Mba1508 Applied Corporate Finance Sample

Introduction To MBA1508 Applied Corporate Finance

Hewlett Packard is a prominent company which has been adequately focusing on the perspectives related financial advice such as capital structure, ratio analysis and many more. Therefore, the report has included the perspectives related to corporate finance through the focus on the Hewlett Packard Enterprise (HPE). In addition, it has been noted that HPE has been promoted to enhance the shaping of technological solutions. HPE was established in 2015 and it has been instrumental in shaping technological solutions and services. 

It has been focusing on the understanding of HPE’s financial strategies and decisions. Hence, the financial decision and the strategic decision have been influenced by the company in order to meet the goal of the organisation. It has been serving as a reflective mirror to comprehend broader real-world corporate finance scenarios. Therefore, this report has been focusing on the critical aspects of corporate finance concerning HPE. 

Hence, it has been believed that the HPE has been conceived that the business strategy and the different complexities have been dedicated in order to meet the goal. Hence, it could be stated that the enhancement of HPE’s overall business strategy and performance. Different complexities related to HPE’s financial decisions have been providing the aspects related to corporate entities operating in the ever-evolving global business landscape. These aspects of corporate finance have been focusing on theoretical concepts integral to the everyday decision-making processes of businesses in the contemporary corporate world. The company's opinions on investment decisions, and capital raising through equity and debt, have been advanced under this. Moreover, the management of cash flow to enhance operational efficiency and the determination of dividend payouts to shareholders are both based on the fundamental concepts of corporate finance. Different viewpoints have had a direct influence on a company's performance, market valuation, and capacity to compete and prosper in the market.

This figure has been stating the perspectives related to the cumulative total shareholder return against both the S&P 500 Index and the S&P Information Technology Index. The comparison has been promoting the aspects related to different five years from October 31, 2017, to October 31, 2022 (Washington, 2022). Furthermore, it is important to note that the comparisons drawn from this graph are based on past data. Therefore, it needs to be used to predict the future performance of the common stock in question.

Dividend Policy

The dividend policy of Hewlett Packard Enterprise (HPE) has been promoting the perspectives related to the approach related to allocating profits back to shareholders through dividends (Packard, Fargo and Services, 2015). Furthermore, it has been perceived that the strategic vision and the financial stability has been perceived that the company earning has been developing with the heaving of incorporating the business ideas and the bulbs the business corporation in the business market territory. The policy is a strategic decision and it has also been influenced by various factors including the company's earnings, financial stability, and future investment plans. It has been indicating the proportion of profits paid out as dividends related to a key aspect of such a policy is the dividend payout ratio HPE has been focusing on the promotion of balance between distributing profits to shareholders and retaining earnings for future growth and investments. Stability and predictability in dividend payments are preferred by investors who rely on dividends as a source of regular income. However, the specific dividend policy has been adopted by HPE to its position in the market as a technology company. Therefore, it has been reflecting a balance between rewarding shareholders and funding its growth and innovation initiatives (Nguyen et al., 2021). Hence, the policy has been found in relation to the finding the requirements of the business operation and prepared the business operation platform in the business market territory. Furthermore, it has been noted that the future growth and investments of the company has been determined with the sharing of the profits among the stakeholders.

The company has been gaining a consistent dividend distribution of $0.48 per common share in both fiscal years 2022 and 2021. On November 29, 2022, HPE announced a regular cash dividend of $0.12 per share on its common stock and it has been scheduled to be paid on January 13, 2023, to shareholders recorded by the close of business on December 14, 2022. Therefore, the dividend policy of the company created the trust among shareholders and the shareholders benefited from the shareholders and built a proper relationship with the management. Hence, it has been noted that the shareholders have been found as the key of the organisation.

HPE's Board of Directors initiated a buyback program on October 13, 2015 with an initial allocation of $3.0 billion. This authorization has been increased through additional approvals of $3.0 billion, $5.0 billion and $2.5 billion on May 24, 2016, October 16, 2017 and February 21, 2018. The buyback program has been promoting a designated expiration date and it has also been permitting the company to repurchase shares either in the open market.

In fiscal 2022, HPE has settled a total of 35.4 million shares under this program through open market transactions (Investors.hpe.com, 2022). It has also been included that 0.8 million shares have been pending settlement as of October 31, 2021. On the other hand, there were unsettled open market repurchases of 0.3 million shares as of October 31, 2022. The shares bought back during fiscal 2022 led to a reduction in stockholders’ equity amounting to $0.5 billion. As of the end of October 2022, HPE has a remaining share repurchase authorization of $1.4 billion for future transactions.

