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HI5002: Finance For Business Management

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Question:

1 Description of operation and comparative advantages of the two chosen companies.

2 Identify, analyse and compare liquidity and profitability of the two companies

3 Analysis of monthly share prices movements of the two companies within 3 years

4 Calculation of WACC of the two selected companies

5 Identify and compare capital structure policy of the two chosen companies

6 Letter Recommendation

Capital Structure Policy:

Identify and compare capital structure policy of the two selected companies by calculating and analysing 03 capital structure ratios (debt ratios, debt-to-enterprise ratio and interest coverage ratio).

Identify whether the selected companies have favourable financial leverage or unfavourable financial leverage. Assuming that the two companies plan to raise AUD 10 million through equity offering. Evaluating and comparing the effect of that offering on the firm capital structure and earning per share (EPS) of the two selected companies
 

Question:

Introduction:

The assessment aims in evaluating the performance of National Australia Bank and Westpac Bank for the three fiscal years. Performance evaluation is conducted by utilizing the profitability ratio and liquidity ratio of both the companies during 2016 to 2018. In addition, Share price movement of both National Australia Bank and Westpac Bank is evaluated for the previous 3 years. Moreover, the share price movement is compared with the All Ordinary Index and adequate correlation between the company and the index is calculated. The weighted average cost of capital for both the organization is also calculated to identify the change in minimum cost of capital over the three-year period. The capital structure of the organization is also evaluated to identify the viable investment opportunity for the client. Lastly, adequate recommendations of provided to the client regarding the most viable investment opportunity which is derived after evaluating the financial performance of both National Australia bank and Westpac Bank.

 

Providing the description of National Australia Bank and Westpac Bank:

Westpac banking corporation is among the four big banks in Australia, which provide financial services to the Australian citizens. The organization was established in 1817, roughly 202 years ago providing the financial services to the Australian citizen. The company has 1,204 branches and 3,222 ATMs situated all over Australia to fulfill the demands of its customers. The operations of the organization is mainly situated to finance, insurance, consumer banking, corporate banking, investment banking, investment management, Global Wealth Management, mortgages, credit card, and private equity. The company has been a major player in Australia, as it has a customer base of 14 million and employees more than 40,000 people in its organization. During 2017, the organization was recognized, as the most suitable bank globally by the Dow Jones Sustainability index (Westpac.com.au 2019).

National Australia Bank is one of the largest Financial Institutions in Australia, according to the market capitalization, customers, and earnings. The organization has been ranked 21st in the world, as one of the largest Banks. The company has been operating in Australia since 1982 while currently it employs more than 41,000 citizens and has a total customer base of 12.7 million. Standard & Poor’s rates the organization AA-, as it has performed extraordinarily in past fiscal years. Moreover, the current capital structure composition of the company is suitable for long-term issue. National Australia Bank is value as one of the essential Financial Institutions, which provide services like investment banking, Global Wealth Management, credit card, consumer banking, private equity, insurance, and mortgages. The company has been providing adequate financial services to the Australian citizens by Operating 1,590 branches and 4,412 ATMs across Australia. The credit rating increases trust of the investors on the future performance of the organization (Capital.nab.com.au 2019).

Comparing and calculating the performance ratios of National Australia Bank and Westpac Bank:

National Australia Bank

Particulars

2018

2017

2016

Revenue

       28,543

       27,403

    27,629

Net Interest income

       13,505

       13,182

    12,930

Net income

         5,554

         5,285

         357

Asset

    8,06,510

    7,88,325

 7,76,710

Equity

       52,712

       51,317

    51,315

Total liabilities

    7,53,798

    7,37,008

 7,25,395

Current assets

    7,86,718

    7,69,975

 7,56,159

Current liabilities

    5,96,819

    5,96,009

 5,82,099

Net debt

       42,056

       42,131

    40,689

Market capitalization

       85,348

       74,260

    77,857

Profitability ratio

2018

2017

2016

Net interest income ratio

47.31%

48.10%

46.80%

Net profit ratio

19.46%

19.29%

1.29%

Return on assets

0.69%

0.67%

0.05%

Return on equity

10.54%

10.30%

0.70%

Liquidity ratio

2018

2017

2016

Current ratio

           1.32

           1.29

        1.30

Table 1: Financial ratio of National Australia Bank from 2016 to 2018

(Source: As created by the author)

