Business Valuation and Financial Analysis - Myassignmenthelp.Com

Question: Discuss about theBusiness Valuation and Financial Analysis Answer: Introduction With the advent of science and technology in the present global environment, all the companies that are performing in the global market analyses their own functions in accordance to the industrial benchmark to the region where the organizations perform. This paper has been constructed in order to evaluate the financial and the annual reports of Cleanaway Waste Management Limited with the help of several authentic sources like the financial statement of the organization and various other journals and internet sources. The annual report of the firm along with the Australian annual report has been useful for attaining best possible data that would be useful for the completion of the paper (Ghose, Pizzol and McLaren 2017). Cleanaway Waste Management Limited is an Australian Stock Exchange listed company and is associated with in the clean and waste industry. The concerned company is one of the renowned companies that is associated with the waste management industry and looks to make the country and the region free from wastes. The company has the aim of creating a waste free environment and making the world and the country a better place. For the last few years, the company has been progressing in an effective manner as the company has been gaining profits. The need for initiating this analysis has mainly been due to the rise in the level of competition and the increase in the level of waste in the country. Recently, there has been a rise in awareness among the consumers with respect to the environment (Betz et al. 2015). The annual report of the firm helps in obtaining useful data for the operations of the business. The utilisation of several assessment techniques like the macroeconomic analysis, industry analysis, business strategy analysis and the accounting evaluation would aid in understanding the financial position and the business valuation of the organization. Macroeconomic Analysis Economic environment of Cleanaway Waste Management Limited The word economic environment comprises of the extrinsic variables that are associated in the business economy and in the vaster global economy that has an effect on the operations of the business. The economic aim of the Cleanaway Waste Management Limited has been to contribute in a positive manner to the concerned industry within which the firm performs and look to provide a waste management process that is hassle free and free from economic threats and risks. Zhang et al. (2014) has explained that economic environment can be segmented into two divisions namely micro and macro environment. The two mentioned types of the economic environment have a significant role to play in evaluating the success rate of the organization. The performance with respect to the economy of the community where the company is associated with the help of their business is important for Cleanaway Waste Management Limited. The organization concentrates on the crucial precedence that aids them in gaining the information with respect to the economic liability for the concerned stakeholders and undertakes construct various reports and articles that would be beneficial in creating awareness among the customers. The organization even undertakes a review and scrutiny of the waste management services that intends in recognising the factors that would be unfavourable and the factors that would be useful on the economic extent. Macroeconomic factors that influence the performance of Cleanaway Waste Management Limited The macroeconomic factors have been discovered to be a vast range of economic variables that can have an impact on the financial growth and performance of the firm. The macroeconomic factors are inclusive of growth in the population, Gross Domestic Product (GDP), rate of interest, prices of oil, unemployment etc. GDP has been known to be the final services and goods that are manufactured within the geographical boundary of a country, which in this report is Australia as the paper concentrates on the business and financial analysis of Cleanaway Waste Management Limited. The indicators that are macroeconomic in nature are exploited in order to understand and compute the level of economic activity within Australia. The rate of growth in the GDP is a country is directly associated with the financial position and performance of the company (Luthra et al. 2014). The GDP of Australia has shown a rise of 2.8% on the year 2015-2016 and the country has a low rate of unemployment with a percent age value of 5.6%. Even though the rate of unemployment has come down, it has been observed that there has been a rise in the level of part time and underemployment in the country at a significant level. The rise in the level of part time and underemployment has mainly been due to the availability of an increasing number of labour forces in the market. The main factor for the increase in the labour market has been migration of foreign as well as domestic population in search of jobs and other factors (Yeheyis et al. 2013). The rise in the level of part tine and underemployment has motivated Cleanaway Waste Management Limited to increase their labour force so that they can undertake various plans of actions to improve their operations and expand their business to the next level. Another