Rationale

Hewlett Packard Enterprise (HPE) has been focusing on dividend decisions that seem to be aimed at ensuring steady shareholder returns and reflecting financial stability (Global Communication Team, 2022). The consistency in their dividend payouts at $0.48 per share for both fiscal years 2021 and 2022. It has also been underscoring a commitment to providing regular shareholder value. The strategy is beneficial for income-seeking investors and also promotes market confidence by signalling the company's reliable performance and cash flow adequacy. However, stakeholder value has also been promoted through taking the alternative strategy.

Total Debt:

• 2022: Short-term debt = $4,612 million, Long-term debt = $7,853 million.
• 2021: Short-term debt = $3,552 million, Long-term debt = $9,896 million.
• 2020: Short-term debt = $3,755 million, Long-term debt = $12,186 million.

Figure 3: Ratio analysis (Source: Investors.hpe.com, 2022c)

Such investments could lead to business growth and value creation for shareholders. The factors contributing to this WACC include the company's capital structure, which comprises both debt and equity components. Hence, it has been noted that the investment could be able to demonstrate the understanding of the DR electricians and the decision making.

However, in 2022, HPE's WACC increased to 5.89%. This uptick in the cost of capital may be attributed to various factors, including changes in the cost of debt or the assumed cost of equity (Ke). It's essential for HPE to closely monitor and manage its WACC, as it plays a pivotal role in investment decisions, capital budgeting, and company valuation (Lee and Saygin, 2023). 

Cost of capital influences financial decision-making and company valuation

It has been noted that the evaluation of the business opportunities and the benchmarking of the business growth has been identified with the having of the optimal mix of the debt and equity. A lower cost of capital implies that a company can generate returns above its financing costs, encouraging it to pursue growth opportunities (Loukoianova et al., 2022). On the contrary, a higher cost of capital can make investments less appealing, potentially leading to the rejection of promising projects.

The DCF has been developing with the having of the practising the results section of the employee towards meeting the requirements. A higher cost of capital results in a lower valuation, while a lower cost of capital enhances a company's perceived value. Furthermore, the company could be abl;e to create the buinesd platform in order to construct the effective economic factors regarding the company and enhance the company business operation profiles with the help of the optimising the resources. 

Moreover, the cost of capital is a reflection of a company's risk profile and its sensitivity to economic factors. Companies have been actively managing their cost of capital by optimising their capital structure, monitoring market conditions, and making strategic financial decisions that align with their growth objectives. Furthermore, the cost of capital is not merely a financial metric; it is a strategic tool that guides companies in allocating resources, making investment decisions, and ultimately shaping their financial destiny (Fittipaldi, 2023). Effective management of the cost of capital is paramount for companies aiming to create value, remain competitive, and navigate the complex financial landscape successfully. 

Working Capital Management

Cash and Receivables Management

Hewlett Packard Enterprise (HPE) demonstrates a strategic approach to tax management and the treatment of undistributed earnings from non-U.S. operations (Sec.gov, 2023).The company's choice to exclude provisions for U.S. federal and state income taxes and foreign withholding taxes on $9.3 billion of undistributed earnings highlights its intention to reinvest these monies outside of the U.S., in line with the typical practices of multinational firms. Quantifying the unrecognised deferred tax liability accurately has been found as tough due to the intricate nature of international tax legislation. HPE's dedication to distributing non-permanently reinvested profits when it is beneficial for business operations, taxation, or cash management purposes demonstrates a practical approach to managing cash flow and optimising tax efficiency (Global Communication Team, 2023). This strategy not only influences the company's effective tax rate but also impacts its overall financial performance.

Hewlett Packard Enterprise (HPE) outlines its liquidity management strategy, emphasising the reliance on internally generated cash flows as the primary source of liquidity. This approach is aimed at supporting various aspects of the company's operations, including capital expenditures, product development, acquisitions, legal settlements, restructuring activities, and debt-related obligations. HPE's expectation of supplementing short-term liquidity by accessing capital markets, issuing commercial paper, and borrowing from financial institutions underscores its proactive stance in managing liquidity needs (Hpe.com, 2023). However, the company acknowledges that access to capital markets may be constrained, and borrowing costs may increase under specific business, market, or economic conditions. This recognition of potential challenges reflects HPE's commitment to financial prudence.

