Whether to Invest in Adacel or in Myfonenet Limited - Case Study Example

Table of Contents Table of Contents 1 Executive summary 2 Analysis of profitability and financial stability 2 Whether to invest in Adacel or in Myfonenet limited 6 Strengths and weaknesses of financial ratio analysis 8 Conclusion 9 References: 9 Appendix 10 Executive summary Every investor is interested in an investment option that has the ability to give adequate returns and hence value for his/her investment. As such, they would be interested in the company’s profitability as well as its financial stability. In analyzing these parameters, investors use financial ratio analysis among other non financial factors. This paper uses financial analysis in recommending the better investment opportunity between Adacel technologies limited and Myfonenet limited. In so doing, the paper looks at the strengths and weaknesses of financial ratio analysis as a tool for making investment decisions. In conclusion, the paper suggests that financial ratio analysis should always be used together with other non financial tools so as to make the best investment decisions. Analysis of profitability and financial stability Adacel technologies limited The company’s profitability declined by 79.75% in 2013 when the company’s profit before tax was $936,000 compared to 2012 when the company made $4,622,000 in profit before tax. The company’s net profit margin also declined from 11.99% in 2012 to 2.99% in 2013. This implies that the company’s overall profitability is declining. It shows that the company’s level of expenses significantly increased in 2013 compared to 2012 and hence the decline in profitability. The company therefore needs to come up with strategies aimed at reducing the level of expenses if it is to remain profitable in future. The company has also shown decreasing levels of returns during the period under consideration. The rate of return on total assets for instance decreased from 18.65% in 2012 to 4.01% in 2013. Similarly, the return on shareholder’s equity declined significantly from 41.49% in 2012 to 8.11% in 2013. This shows a declining value to the company’s shareholders. The company’s shareholders also experienced declining earnings per share from 4 cents in 2012 to 1 cent in 2013. There was however, a slight increase in the company’s book value per ordinary share from $0.137 in 2012 to $0.143 in 2013. The company experienced a 14.68% decline in the level of current assets from $20,216 in 2012 compared to $17,248 in 2013. This explains the decline in the company’s total assets despite the 32.75% increase in non current assets from $4,568 in 2012 to $6,064 in 2013. It should also be noted that the company’s level of liabilities declined by 13.65% from $13,644 in 2012 to $11,781 in 2013. This explains the decline in the total debt to total assets ratio for the company from 55.05% in 2012 to 50.54% in 2013. The increase is preferable as it shows that a decline in the company’s threat of takeover due to increase in the amount of assets financed by shareholders equity. However, it should be noted that the level of debt financing for the company is still higher than that of equity financing. This has the effect of increasing the level of expenses through interest payments and hence eating into the company’s profitability while increasing the threat of takeover incase the company is unable to meet its interest obligation. The company’s declining profitability is also likely to affect its financial stability as the company’s ability to meet its financial obligations is affected. The company’s current ratio and hence its ability to meet its short-term financial obligations slightly increased from 1.96 in 2012 to 2.05 in 2013. Similarly, the company’s quick ratio increased slightly from 1.88 in 2012 to 2.0 in 2013. This implies that the company’s short term financial stability is sound while it’s long tern financial stability is wanting. The company’s inventory turnover which may affects its profitability significantly declined from 2.08% in 2012 to 1.31% in 2013. However, this is explained by the significant decline in the level of sales. On the other hand, Adacel’s accounts receivable turnover slightly increased from 5.06 in 2012 to 5.3 in 2013 while the company’s