one of the economic factor has been the rise in the value of export in Australia. The rise in the value has suggested that that international business transaction has been undergoing in an effective manner thereby reduci ng the burden from the domestic industries. The rise in the value of export lowers the degree of risk of stock pile that would reduce waste and in a way decrease the level of waste in the country. In the current scenario, Australia does not have a significant amount of inflation in the country as the current rate of inflation is 2% and is expect to rise to 2.10% within the next twelve months. The rate of inflation being so low is good for Cleanaway Waste Management Limited as they can purchase and bring in new and improved waste management equipments and serve them at a lower cost. The use of these techniques would increase their level of work and they can even expand their operational region thereby increasing their level of earnings. The interest rate aids in calculating the rate of return anticipated by the lender for providing loan (Rostamzadeh et al. 2015). The rate of interest being higher lowers the level of investment in the business and directly has an impact on the revenue level of the firms. This is due to the fact that the rise in the rate of interest lowers optimistic Net Profit Value investments in the business. However, interest rate being lower motivates the organizations to borrow money and make various changes in their business so that they can increase their level of profit. The present rate of interest of Australia is 1.5%, which is very low and thus m otivates Cleanaway Waste Management Limited to undertake various expenditures related to the business so that they can increase their profitability and reach their business objectives. It is seen that lower rate of interest decreases the level of financial risk and improves the level business growth. Global Economy that has an influence on the company over the last 5 years During the last five years, the company has been performing in an ineffective manner even though due to the economic slowdown there has been an impact on the operations of the firm for a few years (Jayant et al. 2014). The uncertainty in the market worldwide had led to the postponement of the expansion of Cleanaway Waste Management Limited. The restriction of Cleanaway Waste Management Limited has even been due to economic depression during the year 2008 to 2009. However, the transformation in the economy for the last few years has been fundamental for the firm to stand around and perform efficiently. Future Prediction The GDP of Australian economy has been expanding sustainably year by year and it has been anticipated that Cleanaway Waste Management Limited will look to diversify their business. Additionally, the policies implemented by Reserve Bank of Australia have decreased the level of inflation and thereby gain the objectives of the firm (Allesch and Brunner 2014). Therefore, the financial performance of Cleanaway Waste Management Limited would improve thereby helps the firm to reach out globally. Industry Analysis In this particular section, emphasis has been given on understanding the waste management and recycling industry on how it operates in Australia and the company that belong to this industry is named as Cleanaway Waste Management Limited. Porters five forces model is one of the effective tool that is preferably used as it brings out the external environmental factor that govern a particular industry and country as a whole. Every industry faces some forces that they need to face and try hard for mitigating it as far as possible. There are five external environmental forces that are elaborated in the diagram of the model that comprises of, threat from new entrants, threat from substitute products, competitive rivalry, bargaining power of suppliers and bargaining power of customers (Carroll and Buchholtz 2014). Figure: Porters Five Forces Model of Cleanaway Waste Management (Source: Dahlbo et al. 2015) Rivalry from existing competitors Cleanaway Waste Management Limited operates in Waste management and recycling industry where it is important to know fact the fact on how far the company face competition from the rivalry firms. Here, it is easy to find out from the below underlying reasons that the company faces low threat from its competitors (Ferro et al. 2014). Low level of competition among the rivalry firms- The waste management and recycling industry faces low level of competition from its rival firms in Australia. This attribute or forces is highly beneficial for Cleanaway Waste Management Limited as the company operates in the industry where the competition is low and they have a chance to generate more revenue in their business (Shamsuzzoha, Helo and Sandhu 2016). Higher strategies stakes or approaches- The management of Cleanaway Waste Management Limited are capable of taking strategic decisions for their firm as the level of competition is lower than any other industry under study. Waste collection industry The waste management and recycling industry put more emphasis upon factors where analysts give more importance to their existence in the industry as they face less competition from any of the rival firms (Garca et al. 2014). Threat from new entrants Cleanaway Waste Management Limited operates in Waste management and recycling industry where it is important