Assignment Task

Required

Capital structure and payout are two important shareholder value creation decisions. In this assessment you are required to select one (1) of the publicly listed companies from the list below and evaluate its capital structure, payout policies, and how the company meets the needs and expectations of shareholders. Part of the shareholder value analysis will investigate how payout information released by your chosen company and the capital structure decisions impact the wealth of its owners. You will need to use ten years of annual report data in your research.

Choose one (1) of:

• Wesfarmers Limited (WES)
• Brambles Limited (BXB)
• Aristocrat Leisure Limited

(ALL) Your assignment will need to address the following:

a. Provide a literature review that addresses the theoretical framework of dividend policy and capital structure.

Your examination may include: Irrelevance, M&M model, signaling, investment opportunities, investment policy, and clientele effects.

b. An evaluation of the company`s capital structure policy and establish a link with its cost of

This section should include discussion on the capital structure policy of the chosen firm used in practice. Your discussion should focus on the overall impact on shareholders’ wealth by providing a link between the choice of capital structure, the cost of capital, and the valuation of the firm. You can use the relevant variables from financial statements to establish the linkage.

c. A dividend/payout policy analysis of your chosen company and its performance, using relevant financial analysis to examine the relevant variables.

d. A critical examination of the market reaction to payout-related announcements in the context of shareholder value.

• Discussion should focus on the overall impact on shareholders’ wealth. You can extract payout variables from financial statements or databases to conduct an analysis that seeks to establish the effect of payout announcements.

e. Provide a conclusion which attempts to critically reflect on the entire discussion.

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