Strategy Analysis For Wesfarmers: Half Yearly Results Evaluation

Changes in Competitive Strategy Analysis

Dsiucss about the Financial Statement Analysis And Valuation.

After evaluating the half yearly results of Wesfarmers the strategy analysis used for the previous assessment needs to be changed, as compared to previous year the organization incurred losses for the half yearly period. Furthermore, the strategy analysis used needs to be altered to identify the accurate investment opportunity, as the organization is not able to generate a higher profit from their operations. moreover, it could be clearly seen that the strategy-based analysis has not allowed the investor to identify the adequate company for investment, as the results of Wesfarmers declined during the half yearly period. The net profit value of Wesfarmers relatively declined from 4.52% in 2016 half yearly report to 0.59% in 2017 half yearly report. This drastic decline in the net profit obtained by the organization has relatively portrayed the insignificance of strategy analysis used in evaluating the performance of the organization. The company was not able to provide and deliver the anticipated returns to the investors (Alin-Eliodor 2014).

From the evaluation of the half yearly report it could be identified that changes in competitive strategy analysis would be beneficial for identifying the adequate investment opportunity, as Wesfarmers was not able to deliver the required returns. The financial viability of Wesfarmers mainly declined during 2017 half yearly report. where the profits declined exponentially. The changes in competitive and strategy analysis would eventually help in identifying the adequate investment opportunity who is overall profit increasing and are not hindered by other external factors. The competitive strategy did not help with the investor in detecting the investment opportunity and select the adequate company whose overall profit will increase in future. On the contrary, the selected companies overall net profits directly declined during the half yearly period, which directly nullified the significance of competitive strategy analysis (Wahlen, Baginski and Bradsha 2014).

From the evaluation of above table, the overall yield provided from the investment conducted by the investor is evaluated. The number of shares that could be bought from the particular investment is 599 where the overall dividend that is paid during the half yearly period is at the levels of 1.03 per share. This directly makes the overall yield at the levels of 2.46%, which is relatively adequate for the current investment criteria. However, the dividends provided by the company remained stagnant during the half yearly period of 2017, as compared to the half yearly period of 2016. This directly indicates that the company is able to provide constant dividends even if the prophets during the half yearly period declined substantially (Robinson et al. 2015).

Evaluation of Yield from Investment

The above table relatively represents the yield provided by the dividend on yearly basis, which was given by Wesfarmers to its investors. The yield generated from investment can be calculated after comparing the half yearly and yearly dividend provided by the company. Furthermore, with the evaluation it could be identified that the yield provided by early difference is relatively higher in comparison to the half yearly yield. The overall yield directly increased from 2.46% to 2.87% when the investment was compared with yearly and half yearly dividends.

The table directly represents the operating management decomposition of Wesfarmers Limited, which is conducted on its half yearly report from 2016 to 2017. This decomposition directly evaluates the operating condition of the organization and its ability to continue with its profits. The decomposition is conducted by identifying the gross profit margin, EBITDA margin and NOPAT margin of the company over the period of two half yearly fiscal years. moreover, the evaluation also indicated that the gross profit margin of the company relatively improved over the period of 2017 half yearly report, which indicates the low cost of sales include by the organization to conduct its operations. This relevant improvement indicates the measures that is used by Wesfarmers in reducing their overall expenses from operation.

Furthermore, the EBITDA Value of best formal relatively declined during 2017 half yearly report as compared to the 2016 half yearly report. The values relatively declined due to the high administrative expenses conducted by the organization in maintaining their operation. In this context, Phillips (2016) stated that companies mainly need to reduce their overall administrative expenses to maximize the profit that is generated from operations. The drastic increment in impairment expensive was the main reason behind the decline in EBITDA value of Wesfarmers from 2016 to 2017. The lower values of EBITDA were due to the high Expenses on impairment, which was conducted by Wesfarmers during 2017 half yearly period. This overall incremental expense of the company directly hampered its operating revenues and net profit revenues. the other expenses of the organization were relatively as per the trend, which increased due to the improvements and its operations. The single transaction of the impairment expenses has relatively depicted the low cash retention capability of the organization during the fiscal year of 2017.

Furthermore, after evaluating the decomposition value of relevant decline in NOPAT margin can be identified from 2016 to 2017. The values of NOPAT has declined rapidly from the levels of 4.48% to 0.89%, which is directly affecting the operational capability of the organization. From the evaluation of the above calculations it could be identified that net income of the company has rapidly declined over the period while the interest rate of the company declined. The increment and tax value and production in industry was the main reason behind the reducing net income obtained by the organization during the half yearly period of 2017. According to Lin et al. (2015), the evaluation of net profit margin and gross profit margin allows the investors to determine the administrative expenses and Finance cost conducted by the organization to support its operations.