to know fact the fact on how far the company face threat from the new entrants. Here, it is easy to find out from the below underlying reasons that the company faces low threat from the new entrants (Yl-Mella et al. 2014). High investment cost- For any new entrant who is willing to enter in the waste management and recycling industry, it is quite difficult for them as the establishment of this type of company need huge cost of investment. It is for this reason Cleanaway Waste Management Limited face low threat for any new entrants who start operating in the industry (Garlapati 2016). Higher barrier to exit- For any new entrants who is willing to enter in the waste management and recycling industry, they will face difficulty as exit to barrier are higher and new entrants cannot afford in. This force act as a positive influence for Cleanaway Waste Management Limited who already occupies the position in the industry for few years (Govindan et al. 2015). Strict and rigid laws and regulations- For any new entrants who are interested in operating in the industry need to face or tackle strict regulations and time taking process at the same time. This force act as a positive influence for Cleanaway Waste Management Limited who is already listed in the Australian Stock Exchange (Zaman 2015). Huge investment- For any new entrants who are interested in operating in the industry need to invest huge money in the industry that is not possible for any of the new companies. This force act as a positive influence for Cleanaway Waste Management Limited who is already well-established company operating in Australia. Threat from substitute products Cleanaway Waste Management Limited operates in Waste management and recycling industry where it is important to know fact the fact on how far the company face threat from the substitute products. Here, it is easy to find out from the below underlying reasons that the company faces low threat from its substitute products. Few to zero substitutes for waste management- On analysis, it is noted that there is only few substitutes to this industry and this is the positive forces for Cleanaway Waste Management Limited that can help them in attainment of future goals and objectives. High exit barriers in the waste management industry- There is high exit barrier for the new entrants. It is for this reason why Cleanaway waste management limited has no close substitute to what they offer for given period of time (Milutinovi? et al. 2014). Bargaining power of suppliers Cleanaway Waste Management Limited operates in Waste management and recycling industry where it is important to know fact the fact on how far the company faces bargaining power from the suppliers. Here, it is easy to find out from the below underlying reasons that the company faces high bargaining power from the suppliers. The suppliers in the industry have high bargaining power (Parkes, Lettieri and Bogle 2015). Paying premium for licenses and rights- On analysis, it is noted that the industry (waste management and recycling) in actual faces high bargaining power from the suppliers. It is because of the fact that suppliers that belong to this industry pay premium prices for getting the access where they can use licenses and rights that is otherwise not possible. It is therefore to note the fact that Cleanaway Waste Management Limited should be keeping their cost higher so that they will be able to pay to the suppliers. Strong big supplier- On analysis, it is understood that the industry (waste management and recycling) in actual faces high bargaining from the suppliers. The suppliers in this industry have high bargaining power. It is the suppliers who are the final price maker and take that price from the company and company has no say in this industry. Bargaining power of customers Cleanaway Waste Management Limited operates in Waste management and recycling industry where it is important to know fact the fact on how far the company faces less bargaining power from the customers. Here, it is easy to find out from the below underlying reasons that the company faces less bargaining power from customers. The customers in the industry have less bargaining power. Commercial and business customers to make own choices or preferences- On analysis, it is important to consider the fact that both commercial and business customers has the medium where they can make choices in the particular industry under study. This forces that is mentioned can be termed as a qualitative factors where most of the industries compete with each other and it become difficult to face it in the near future (Ross 2016). Business strategy Analysis For Cleanaway Waste Management turning a food waste in to the nutrient rich soil enhancer or discovering the innovating method of recycling, the company has always managed to arrive with the business strategy in order to helps its businesses attain their sustainability goals. During the financial year of 2016, Cleanaway Waste Management has launched a unifying brand for waste management and recycling (Kubasek, Brennan and Browne 2016). The introduction of innovative method of waste management bears a solitary minded mission of making a sustainable future for humans. The new business of Cleanaway Waste Management signifies that it is a major transformation of the business along with the company shareholders and stakeholders. With the introduction of