Tesco Plc Report : Business Model Assignment Sample

Introduction Of Tesco Plc Report: International Accounting And Finance

The company introduction that will be offered includes all important non-financial features associated with the selected company classified as Tesco Plc. Main activities and business model along with main markets served and typical features affecting company performance will be cohesively discussed in this part of the report.

Main activities and business model

The main activities conducted by Tesco are mostly associated with retail-based functions that include offering a wide variety of products and services to generic customers that could be used for luxury as well as daily usage. These activities can be further classified based on offering supermarket services, providing doorstep delivery for household goods along with offering financial services in the form of insurance. The business model of Tesco is considered to be a highly flexible one whose foundation is highly dependent upon four important characteristics comprising product, customers, distribution and reinvestment (tescoplc.com, 2023). The following is a classified assessment of products and services sold along with competitive advantage parameters applicable for Tesco.

Products and services sold

Products and services sold by Tesco are considered to be daily care and luxury goods that range from books to household furniture and groceries. Additional emphasis is also being laid by Tesco to offer telecommunication services by expanding its business catalogue towards internet streaming services.

Competitive advantage parameters

Competitive advantage parameters employed by Tesco mainly include the need to implement cost leadership which highlights the ability to control operating costs and place a variety of costing strategies to achieve best financial feasibility for each product.

1.2: Main markets served

Figure 1: Revenue Generated by Tesco based on Regions

(Source: statista.com, 2023)

• Region: Region of service by Tesco is considered to be the United Kingdom, Republic of Ireland, partial countries belonging in Central Europe as well as in the Asian subcontinent.
• Product: Products served by Tesco are classified under wholesale products as well as retail products which are placed in the market by emphasising a reasonable pricing strategy.
• Customer Type: Customer type associated is considered to be a highly flexible age range that is meant to purposefully serve customers from the age group of 5 to 85 years.
• Typical features affecting company performance
• Demographics: The impact of demographics is considered to be highly influential where factors including lower proportion of female workers could implicate lower business sustainability in future for Tesco.
• Social Trends: Non consideration to employ digital marketing strategies could implicate company performance associated due to lack of engagement for social trends.
• Consumer Behaviour: Ineffective product qualities and higher pricing are deemed to be important factors affecting company performance based on consumer behaviour for Tesco.
• Fashion: Affordability, availability and potential generation of lower brand value could implicate company performance due to changes in fashion of customers.
• Changes in Global Trading Patterns:Lack of ample scope for international trading could be considered a major influence affecting the performance of Tesco based on global trading patterns.
• Environmental Issues: Encouragement to usage of plastic items could be considered as a major impact leading to business unsustainability for Tesco due to environmental issues.

Sector Review

The sector review applicable for Tesco will be determined on the basis of identifying key market forces that are driving demand along with identification of relative measurement involved under sector competition in the industry where Tesco belongs. Discussion on future prospects along with specific market forces and numerical and statistical evidence will further be offered in this part of the report to ascertain overall sector strengthening forces that Tesco holds.

Key market forces driving demand

The key market forces driving demand for Tesco include branding, integration of technology, supplier management as well as strategic alliances and collaboration. The following is an individual illustration of all important market forces that drive demand for products for Tesco in the UK retail and wholesale industry.

Branding

Branding is identified as the primary market force that drives demand in the industry for Tesco to facilitate healthy movement of goods and services both domestically as well as internationally. As per opinions and explanations of Van Hoa et al. (2022), branding is also alternatively termed as organisational loyalty from customers perspective which usually leads to generation of a higher goodwill value for an organisation. The process of branding employed by Tesco is identified as an integrated and cohesive approach adopted to facilitate better recycling of products to ensure a higher product life cycle. Moreover, innovation is also considered to be an influential driving tool associated with branding of Tesco in which product improvisation is being adopted on frequent intervals. Branding and higher brand value is further achieved by Tesco by offering various cash and non-cash incentives for its customers including discounts and loyalty token systems. The branding of Tesco is further determined on the basis of popularity percentage prevailing in UK which is considered to be 57% popular as of 2022 (statista.com, 2022)

Integration of Technology

Integration of Technology is identified as the second important driving force for Tesco which maximises demand for products in the generic UK retail and wholesale market. Integration of technology mainly includes consideration to adopt digital marketing and social media strategies in order to encourage a higher flexibility to necessitate daily business conduct and operations. Technological integration is also identified as an important driving force that establishes healthy stakeholder relationships along with encouraging Tesco to obtain a higher market concentration and reach.