Profitability and liquidity ratio 

HPE's assessment of its liquidity requirements for at least the next twelve months and the foreseeable future, even in light of the uncertainties posed by the COVID-19 pandemic, reflects its confidence in its ability to manage cash flows effectively. The company also highlights its commitment to research and development, indicating that it may allocate a significant portion of its revenues to innovation. While this approach reflects HPE's commitment to product quality and innovation, it acknowledges the need to manage cost structures to remain competitive.

Hewlett Packard Enterprise (HPE) has exhibited a mixed financial performance in the year 2022 when compared to the previous year (Global Communication Team, 2022b). The Return on Equity (ROE) recorded in 2022 stood at 4.35% indicating a lower profitability compared to the previous year's robust 17.13%. Furthermore, this suggests that HPE generated less profit relative to shareholders' equity, which could be a cause for concern. However, it's essential to note that ROE can vary between industries, and the technology sector often has different benchmarks.

HPE faced challenges in 2022 In terms of liquidity. The current ratio, which measures the company's ability to cover short-term obligations with current assets, was below 1, indicating potential difficulties in meeting immediate financial obligations. Additionally, the quick ratio (acid-test ratio), which excludes inventory from current assets, also signalled liquidity concerns with a ratio of 0.677. These liquidity ratios suggest that HPE may need to focus on managing its short-term financial commitments more efficiently. The revenues and the generation of the annual income of the organisation has been developed with the identification of the meeting the organisational goal. 

Additionally, HPE acknowledges the diversity of its revenue streams, driven by various products, services, customer groups, and geographic markets. Hence, the diversity and the acknowledging the diversity can result in varying revenue Hnec, the key challenges has been associated with the ice cream industries and meeting the organisational goal in the business market territory. Further, the key challenges have been found in the context of making the effective framework to construct the business marketing environments.

The report also addresses the geopolitical challenges that have affected HPE's operations, particularly in regions like Russia, and Ukraine, and the impact of trade sanctions. These conflicts and sanctions have negatively impacted the company's operations and financial performance. The report acknowledges the potential for further adverse effects, including economic recessions and supply chain disruptions, if the situation escalates. Lastly, HPE recognizes the potential impacts of the complex relationship between China and the U.S. on its operations and financial performance (Cho, Chung and Young, 2019). This includes potential uncertainties regarding contract enforceability and payment timing.

Inventory Management

Formulas:

Inventory Turnover Ratio = GAAP Cost of Sales / Average Inventory

DSI (DIO) = 365 / Inventory Turnover Ratio

The examination of Hewlett Packard Enterprise's (HPE) inventory management ratios for the fiscal years 2022 and 2021 have been providing significant data regarding the company's inventory efficiency. In 2022, HPE's inventory turnover ratio has decreased and it has also been suggesting a longer duration to sell and replenish its inventory compared to the previous year. The inventory turnover ratio decreased from 4.22 in 2021 to 3.47 in 2022 Furthermore, HPE has been performing well in the consecutive three years of the financing the company could be able to enhance the business performances with the hijacking of the practising. . Additionally, the Days Sales of Inventory (DSI) or Days Inventory Outstanding (DIO) increased from approximately 86.44 days in 2021 to 105.06 days in 2022, signifying a longer holding period for inventory. Hence, it has been noted that the emerging technology has been required to be adopted by the organisation in order to build the brand reputation of the organisation in the business market territory. 

The statement emphasises the company's susceptibility to risks in its supply chain, emphasising the importance of efficient supply chain management in the current ever-changing business landscape. The company and its suppliers have a strong interdependence, meaning that any disruptions might have a significant impact on the entire supply chain. In order to tackle these difficulties, the organisation must embrace a proactive strategy.

The company ought to diversify its supplier base to reduce reliance on a single source for critical components. This diversification strategy can help mitigate the impact of shortages or disruptions from any one supplier. Furthermore, building strong, collaborative relationships with key suppliers is essential. Open communication channels and cooperative problem-solving have been helping the organisation to build an effective relationship between the shareholders and the organisational management. Furthermore, it has been noted that the business growth has been dependent on the relationship between the stakeholders and the organisational management in the business market atmosphere. The company should invest in advanced supply chain management technologies to manage the complexity of its supply chain (Stackpole, 2020). Predictive analytics, demand forecasting tools, and real-time visibility into inventory can enhance the company's ability to respond swiftly to changing market dynamics. Therefore, the optimization of the company business efforts the assessing the potentials has been helping in order to making the business more sustainable. The key efforts and the business opportunities have been developing the organisation in order to meet the sustainable target and providing the platform to meet the sustainable Goal. 