The above calculations directly provide an in-depth analysis regarding the profitability conditions and liquidity ratios of National Australia Bank from 2016 to 2018. The calculation directly indicates that the current profitability conditions of the organization have improved during three fiscal years. The net interest income ratio of the organization has improved from 46.80% in 2016 to 47.31% in 2018, which indicates that the interest income of the organization has increased in comparison to the interest expense. Being a financial bank in Australia the increment in interest income would eventually allow the organization to strengthen its financial position in the market. Moreover, the net profit ratio of the organization has increased exponentially during the 3-year period, where the values have increased from the levels of 1.29% in 2016 to 19.46% in 2018. The low net profits during 2016 were due to the high level of losses from discontinued operations (Vogel 2014).

 


The return on assets has also improved exponentially from 0.05% in 2016 to 0.69% in 2017, which is due to the rising values of net income. The management is not able to provide adequate return on assets, as the organization has accumulated high level of assets in comparison to with net income. Moreover, increment in return on equity has drastically improved from 0.70% in 2016 to 10.54% in 2018, which indicate a positive attributes regarding the financial position of the organization. The profitability ratio of National Australia Bank indicates its positive attribute, where the management has adequately increased the organization’s performance over the 3-fiscal years.

Liquidity ratio of National Australia Bank has increased from 1.30 in 2016 to 1.32 in 2018. This increment and liquidity ratio directly indicates that the organization is capable of supporting its short-term liabilities or obligations. The values of current ratio are equivalent to quick ratio, as the organization does not have any kind of inventory in its operations. Therefore, it could be assumed that National Australia Bank has maintained adequate current assets to pay off the short-term liabilities and smoothly continue the operations (Scarborough 2016).

Westpac Bank

Particulars

2018

2017

2016

Revenue

    32,571

    31,232

    31,822

Net Interest income

    16,505

    15,516

    15,148

Net income

      8,099

      7,997

      7,460

Asset

 8,79,592

 8,51,875

 8,39,202

Equity

    64,573

    61,342

    58,181

Total liabilities

 8,15,019

 7,90,533

 7,81,021

Current assets

 8,60,070

 8,32,202

 8,18,534

Current liabilities

 7,86,615

 7,62,612

 7,54,756

Net debt

 1,72,596

 1,68,356

 1,69,902

Market capitalization

    95,130

 1,07,092

    97,767

Profitability ratio

2018

2017

2016

Net interest income ratio

50.67%

49.68%

47.60%

Net profit ratio

24.87%

25.61%

23.44%

Return on assets

0.92%

0.94%

0.89%

Return on equity

12.54%

13.04%

12.82%

Liquidity ratio

2018

2017

2016

Current ratio

        1.09

        1.09

        1.08

Table 2: Financial ratio of Westpac Bank from 2016 to 2018

(Source: As created by the author)

The financial ratios calculated in table to directly value is the current position of Westpac Bank from 2016 to 2018. The financial position of the organization is evaluated by using profitability ratios and liquidity ratio. The current net interest income ratio of the organization has improved from the levels of 47.60% in 2016 to 50.67% in 2018. This increment in net interest income ratio directly indicates the low level of interest expense and high interest income that is achieved by the organization during the face value of 2018. There is a continuous growth in the net interest income ratio, which directs about the positive measures that was used by the organization in reducing its cash outflows. The net profit ratio of the organization has increased from 23.44% in 2016 to 24.87% in 2018, which depicts their positive financial capability. However, the net profit of the organization declined during 2018, as compared to 2017, which is due to the high level of administrative expenses (Jordan 2014).

Return on Assets of the organization has improved from the levels of 0.89% in 2016 to 0.92% in 2018, which was due to the rising net income. However, the return on equity of the organization declined from 12.2% in 2016 to 12.5% in 2018. This decline in return on equity is due to the increment in total equity value. Therefore, the organization was not able to generate high level of income in comparison to be rise then its total equity value. This is the main reason why the return on equity of the organization declined. Moreover, the return on equity inclined during 2017, while the high accumulation of equity capital during 2018 declined its value again in comparison to the previous fiscal year.

