Principles of Corporate Finance: UK Investment Portfolio

This report provides an analysis of the UK economic situation as of February 2018 and its impact on investment strategies, focusing on FTSE 250 stocks. It includes a sectorial report on power, retail, technology, and communication industries, evaluating investment opportunities based on economic conditions and sector analysis. Relevant financial ratios are evaluated for selected firms, and the performance of a created investment portfolio from March 5th to 29th is reported, assessing how well it met the initial investment strategy. The report concludes with insights into the UK's economic resilience post-Brexit and the potential for generating returns from strategic investments.

Running head: PRINCIPLES OF CORPORATE FINANCE
Principles of Corporate Finance
Name of the Student:
Name of the University:
Authors Note:

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Table of Contents
Introduction:...............................................................................................................................2
Part 1:.........................................................................................................................................2
1.1 Analysing the current UK economic situation as at the end of February 2018:..................2
1.2 Sectorial report on each of the three-industry grouping:.....................................................4
Part 2:.........................................................................................................................................8
2.1 Investment rational in context of economic situation and sector analysis:..........................8
2.2 Evaluation of relevant ratios for the firms:..........................................................................9
2.3 Reporting the results of the created portfolio and how it met the investment strategy:.....13
2.4 Depicting how the investment meet the investment strategy:............................................15
Conclusion:..............................................................................................................................15
Reference and Bibliography:....................................................................................................17

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Introduction:
The overall assessment mainly focuses on identifying the investment opportunity in
UK, which could help in generating higher returns from investment. In addition, FTSE 250
stocks are mainly used for conducting adequate investments in the stock market, which could
help in generating higher returns. Moreover, an evaluation of the current economic condition
in UK is conducted, which could help in supporting the investment strategy. Furthermore,
sectorial evaluation is also conducted on businesses which used for the investments in the
portfolio. This a relatively provide adequate growth forecast of the stocks which could
increase returns from investment. Besides, adequate ratio analysis is conducted to detect the
financial capability of the company to produce returns from investment. Lastly, analysis on
investments that is conducted from March 5th to 29 March is depicted, where the returns that
is generated from the trade is evaluated
Part 1:
1.1 Analysing the current UK economic situation as at the end of February 2018:
Figure 1: Depicting the growth prospect of UK in 2018

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(Source: Focus-economics.com, 2018)
The above figure mainly helps in depicting the overall growth prospects of UK in
2018, which would eventually help the capital market to prosper during the fiscal year. From
the list of top 10 world's biggest economies for 2018 and 2019, UK is considered to be in 6th
position with an annual growth rate of 1.3% in 2018 to 1.4% in 2019. The forecast is mainly
based on the overall GDP and the current position of UK in the Global market. From the
evaluation of past performance before the augmentation of the recession the overall Gross
Domestic Product grew by 2.8% on an average per year for UK. However, after the credit
crunch which was affected by the financial crisis the overall GDP of UK declined by 5.2%.
Moreover, the overall GDP of UK rebounded in 2010 to 1.7% which was conducted due to
the expansion process initiated by the UK Government (Focus-economics.com, 2018). This
relatively indicates that UK economy will eventually stabilize over the period of time, which
will improve the overall capital market to boost its performance in forthcoming years. Many
economists predicted the worst-case scenario for UK, which was proven wrong when the
economic conditions of the country improved instead of declining as the predictions
(Bankofengland.co.uk, 2018).
Moreover, before the Brexit many economics relatively indicated the downfall of UK,
which would directly collapse the overall economy in few years. However, this incident did
not occur due to the overall improvement that was witnessed in the economy after June 2016.
The overall economy of UK mainly increased its operations after the exit from European
Union, which was evaluated to be an Armageddon for the country. In addition, the overall
growth of UK is identified to be increasing at a slower pace due to the private consumption
conducted by the UK investors. Nevertheless, UK is considered to be the largest economy in
the world with an overall GDP of $2.8 trillion which is estimated to grow at a rate of 1.3% in
2018 and 1.4% in 2019 (Focus-economics.com, 2018).