Integration of technology also encourages Tesco to ensure that a higher number of suppliers can be brought on board and product distribution streams could be more synchronised in order to gain a higher operational scalability parameter. Abdulazizovich (2022), illustrated and explained that the role of technology is deemed to be essential in order to drive new-age business sustainability prospects and also ensure that an organisation has ample scope to introduce new product ranges in the market. Usage of RFID tagging for tracking delivery of goods along with big data implementation can be considered an integral part of technological integration by Tesco that maximises its corporate robustness in the industry.

Figure 2: Technological Integration by Tesco

(Source: globaldata.com, 2022)

Supplier Management

Supplier management is identified as the third important market force that is driving demand for Tesco to keep itself relevant in the retail and wholesale market of the UK. Supplier management is alternatively considered to be linked with vendor management where an ideal scenario would allow Tesco to bring on board a higher plethora of suppliers to focus on high product facilities. The availability of higher suppliers also encourages Tesco to minimise and reduce cost burdens applicable for manufacturing and operational concern and generate a higher proportion of profitability. Supplier management is also considered to be an integral component of stakeholder harmony and association that ensures Tesco's priority towards Business development along with stakeholder maximisation and bundling.

Strategic Alliances and Collaboration

Strategic alliances and collaboration are identified as the fourth important market force driving demand for Tesco. Strategic alliances and collaborations mainly consider business partnerships and ventures with domestic as well as international market players in order to ensure business growth and development in the foreseeable future (Tettamanzi, Venturini & Murgolo, 2022). Strategic partners and collaborators of Tesco and identified as Decathlon, Intellio and RangeMe all of whom are considered to be influential players belonging to the retail market in the UK.

Relative measurement of sector competition

The retail and wholesale market in the UK is considered to be a highly proactive sector where the relevance and traces of market competition are considered to be weighed on higher scales. The relative measurement of sector competition can be further determined on the basis of annual sales revenue generated. The figures for 2021 and 2022 are considered to be valued as GBP 464.16 and GBP 495.71 billion respectively ( statista.com, 2023). Therefore, it can be evaluated that the relative competition existing in the UK is significantly higher than other established countries which also encourages Tesco to maximise its market share and earn a higher profitability proportion from continued operations.

Figure 3: Relative Measurement of Sector Competition

(Source: statista.com, 2023)

Future prospects

The future prospects identified for Tesco are considered to be mostly favourable due to its availability of higher market share to substantiate business development and progression. The future prospects would likely encourage the concerned managerial loggerhead of Tesco to improvise more towards its product service facilities in order to garner a higher customer association in future. Additional services can also be incorporated as part of future prospects that could include mobile based and application-based business drive that would encourage bringing onboard more customers within its business purview. Moreover, territorial expansion into other countries can be contemplated as important future prospect strategies that would allow Tesco to collaborate with more companies and grab a higher market share overseas.

Specific Market Forces

Specific market forces mainly include branding and overseas collaborations for Tesco in order to ensure that the organisation achieves its long-term business goals and objectives. These market forces have been selected specifically since they are identified as important driving parameters where applicability and implementation would allow Tesco to obtain a higher market share both domestically as well as internationally.

Company Assessment

Identification of Peers and competitors

Peers and competitors identified for ratio analysis include Sainsbury, Marks and Spencers and Morrisons. Under performance ratios, net profit ratio will be calculated for a period of 5 years between 2022 to 2018. Calculation of quick ratio will be contemplated under liquidity parameters, while calculation of gearing ratio will be contemplated under solvency parameters. Under efficiency parameters calculation of receivable turnover ratios will be considered from 2022 to 2018. Additional ratio calculations have also been sufficed in detail containing calculations conducted for Tesco from 2022 to 2018.