day’s sales in average receivables declined from 72.40 in 2012 to 68.92 in 2013. The company may however need to intensify efforts for correcting receivables on time in a bid to increase its financial stability. Myfonenet limited The company’s level of profitability increased by 33.09% in 2013 when the company made $5,382 in profit compared to 2012 when the company’s profit before tax was $4,044. However, the company’s net profit margin decreases from 10.56% in 2012 to 8.75% in 2013. This shows that there was a significant increase in the company’s level of expenses which offset the increase in sales. This explains the decline in the profit margin despite the increase in profitability figures. As such, there is need for an expenses minimization strategy so as to increase the level of profit margin. The company’s levels of returns experienced a mixed trend. The company’s returns on sales increased from 8.01% in 2012 to 8.96% in 2013. On the other hand, the company’s rate of return on total assets declined from 24.26% in 2012 to 23.01% in 2013 owing to the significant increase in the company’s level of assets. Similarly, there is a significant decline in the Rate of return on ordinary shareholders’ equity from 158.28% in 2012 to 54.11% in 2013. This is explained by the significant increase in the company’s level of equity between the two years. The company’s shareholders also experienced an increase in earnings since the earnings per share increased from 5.55 cents in 2012 to 6.98 cents in 2013. A similar trend was experienced in the company’s book value per ordinary share which increased significantly from $0.046 to $0.181. This shows that the shareholder’s value improved in 2013. The company’s level of current assets increased by 9.31% in 2013 to $12,102 compared to $11,071 in 2012. The significant increase in the company’s level of non current assets explains why the total assets increased significantly by 52.08% between 2012 and 2013. Similarly, there is a 3.88% increase in the company’s level of liabilities from $14,112 in 2012 to $14,660 in 2013. However, there was a greater increase in the level of equity which explains why the level of total debt to total equity ratio declined significantly from 84.67% in 2012 to 57.84% in 2013. This show a decrease in the risk of takeover since the number of assets financed through debt is on the decline. However, the ratio is still not desirable as the level of debt financing is still very high. This has a great significance on the company’s financial stability. This is because incase, the company does not maintain a profitability trend, it may be unable to meet its financial obligations and hence face a takeover. The company’s short term financial stability has shown a slight decline between the two years. The company’s current ratio decreased slightly from 0.96 in 2012 to 0.85 in 2013. Similarly, the company’s quick ratio also declined from 0.94 in 2012 to 0.83 in 2013. It should also be noted that the company’s short term financial stability is generally very weak since it has more liabilities than assets and hence it might run into liquidity problems in the short run and hence be unable to undertake its normal operations. This can have adverse effects on its profitability. The company’s inventory turnover increased from 0.45% in 2012 to 0.0.59% in 2013. In addition, the company’s accounts receivable turnover declined from 8.02 in 2012 to 7.0 in 2013 while the company’s Day’s sales in average receivables increased from 45.62 in 2012 to 52.22 in 2013. This implies the need for the company to intensify its sales efforts as well as debt collection efforts in order to remain profitable while averting the threat posed on its financial stability. Whether to invest in Adacel or in Myfonenet limited Every investor is interested in an investment option that has the ability to give adequate returns and hence value for his/her investment. As such, the investor would be interested in a company that realizes adequate returns both in the short and long run. This is implies that profitability is of great consideration to the investor. In addition, the investor would be interested in the company’s liquidity as well as its financial future since he/she needs to know that the company can continue