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From the evaluation of the UK economy it could be identified that the growth of the
country didn't slow as per the feared assumption that was conducted by analyst and
economics. Furthermore, the overall industry of UK is a relatively low, as the government
needs to increase growth in the economy raising the level of cash availability. Moreover,
some of The Economist indicated that the growth spectrum in 2018 would be around 1.4%
(Theguardian.com, 2017). In addition, the Brexit directly allowed the manufacturers of UK to
increase the exports due to the competitive pricing conducted by the decline in GBP value.
This relatively increased the competitive edge of UK and improved the capability to raise the
level of Exports in the international market. In this context, Realbusiness.co.uk (2018) stated
that the economic condition of UK has improved over the turmoil period of Brexit, which
increases the attractiveness of investors in the country.
1.2 Sectorial report on each of the three-industry grouping:
Power to include sectors:
Figure 2: Depicting the forecaster of oil prices in 2018

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(Source: Strategyand.pwc.com, 2018)
The above figure represents the overall forecast for oil prices in 2018, which will
generally increase over the time boosting the oil and energy sector of UK. Currently the
overall declining prices of crude oil has directly hampered the energy and power sector of
UK by reducing its capability to generate high returns. However, the evaluation relatively
indicated a turnaround in the prices of crude oil which will directly boost the actual economic
conditions of UK for the companies that are operating within the country. Nevertheless, the
Gas, Water & Multiutilities sector of UK is relatively boosting, due to the improvements in
the economy expenditure of UK. The Other sectors such as a mining and oil are relatively
declining due to low prices of crude oil, which cannot increase returns of the oil refining
companies. Moreover, the overall gas, water and multiutilities sector of UK is a relatively
improving due to the low cost incurred by the organizations for conducting the operation
(Strategyand.pwc.com, 2018). The Brexit a relatively declined the overall value of GBP
against other countries, which a relatively improved the overall position of Companies
depending upon exports. The slow prices of Oil and Gas would eventually allow the
multiutilities sector to reduce the expenses and increase overall profit from operations
(Goldsmith, 2017).
Retail and personal consumption including sectors:

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Figure 3: Depicting the growth of all retail sector
(Source: Statista.com, 2018)
The above statistics relatively depicted in the overall growth perspective in Retail
Industry from 2013 to 2008 which is relatively improved to 11.9% in 2018. The previous
assumption was mainly at the levels of 7.1%, which was nullified by the growth rate of
11.9% (Statista.com, 2018). This relatively indicated that the retail sector is currently
booming, which might allow the investors to generate higher rate of returns from investment.
However, the excessive competition that follows within the sector is relatively reducing the
overall financial position of the companies falling under the sector. The sector also indicates
the inclusion of personal consumption, which relatively portrays a profitable sector that could
allow investors to increase the returns from investment. the financial position of companies
located in the retail sector has a relatively improved over the period in comparison to other
sectors in United Kingdom. In this context, Ramanathan et al., (2017) stated that the overall
improvement of Sainsbury and Tesco’s financial position directly indicates the growth and
prospect of the retail sector which could allow investors to generate higher returns from
investment.

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The sector also complies with travel and leisure which has the relatively improved
over the period of time due to the decline an overall oil prices. However, the current
increment in crude oil price has a relatively reduced the overall prospects in the travel and
leisure sector, which is not providing adequate returns from investment for the investors.
Nevertheless, the growth prospects in the sector is immense if the crude oil prices decline
making the overall expenses of the sector reduce substantially to increase the returns from
investment. This will directly allow investors to generate higher Returns by accumulating
Capital growth and dividend from companies. Yu, Ramanathan & Nath (2014) argued that
the decline in GBP increased the overall expenses of airline companies in buying oil from the
commodity market, which directly hampers their profitability.
Technology and communication including sectors:
The sector comprises of all the technological advancements, which is relatively
increasing over the period of time and providing high returns from investment. The overall
mobile communication sector has a relatively grown in UK, as maximum of individual living
in the country are using mobile communication on a daily basis. This relatively increases the
market for the companies in the country, while increasing the returns from investment.
Moreover, it is estimated that more than 90% of the adults in developed Nations will be using
smartphones which will be powered by mobile services from different factors. The UK
mobile sector industry relatively provide services to home country and other neighboring
Nations. this could eventually help boost the mobile sector of UK (Deloitte.com, 2018).
Similarly, the overall software and technological sector of UK is improving
immensely during the previous fiscal years. This relatively indicates the higher rate of returns
that could be generated from technology and communication sector. Moreover, this could
eventually allow the investors to generate higher returns with adequate investments in the

