of the company and key ratio’s
such as operational, financial and investment ratios were used and evaluated for conducting
the financial analysis of the company. The data collected from the financial reports were then
use in the form of cross sectional and time series analysis which helped us review the
performance of the company in the trend period taken. The forecasting of the income
statement and the balance sheet of the company was done keeping in view with the trend
analysis of the company, business and macro-economic factors under which the company
operates.

2FINANCIAL ANALYSIS
Table of Contents
Introduction................................................................................................................................4
Discussions.................................................................................................................................4
Business and Strategy Analysis.................................................................................................4
Analysis of the Economy.......................................................................................................4
Industry Analysis...................................................................................................................7
Porters Five Force Analysis...................................................................................................8
Company’s Competitive and Corporate Strategy................................................................11
Accounting Analysis................................................................................................................11
Key Accounts of the Company............................................................................................11
Disclosure of Accounting Policies.......................................................................................11
Earnings Management..........................................................................................................12
Financial Analysis....................................................................................................................12
Return on Equity..................................................................................................................13
Operating Management Ratio..............................................................................................13
Investment Management Ratio............................................................................................16
Financial Leverage Ratio.....................................................................................................17
Cross Sectional and Time Series Analysis...........................................................................20
Prospective Analysis................................................................................................................21
Forecast of the Company.....................................................................................................21
Overall Performance of the Analysis...................................................................................22
Recommendations....................................................................................................................23

3FINANCIAL ANALYSIS
Reference..................................................................................................................................24

4FINANCIAL ANALYSIS
Introduction
The Company Medibank Private Ltd operates as an integrated healthcare and
wellbeing service provider company. The company caters the health care sector though it’s
various healthcare related products and services (Cassidy, 2016).
A SWOT analysis and PEST analysis is shown which shows how the company uses
its group of network, innovative skills, presence in all market with highest market share, its
product portfolio as its strength. While the company faces many issue with the fierce
competition it faces from Bupa Health Care Company and others. It also faces many political
threats in different parts of the country with certain law and taxation effects by the rules and
the guidelines set by the Regulatory Board of the Insurance Sector. While exploring
economies with young demographic trend and developing economies where the field of
healthcare can be more explored is the aim for the company and building its major share over
there is a major strategy for the company (Wolf & Floyd, 2017).
The financial ratios and the evaluation of the same was performed to get an overview
of the company. The forecasting of the data for the company and the industry analysis of the
company helped us determine the business strategy implied by the company (Wheelen et al.
2017).
Discussions
Business and Strategy Analysis
Analysis of the Economy
PEST Analysis

5FINANCIAL ANALYSIS
The PEST Analysis is an analytical review of the external factors affecting the
company’s operations and its day-to-day workings. The PEST is the acronym for the factors
like Political, Economic, Social, Technological, Legal and Environmental Factors affecting
the company. The macro environmental factors may have a direct influence on the company’s
operations and the long term financial goals of the company. Thus it is important to review
and analyse the PESTEL analysis of the company. The analysis will help in getting the
detailed analysis of the business environment and the economy and industry under which the
company operates (Song, Sun & Jin, 2017).
Political Analysis: The Medibank Company operates in the Political scenario of the
Australia economy and various other companies where the company caters different kinds
and types of insurance services and products to its globally based customers. The country
GDP gets a larger boost by the healthcare Industry where the sector contributes a significant
portion of GDP. The performance of the Industry and the stable political environment has
made the company’s operations well operate without any political interventions. The
political factors that may influence the operations of the company is the political instability in
the economy where the company performs and the interference of the concerned insurance or
the regulatory bodies n maintain and by changing the principal, rules and guidelines of the
insurance sector (Lamas Leite, et al. 2017).
Economic Factors: The Economic growth of the country has been impressive with the
growth of the economy it gives an opportunity for the company to cater more customers in
the insurance sectors. The rise of the economy and the increase of the Purchasing Power
Parity of the consumers will help ease the consumers will spend more of their amount in the
sector like Healthcare Insurance products as a savings and for securing there future. All other
economic factors like the interest rate, Inflation Rate, and economic growth pattern affects
the country economic scenario. The Medibank Private Ltd Company can use the opportunity