operating profitably without any threats to its operations so that he/she can realize value for the investment. As such, the company’s financial stability is of great importance to the investor. In the case above, it has been observed that Adacel limited has experienced a decline in profitability during the years in consideration. Furthermore, it has been observed that the shareholder’s equity has declined from over $70,000 to its current levels due to its sustained loss making trend. In other words, the shareholders have continued to loose value for their investment over the years. On the other hand, it has been observed that Myfonenet limited experienced an increase in its profitability during the years under consideration. The company’s level of equity also increased from $2555 in 2012 to $10,777 in 2013. This shows that the company has been successful in maximizing shareholder’s wealth. Therefore, Myfonenet limited is a preferable choice as far as profitability is concerned. As far as financial stability is concerned, both companies have been observed to have problems with their long-term financial stability. However, it should be noted that both company’s financial stability improved significantly in 2013 compared to 2012. on short term financial stability, Adacel has been found to be stable unlike Myfonenet limited which has problems with its short term liquidity. However, as has been noted, Myfonenet’s financial stability has greatly improved between the two years and has signs of improvement if the profitability trend can be maintained. On the other hand, the significant decline in Adacel’s profitability could only point to problems in financial stability in future unless the company is turned around to profitability trend. As such, based on both profitability and financial trend, I would recommend Myfonenet as the better investment opportunity. This is because the investor is primarily interested in the returns he/she gets from the investment. Furthermore, the company can easily come up with strategies to improve its financial stability since it is already profitable hence make it an investment of choice. Strengths and weaknesses of financial ratio analysis Ratio analysis is very helpful in comparison is done against those of previous periods, other firms and industry averages. This way, they help the investor identify the firm’s weaknesses and strengths, evaluate its financial position while identifying risks that are likely to emerge in future. As such, one would be able to implement strategies for performance improvement and hence improve the firm’s value. Ratios can also be used as predictive tools for identifying potential problems. For instance, ratios may help one determine whether shareholders will be happy or whether the company will be able to meet its financial obligations. However, despite these strengths, ratio analysis has weaknesses which include; They only indicate the areas of strengths and weaknesses without revealing the causes Firms apply different accounting policies and hence there may be differences between companies’ ratios. Ratio analysis rely on historical data which may be unsuitable for decision making Inflation may cause distortion which may make comparison over different periods difficult Ratio analysis is only quantitative and does not cater for qualitative factors in decision making Lack of standard ratios may lead to different outcomes thus making comparison difficult. Owing to the above limitations, there is need to consider other non financial factors in making investment decisions. These factors include the state of the economy, inflation and price changes as well as the quality of the company’s management and staff. This is because all these factors may have an effect on the company’s performance and hence profitability. Conclusion As has been observed above, ratio analysis is an effective tool in making investment decisions. However, ratio analysis should never be used in isolation to other non financial factors. This is because ratios can also be misleading due to the weaknesses explained above. As such, ratio analysis should only be used as one of the tools that should guide investment decision making. References: Paul, D2010, Financial accounting: Tools for business decision