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companies. Therefore, it would be understood that the current sofa and technological sector
of UK has relatively improved after the Brexit, as it has reduced the overall GBP conversion
power against other currencies. This relevant decline in GBP has allowed the software
companies to quote competitive prices in the international market, which increases their
overall revenues and net profits. According to Deloitte.com (2018), reduction in currency
valuation of UK allowed the exporters of the country to increase the competitive level in the
international market, which helped in improving the overall GDP of the country.
Part 2:
2.1 Investment rational in context of economic situation and sector analysis:
The overall investment rational is based on the economic situation and sectorial
analysis that is conducted in the assessment. the investment rational relatively indicates that
the overall investment needs to be conducted on stocks which could provide the highest
returns from investment. The detection of the highest return stocks could be conducted with
the help of ratio analysis and price movement analysis. This relatively helpline detecting the
overall investment scope which could generate higher returns for the investors. with the help
of ratio analysis adequate financial condition of the company is conducted, which relatively
depicts the future returns it could provide. In this context, Atoom, Malkawi & Al Share
(2017) stated that with the help of ratios investors able to evaluate company's ability to
support their short-term obligations. Schwager & Etzkorn (2017) additional stated that with
the help of technical analysis the investment timing is detected by the investors which could
provide the highest returns from investment.
Moreover, adequate economic situation as factorial analysis is conducted to detect
whether the investment opportunity is viable for the investors. The evaluation of current

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economic condition of UK relatively depicts an investment opportunity for investors after the
Brexit, as companies expected to grow due to the impact of decision conducted by UK
Government. The sectoral analysis also indicated boost, which was provided by the UK
government to the economy. In addition, the declining prices power sector was mainly due to
the reduced crude oil prices in the international market. Nevertheless, the retail sector has
provided stagnant progress due to the excessive competition that is conducted within the
sector (Danson & Gilmore, 2018). In addition, the technology and communication sector
relatively increased the overall performance due to the increment in profit and revenue
generated by the organization. The improvement and technological sector is seen due to the
high revenues that is generated by companies in the sector. The current economic conditions
of UK are relatively improving, as the negative impact from European Union has declined
after the Brexit.
2.2 Evaluation of relevant ratios for the firms:
PENNON GROUP PLC ORD 40.7P
Ratios 2014 2015 2016 2017
Net Profit Margin 11.69% 10.12% 12.18% 13.03%
Current ratio 1.36 2.18 2.26 1.87
Quick ratio 1.35 2.15 2.21 1.83
Return on assets 3.17% 2.64% 2.98% 3.05%
Debt ratio 1.31 1.33 1.36 1.34
Interest coverage
ratio
4.67 8.06 5.19 5.67
EPS 0.39 0.32 0.37 0.40

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The above ratio is iteratively depicting the overall financial position and condition of
Pennon group, which falls under the Gas, Water & Multiutilities sector. The investments in
the company is relatively conducted after your valuable thing its current financial condition
which is relatively improved in 2017 as compared to 2014 (Londonstockexchange.com,
2018). The net profit margin of the company has a relatively improved over the period of 4
fiscal years, which indicates the profits that could be provided from investment. In addition,
the current ratio and quick ratio has also improved, while the return on assets has declined.
This relatively indicates that the company’s overall financial position has increased over the
period. EPS and interest coverage ratio of the company has relatively increased, which
indicates the availability of higher returns that is provided by the company. However, the
major death ratio of the company has increased over the period, which indicates a problem
for the organization as more and more that is been acquired.
INCHCAPE PLC ORD 10P
Ratios 2014 2015 2016 2017
Net Profit Margin 2.82% 2.67% 2.44% 3.09%
Current ratio 1.26 1.23 1.10 1.12
Quick ratio 0.61 0.53 0.50 0.51
Return on assets 5.68% 5.44% 4.90% 5.98%
Debt ratio 1.65 1.55 1.44 1.42
Interest coverage
ratio
13.28 13.49 13.03 12.74
EPS 0.40 0.40 0.43 0.65