6FINANCIAL ANALYSIS
of exploring the industry sector of different economies and forecast and perform better
operational activates of the company by exploring the developed countries (Rastogi &
Trivedi 2016). The key economic factors that the company should evaluate is the government
intervention and the financial markets efficiency and the stability of the economy. Business
cycle and other macro-economic trends of the economy may be important to assess while the
operational activities of the company is carried.
Social Factors: The factors help us understand the various social environment and the
different cultural trends, population or demographic analysis. The Medibank Company has a
wider group of target consumers which are in need of healthcare services and those in the age
range of 45-80 and the young demographic of the country with the age range of 5-25 years of
age (Amin et al. 2017).
Technological Factors: Technological changes and getting adapted to latest technology
marks the company’s growth. There are certain factors and innovations in the technology
field, which can bring changes in the Medibank Company like using advanced tools for the
treatment of various health related problems which could bring efficiency in the company
(Mkude & Wimmer, 2015).
Environmental Factors: These Factors comprise of all factors, which influences and
determines the operations of the business. The Environmental Factors for the company have
remained in favour of the company because of its different strategy of servicing and catering
to different people and in building of new culture among the people.
Legal Factors: Safety Standards, labour laws and other consumer laws comprises the legal
factors, which affects the company’s operations. Certain policies changes affect companies if
these changes are not static. Australian Government has been very strict with the labour laws
and other legal factors to protect the workforce from being exploited. There are certain other

7FINANCIAL ANALYSIS
factors like different healthcare services like insurance services needs to be followed by the
guiding principles of the Insurance Regulator department and changes in principles and laws
should be reflected in the company’s policy.
Industry Analysis
The operations and distribution of health services is categorised into two major
groups the first group or the segment deals with the Health Care Insurance Products and
services, which the company caters. The Medibank Health is the other segment by which the
company caters the heath care sector (Sabirov et al. 2015). The insurance group offers a
health insurance products to its customers which covers various healthcare related services.
The group serves to major customer base both domestic and overseas. The other group or the
Medibank segment caters the customers by providing health management to every group of
customers.
The Company Medibank is the second biggest operator of the health care sector
where the company ranks second biggest company after the Bupa Health Care Company
which dominates the market and is the largest player in the sector of healthcare. The
Company Medibank has around 29.1% of the market share. The company was founded in the
year 1975 as Health Insurance Company. There are certain aspects of the company like the
business analysis, industry review and financial analysis of the company was performed to
get an overview of the company and terms of their operational and financial performance of
the company since the year 2016. The financial data from the year 2016 was collected for the
company in order to review the same.
Pest
Analysis
Political
Analysis
Social
Analysis
Technologica
l
Analysis
Economical
Analysis

8FINANCIAL ANALYSIS
Porters Five Force Analysis
The porters five force analysis is an important industry and business environment
management tools that provides a strategic advantage to the company. The Medibank
Company acting as the second largest market player in the field of healthcare sector has
constantly upgraded the ways for operating the business strategies and the cycle under which
the company operates (Dobbs, 2014).
Michael Porter Analysis of five Forces, which show how different factors affects
company operations, level of competition and environment.
 Competitive Rivalry: The competition among rival firms in the industry drives the
economic profit to zero. The extent of rivalry among the firms in the Industry differs
from Industry to Industry. Medibank company faces fierce competition in the
Industry Healthcare because of the following reasons:
1. The Barriers to Entry in the Industry is low, but probability of stabilized
business in the end is low (Mathooko & Ogutu, 2015).
2. Low switching Cost among the consumers.
The company because of its presence in the market for a longer period of time along with
the loyalty of consumer towards the Brand Medibank which is more than just a healthcare
service provider.
 Supplier Power: The Bargaining power of supplier depends upon the diversity of
suppliers in the Industry. It also shows how companies cost can get influence if there
is a slight influence by the Supplier. The company Medibank mainly is a large group
of supplier in the field of the issuance sector itself (Yunna & Yisheng, 2014).