Operating Management Decomposition of Wesfarmers Limited

The calculations conducted in the above table relatively represents the overall investment management decomposition conducted by Wesfarmers during the fiscal years. The evaluation of investment management decomposition relatively depicts the overall accounts receivable days, accounts payable days and inventory turnover days of the organization. The effectiveness of the investments conducted by the organization is evaluated with the help of investment management decomposition method. On the other hand, the other investment decomposition components such as long-term assets, have relatively remained stagnant from 0.64 to 0.64 in 2017 half yearly report. Moreover, the property, plant and equipment of the organization has reduced from 0.27 to 0.26 in 2017. This relatively represents that the company is acquiring assets but is not investing in property, plant, and equipment. On the contrary, the overall working capital turnover ratio of the company declined to negative value of 0.02, which indicates that the company’s overall current liabilities have exceeded the current assets during 2017 half yearly report. The overall decline in working capital ratio directly indicated the high levels of short term liabilities that is being accumulated by the company to conduct its operation. This relatively depicts the overall low capability of the management to conduct operations of the organization for strengthening its financial position (Wahlen 2014).

Furthermore, the values calculated in the above table depicts the changes in days of accounts payable of the organization during the half yearly period of 2017. The overall accounting receivables days of West, remains constant from 2016 to 2017 at the levels of 18 days, where the company would receive the payment within 18 days of a sale. On the other hand, the account inventory days has a relatively remain stagnant from doing the to face call us at the levels of 105 days. this indicates that the company is distributing the inventory at the levels of 105 days in a year, which is relatively higher for the holding period of inventory. Moreover, the accounting payable days of the organization has a relatively increased from 117 days 118 days, which indicates the increment in credit days of the organization. the supplier will receive payments after 118 days from the date of receiving the particular goods. Wesfarmers overall accounts receivable days has relatively remained same from 2016 to 2017, which was due to the slight increment in value of accounts receivable turnover. The Accounts payable turnover ratio has relatively reduced from 3.12 to 3.08 in 2017. With the detection of efficiency ratio, the overall performance of the investments conducted by Wesfarmers can be evaluated by the investors (Ehiedu 2014).

Investment Management Decomp

The calculations conducted in the above table relevantly depicts the overall financial management decomposition of Wesfarmers 2017 half yearly report. The company’s overall liquidity position and debt to coverage ratio position is evaluated in the above table, which represents the overall Financial condition of the organization. The liquidity ratio of Wesfarmers relatively represents current ratio, quick ratio, cash ratio and operating cash flow ratio from 2016 to 2017 half yearly position. From the evaluation it could be identified that the current ratio of Wesfarmers related declined from 1.02 to 0.95 in 2017, which directly indicates the high accumulation of current liabilities that is conducted by the organization. Furthermore, the company is not following the current ratio valuation where it needs to keep the values of the ratio at minimum level of 2. The value is less than 1 which indicates that the current liabilities of the company is currently higher than the current assets, which states that the company will have to sell its fixed assets to support its short term financial obligations (Entwistle 2015).

Furthermore, the quick ratio of the company remains same due to the low changes in inventory levels, which directly Forced the quick ratio value to remain unaltered. this directly indicates that the company has overall position is not adequate, as the quick ratio value needs to be around 1 to support the financial obligations of the organization. Therefore, it could be assumed that Wesfarmers current financial position is not adequate to support its short-term obligations. Moreover, the evaluation of cash ratio indicates an increment in the value from 0.07 in 2016 to 0.16 in 2017, which indicates the relevant Improvement in cash position of the organization. This is due to the additional credit days that is allowed by the suppliers to the organization. The operating cash flow position of the company has remained same due to the stagnant values obtained during 2017 half yearly report. The company’s progress has relatively declined during the period due to the accumulation of high-end current liabilities and declining profitability (Grant 2016).