new business strategy, the company has been able to operate in more consistent manner that is supported by innovative rage of total waste management. The industrial and ecological service supported by its market leading innovation and services (Kew Stredwick 2017). The business strategy of Cleanaway Waste Management has significantly reflected that it aims to strengthen the commitment of the company by making a sustainable future for the citizens of Australia. Commenting on the financial sustainability of the business the total revenue of the company increased by 5.1 per cent to $1,455.1 million. This was particularly driven by the increased revenue from the collection of solid and solid post collection business. For Cleanaway Waste Management it has managed to attain strategy formulation to achieve its operational objectives (Dumitru and Jinga 2015). It is noteworthy to denote that the strategy formulation forms the review and acted as the catalyst for numerous actions, which the company has implemented over the past years in achieving the sustainable business profits (Wetherly and Otter 2014). In order to secure the long term future of the company, Cleanaway Waste Management has implemented a variety of actions to secure the company and its business functions. This comprises of renewed focus on the health and safety of the environment. The company has successfully acquired the Melbourne Regional Landfill and the entire feel of the management system. The company constantly restructures its sales team with the objective of improving the effectiveness of its sales and reviewing the remediation provision of the landfill. Such kind of business initiative by Cleanaway Waste Management has them the market leader in the waste management industry and the company is well positioned to achieve sustained growth (Palepu, Healy and Peek 2013). The company in comparison to the statutory loss of $23 million attained the statutory after tax attributable profit to ordinary shareholders of $44.8 million last year. The number of significant items that totals approximately $18.5 million, which was primarily attributable to the cost of restructuring and cost of rebranding the company, mainly impacted the statutory profit after tax. On analysis the business performance of the company, Cleanaway Waste Management is pleased to announce in its annual financial report that the shareholders have made encouraging amount of progress over the past years (Wahlen, Baginski and Bradshaw 2014). As evident from the analysis, it is understood that the company wanted its people to align with the people and the organization on the common platform. One of the most visible form of business strategy for Cleanaway Waste Management was to bring into the change in the name of the company with the mission of sole reinvigorated brand. With the objective of creating a single brand name that binds Cleanaway Waste Management together as one, the company develops a critical but truly sustainable business practices (Wild and Staden 2013). The creation of fit purpose structure saw the organization align with the structure of the business strategy to support the motto of go to the market business model. The fit for the purpose contributed significantly to the major cost cutting program. An ambitious target of $30 million was annualized cost reduction that was established and the company is confident to increase its working capital by June 2018. Concerning the increased capital discipline Cleanaway Waste Management implements control on the spending to be in accordance with the depreciation and amortization (Jenkins and Williamson 2015). During the year of 2015 capital expenditure of Cleanaway Waste Management witnessed a 130 per cent of depreciation and amortisation which was well beyond the industry standard. Subsequently in the financial year of 2016, the depreciation and the amortisation expenditure witnessed a significant reduction to 95 per cent. In addition to this, Cleanaway Waste Management efficiently manages and rectifies the remediation of cash flows. Against the background of the muted economic activity in Australia, Cleanaway Waste Management has commenced to witness the benefit of business strategy in an important improved operational performance across all over the business (Batkovsky, Batkovsky and Klochkov 2016). The company reported an increase in the collection of underlying revenue EBIDTA and EBIT of 3.0 per cent and 5.8 per cent respectively. In addition to this, the company reported a net decline in the running of corporate functions at the EBIT level which felled by 20.4 per cent. Considering the risk of the business strategy of Cleanaway Waste Management the operations of the company is entirely dependent on the continued performance, efforts, abilities and expertise of its key administration person. However, the loss of such service could be viewed as the major threat to the company as it might create an adverse impact on the business functions of Cleanaway Waste Management since the company might not be able recruit suitable replacement within a relatively short period of time (Hill, Jones and Schilling 2014). The company business strategy could be further hampered by the operational risk. A prolonged and unintended interruption might cause a severe impact on the the operations of Cleanaway Waste Management from the unplanned financial performance. The company is