MAF302 Corporate Finance- Aristocrat Leisure Limited

MAF302 Corporate Finance- Aristocrat Leisure Limited

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MAF302 Corporate Finance

Task

Aristocrat Leisure Limited (ASX ticker: ALL)

You continued working at Frontier Advisors – an investment advisory and consulting company – as a financial analyst in the Investments Research Team. Your report on Lynas’s corporate governance and corporate social responsibility was well received by your client, Ultimate Super.

Ultimate Super would like to be more informed about another company – Aristocrat Leisure Limited (ASX ticker: ALL), especially related to its financial decisions and intrinsic value. As your second assignment, your team leader allocated you to a team to work with two other colleagues. As a team of three, you are required to deliver both a written report and a presentation to the board of directors of Ultimate Super.

Part 1 (Group Report):

Your report must include the following:

Briefly describe Aristocrat’s business model. Identify the main products/services that Aristocrat offers its customers and highlight Aristocrat’s competitive advantage(s) over its competitors.

Describe Aristocrat’s current capital structure and its trend in recent years. Compare Aristocrat’s capital structure with that of Ainsworth Game Technology Limited (ASX ticker: AGI) (or any peer/competitor in the same industry).

What are the benefits and costs of using debt specific to Aristocrat? Does Aristocrat benefit from having a higher or lower leverage? Is the observed capital structure consistent with your prediction?

(You should use at least one of the theories of capital structure in your discussion.)

Describe Aristocrat’s payout ratio and dividend per share (DPS) in the current and past four years. Compare Aristocrat’s DPS and/or payout ratio with that of International Game Technology (ticker; IGT) (or another international competitor(s)) and discuss thesimilarity/differences.

Explain the reasons behind Aristocrat’s payout policy.

2b. Environmental, Social, and Governance (ESG) commitments

Briefly describe Aristocrat’s ESG risk and rating/ranking.

Summarize Aristocrat’s commitments to corporate governance, its employees, and the society in its ESG programs and the relation to the United Nation’s Sustainability Development Goals (SDGs). How does Aristocrat’s ESG add value to the firm?

3. Acquisitions and financing

Describe Aristocrat’s three major acquisitions since 2014.

Discuss the economic reasons for the major acquisitions.

How did investors/the stock price react to the acquisitions? Did the acquisitions add value to Aristocrat? Were they consistent with Aristocrat’s strategic goal?

Focus on Aristocrat’s major acquisition in 2014.

  • Describe the financing of the acquisition.
  • Evaluate the financing choice on Aristocrat’s distress/credit risk, leverage ratio, interest cover ratio, future financing flexibility, and dilution of shareholdings.

4. Weighted average cost of capital

Calculate Aristocrat’s WACC.

Compare your estimates of Aristocrat’s Beta and WACC with the estimates by other financial analysts. Briefly discuss the reasons behind the differences.

(Use the Capital Asset Pricing Model (CAPM) to find the cost of equity. State all the reasons and/or assumptions you made in your calculations. Show the Excel spreadsheet you use for your calculations.)

Calculate the intrinsic value of Aristocrat using the discounted cash-flow (DCF) model.

Compare your valuation with the valuations by other analysts/researchers and Aristocrat’s current share price. Is Aristocrat fairly priced, overpriced or underpriced based on your calculation?

Show some sensitivity or scenario analysis. What are the important variables that may affect your estimations?

State all the reasons and/or assumptions you made in your calculations. You need to:

i. determine the period that Aristocrat will experience high growth and justify it,

ii. prepare a pro forma financial statement to forecast the free cash flows (FCFs) during

the high growth period,

iii. forecast the horizon/terminal value,

iv. determine and justify the short-term and long-term growth rates.

v. provide an estimate value per share for Aristocrat.)

The report needs to follow a proper business report with an executive summary (200-250 words) that clearly (i) summarizes your main findings and (ii) indicates, as a potential strategic investment target, based on your research and analysis.

For the purpose of this assessment, students need to form a group of 3 members.

You are strongly encouraged to form group early to ensure that your group has sufficient time to establish an effective working relationship. You can enrol yourself in a group within the MAF302 website by going to the tab: ‘Tool’ -> ‘Groups’. Please do so by Friday 13 Aug 2021.

Part 2 (Individual Presentation):

Each of your team members is required to make a brief video presentation of 4 minutes about one of the following topics from Part 1 (Group Report):

1. Member 1: Aristocrat’s business model and capital structure

2. Member 2: Aristocrat’s payout policy and ESG commitments

3. Member 3: Aristocrat’s acquisition and financing

The board of directors of Ultimate Super appreciate clear presentations that highlight the important points. You need to effectively convey the important information within a short time. You are strongly encouraged to rehearse your presentation to ensure that it does not go over time.

MAF302 Corporate Finance

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