Liquidity ratio of your organization increased slightly from 1.08 in 2016 to 1.09 in 2018. This increment in current ratio states the positive financial position of the organization, as the management could fulfil all its short-term obligations and continue the operation without any hindrance. After evaluating the financial ratios of Westpac Bank, it could be identified that the organization has high financial position in comparison to National Australia Bank. Kou, Peng and Wang (2014) mentioned that investors using the financial ratios are able to detect the current position of the organization, which helps them make adequate investment decisions.

Conducting share price movement analysis of National Australia Bank and Westpac Bank:

Figure 1: Comparing share price movement of National Australia Bank and All Ords Index

(Source: As created by the author)

The above figure compares the share price movement of national Australia bank with all ordinary index of Australia. This comparison directly helps in identifying whether the price movement is influenced by the Australian index. Share price movement of national Australia Bank from 2016 to 2018 directly indicates that its valuation is not influenced by the Australian index. The share price of the organization increased even when the All Ordinary Index declined in value. Moreover, the above figure also indicates that from 2017 September the share price value of national Australia Bank started to decline, while the All Ordinary Index continued to increase in value. This indicates that the share price valuation of national Australia bank is not influenced by the Australian index (Au.finance.yahoo.com 2019).

Figure 2: Comparing share price movement of Westpac Bank and All Ords Index

(Source: As created by the author)

The above figure compares the share price movement of Westpac Bank with All Ordinary Index, where positive correlation is detected. The share price movement of the bank and the All Ordinary Index has been similar until November of 2017 (Au.finance.yahoo.com 2019). After the augmentation of 2018, the overall share price value of Westpac Bank did not react to the price movement of All Ordinary Index. However, starting from August to share price movement of Westpac Bank started to respond or react to the price movement of All Ordinary Index. Greco, Figueira and Ehrgott (2016) indicated that with the help of technical analysis investors are able to understand the price movement and current trends of the organization, which enhances their capability to predict the future price movement.

Indicating how closely the price movement of National Australia Bank and Westpac Bank is related to All Ords Index:

Particulars

National Australia Bank

Westpac Bank

Correlation

                                     -0.091

                   0.509

Table 3: Correlation value

(Source: As created by the author)

The above correlation value is derived by comparing the returns of national Australia bank with All Ordinary Index and Westpac Bank with All Ordinary Index. The correlation value directly indicates that National Australia Bank is negatively correlated with All Ordinary Index, where the correlation value is at the levels of -0.091. On the other hand, Westpac bank has a positive correlation with All Ordinary Index with the value of 0.509. The positive correlation value directly indicates that the All Ordinary Index directly influences the share price. Hence, the trend of the All Ordinary Index is similar to the share price trend of Westpac Bank. In this context, Frank and Shen (2016) mentioned that investors use correlation value of stocks to reduce the level of portfolio risk and maximize the returns from investments. Nevertheless, the negative correlation of National Australia Bank indicates that its share price acts alternative to the price movement of All Ordinary Index.

 

Calculating and analysing the WACC of National Australia Bank and Westpac Bank:

National Australia Bank

Particulars

2018

2017

2016

Debt

    42,056

  42,131

    40,689

Equity

    52,712

  51,317

    51,315

Preference

         118

       106

         120

Total Capital

    94,886

  93,554

    92,124

Debt Weight

44.32%

45.03%

44.17%

Equity Weight

55.55%

54.85%

55.70%

Preference Weight

0.12%

0.11%

0.13%

kD

7%

7%

7%

kE

15%

15%

15%

kP

12%

12%

12%

Tax

30%

30%

30%

WACC

10.52%

10.45%

10.54%

Table 4: WACC of National Australia Bank from 2016 to 2018

(Source: As created by the author)

The above table highlights the change it weighted average cost of capital of national Australia Bank from 2016 to 2018. This change it WACC is due to the alterations in there capital structure composition, where both debt and equity increased, while preference capital declined. This is the main reason why the weighted average cost of capital declined from the levels of 10.54% in 2016 to 10.52% in 2018. The reduction in WACC is beneficial for the organization, as it allows the management to increase their investment horizon. On the other hand, Ondraczek, Komendantova and Patt (2015) argued that WACC calculation needs authentic data or it will project wrong information to the investors, which will in turn hamper their investment capital.