Calculation and Analysis of Financial Ratios

Performance Ratios

Table 1: Performance Ratios

According to above calculation of performance ratios, NPR for Tesco in 2022 and 2021 has been calculated as 2.42% and 10.29%. NPR for Sainsbury in 2022 and 2021 has been calculated as 2.86% and -0.56% respectively, while NPR for Marks and Spencers has been calculated as 2.84% and -2.20%. The NPR for Morrisons during the same period has been calculated as -0.14% and -1.83%. Hence, it can be inferred that trend of performance for Tesco is decreasing in 2022, while trends for competitors is observed to be an increasing one. As illustrated by Hosiyatovich, Kadirovich & Ikromovich (2023), decreasing performance ratio trends are considered to be adverse parameters which mostly indicate higher operational costs and inadequate revenue substantiation.

Liquidity Ratios

Table 2: Liquidity Ratios

Liquidity ratio calculations mainly considered QR as the main ratio for which numerical figures for Tesco in 2022 and 2021 have been calculated as 0.61 and 0.52:1. QR for Sainsbury has been subsequently calculated as 0.50 and 0.47:1, while QR for Marks and Spencers includes numerical figures of 0.75 and 0.61:1. The QR calculated for Morrisons in 2022 and 2021 indicates numerical expressions of 0.19 and 0.20:1 and hence, it can be determined that performance of Marks and Spencers in 2022 is superior. An increasing trend in performance of 2022 can be witnessed for Tesco, Sainsbury and Marks and Spencers while a decreasing trend can be established for Morrisons. As explained by Botica Redmayne et al. (2023), an increasing liquidity trend further encourages an organisation to avail higher cash influxes to substantiate short-term asset and liability management.

Solvency Ratios

Table 3: Solvency Ratios

Solvency ratio calculations include calculation of GR for 2022 and 2021 in which numerical expressions identified for Tesco are calculated as 0.53 and 0.59 times respectively. GR calculated for Sainsbury and Marks and Spencers include numerical expressions of 0.51, 0.51 and 0.59 and 0.64 times. GR calculated for Morrisons further includes numerical expressions of 0.34 and 0.43 times respectively. Overall, it can be ascertained that performance of Marks and Spencers under solvency is marginally superior in comparison to Tesco and other competitors. Trend identified for Tesco, Marks and Spencers and Morrisons is considered to be a decreasing one, while performance of Sainsbury is considered to be stagnated. Flayyih, Mutashar & Murad (2022), illustrated that a decreasing trend for GR could implicate low investor harmony leading to inefficient leverage prospects.

Efficiency Ratios

Table 4: Efficiency Ratios

Calculation of efficiency ratios include consideration to RTR in which numerical expressions acquired for Tesco include figures of 48.57 and 45.83 times in 2022 and 2021. RTR values for Sainsbury and Marks and Spencers have been calculated as 43.77, 40.07 and 50.14 and 43.68 times. RTR for Morrisons includes figures of 48.76 and 31.58 and it can be determined that performance of Marks and Spencer's is considerably superior to its competitors. Trend of RTR performance for all companies in 2022 is considered to be an increasing one. An increasing trend of RTR mainly indicates favourable terms to accumulate faster collection of customer credits that yield better cash flow availability (Polzer, Grossi & Reichard, 2022).

Forecasting

Assumptions

The assumptions associated with revenue include that the forecasting period considered is from 2023 to 2027. Expected increase in revenue for Tesco is considered to be 5% each year considering revenue values acquired in 2022. The proportion of cost of sales is forecasted to be 45% of revenues for 5 years and operating costs are considered to be 25% of revenues. Proportion of non-cash operating expenses is further considered to be 8% of revenues and is constituted by interest expenses and tax rate considered will be fixed uniformly at 20% on earnings.

Interest on debt paid is further considered to be 7% of total debt value uniform for all five years of forecast. Expected dividend growth rate is considered to be 4% from 2023 to 2027. Capital expenditure is forecasted to increase by 6% from 2023 to 2027 and depreciation is assumed to be 10% on capital expenditure and working capital is expected to increase by 4% every year. Assumptions also include an increase in fixed assets of 5%, while equity is measured on the basis of considering the debt-equity ratio metric arrived for Tesco in 2022. The additional balances for assets and liabilities will be adjusted based on considering an assumed value of other assets.