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The financial position of INCHCAPE PLC ORD Can be identified from the above
table, which represents the overall financial position of the company from 2014 to 2017. In
addition, the net profit margin of the company has a relatively improved over the period,
while its current ratio and quick ratio is declined. This indicates that the organization’s
capability to increase profitability is higher while maintaining current assets for supporting
short term obligations is reducing. Moreover, the return on assets has increased, while the
depth ratio has improved indicating that low debt is be taken by the organization to
continuous operation (Londonstockexchange.com, 2018). EPS of the company has a
relatively increased over the period of 4 fiscal years, while interest coverage ratio has
declined, which indicates the high interest payments that is being conducted by the company.
However, the overall performance of the company is adequate which could eventually help in
generating higher returns from investment.
COMPUTACENTER PLC ORD 7 5/9P
Ratios 2014 2015 2016 2017
Net Profit Margin 1.08% 1.77% 3.37% 1.96%
Current ratio 1.25 1.28 1.30 1.34
Quick ratio 1.17 1.21 1.23 1.29
Return on assets 2.95% 4.79% 9.24% 5.53%
Debt ratio 1.47 1.49 1.51 1.53
Interest coverage
ratio
175.97 225.44 370.35 324.22
EPS 0.23 0.41 0.84 0.53

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COMPUTACENTER PLC ORD mainly falls under the sector Software & Computer
Services, where the overall performance of the company has improved from 2014 to 2017.
Both the current ratio and quick ratio of the organization has improved indicating its financial
health and capability to continue its operations in the competitive market. The return on
Assets of the organization has increased with the debt ratio, which indicates the accumulation
of debt that is conducted by the company. Moreover, the interest coverage ratio and EPS of
the company has increased which indicates the increment in its financial performance
(Londonstockexchange.com, 2018). The rising EPS, return on assets, and net profit margin
relatively indicates that high sales are conducted by the company, which could help in raising
the level of returns from investment. Hence, investment in the company would eventually
allow investors to generate higher returns.
FDM GROUP (HOLDINGS) PLC ORD 1P
Ratios 2014 2015 2016 2017
Net Profit Margin 10.95% 13.71% 13.82% 13.70%
Current ratio 2.2
6
2.11 1.9
7
2.26
Quick ratio 2.2
6
2.11 1.9
7
2.26
Return on assets 24.94% 33.81% 34.16% 36.26%
Debt ratio 3.5
3
3.15 2.8
4
3.16
Interest coverage ratio 48.6
5
295.20 708.40 1,458.67
EPS 0.1 0.21 0.2 0.30

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3 4
Financial performance of the organization can be evaluated with the help of above
table, which represent different ratios from 2014 to 2017. The evaluation of net profit margin
in the case that the company's overall net income has improved from 10.95% to 13.70%
(Londonstockexchange.com, 2018). However, the overall current ratio of the company has
remained stagnant at the values of 2.26 from 2014 to 2017. This relatively indicates the
overall capability of the company to maintain the level of current assets in the organization to
support it short term obligations. Moreover, the return on Assets of the organization has
improved drastically where and increment of more than 10% seen. In addition, the debt ratio
of the company has declined indicating a low accumulation of debt to conduct it operations.
Furthermore, the interest coverage ratio and EPS of the company has adequately increased
over the period, which directly States its capability to continue with it operation. Hence, the
investment in the organization would provide higher returns from investment.
SPORTS DIRECT INTERNATIONAL PLC ORD 10P
Ratios 2014 2015 2016 2017
Net Profit Margin 6.55% 8.42% 9.52% 7.11%
Current ratio 1.06 2.30 2.43 1.72
Quick ratio 0.35 0.94 1.13 0.87
Return on assets 20.86% 13.72% 13.38% 9.60%
Debt ratio 1.93 2.91 2.42 2.02
Interest coverage
ratio
34.51 50.44 47.08 9.44
EPS 0.31 0.41 0.47 0.39