From the evaluation of debt and coverage ratio calculated in the above table, the financial position of Wesfarmers can be identified, which has a relatively deteriorated over the period half period of 2017. The overall positions of the organization have relatively declined due to the accumulation of liabilities conducted by the organization during the half yearly period of 2017. However, the debt position of the company declined during the period where the reduction in debt to equity ratio is seen from 0.26 to 0.24 in 2017. This relatively indicates that the company was able to repay some of its debt back to the lender, which relatively improved its debt to equity ratio. The net debt to equity ratio also improved from 0.22 to 0.16 indicating a positive attribute for the organization and depicting its financial strength. Supporting values of debt to Capital also indicates a positive attribute of the organization, as its value declined from 0.20 to 0.19 in 2017. However, the overall interest coverage ratio based on earnings has a relatively declined due to the low profit that was generated by the organization during 2017 half yearly position. The company was relatively not able to generate higher profits from its operations to improve the level of interest coverage ratio. on the other hand, the interest coverage ratio based on cash flow position has a relatively improved from 10.67 to 24.06 in 2017. This relatively indicates the positive cashier position of the organization during the fiscal year. Wesfarmers has been maintaining a positive cash flow from its operations, which has helped in improving the level of interest coverage ratio (Aggarwal and Gupta 2016).

Liquidity Ratio and Debt Coverage Ratio

The evaluation of above Table relatively helps in identifying the substantial growth rate that is obtained by Wesfarmers in 2017 as compared to the 2016 half yearly position. The calculation is relative be conducted to identify the growth rate in which returns could be provided to the investors.  from the calculation it could be identified that return on equity of West Palm house has a relatively declined from the levels of 6.64% in 2016 to 0.93% in 2017 half yearly position. This was mainly due to the low profitability that was obtained by the organization during the period, as a company had to conduct an impairment expense, which mainly nullified all the gains obtained during the period. Furthermore, adequate evaluation of the dividend payout ratio is also conducted in the above calculation, which has drastically increased from 67.5% in 2016 to 641.98% in 2017. This drastic improvement in the overall dividend payout ratio was due to the low net income obtained by the organization during 2017. The company was able to maintain the level of dividends on the half yearly annual report of 2017 as compared to 2016 even with the declining net income obtained during the period. This relevantly showed that the organization wanted to maintain the level of evidence that is paid by the organization to its shareholders (DeFusco et al. 2016). However, the measure used for the evaluation purposes directly reduced the substantial growth rate of Wesfarmers from the levels of 2.13% in 2016 to -5.03% in 2017.

The decline in substantial growth rate relatively indicates the low capability of the company to improve its return in future. The calculation is relevantly dependent on the overall return on equity that is provided by the organization. Furthermore, the increment in overall dividend payout ratio was due to the high dividends that was paid by the company even with the low profits obtained in 2017. Therefore, from the evaluation it could be understood that growth rate of the company has declined due to the low return on equity for 2017. Therefore, it could be assumed that the financial position and substantial growth rate of Wesfarmers is not adequate for investment purposes and the investors needs to evaluate their trading strategy (Maaloul and Zeghal 2015).

Figure 1: The Cash flow statement of Wesfarmers for half-yearly period

(Source: Wesfarmers.com.au 2018)

The above figure relatively depicts the overall cash flow statement of Wesfarmers from 2017 to 2016, which relatively helps in identifying the cash position of the organization. From the evaluation it can be identified that the net cash flow from operating activities has a relatively improved from the levels of 2648 million to 2897 million in 2017, due to the reduction in borrowing cost and net movement in finance advances & loans. On the other hand, the other expenses conducted by the organization and operating activities have relevantly grown while improving the cash flow obtained from operations. However, the calculation also indicates that the overall net cash flow used in investing activities has a relatively declined for the due to the extensive investments conducted by the company during 2017. The company has relatively improved the payment of property plant and equipment while relevant decline in the procedure of sale of property plant and equipment was seen. This substantially increase the cash outflow from financing activities of Wesfarmers, while reducing its cash position during 2017 (MacQueen, Bergevin and Mitchell 2016).

The overall evaluation it could be identified in that the proceeds from borrowing has a relatively declined for Wesfarmers in 2017 with a substantial decline in the payments of proceeds from borrowings. This relatively forced the organization to minimize the overall net cash flow used in financing activities during 2017. Furthermore, the increment in equity dividend payments was seen during the fiscal year which did not increase the overall cash out flow from financing activities. This relevant decline in the overall financing activities cash outflow has a relatively boosted the overall cash and cash equivalents at the end of the period. Wesfarmers relatively have a positive net increase in cash and cash equivalents from the levels of 127 million in 2016 to 829 million in 2017. This positive net increase in cash and cash equivalents has a relatively boosted the overall ending period of cash from 738 million in 2016 to 1842 million in 2017.