While optimization efforts are commendable, the company should carefully assess the potential risks and trade-offs associated with supply chain changes. A thorough risk assessment should be an integral part of any supply chain optimization initiative to identify and mitigate potential disruptions (Choudhary et al., 2022). Furthermore, the company should closely monitor geopolitical and economic factors that may impact its supply chain. It has included staying informed about trade policies, currency fluctuations and geopolitical tensions that could affect supplier relationships and component availability.

Proposed strategy

The implementing strategy of the working capital efficiencies and developing the business market territory. Furthermore, it has been noted that the implementing the strategies with the help of the implementing the Action. Implementing strategies to optimise working capital efficiency is essential for Hewlett Packard Enterprise (HPE) to maintain a competitive edge in the technology sector. HPE can significantly reduce unnecessary stock levels, leading to lower carrying costs by improving inventory management through Just-In-Time systems and enhanced demand forecasting, (Linkedin.com, 2023). Optimising accounts receivable, such as accelerating invoicing processes and offering incentives for early payments, will expedite cash inflows. 

Hence, the acquisition of the streamlining accounts has been shaping the business overview and leveraging the early age discounts in the business market territory. Furthermore, streamlining accounts payable through better payment terms negotiation and leveraging early payment discounts can efficiently manage cash outflows. Implementing cash flow forecasting systems will enable HPE to predict and manage its liquidity needs more accurately. The acquisition of technology that has been including the supply chain and payment processes and the can introduce significant efficiencies and reduce operational costs (Alsmadi et al., 2023). Moreover, regular risk assessments, especially in terms of currency fluctuations and market changes, along with diversifying the supply chain, will mitigate potential disruptions. Furthermore, it has been noted that diversifying the business portfolio has been generating the business simulation in the business market territory. 

Capital Structure

Optimal capital structure

The company's capital structure and financial positions for the fiscal years ending on October 31, 2022, and 2021 reveal important insights. Furthermore, the short-term obligation has been met with the help of the increasing demands of the requirements in the market. Furthermore, it has been noted that the Short-term debt increased from 2021 to 2022, suggesting higher short-term financing requirements, while long-term debt decreased during the same period, indicating a potential effort to reduce long-term financial obligations. This shift was accompanied by an increase in the weighted average interest rate, which may lead to higher interest expenses. In the Financial Services (FS) segment, there was a decrease in gross financing receivables and capitalised profit on intercompany equipment transactions (Adams et al., 2022). The decrease in net portfolio assets can be ascribed to adjustments made in the allowance for doubtful accounts and the operating lease equipment reserve. The debt-to-equity ratio stayed unchanged at 7.0x in both years, indicating a steady capital structure. To evaluate the future impact on operations and profitability, it is important to analyse these financial changes within the framework of the company's overall strategy and financial well-being.hence, it has been noted that the key obligation in terms of enhancing the business profiles in the business market here. 

Hewlett Packard Enterprise (HPE) employs a discount rate known as the Cost of Equity to gauge the expected return that investors should receive for investing in the company's stock (Washington, 2022). The calculation of HPE's Cost of Equity is based on the widely recognized Capital Asset Pricing Model (CAPM), which takes into consideration key financial parameters. As of the calculation, HPE's Cost of Equity stands at 8.3%. This figure represents the compensation investors require for bearing the inherent risks associated with holding HPE's stock. The Cost of Equity is arrived at by considering various factors: first, the risk-free rate, approximated at 3.92%, represents the return anticipated from a risk-free investment. HPE's beta value is 0.98 and it has been signifying that the company's stock is relatively less volatile compared to the broader market. On the other hand, the equity risk premium (ERP) is4.47% and it has also been accommodating the additional return investors demand for taking on the risks inherent in stock investments.

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Furthermore, HPE has a higher Cost of Equity and it has a lower Weighted Average Cost of Capital (WACC) at 7.36% is an encouraging sign for potential investors. Therefore, it has been suggested that the HPE has the potential to generate returns on equity that exceed its overall cost of capital, implying value creation for shareholders (Global Communication Team, 2023). Expected return of the stock can be promoted through analysing the perspectives related to higher promotion of ratios for that adequate support can also be promoted to the company’s financials. Furthermore, the calculator related to the expected return has also been helping the company to promote valuable insights of the company’s facts. 

The capital structure of a company has been helping to make critical financial decisions that have far-reaching implications for its financial performance and overall business operations. In the case of Hewlett Packard Enterprise (HPE), the capital structure has been including the mix of debt and equity and the specific choice of this structure has also been aligning with the company's strategic objectives and financial goals (Hpe.com, 2023). 