exposed to large number of risk such as site or loss damage, environmental and climatic events, disruptions to the industrial systems and securities (Raubenheimer and Stammen, 2016). However, to ov ercome the operational risk, Cleanaway Waste Management has implemented a variety of controls and strategies to administer those risk, compliance programs, site business continuity and crisis management plans, training and interruptions systems securities. The company during the financial year of 2016 witnessed a growth of 3 per cent improvement in the solid collections revenue with an attractive rate of 3.5 per cent in revenue for the second half the financial year 2016 in comparison to the corresponding period of previous year. Cleanaway Waste Management has been able witness a volume growth across most of the collection categories in comparison to the last year (Drnevich, and Croson 2013). As evident from the analysis the telesales and the functions of save desk are completely operational and there are early indications of improvements in the figures of customer churn with new business of Cleanaway Waste Management have gained exceeding churn rate (Pettersson and Sorensen 2016). The pricing analysis and discipline of Cleanaway Waste Management has been constantly improving however it is worth mentioning that further amount of work will be required in the financial year of 2017 (Mishra and Zachary 2014). The company has cited that the sales productivity has remained to be an opportunity for Cleanaway nationally and shall also remain a focus in the later part of the financial year of 2017 together with the operational improvements and continued focus on the customer service. This has been considered for Cleanaway Waste Management as the key attain a future growth with profitability increasing by 8.4 per cent in EBITDA to $149.8 million and pleasing enhancement of 19.3% margin in comparison to 18.3 per cent in the preceding year. Accounting analysis The accounting analysis framework consists of six stages, which are assessed in the context of Cleanaway Waste Management as follows: Tracking the primary accounting policies: The annual report of Cleanaway Waste Management clearly depicts that the financial statements are prepared to conform to the Australian Accounting Standards and Interpretations, which the Corporations Act 2001 and the Australian Accounting Standards Board have enforced. It has been observed that the firm has enforced AASB 9 from the financial year 2016 for enabling hedge accounting in relation to its business operations (Cleanaway.com.au 2017). In addition, the organisation has enforced a new model relating to impairment for the financial assets with a three-stage approach. Such approach mainly constitutes of a single year expected credit losses (ECL), lifetime impaired ECL and lifetime ECL. The company uses to adopt the concept of historical cost, as modified with the help of revaluation relating to financial assets, contingent considerations and derivative financial instruments. Moreover, it is involved to round off the figures to the close dollar in thousands in compliance with the Australian Securities and Investments Commissions Instrument 2016/191. Analysing the overall accounting flexibility: The pliability in accounting could be assessed with the help of the resulting content pertaining to information. If the managers have limited pliability in choosing the estimates and policies of accounting associated with the major success factors, the accounting data are probable to constitute of less information for gaining an understanding of the overall business economics (Briner and Konrad 2014). However, these are the qualities of choosing, which the organisation could have selected from the pool of options available to the same. In the context of Cleanaway Waste Management, it has been observed that the firm has focused on adopting stringent accounting policies to conform to the accounting standards of AASB and IFRS. The organisation has not provided the access to the managers in exercising pliability in choosing the policies associated with estimates and policies of accounting. The top-level management of the company has framed the accounting policies and related anticipation s, which urges the requirement for the accounting managers in adopting the norms and guidelines of the firm. Hence, it could be stated that the accounting information associated with the organisation highly contains information where the users would have an understanding of the economic position of the organisation (Christodoulou, Clubb and Mcleay 2016). Analysing the overall accounting strategy: As laid out by Jian et al. (2016), when the managers have pliability in accounting, it could be used to communicate the economic situation of the firm or to limit the actual performance. One of the major needs in analysing the overall accounting strategy associated with the organisation is its ability to deal with the industrial norms. For example, the policies and accounting estimates of the organisation have been developed in such a way that effective compliance is made with the Trade Practices Act 1974. Moreover, all the financial gains made are disclosed in the financial statements of the organisation. Along with this, no sufficient incentive amount has been offered to the management of the organisation in order to tamper with the accounting figures and