9FINANCIAL ANALYSIS
The company must defines the business contract and many other rules and
regulations, which are in favour of both the parties. This ensures that the work reflects the
standards and policies of the companies.
 Buyer Power: The power of Buyer reflects the bargaining power the consumer faces
and the impact it cause on the Production Industry or company. The Medibank
Company operates in the Healthcare Industry where the bargaining power between
the customers is low and the customers because of their purchases made in small
amount the insurance products are usually bought by the customers in limited
quantity. The company faces a slight competition here with other competitors like the
Bupa and all but, it is all about the Brand Loyalty which then comes into play.
 Threat of Substitution: A similar or substitute product which is similar to a product
and which affects the demand of the product is a type of substitute product. The threat
of a substitute comes into effect when the price change affects the price of the product
changes and the product’s demand. Medibank Company has a strong rivalry in the
healthcare industry and there are many service distributor of healthcare which
privides similar healthcare and life related insurance products and services.
 Threat of New Entry: The threat of new entry in the industry depends on many factors
like the customer switching cost, Investment in technology, operations of the business
and profitability. The Medibank Company operates in the healthcare sector where the
threat of new entry is quite low because of the cost involved in machinery, technology
developing the brand handling operations and marketing efficiently. All these require
significant costs for the company. The switching cost for consumer is quite low but
the brand loyalty is the most important factor in this Industry (Porter & Heppelmann,
2014).

10FINANCIAL ANALYSIS
BargainingPowerofBuyer:LowBargainingPowerofSupplier:ModerateCompetitiveRivalry:HighThreatofSubstitute:HighThreatofNewEntry:Low
Porter’s Five Force Analysis of Medibank Private Ltd

11FINANCIAL ANALYSIS
The five-force model for the Medibank Private Ltd has shown the evaluation and the
environment in which the company operates. It also shows the profitability and how attractive
the Industry is. The management of the company should perform strategies based on the
analysis done to overcome profitability and its major competitor Bhupa.
Company’s Competitive and Corporate Strategy
The Medibank Private Ltd Company’s management uses various strategy and
methods for analysing and intercepting inherits and weakness of the company. The company
is trying to understand the internal and external factors and other organizations capabilities
and business environment in which the coffee/bar shop operates.
The company has a target group of customers, it differentiates itself from other
healthcare company by its unique strategy, by providing healthcare services in every aspect
from insurance to treatment of health related services to its customer. The company has a
large targeted demographic trend of people who are in need of the healthcare related services
and other services like the facility of insurance in various fields helps the company form a
better group and base of customers.

12FINANCIAL ANALYSIS
Accounting Analysis
Key Accounts of the Company
The three major accounts of the company which can be linked to the industry and
competitive corporate strategy analysed above were the Revenue account, Net Profit and the
total long term debt of the company. The key accounts plays an important role in the
company. The revenue of the company was seen to be increasing because of the strategy
deployed by the company by targeting broader demographic trend and by exploring new
developing economies. The total debt of the company which is an important actor is also seen
to be decreasing which reduces the financial risk of the company (Cucchiella & Rosa, 2015).
Disclosure of Accounting Policies
The Medibank Company prepares its financial reports in accordance to the Australian
Accounting Standard Bodies and the company has made several relevant disclosures required
for the same (Kallala et al. 2015). The company has mentioned the accounting policies used
in the measurement and recognition of the revenue and for the measurement and determining
the useful life of the assets. The bias for the preparation of the financial statements of the
company was discussed the relevant accounting standard bodies under which the different
components of the company’s financial components were reported is discussed thoroughly.
The critical accounting estimates and judgements involved by the company in relation to
insurance underwriting, differed acquisitions costs, intangible assets of the company and
other provisions are discussed.
Earnings Management
The three key potential red flags identified in the balance sheet of the company were the
rising total assets of the company and the falling revenue for the company this shows that the
company is not able to utilize the assets of the company properly and the extra additional