Justification for Chosen Capital Structure

Debt Tax Shield 

It has been identified that the debt in the capital structure has been creating issues for the company to take different benefits from the company. It is also identified that the interest payments can also be related to the payment on debt and higher debt means higher interest. For these aspects, it is also identified that tax efficiency has also been promoting the perspectives related to profit after tax. 

Cost of Capital Optimization 

The Weighted Average Cost of Capital (WACC) has been evaluating investment decisions (Fe.training, 2023). For that, it will also help the company to analyse the perspectives related to cost of capital through which adequate promotion of the company’s financials can also be promoted. The optimal capital structure has been helping to minimise the weighted average cost of capital (WACC). Therefore it has also been enhancing the lowest level of return that the company must achieve in order to meet the expectations of both debt and equity investors. HPE has been enhancing the net present value (NPV) of its investments through managing the combination of debt and equity to produce a weighted average cost of capital (WACC). 

Leverage and Risk Management

The Incurring debt of the company has been stated that the financial leverage needs to be promoted through the identification of risks. It is also to be stated that enhancement of the profit can be possible through identification of risks. HPE has been utilising the debt to finance development prospects such as acquisitions or capital investments. It is also identified that the objective of achieving related returns on invested capital can be possible through the identification of gaps under this. HPE's decision to utilise debt has also helped the company to effectively control its capital structure in accordance with its risk tolerance and growth goals. 

Implications for Financial Performance

Interest Expense 

The use of debt in the capital structure has been promoting higher interest expenses and it has also been focusing on the heavy interest burden (Schoenmaker and Willem Schramade, 2023). High-interest payments can reduce profitability, especially during periods of rising interest rates. HPE's financial performance will depend on its ability to service its debt obligations efficiently.

Risk Profile 

A greater percentage of debt amplifies financial risk, as it compels the corporation to make predetermined interest payments, irrespective of business performance. Financial leverage has the ability to increase returns during favourable economic periods, but it can also intensify losses during difficult economic circumstances. HPE must prudently oversee its risk exposure to guarantee fiscal stability.

Investor Confidence

The chosen capital structure can influence investor confidence (Boateng et al., 2022). A well-balanced capital structure that reflects a prudent mix of debt and equity can signal financial stability and responsible financial management, potentially attracting a broader range of investors. Hence, the investors' confidence could be built with the having of the right approaches in the business market territory. 

Return on Equity 

The capital structure affects the return on equity (ROE). Higher leverage can magnify ROE when returns on invested capital exceed the cost of debt. However, it also increases the financial risk associated with equity investments. HPE's financial performance will be evaluated based on its ability to generate an ROE that exceeds its Cost of Equity (Finance.yahoo.com, 2020). HPE's chosen capital structure should align with its strategic objectives, risk tolerance, and growth plans. 

Conclusion and Recommendations

It can be concluded that the company has been performing well in the past two years and it is aso to be stated that the company has been operating adequately in terms of managing the perspectives related to competitive industry. On the other hand, it is also to be stated that the company has been promoting their financial adequacies through their liquidity, profitability, capital structure, cost of capital and debt to equity ratio. Furthermore, it is also to be stated that the company has also been adopting the adequate cost structure perspectives through which adequate support to the balancing liquidity has also been possible. On the other hand, it is also to be stated that the debt obligation of the company has also been managed through the analysis of financial stability. It is also identified through the analysis that the company has been meeting success through pursuing the growth opportunities. Enhancement of the stakeholder value can also be enhanced through focusing on the company’s perspectives related to the dividend payout. 

Recommendations 

• Optimise Operational Efficiency 

HPE has also been focusing on the enhancement of operational efficiency and cost management. It has also been identifying cost-saving opportunities and enhancing productivity. The company has also been enhancing its profitability and competitiveness in the technology industry by reducing unnecessary expenses and improving resource allocation.

• Diversify Supply Chain and Mitigate Risks 

HPE needs to focus on the aspects related to diversifying its supply chain and reducing dependency on specific regions or suppliers given the supply chain challenges and geopolitical tensions, (Hpe.com, 2021). Implementing robust risk mitigation strategies has also been helping the company to achieve its financial success. It has also included perspectives related to supply chain resilience measures. It can also help the company to navigate disruptions effectively and ensure the timely delivery of products and services.

• Strategic Investments in Research and Development 

HPE's business model has also been relying on providing innovative and high-quality products and services (Hpe.com, 2020). The company ought to continue to invest proportionately in research and development to maintain its competitive edge., HPE can attract and retain customers, ultimately driving revenue growth and profitability by staying at the forefront of technology advancements and delivering cutting-edge solutions.

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