With the help of office table 2 overall forecast for the company can be conducted to identify its future revenues and sales. From the evaluation it could be identified that relevant decline in sales growth could be seen from 2018 to 2020 due to the continuous decline of sales value from 2015 to 2017. Using the average value, the overall estimation of the future forecast is being conducted in the above table which would eventually help in identifying the performance of the organization. The table also indicates that earnings of the organization relatively declined due to the declining sales value of the company over the period of 3 fiscal years. In addition, when an income of the company would eventually increase due to the constant growth in profits that is generated by the company while reducing its overall expenses. The shareholders equity would also decline in 2020 due to the constant selling of shares that will be conducted by the investors. lastly the return on equity from the above calculation is relatively going to be stable and increase over the period due to the increment in net income and declining shareholders equity. From the evaluation of the overall forecast it could be identified that the performance of the organization would eventually improve in future and it would eventually allow the investors to generate higher rate of returns from investment (Gong 2017).

With the effective use of accounting analysis, financial analysis, Strategy analysis and competitive analysis would eventually help in identifying in the improvements that me will be conducted by the company over the period. this would eventually help in forecasting in the future progress of the organization and how it could generate higher rate of Returns. From the valuation it will be identified that with the changes in competitive strategy analysis the actual performance of Wes farmers could be evaluated, as the organization half yearly returns was not adequate. in addition, the changes in strategic analysis also needs to be conducted where the performance of the company will effectively help in identifying the actual progress at would be generated in future. lastly the financial strategy analysis would eventually help in identifying the performance and the current financial position of Wesfarmers over the period, while providing us with the performance trend of the organization (Bergevin, MacQueen and Mitchell 2015).

The above calculations relatively represent the overall forecast for the cash flow position of Wesfarmers from 2017 to 2016, while depicting the overall growth in cash. the company effectively has improved its overall net cash flow from operating activities by 3.24% relatively indicates a positive attribute for reducing the cash outflow while increasing cash inflow of the organization. On the contrary, the net cash flow from investing activities has a relatively increased by 1063.85%, which indicates that the company’s overall investment capacity has a relatively grown, which is portrayed by the cash outflows. the company’s overall cash outflow has relatively improved you to the investments that is being conducted over the fiscal year.  the net cash flow from financing activities has the relatively showed a positive attribute where the company has been settling its loans and providing a positive cash inflow for the organization irrelevant increment of 646.56% increment in the values of net cash flow from financing activities can be seen during 2017. this element growth in the cash indicate a positive attribute for the company for maintaining adequate cash inflow for the fiscal year. the net increase in cash held relatively incremented by 600% over the period. On the other hand, the overall cash, and cash equivalents at the end of the financial period only increased by 40.38%. the positive attributes of the cash flow analysis relatively indicate that the organization will eventually generate a positive cash inflow in future (James, Stephen and Mark 2014).

Figure 2: Change in price of shares after 7 days of half-yearly report

(Source: Au.finance.yahoo.com 2018)

Trend provided in the above figure a relatively represents the price change of Wesfarmers after the announcement of their half yearly report. it could be identified that the overall share price of the company relatively declared after the announcement of interim report, due to the low financial position of the company. the prices of the company have a relatively the client from the levels of 42 to the levels of 41 over the period of 7 days this relatively indicates that the price sensitivity condition of the company is not adequate and the investors are not compliant with the progress that was made by the company over the half yearly period. the company has a relatively shown negative attributes in the annual report, while the net income has drastically declined from 2016 to 2017. Therefore, it is viable for investors to evaluate the performance of the organization once more before commencing with the overall trading sphere. However, the decline of share price was not drastic due to the accumulation of cash that was conducted by the company over the period. this irrelevantly portrayed a positive attribute for the investors, as the major expense that was conducted by the organization was impairment loss, which is identified to be non-cash transaction. Though, the impairment loss indirectly story is the overall effects of the organization, which directly hampered the operational position of the organization (Drake, Quinn and Thornock 2017).

Figure 3: Change in price of shares from 31^st December to half-yearly report

(Source: Au.finance.yahoo.com 2018)

From the evaluation of above figure a drastic change in prices of Wesfarmers can be seen where continuous decline in share value from 31st December can be identified. The deteriorating performance of the organization was anticipated by the investor which directly increased the overall selling sphere in the stock market. The company effectively portrayed A continuous announcements of quarterly statement of production development and Exploration conducted during the fiscal year, which a relatively represents or negative value and the investors portrayed the organization to generate loss over the period. In addition, the advanced notice of the half yearly report depicted in January relatively portrayed a negative attribute of the organization which drastically declined the share price during February. the investors in fear of losing value of the shares started to sell, as the overall advanced notice of half yearly report was not up to the standard which we have anticipated. The events occurred during this period relatively hampered the overall share price of the organization. Moreover, during February the organization relatively announced significant items expected in 2018, which depicted the list of impairment loss that will be conducted by the organization in the half yearly report (Ross et al. 2014). This payment loss relatively affected the anticipation of the shareholders and drastic decline in shares of the organization was seen from 31st December 2017 to 21 February 2018.