Westpac Bank

Particulars

2018

2017

2016

Debt

  1,72,596

  1,68,356

  1,69,902

Equity

     64,573

     61,342

     58,181

Preference

            -   

       1,188

       1,185

Total Capital

  2,37,169

  2,30,886

  2,29,268

Debt Weight

72.77%

72.92%

74.11%

Equity Weight

27.23%

26.57%

25.38%

Preference Weight

0.00%

0.51%

0.52%

kD

7%

7%

7%

kE

15%

15%

15%

kP

12%

12%

12%

Tax

30%

30%

30%

WACC

7.65%

7.62%

7.50%

Table 5: WACC of Westpac Bank from 2016 to 2018

(Source: As created by the author)

The weighted average cost of capital of Westpac Bank increased in value from 7.50% in 2016 to 7.65% in 2018. This increment in cost of capital is due to the omission of preference capital during the financial year of 2018.The organizations debt accumulation has increased exponentially with its equity capital, which raised their minimum cost of capital value. Baker and Wurgler (2015) mentioned that  investors calculate the weighted average cost of capital of organization to determine the minimum returns that needs to be generated during the fiscal year. From the WACC valuation, the current position of Westpac Bank is better than National Australia Bank.

Evaluating the capital structure policy of National Australia Bank and Westpac Bank:

National Australia Bank

Particulars

2018

2017

2016

Debt ratios

 0.9346

 0.9349

 0.9339

Debt-to-enterprise ratio

 0.3301

 0.3620

 0.3432

Table 6: Capital structure of National Australia Bank from 2016 to 2018

(Source: As created by the author)

The above table directly provides the information regarding the current capital structure policy of national Australia Bank. Depth ratio of the organization has increased from 0.9339 in 2016 to 0.9346 in 2018. This increment in debt composition indicates the level of Cash that has been accumulated by customers to support its operation. The organization is a financial service provider where the high level of debt ratio is adequate, as your operations are conducted by acquiring the saving of the customers. The rising debt ratio indicates the low accumulation of assets that is being conducted by the organization. Moreover, the tap to enterprise ratio has the client from 0.3432 in 2016 to 0.3301 in 2018. This declining in debt to enterprise ratio directly indicates the reproduction in total value of the organization (Cvijanovic 2014).

Westpac Bank

Particulars

2018

2017

2016

Debt ratios

 0.9266

 0.9280

 0.9307

Debt-to-enterprise ratio

 0.6447

 0.6112

 0.6347

Table 7: Capital structure of Westpac Bank from 2016 to 2018

(Source: As created by the author)

The debt ratio of Westpac Bank has declined from the levels of 0.9307 in 2016 to 0.9266 in 2018, which indicates a positive attribute for the organization. The reduction in debt accumulation is due to the increment in their total assets in comparison to total liabilities. Furthermore, the debt to enterprise ratio of Westpac Bank has increased in 2018, as compared to 2016, which indicates the increment in total value of the company. The company has been improving asset position to support the level of liabilities that has been accumulated from customer’s savings. Financial Institutions rely on the savings capital of the customers to conduct its operations, where adequate assets need to be purchase to support the repayment of the liability (Baltac? and Ayayd?n 2014).

Particulars

National Australia Bank

Westpac Bank

Debt

                              42,056

           1,72,596

Equity

                              52,712

              64,573

Additional equity

10

10

Preference

                                   118

                     -   

Total Capital

                              94,896

           2,37,179

Debt Weight

44.32%

72.77%

Equity Weight

55.56%

27.23%

Preference Weight

0.12%

0.00%

The above table highlights keep on changing capital structure and EPS of both National Australia bank and Westpac Bank after the inclusion of 10 million-equity capital. The calculation directly indicates that there is low alteration in the capital structure weights of both the organizations after the inclusion of 10 million-equity capital. Therefore, it could be understood that the alterations in the capital structure will not affect the current EPS of the organization. The current equity value of both the companies is high, where the additional 10 million in equity will have low impact on its EPS valuation (Dawar 2014).