making, New York, John Willey & Sons. Appendix Adacel Limited Statement of comprehensive income Horizontal analysis For the period ended ` 2013 2012 Variance %variance $000 $000 Revenue from continuing operations 31258 38,538 -7,280 -18.89 Other revenue 37 19 18 94.74 Other income 1,336 1,348 -12 0.89 Expenses Materials and consumables (3,337) (6,420) -3,083 48.02 Labor expenses (21,136) (21,956) -820 `3.73 Net foreign exchange loss/gain (442) 190 -632 -332.63 Depreciation and amortization expense (498) (462) 36 7.79 Finance costs (503) (498) 5 1.0 Premises rental and maintenance (1,243) (1,405) -162 -11.53 Professional fees (1,178) (1,107) 71 6.41 Insurance expense (456) (491) -35 -7.12 Communication expense (132) (115) 17 14.78 Travel and entertainment expense (704) (687) 17 2.47 Trade shows (273) (367) -94 -25.61 Repairs and maintenance (223) (326) 103 31.59 Bad & Doubtful debts - (203) -203 -100 All other expenses (1,570) (1,436) 134 9.33 Profit before tax 936 4,622 -3,686 -79.75 Income tax expense (126) (220) -94 42.73 Profit from continuing operations 810 4,402 -3,592 -81.60 Profit for the year 810 4,402 -3,592 -81.60 Other comprehensive income Exchange differences 1,120 9 1,111 12,344 Total comprehensive income fro the year 1,930 4,411 -2,841 -56.24 Basic earnings/ (loss) per share 1.0 5.4 4.4 81.48 Diluted earnings/ (loss) per share 1.0 1.0 0 0 Adacel Limited Statement of comprehensive income Vertical analysis For the period ended ` 2013 2012 $000 % $000 % Revenue from continuing operations 31258 100% 38,538 100% Other revenue 37 11.84% 19 0.05% Other income 1,336 4.27% 1,348 3.5% Expenses Materials and consumables (3,337) 10.68% (6,420) 16.66% Labor expenses (21,136) 67.62% (21,956) 56.97% Net foreign exchange loss/gain (442) 1.41% 190 0.5% Depreciation and amortization expense (498) 1.59% (462) 1.2% Finance costs (503) 1.61% (498) 1.29% Premises rental and maintenance (1,243) 3.98% (1,405) 3.65% Professional fees (1,178) 3.77% (1,107) 2.87% Insurance expense (456) 1.46% (491) 1.27% Communication expense (132) 0.42% (115) 0.30% Travel and entertainment expense (704) 2.25% (687) 1.78% Trade shows (273) 0.87% (367) 0.95% Repairs and maintenance (223) 0.71% (326) 0.85% Bad & Doubtful debts - - (203) 0.53% All other expenses (1,570) 5.02% (1,436) 3.73% Profit before tax 936 2.99% 4,622 11.99% Income tax expense (126) 0.40% (220) 0.57% Profit from continuing operations 810 2.59% 4,402 11.42% Profit for the year 810 2.59% 4,402 11.42% Other comprehensive income Exchange differences 1,120 3.58% 9 0.02% Total comprehensive income fro the year 1,930 6.17% 4,411 11.45% Basic earnings/ (loss) per share 1.0 5.4 Diluted earnings/ (loss) per share 1.0 1.0 Myfonenet Limited Statement of comprehensive income Horizontal analysis For the period ended ` 2013 2012 Variance %Variance $000 $000 000 Continuing operations Revenue 46,209 38,292 7,917 20.68 Cost of sales (28,589) (25,509) 3,080 12.07 Gross profit 17,620 12,783 4,837 37.84 Financial revenue 146 156 -10 6.41 Other income 77 46 31 67.39 Employee expenses (8,406) (6,106) 2300 37.67 Marketing expenses (951) (704) 247 35.09 Occupancy expenses (599) (258) 341 132.17 Technology and support expenses (492) (559) -67 11.99 Depreciation expenses (681) (382) 292 76.44 Distribution expenses (134) (118) 16 13.56 Other expenses (941) (739) 202 27.33 Acquisition expenses (214) (75) 139 185.33 Interest expense (43) - 43 - Profit before income tax 5,382 4,044 1,338 33.09 Tax expense (1,241) (975) 266 27.28 Profit from continuing operations 4,141 3,069 1,072 34.93 Net profit for the year 4,141 3,069 1,072 34.93 Other comprehensive income for the year - - - - Total comprehensive income for the year 4,141 3,069 1,072 - Earnings per share from continuing operations Basic earnings per share(cents) 6.98 5.55 1.43 25.77 Diluted earnings per share(cents) 6.95 5.48 1.47 26.82 Myfonenet Limited Statement of comprehensive income Vertical analysis For the period ended ` 2013 2012 $000 % $000 % Continuing operations Revenue 46,209 100% 38,292 100% Cost of sales (28,589) 61.87% (25,509) 66.62% Gross profit 17,620 38.13% 12,783 33.38% Financial revenue 146 0.31% 156 0.41% Other income 77 0.17% 46 0.12% Employee expenses (8,406) 18.19% (6,106) 15.95% Marketing expenses (951) 2.06% (704) 1.84% Occupancy