13FINANCIAL ANALYSIS
revenue which the company should generate is not there. The other key weakness found was
in the return the company generates that is the net profit margin of the company which has
been stagnant and is showing a key decrease from the trend period as identified (Stone et al.
2016). The other key account was the total debt of the company though the company is trying
to reduce the financial exposure of the company by reducing the financial exposure of the
debt. The company operates in a segment where the business risk is already high due to
increased business risk of insurance and too much debt on the company balance sheet may
expose the company to financial risks also which may be harmful for the long term growth of
the company.
Financial Analysis
The ratio analysis for the company was done by evaluating key ratio’s for the company. The
ratio for the company evaluated were as follows:
Return on Equity
Earnings Before Tax/Total Equity*100
The ratio return on Equity shows the number of times the wealth company generates on the
capital employed by the equity holder of the firm. It shows the efficiency of the management
of the company to generate excess positive return on the captal employed.
2016 2017 2018
23.00%
24.00%
25.00%
26.00%
27.00%
Percentage Return on Equity

14FINANCIAL ANALYSIS
The company has shown a considerabl fall in the return on equity from 26.49% to 24.37%
from the year 2016-18 in its horizon period the reason for th decline could be well understood
by the static net profit margin and rising equity of the company. The industry performance on
the same on the other hand is increasing.
Operating Management Ratio
Current Ratio: Current Assets/Current Liabilities.
The Ratio reflects the potential of current assets to cover up current liabilities. It is also an
indicator of company of servicing its near term obligations (Vogel, 2016).
2016 2017 2018
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
Current Ratio
The Current Ratio for X Company is 0.52 for the year 2018 which has remain volatile or
close to 0.50 for all the 3 Years from 2016-2018. It it shows that the company has not kept
sufficient Current Assets to meet up it’s near term liabilities. A current ratio which is equal to
1 o greater than that implies that the management of the company is able to meet the
operating activities of the company smoothly.
Accounts Receivable Turnover Ratio: Sales/Trade Accounts Receivable
The Accounts Receivable Turnover Ratio shows the efficiency of the company in collecting
its account receivables. A higher number for this ratio stands the benchmark showing
correlation with cash and debtors.

15FINANCIAL ANALYSIS
The Ratio for the company has been near 44.70 times in the year 2016 and it has been
increasing and in the year 2018 it was around 60.80 times, which is a positive picture for the
company. The ratio indicates that the company is able to get more money in the form of cash
sales rather than credit sales.
2016 2017 2018
0.00
20.00
40.00
60.00
80.00
Accounts Receivable Turnover
Ratio
Total Assets Turnover Ratio:
Sales/Total Assets
The above ratio shows the extent to which optimum utilization of resources are being done of
the Assets the company actually owns. A greater number of this ratio is usually preferred to
show that the assets is for increasing more and more sales.
The ratio for this has been around constant its shows that the company is using its Assets in
an effective manner but it should be trending upwards as the year passes by. The sales to total
assets of the company for the industry and company should go in hand to ensure that the
growth of company is maintained.

16FINANCIAL ANALYSIS
2016 2017 2018
1.92
1.94
1.96
1.98
2.00
2.02
2.04
2.06
2.08
2.10
Sales to Total Assets Turnover Ratio
Sales to Fixed Assets Ratio
Sales/Fixed Assets
The ratio shows the generation of sales by using the fixed assets of the company. A higher
ratio shows that the company is utilizing its Fixed Assets properly.
The ratio is seen decreasing or showing a increasing pattern which shows that the efficiency
in utilization of fixed assets is increasing from 16.74 times to 17.33 times.
2016 2017 2018
16.40
16.60
16.80
17.00
17.20
17.40
Sales to Fixed Assets Ratio
Investment Management Ratio
The profitability ratio of the company shows the efficiency of a company in using its capital
as well as its assets. The higher the Profitability Ratio the better it is to show growth. The
Investment management can be well assessed by the profitability ratio of the company (Stone
et al. 2016).