 

Providing the recommendation letter to the investor:

After evaluating the financial position of National Australia Bank and Westpac Bank, it could be identified that investment in Westpac Bank is more profitable and safe. The financial ratios of both National Australia bank and Westpac Bank directly indicated their positive attribute. However, the share price movement of Westpac Bank indicates a positive attribute of the organization, which can allow investors to generate high level of returns in future. The positive correlation of the organization with the All Ordinary Index also indicates if plus point for the investors, as it might allow them to minimize the risk and maximize the returns from investment. Furthermore, the confirmation regarding the investments in Westpac Bank was conducted by evaluating the weighted average cost of capital. The WACC of national Australia bank is relatively higher than Westpac Bank, where the management would not be able to accommodate investments due to the high value of WACC. The further evaluation of the capital structure directly indicated that Westpac Bank would be the most beneficial investment options for the investors. The debt ratio conditions of the organization are lower than National Australia Bank, while the debt to enterprise ratio is higher. This directly indicates that the investors should invest in Westpac Bank, as it will allow them to increase the level of returns in future.

The financial advisory services

 

Reference

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Baker, M. and Wurgler, J., 2015. Do strict capital requirements raise the cost of capital? Bank regulation, capital structure, and the low-risk anomaly. American Economic Review, 105(5), pp.315-20.

Baltac?, N. and Ayayd?n, H., 2014. Firm, country and macroeconomic determinants of capital structure: Evidence from Turkish banking sector. EMAJ: Emerging Markets Journal, 3(3), pp.47-58.

Blouin, J., Huizinga, H., Laeven, M.L. and Nicodème, G., 2014. Thin capitalization rules and multinational firm capital structure. International Monetary Fund.

Bogdanov, D. and Breyer, C., 2016. North-East Asian Super Grid for 100% Renewable Energy supply: Optimal mix of energy technologies for electricity, gas and heat supply options. Energy Conversion and Management, 112, pp.176-190.

Capital.nab.com.au. 2019. [online] Available at: https://capital.nab.com.au/docs/NAB-2017-annual-financial-report.pdf [Accessed 17 Jan. 2019].

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Dawar, V., 2014. Agency theory, capital structure and firm performance: some Indian evidence. Managerial Finance, 40(12), pp.1190-1206.

Frank, M.Z. and Shen, T., 2016. Investment and the weighted average cost of capital. Journal of Financial Economics, 119(2), pp.300-315.

Greco, S., Figueira, J. and Ehrgott, M., 2016. Multiple criteria decision analysis. New York: Springer.

Jordan, B., 2014. Fundamentals of investments. McGraw-Hill Higher Education.

Kou, G., Peng, Y. and Wang, G., 2014. Evaluation of clustering algorithms for financial risk analysis using MCDM methods. Information Sciences, 275, pp.1-12.

Koziol, C., 2014. A simple correction of the WACC discount rate for default risk and bankruptcy costs. Review of Quantitative Finance and Accounting, 42(4), pp.653-666.

Krüger, P., Landier, A. and Thesmar, D., 2015. The WACC fallacy: The real effects of using a unique discount rate. The Journal of Finance, 70(3), pp.1253-1285.

Omar, N., Koya, R.K., Sanusi, Z.M. and Shafie, N.A., 2014. Financial statement fraud: A case examination using Beneish Model and ratio analysis. International Journal of Trade, Economics and Finance, 5(2), p.184.

Ondraczek, J., Komendantova, N. and Patt, A., 2015. WACC the dog: The effect of financing costs on the levelized cost of solar PV power. Renewable Energy, 75, pp.888-898.

Robb, A.M. and Robinson, D.T., 2014. The capital structure decisions of new firms. The Review of Financial Studies, 27(1), pp.153-179.

Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management. Pearson.

Serghiescu, L. and V?idean, V.L., 2014. Determinant factors of the capital structure of a firm-an empirical analysis. Procedia Economics and Finance, 15, pp.1447-1457.

Vogel, H.L., 2014. Entertainment industry economics: A guide for financial analysis. Cambridge University Press.

Westpac.com.au. 2019. [online] Available at: https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/2017_Westpac_Annual_Report_Web_ready_&_Bookmarked.pdf [Accessed 17 Jan. 2019].

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