Figure 4: Change in price of shares after half-yearly report till 30^th April

(Source: Au.finance.yahoo.com 2018)

The above figuratively represents the overall price Trend and fluctuations of the Wesfarmers share price from the announcement date of half yearly report to the 30th April. this relatively indicates that the performance of the organization has improved steadily after the announcement of the half yearly report. The news of sale of Curragh coal mine and the demerger from kohl’s relatively portrayed a positive attribute to the organizations share value. does relevantly increased the overall performance of the shares over the period of March and increased it to the levels of previous highs. On the other hand, the overall Steel completion have relatively provided a positive cash inflow for the company which relatively improved its valuation among investors. the dividend update was also provided during March where the anticipated evidence was to be paid by the organization. However, the anticipated third quarter results for the organization was not adequate which was portrayed in advance notice. the interpretation of the overall revenues that was generated by the company Where’s effectively announced in April this again prompted the overall increment in share value of the organization. Moreover, the statement of production development and Exploration also put a deposit if attribute which increased the share price of the organization over the period. these announcements conducted by Wesfarmers for the period of February March and April allow the organization to retain positive attributes and generate high value even after the disappointing half yearly report (Legrand 2017).

The reviews provided from the first assignment relatively change my perspective of strategic analysis, accounting analysis, and competitive analysis, which could be used in detecting the overall performance of the organization. The knowledge regarding the overall operations has a relatively changed due to the effective insight on the perspective strategies and analysis of the organization. The three analysis that is conducted on the above organization has a relatively help in analyzing the overall performance and financial growth that is generated by the company for the period. Furthermore, the theories have relatively helped in identifying and detecting the overall investment opportunities, which could be used by investors to improve their overall return from investment. the theory relatively supports the fundamental analysis concept of investment, where the financial performance of the organization is evaluated to identify prospects and growth in return that could be generated by the company. Therefore, the assignment has a relatively helped me to effectively understand the concepts of accounting analysis, competitive analysis, and strategic analysis.

The feedback received from the first assignment was very helpful in improving the knowledge regarding the strategies that needs to be implemented and evaluated before conducting Investments. The feedback relatively helps in identifying the loopholes in my current strategy and effective ways in which the strategy could be molded to detect the actual investment opportunity and maximize investment returns. The feedback also helped me to understand the overall analysis that was used in the assessment to evaluate the performance of the organization. The understanding of different levels of ratios has also changed after completing the assessment. The understanding of the analysis such as competitive analysis relatively helped me to understand the use of comparison that needs to be conducted within the organization to identify the more financially stable company. Moreover, with the help of strategy analysis the actual strategies adopted by the company to conduct its operation is evaluated and detected if the company’s strategies are adequate to generate higher rate of return from investment. Lastly, with the use of accounting analysis the overall performance of the organization and the trend in its returns evaluated which depicts the investors to identify the financial performance and return generation capacity of the company.

The assessment relatively helped me to identify the alternative methods that could be used for evaluating the ratios. In addition, the assignments have relatively changed the perception of ratios calculation and how it could be used to evaluate the financial performance of the organization. The decomposition method used in the assessment relatively indicated the different use of ratios that could be conducted by the company over the period of time. The assessment also helped me to understand the alternative ways in which ratios could be used for understanding and evaluating the financial performance of the organization. the financial statement evaluation is also conducted in the assessment which has helped me to understand the different ways that could be used by the investors to evaluate performance of the organization. The major changes in the perception of the issue was conducted due to the use of substantial growth phase and the decomposition method calculated in the assessment. this relatively help in identifying the progress and substantial growth that could be obtained by the company over the period.

After completing the assessment my perception regarding the interrelationship among financial ratios of the company is adequately evaluated, which would eventually help in detecting the overall performance of an organization. with the interrelationship among different financial ratios the actual financial position of the company is evaluated, which would eventually help the investors in detecting the investment opportunities and improve the return from investment. After the completion of the assessment I was able to detect the usefulness of interrelationships between ratios which was able to identify and evaluate the financial statements provided by the organization. with the help of decomposition method. The different levels of operation, financing, investment, and sustainable growth conducted by the company was evaluated to identify the financial viability of the organization. Therefore it could be identified that with the help of adequate ratios and it’s combination investors would eventually identify the actual performance of the organization and detect its future growth. this protection of the future growth would eventually help in improving the level of profit that could be generated by the investor. The assessment has relatively taught me to understand the different levels of ratios and financial performance that could be conducted by the investors to detect financial performance of the company.

Reference

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