17FINANCIAL ANALYSIS
Net Profit Margin
Net Profit/Sales
It shows the net profit margin the company earns after paying its operational and indirect
expenses.
The net profit for the company X has remained static around 6%. The net profit margin for
the company was around 6.15% in the year 2016 and the same was around 6.37% in the year
2018.
2016 2017 2018
5.90%
6.10%
6.30%
6.50%
Net Profit Margin Ratio
Return on Total Assets
Earnings Before Taxes/ Total Assets*100
It shows how the company are managing there assets to generate revenue for the companies.
The return on total assets is seen to be constant around 12% which shows that the company
was not able to substantially increase the ratio and show efficiency in the utilization of the
company’s total assets. The ratio should be growin in order to show effficiency.
2016 2017 2018
12.20%
12.40%
12.60%
12.80%
13.00%
13.20%
Percentage Return on Total
Assets

18FINANCIAL ANALYSIS
Earnings per Share
Net Income/Total Number of Outstanding shares.
The Value remaining after paying all the expenses of the company and after paying the
dividend to the preference stock of the company the remaining portion for the Equity
shareholders per share is called the EPS.
2016 2017 2018
1.45
1.5
1.55
1.6
1.65
Earning Per Share
The EPS of the company is seen to increasing in the 2016-17 year trend time from 1.52 to
1.63 per share but the same has fallen to around 1.62 per share in the year 2018. The growth
trend was seen to be hampered in the Earnings per share of the company.
Financial Leverage Ratio
The ratio shows the potential of the company to withstand in all business conditions and how
the company meet up its short term obligations (Li 2015). The ratio is quite important as it
shows how solvent a company is and what the different financing components of the
company are:
Debt to Total Assets: Total Liability/Total Assets
The ratio shows the debt in correspondence to the assets of a company. Companies prefer
Assets side of the balance sheet to be bigger in term of its Debt (Chu et al. 2017).

19FINANCIAL ANALYSIS
The Debt to total assets for the company has declined to 0.48 time in the year 2018 from the
0.52 times over the three year period and the company should focus to decrease this number
to reduce the exposure of the debt in the company.
2016 2017 2018
0.46
0.47
0.48
0.49
0.50
0.51
0.52
Debt to Total Assets
Equity Multiplier
Total Equity/Total Assets*100
The ratio shows the ownership percentage of the assets by the equity shareholders.
The ratio for the company stood to around 0.52 times in the year 2018 a considerable
increase was seen from the year 2016 as the number was near around 0.48 times. This shows
that the contribution of the total assets of the company by the equity shareholders is
increasing and the exposure towards the financial risk is reducing. The industry analysis for
the same with other competitors suggests that while others are having a significant exposure
to debt the Medibank Company is reducing the same.
2016 2017 2018
0.46
0.48
0.50
0.52
Owners Equity to Total
Assets/Equity Ratio
Debt to Equity Ratio

20FINANCIAL ANALYSIS
Total Debt/ Total Equity
The ratio shows the capital contribution done in the company by different sources of capital
contributors. A lower number of ratio is usually good for creditors and other secured lender’s
as the risk involved in a more leveraged company is higher.
The ratio for the company in the three year time frame has decreased considerably which
shows that the company has tried to reduce the exposure towards leverage. The ratio for the
company has decreased from 1.07 times in the year 2016 to 0.94 times in the year 2018.
2016 2017 2018
0.85
0.90
0.95
1.00
1.05
1.10
Debt to Equity Ratio
Interest Coverage Ratio: The company has shown a considerable improvement in this field
by increasing its Earnings before taxes and by reducing its interest expenses but it still does
not matches the industry practices where other companies are reducing the debt exposure but
the company has also shown a considerable increase from 6.76 times in the year 2016 to 7.29
times in the year 2018. This shows that the company is reducing the debt exposure and in turn
is also reducing the exposure towards financial risk that is debt.
2016 2017 2018
0.00
2.00
4.00
6.00
8.00
10.00
Interest Coverage Ratio