expenses (599) 1.3% (258) 0.67% Technology and support expenses (492) 1.06% (559) 1.46% Depreciation expenses (681) 1.47% (382) 1% Distribution expenses (134) 0.29% (118) 0.31% Other expenses (941) 2.04% (739) 1.93% Acquisition expenses (214) 0.16% (75) 0.2% Interest expense (43) - - - Profit before income tax 5,382 8.75% 4,044 10.56% Tax expense (1,241) 2.69% (975) 2.55% Profit from continuing operations 4,141 8.96% 3,069 8.01% Net profit for the year 4,141 8.96% 3,069 8.01% Other comprehensive income for the year - - - - Total comprehensive income for the year 4,141 8.96% 3,069 8.01% Earnings per share from continuing operations Basic earnings per share(cents) 6.98 5.55 Diluted earnings per share(cents) 6.95 5.48 Adacel Limited Balance Sheet Vertical analysis As at 30th June 2013 2012 000 % 000 % Current Assets Cash and cash equivalents 6,127 26.28% 5,745 23.18% Trade and other receivables 5,902 25.32% 7,623 30.76% Current tax receivable 4 0.02% 16 0.06% Accrued revenue 4,300 18.48% 5,998 24.20% Inventories 411 1.76% 802 3.24% Other financial assets 504 2.16% 32 0.13% Total current Assets 17,248 73.99% 20,216 81.57% Non –Current assets Plant and equipment 610 2.62% 835 3.37% Intangible assets 1,431 6.14% - - Other financial assets 20 0.09% 19 0.08% Deferred tax assets 4,003 17.17 3,714 14.99% Total non-current assets 6,064 26.01% 4,568 18.43% Total assets 23,312 100% 24,784 100% Current liabilities Borrowings 4 0.02% - - Trade and other payables 4,281 18.36% 5,506 22.22% Advance payments from customers 1,967 8.44% 2,864 11.56% Current tax liabilities 626 2.69% 610 2.46% Provisions 883 3.79% 578 2.33% Other current liabilities 666 2.86% 757 3.05% Total current liabilities 8,427 36.15% 10,315 41.62% Non current liabilities Borrowings 5 0.02% - - Other non current liabilities 3,444 14.77% 3,329 13.43% Provisions 5 0.02% - - Total non current liabilities 3,354 14.39% 3,329 13.43% Total liabilities 11,781 50.54% 13,644 55.05% Net assets 11,531 49.46% 11,140 44.95% Equity Contributed equity 75,378 323.34% 75,718 305.51% Reserves (1,809) -7.76% (2,925) -11.80% Accumulated losses (62,038) -266.12 (61,653) 248.76% Total equity 11,531 49.46% 11,140 44.95% Total Liabilities and Equity 23,312 100% 24,784 100% Adacel Limited Balance Sheet Horizontal analysis As at 30th June 2013 2012 Variance %variance 000 000 000 Current Assets Cash and cash equivalents 6,127 5,745 382 6.65 Trade and other receivables 5,902 7,623 -1721 -22.58 Current tax receivable 4 16 -12 -75 Accrued revenue 4,300 5,998 -1698 -28.31 Inventories 411 802 -391 -48.75 Other financial assets 504 32 475 1475 Total current Assets 17,248 20,216 2968 -14.68 Non –Current assets Plant and equipment 610 835 -225 -26.95 Intangible assets 1,431 - 1431 - Other financial assets 20 19 1 5.26 Deferred tax assets 4,003 3,714 289 7.78 Total non-current assets 6,064 4,568 1,496 32.75 Current liabilities Borrowings 4 - 4 - Trade and other payables 4,281 5,506 1,225 -22.25 Advance payments from customers 1,967 2,864 -897 -31.32 Current tax liabilities 626 610 16 2.62 Provisions 883 578 305 52.77 Other current liabilities 666 757 -91 -12.02 Total current liabilities 8,427 10,315 1888 18.30 Non current liabilities Borrowings 5 - 5 - Other non current liabilities 3,444 3,329 115 3.45 Provisions 5 - 5 - Total non current liabilities 3,354 3,329 25 0.75 Total liabilities 11,781 13,644 -1863 -13.65 Net assets 11,531 11,140 391 3.51 Equity Contributed equity 75,378 75,718 -340 -0.45 Reserves (1,809) (2,925) 1116 38.15 Accumulated losses (62,038) (61,653) -385 -0.62 Total equity 11,531 11,140 391 3.51 Mynetfone Limited Balance Sheet Horizontal analysis As at 30th June 2013 2012 Variance %variance 000 000 Assets Current assets Cash and cash equivalents 4,813 5,980 -1167 19.52 Trade and other receivables 6,612 4,773 1,839 38.53 Inventories 251 171 80 46.78 Other financial assets 426 147 255 173.47 Total current assets 12,102 11,071 1,031 9.31 Non current assets Property, plant and equipment 1,561 808 753 148.23 Deferred income tax 275 161 114 70.87 Consolidation goodwill 9,219 4,626 4,593 99.29 Other intangible assets 2,280 - 2,280 - Formation cost - 1 -1 -100 Total non current assets 13,335 5,596 7,739 138.30 Total Assets 25,347 16,667 8,680 52.08 Liabilities Current Liabilities Trade and other