Forecast for revenue

Table 5: Forecasted Revenue

According to the above revenue forecast, it can be identified that revenue expected to be generated by Tesco from 2023 to 2027 is considered to be GBP 61,344, GBO 60,954, GBP 67,998 , GBP 60,365 and GBP 63,383.33. The forecasting of revenue is considered to be an important preposition for an organisation to drive future sustainability and accomplish financial goals and objectives (He et al. 2022).

Forecast for Expenses

Table 6: Forecasted Expenses

The above table of forecasted expenses include numerical expressions of GBP 45,349.92, GBP 50,951.51, GBP 49,927.27 , GBP 44,911.97 and GBP 47,157.57. According to Abass, Flayyih & Hasan (2022), forecasting of expenses mainly include manufacturing and operating as well as non-operating expenses which are further classified as cost of sales, operating expenses and interest expenses.

Forecast of Net Income and Earnings from tax, debt and interest rates

Figure 4: Forecasted Earnings after Tax

Table 7: Interest and Debt Forecast

The above forecast for interest and debt indicates numerical values of GBP 60,954, GBP 67,988, GBP 67,106.55, GBP 60,365.55 and GBP 63,383.83. Gao (2022), stated that debt and interest forecast is considered to be an integral part of the assessment of long-term liabilities expected by an organisation in the future.

Dividends from earnings and payout ratios

Forecasted dividend calculated above is numerically expressed as GBP 760.24, GBP 790.65, GBP 822.28, GBP 855.17 and GBP 889.37. Isaev (2022), illustrated that forecasts of dividends and payout ratios are important to ascertain expected levels of stakeholder harmony needed to be incorporated to define future business sustainability.

Cash flow from working capital and depreciation accruals

FCF forecasted from above is considered to contain numerical values of GBP 22,732.14, GBP 24,713.67, GBP 24,800, GBP 23,493.16 and GBP 24,538.33. As Gómez-Villegas & Larrinaga (2023), explained that the forecast of free cash flows is mostly conducted by considering values of operating profit, net working capital changes, capital expenditures and depreciation.

Balance sheet from accruals, retained earnings and cash flows

From the above balance sheet forecast, values of assets and liabilities speculated to be GBP 106,134.67, 115,790.38, 116,172.33, 109,735.90 and 114839.78. Schmidthuber, Hilgers & Hofmann (2022), illustrated that the forecast of the balance sheet is further deemed to be necessary to identify the final statement of financial positioning.

Valuation

Dividend Discounting Model

In order to apply the dividend discounting model, the expected market rate of return in the UK is considered to be 14.38% or 14% rounded off (tradingeconomics.com, 2023). The speculated growth rate for the future in the UK is considered to be 7.5% considering investments in the capital markets (datacommons.org, 2023). The application of the dividend discounting model will be considered from 2023 to 2027.

Table 8: DDM

Discounted Cash Flow

The calculation of discounted cash flow will be considered on the basis of applying time value of money that includes free cash flows and cost of capital. In order to calculate cost of capital values of debt and equity will be considered along with calculation of weighted average cost of capital. The speculated risk-free rate, beta and market risk premium in the UK is considered to be 1.3%, 0.52 and 5.6% respectively.

Table 9: DCF

As per above calculations, Cost of equity, WACC has been calculated as 3.54% and 7% respectively. Moreover, DCF calculated from 2023 to 2027 includes numerical expressions of GBP 21,244.99, GBP 21,585.88, GBP 20,244.51, GBP 17,922.82 and GBP 17,495.49 respectively. The relevance and significance of DCF is considered to be essential in order to ascertain future viability and reliability associated with prospective investments and projects (Alabdullah, 2022).

Relative Valuation Methods

In order to conduct application of relative valuation methods, consideration to determine EV/ Revenue will be conducted. EV is also termed as enterprise value and is determined by adding debt and equity and differentiating it with free cash flows (Garanina, Ranta & Dumay, 2022).