21FINANCIAL ANALYSIS
Cross Sectional and Time Series Analysis
Highlights of the Ratio Analysis of the Company is as follows:
Ratio Analysis 2016 2017 2018
Operational Management Ratio
Accounts Receivable Turnover Ratio 44.71 53.20 60.90
Current Ratio 0.46 0.57 0.52
Sales to Total Assets Turnover Ratio 2.08 2.00 1.98
Sales to Fixed Assets Ratio 16.74 16.95 17.33
Investment Management Ratio
Net Profit Margin Ratio 6.15% 6.49% 6.37%
Percentage Return on Total Assets 12.80% 12.97% 12.58%
Percentage Return on Equity 26.49% 26.12% 24.37%
Earnings Per Share 1.52 1.63 1.62
Financial Leverage Ratio
Debt to Total Assets 0.52 0.50 0.48
Debt to Equity Ratio 1.07 1.01 0.94
Interest Coverage Ratio 6.76 8.66 7.29
Owners’ Equity to Total Assets/Equity Ratio 0.48 0.50 0.52
Prospective Analysis
Forecast of the Company
The forecast for the company for sales growth rate is considered to be moderate while
the industry and the business environment under which the company will explore also work
on will also be a key factor to analyse the sale growth of the company. The rising premiums
of insurance and from health care services such as treatment and operation services. The Net
operating profit after tax margin for the company in the three year period has remained
almost same and the analysis for the same in the terms of forecasting for the company has
remained the same. The Debt ratio of the company will be forecasted to be decreasing more

22FINANCIAL ANALYSIS
and the exposure of debt for the company will be seen to reducing as the company moves
more towards an optimum source of financing that is the equity sources of funding. The after
tax of cost of debt for the future forecasting of the company may not prove to be effective as
the company move on to the next year as the profit margin of the company has remained the
same and no additional benefit was generated in the form of tax saving via interest payments
for the company. The dividend rate for the company will also assumed to be constant and the
same will be forecasted to be stagnant as the component is directly dependent on the
increasing net profit of the company and the same will be only possible for the company
when the company generates more revenue.
Particulars MDBKY Industry Average
Price/Earnings 19.2 14.8
Price/Book 5.1 1.3
Price/Sales 1.2 1.8
Price/Cash Flow 22.9 14.1
Dividend Yield % 2.1 0
Overall Performance of the Analysis
The overall performance of the company in the trend period analysed was not good as
the margins of the company has not shown much improvements and the forecast assumption
is also taken as stagnant behaviours for the company because of the rising competition on the
company and the decreasing net profit margin of the company. The total assets of the
company was also seen to be not utilized efficiently. Thus overall impression for the
company in the terms of growth and performance will be somewhat around average.
Forecast of the Key Multiple Approaches of Medibank Company and the comparison of the
same with the industry.

23FINANCIAL ANALYSIS
Price/Earnings Price/Book Price/Sales Price/Cash
Flow Dividend Yield
%
0
5
10
15
20
25
Industry and Company Analysis
MDBKY Industry Avg

24FINANCIAL ANALYSIS
Recommendations
While exploring economies with young demographic trend and developing economies where
the field of healthcare can be more explored is the aim for the company and building its
major share over there is a major strategy for the company as learned from the above report.
The financial ratios and the evaluation of the same was performed to get an overview of the
company. The forecasting of the data for the company and the industry analysis of the
company helped us determine the business strategy implied by the company. The company
has mentioned the accounting policies used in the measurement and recognition of the
revenue and the assets of the company. The debt analysis and other key components of the
company were studied to get a brief about the company.
Overall, the recommendation for the company after the financial evaluation and study
is that the company should be given a sell decision as the valuations of the company appears
to be too high from the market index level and the financials of the company does not support
the high valuation demanded by the company.

25FINANCIAL ANALYSIS
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26FINANCIAL ANALYSIS
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