no changes in accounting policies and estimates have been made in the financial year 2016. Analysing the overall quality of disclosure: The entire disclosure quality of a company could be analysed with the help of the quantity of disclosures made, beginning note of the accounting estimates and the existing performance (Levin et al. 2015). Based on the beginning note depicted in the annual report of Cleanaway Waste Management, it relies on the method of developing the financial reports in accordance with AASB and IFRS. The disclosures have been made in relation to financial impaired assets and the overall principles of consolidation. Some of these consolidated principles of the organisation include summary of changes in interest of ownership, share trusts, joint venture, translation of foreign currency and subsidiaries. Moreover, the balance sheet statement, statement of changes in equity, income statement and cash flow statement have been prepared in a way that helped in depicting the present financial condition and performance of the organisation in the operating market. Locating the potential red flags (information distortion): In this phase, the assessor needs to investigate certain items closely or collect necessary information on them. Hence, this phase needs the assessor in collecting the unqualified audit reports, unanticipated large write-downs and undescribed accounting modifications (Liu 2017). According to the report of Ernst Young, which is the auditor of the organisation, it has conducted write-downs related to the business operations failing to achieve the desired objectives. However, the report also signifies that no change has taken place in the accounting year 2016 and the estimations have conformed to the existing norms as well as legislations prevailing in the country. In addition, no associated party transactions have taken place and thus, there is no serious distortion of information that could lead to heavy complexities for the organisation to carry out its daily operations. Correcting the accounting distortions: As commented by Moarif (2014), in case; any issue is detected in the above phase, the organisation is required to correct the same. However, after crucial evaluation of the above step, the report of the auditor does not state any major accounting distortion. The sole issue is related to write-off associated with the business operations of the firm, as it has failed to meet the desired objectives. In order to rectify this distortion, the organisation has two possible ways available. The passing of journal entries is the initial option and the second alternative is to change the financial ratios based on the gathered data from the annual report of the organisation. However, it is to be noted that passing journal entries is not an option during the time of impairment. This is because it would have direct effect on the ratios. In this specific case, the organisation could use any of the two options, since the issue is not related to impairment. This could be made with the help of the foo tnotes of financial position or the statement of cash flows (Schaltegger and Zvezdov 2015). Conclusion The analysis based on the macroeconomic policies has shown how the company has been able to cushion itself with the fluctuating GDP growth rates. It has been further able to keep its services stable even in a fluctuating economy. The various types of considerations made for single economy review has been seen with evaluating performance of the company with the growing inflation. The company during the financial year of 2016 witnessed a growth of 3 per cent improvement in the solid collections revenue with an attractive rate of 3.5 per cent in revenue for the second half the financial year 2016 in comparison to the corresponding period of previous year. Cleanaway Waste Management has been able witness a volume growth across most of the collection categories in comparison to the last year. It is an asset that the company has been able to sustain its business even with the deteriorating inflation rates. The main strategy of Cleanaway Waste Management has been seen in terms of maintainin g a cost leadership strategy. The accounting approach has shown the compliance with Australian Accounting Standards and Interpretations, which has been further based on the Australian Accounting Standards Board and Corporations Act 2001. The industry analysis has revealed waste management industry in real has a significant impact where the analyst put more importance to its existence. It is the waste management and recycling industry in Australia that have long-term positive impact on the current business entity that adds value to it. The pricing analysis and discipline of Cleanaway Waste Management has been constantly improving however it is worth mentioning that further amount of work will be required in the financial year of 2017 Reference Allesch, A. and Brunner, P.H., 2014. Assessment methods for solid waste management: A literature review.Waste Management Research,32(6), pp.461-473. Batkovsky, A.M., Batkovsky, M.A. and Klochkov, V.V., 2016. Implementation Risks in Investment Projects on Boosting High-Tech Business Production Capacity: Analysis and Management.Journal of Applied Economic Sciences. Romania: European Research Centre of Managerial Studies in Business Administration,11(6), p.44. 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