payables 9,544 6,958 2,586 37.17 Deferred revenue 1,145 1,053 92 8.74 Deferred consideration 2,350 2,350 0 0 Income tax payable 501 10 491 4,910 Finance lease liabilities 175 - 175 - Provisions 515 1,174 659 56.14 Total current liabilities 14,230 11,545 2685 23.26 Non current liabilities Finance lease liability 104 - 104 - Deferred consolidation - 2,350 -2,350 -100 Provisions 326 217 109 50.23 Total non-current liabilities 430 2,567 -2,137 -23.85 Total liabilities 14,660 14,112 548 3.88 Net Assets 10,777 2,555 8,222 321.80 Equity Issued capital 9,371 4,361 5,010 114.88 Share based payment reserve 1,110 1,099 11 1.0 Retained earnings (losses) 296 (2,905) 3,201 1081.42 Total equity 10,777 2,555 8,222 321.80 Mynetfone Limited Balance Sheet Vertical analysis As at 30th June 2013 2012 000 000 % Assets Current assets Cash and cash equivalents 4,813 18.99% 5,980 35.88% Trade and other receivables 6,612 26.09% 4,773 28.64% Inventories 251 0.99% 171 1.03% Other financial assets 426 1.68% 147 0.88% Total current assets 12,102 47.75% 11,071 66.42% Non current assets Property, plant and equipment 1,561 6.16% 808 4.85% Deferred income tax 275 1.08% 161 0.97% Consolidation goodwill 9,219 36.37% 4,626 27.76% Other intangible assets 2,280 9% - - Formation cost - - 1 0.01% Total non current assets 13,335 52.61% 5,596 33.58% Total Assets 25,347 100% 16,667 100% Liabilities Current Liabilities Trade and other payables 9,544 37.65% 6,958 41.75% Deferred revenue 1,145 4.52% 1,053 6.32% Deferred consideration 2,350 9.27% 2,350 14.1% Income tax payable 501 1.98% 10 0.06% Finance lease liabilities 175 0.69% - - Provisions 515 2.03% 1,174 7.04% Total current liabilities 14,230 56.14% 11,545 69.27% Non current liabilities Finance lease liability 104 0.41% - - Deferred consolidation - - 2,350 14.1% Provisions 326 1.29% 217 1.30% Total non-current liabilities 430 1.70% 2,567 15.40% Total liabilities 14,660 57.84% 14,112 84.67% Net Assets 10,777 42.52% 2,555 15.33% Equity Issued capital 9,371 36.97% 4,361 26.17% Share based payment reserve 1,110 4.38% 1,099 6.59% Retained earnings (losses) 296 1.17% (2,905) 17.43% Total equity 10,777 42.52% 2,555 15.33% Total equity and liabilities 25,347 100% 16,667 100% Ratios a) Current ratio =current assets/current liabilities Myfonenet 2013 = 12,102/14,230 = 0.85 2012 =11,071/11,545 = 0.96 Adacel 2013 = 17,248/8,427 = 2.05 2012 = 20,216/10,315 =1.96 b) Acid test ratio =current assets –inventory/current liabilities Myfonenet 2013 = 11,851/14,230= 0.83 2012 =10,900/11,545 =0.94 Adacel 2013 = 16837/8427 =2.0 2012 =19,414/10,315 = 1.88 c) Inventory turnover = inventories/revenue Myfonenet 2013 = 251/42,609 =0.59% 2012= 171/38,292 =0.45% Adacel 2013 =411/31258 =1.31% 2012 =802/38,538 =2.08% d) Accounts receivable turnover = revenue/accounts receivables Adacel 2013 =31,258/5,902 =5.3 2012 =38,538/7,623 =5.06 Myfonenet 2013 =46,209/6,612 =7.0 2012 =38,292/4,773 =8.02 e) Day’s sales in average receivables =average accounts receivables/revenue*365 Adacel 2013 = 5,902/31,258*365 =68.92 days 2012=7,623/38,538*366 =72.40 days Myfonenet 2013 =6,612/46,209*365 = 52.22 days 2012= 4,773/38,292*366 = 45.62 days f) Debt ratio= total debt/ total assets Adacel 2013 =11,781/23,312 =50.54% 2012 =13,644/24,784 =55.05% Myfonenet 2013=14,660/25,347=57.84% 2012=14,112/16,667=84.67% g) Rate of return on sales = profit/sales Adacel 2013= 810/31258= 2.59% 2012=4402/38538 = 11.42% Myfonenet 2013=4141/46209 =8.96% 2012=3069/38292=8.01% h) Rate of return on total assets = EBIT /total assets Adacel 2013=936/23312=4.01% 2012=4622/24784=18.65% Myfonenet 2013=5832/25347 =23.01% 2012=4044/16667=24.26% i) Rate of return on ordinary shareholders’ equity =EBIT/shareholders equity Adacel 2013 =936/11,531 =8.11% 2012=4622/11140=41.49% Myfonenet 2013=5832/10777 =54.11% 2012=4044/2555=158.28% j) Earnings per share Adacel 2013 =1.0 cents 2012 4 cents Myfonenet 2013 = 6.98 cents 2012 = 5.55 cents k) Price/earnings ratio =MPS/EPS Adacel 2013 = 48.12 2012 = 37.00 Myfonenet 2013 = 14.9 2012 = 4.6 l) Divided yield Adacel 2013 =4.3% 2012 =0.00% Myfonenet 2013 = 3.4% 2012 =9.1% m) Book value per ordinary share Adacel 2013 = $0.143 2013 =$0.137 Myfonenet 2013 = $0.181 2012 =$0.046 Analysis of profitability and financial stability Adacel technologies limited Read More