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The company falls under the sector General Retailers, whose overall performance is
evaluated with the help of above ratios. The overall ratios are mainly used in detecting the
financial condition and position of the organization, which could improve the returns of the
investor. The net profit of the organization has relatively improved over the fiscal years,
which is supported by current ratio and quick ratio of the organization. Moreover, the return
on assets have declined due to the hi accumulation of assets conducted by the organization.
However, the increment in assets directly affected the overall debt ratio of the company,
which increased over the period of four fiscal years. Likewise, the interest coverage ratio of
the organization has declined, which is due to the high debt that is accumulated by the
organization and the interest that is being paid (Londonstockexchange.com, 2018). However,
the EPS of the organization has improved and they're getting a higher income that is being
generated by the organization over the period. Therefore, it could be understood that
investment in the organization is a viable approach for investors, which could increase returns
from investment.
2.3 Reporting the results of the created portfolio and how it met the investment
strategy:
Sectors Companies Profit Profit%
Gas, Water & Multi
Utilities
PENNON GROUP PLC ORD
40.7P
33,630.00 5.82%
General Retailers INCHCAPE PLC ORD 10P 2,511.00 1.99%
Software & Computer
Services
COMPUTACENTER PLC ORD 7
5/9P
21,384.00 5.43%
Software & Computer FDM GROUP (HOLDINGS) PLC 123,500.00 14.61%

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Services ORD 1P
General Retailers SPORTS DIRECT
INTERNATIONAL PLC ORD
10P
879.20 1.55%
Total 181,904.20 9.10%
The above table mainly defects the overall reading data which was conducted from
5th March to 29th March. The above table literally indicates the overall performance and
profits that was generated from each stock and the portfolio. From the valuation it could be
understood that the maximum returns are provided by Software & Computer Services sector,
which is at the levels of 14.61%. This relatively indicates the highest return that is generated
in the short trading sphere. Moreover, the second largest return was provided from Gas,
Water & Multiutilities, which was relatively conducted due to the increasing demand for
investment in the sector. Likewise, the third largest return from investment is also from
Software & Computer Services sector, which relatively indicates the power of service sector
within UK. Nevertheless, the returns provided from general retailers is a relatively low in
comparison to other investments actors. This is due to the decline in value of retailers, which
has been filled by excessive competition. In this context, Brooks (2015) stated that with
adequate portfolio construction investors are able to reduce the risk and generate high returns
from investment. Davis (2016) further added that with the help of technical and fundamental
analysis investors can detect investment opportunities, which could increase their returns
while reducing risk from investment.
After the commencement of the trading days relevant profits that is accumulated from
investment is 9.10%. this relatively indicates the overall strength of the portfolio for

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generating higher returns from investment. The overall profit generated from the treat is at
the levels of 181,904.20, is conducted from an investment of 2 million. Hence, it could be
assumed that the portfolio satisfies the investment strategy, which could eventually help in
generating higher returns from investment.
2.4 Depicting how the investment meet the investment strategy:
The mean investment strategy is to maximize the overall returns from investment
during a short period of trading. The overall stocks were chosen on the basis of ratios and
their share price performance. Companies that was selected for the trading purpose
adequately met with the investment strategy of providing higher returns from investment.
However, some of the stocks performed outstanding in comparison to other stocks, due to the
increment in overall performance of the organization. the share price performance is
relatively affected by capital market and performance of the organization over the period
(Ma, Pan & Zhang, 2017). Nevertheless, the evaluation of the dishes indicated that the
company's overall performance was adequate, which would radically improve performance of
the portfolio. After evaluating the trading performance, it could be understood that the chosen
shares performed adequately in the market by increasing the maximum returns from
investment and supported the investment strategy.
Conclusion:
The overall assessment a relatively indicate the viable approach of the portfolio,
which is created for trading. This portfolio has a relatively provided higher returns from
investment during the trading sphere, which indicates that the overall method used for
selecting a stock is adequate. In addition, the trading performance of the portfolio has
provided returns of 9.10%, which relatively indicated the high profit that could be generated
during the short trading span. Moreover, adequate evaluation of the economic conditions in

PRINCIPLES OF CORPORATE FINANCE
17
UK is conducted, which relatively helps in drafting the overall portfolio. The sectoral
analysis also helped in detecting the viable investment options, which helped in completing
the creation of portfolio. However, the overall portfolio provided adequate profitability from
Investments, which relatively increased the overall portfolio value during the trading period.
this relatively indicates the viability of the investment that was conducted during the trading
phase.

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