Table 10: EV/ Revenue

EV/ Revenue for Tesco in 2023, 2024, 2025, 2026 and 2027 has been calculated as 93.86%, 92.47%, 92.94%, 94.76% and 94.39% respectively. The additional relative valuation methods include price to sales ratios for which numerical expressions identified for Tesco in 2022 are considered to be 0.30 times (finance.yahoo,com, 2023). Comparison with peer ratios also indicate values of price to sales ratio achieved for Sainsbury being calculated as 0.20 times (finance.yahoo.com, 2023a). Price to sales for Marks and Spencers has been calculated as 0.38 (finance.yahoo.com, 2023b). Price to Sales for Morrisons has been calculated as 0.40 times (tools.morningstar.co.uk, 2023). Hence, the price to sales ratios for Morrisons is considered to be superior in comparison to its competitors.

Forecast of Sales, Earnings and Book Value of Equity

The forecast of book value of equity will be conducted by deducting forecasting values of total assets and total liabilities.

Table 11: BV

As per above table of calculations for BV, numerical expressions achieved from 2023 to 2027 have been calculated as GBP 26841.26, 28,567.236, 28905.38, 28.231.80 and 29,921.24.

Sensitivity Analysis

Sensitivity analysis shall be conducted based on taking variables including growth, cost of equity and cost of capital to determine share pricing and valuation for Tesco.

Table 12: Sensitivity Analysis

As per the above table of calculations, it can be determined that the sensitivity analysis portrays no relations or changes in share pricing when influenced due to cost of capital or growth. This also indicates that share pricing of Tesco is fairly dependent upon determination of internal corporate principles that influence share price strategies in the capital and share markets.

Recommendation and Conclusion

Recommendation

The recommendations applicable for the concerned managerial spearhead of Tesco is mostly associated with identifying additional revenue generation streams in order to maximise performance ratios. The relevance and significance of identifying additional revenue generation streams is also necessary to ensure that an adequate balance of cash inflows is kept to maintain plausible liquidity levels for short term and long-term basis. The additional recommendations identified for Tesco Plc are considered to be related with determining techniques through which operational optimisation can be conducted in order to encourage a better efficiency ratio performance. The efficiency ratio performance backed due to RTR mostly indicates sales being contemplated on cash basis rather than credit basis and this should be rectified by allowing more credit facilities and also simultaneously engaging cost saving tactics.

The recommendations offered to Tesco are further considered to be related with valuation basis in which higher emphasis on equity source of funding is needed to be engaged. The capital structure identified for Tesco is mostly dominated by debt sources of financing which could possess threats of overleveraging and could implicate financial disharmony and difficulties. The identification of adequate sources through equity funding would also encourage Tesco to foster business development relationships with stakeholders and leapfrog its competitors with respect to business dominance and competitive advantage achieved in the retail and wholesale industry. Consideration to lean manufacturing can also be incorporated as a suitable recommendation offer to the management of Tesco that pacifies delivery time and empowers higher onboarding of prospective buyers and customers.

Conclusion

This report has mainly established that the company concerned Tesco is mostly associated with conducting activities relating to retail and wholesale segments in the UK. Major production services sold and offered belong to the daily care and luxury categories which are mostly factualised on the basis of implementing cost leadership strategies. The main market of operations for Tesco is further identified to be UK, Ireland and parts of Central Europe as well as Asia. Typical features affecting company performance include demographic factors that are further divided based on concentration of female workers identified under the working environment of Tesco. Main forces of market drivers are considered to be technological integration and strategic alliances and collaborations. These market forces contain favourable and plausible opportunities that could allow Tesco to succeed financially and non-financially if appropriate marketing and business conduct strategies are implemented.

Additional important attributes of this report discussed the financial performance of Tesco and its competitors where trends identified for performance ratio and solvency ratios are considered to be a decreasing one. Performance trends identified in 2022 for liquidity ratios and efficiency ratios are considered to be increasing for Tesco allowing better opportunities to incorporate short term business growth and development. The overall forecast contemplated from 2023 to 2027 also indicates strong financials available for Tesco that would encourage business progression in the industry. This is also substantiated based on the valuation section conducted in this report where availability of discounted cash flows, relative models and book value are identified to be sustainable and sufficient.

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