MACQUARIE GRADUATE SCHOOL OF MANAGEMENT

MGSM835
Financial Management

Group Assignment
North Ryde Wednesday Class Term 2, 2015
Lecturer: Dr Vito Mollica

Valuation of iiNet
Due date:

Tuesday 10th June 2015

Student Name
Gurbaksh SINGH
Withanage Asantha
PERERA
Alfred PAUL
Neil FERNANDES
Brian SANKEY

Student Number
43800963
43872956
41935098
41692446
41507495

Table of Contents
Executive Summary.................................................................................................. 4
Company Overview.................................................................................................. 6
SWOT Analysis.......................................................................................................... 7
Market Overview...................................................................................................... 8
Major Competitors.................................................................................................... 9
Australian Economic Status...................................................................................... 9
Company Strategies............................................................................................... 10
Customer Service Strategy..................................................................................11
Marketing strategy.............................................................................................. 11
Innovative Strategy............................................................................................. 11
Porters five forces.................................................................................................. 12
Buyer Power........................................................................................................ 12
Supplier Power.................................................................................................... 12
New entrants....................................................................................................... 12
Threats of Substitute........................................................................................... 12
Competitive Rivalry............................................................................................. 13
Ratios and Key Drivers for iiNet..............................................................................14
Asset Utilization:.................................................................................................. 14
Cost Margin:........................................................................................................ 14
Depreciation Rate:............................................................................................... 15
Dividend Payout Ratio:........................................................................................ 15
Gross Non-Current Assets / Revenue:..................................................................15
Interest Rate:....................................................................................................... 15
Movements in current Assets:.............................................................................15
Movement in Current Liabilities:..........................................................................15
Tax rate:.............................................................................................................. 15
Growth in Revenue.............................................................................................. 15
DUPONT.................................................................................................................. 16
Profit Margins...................................................................................................... 16
Asset Turnover..................................................................................................... 16
Leverage............................................................................................................. 16
Return on Assets (ROA)....................................................................................... 16
Return on Equity (ROE)........................................................................................ 17
Valuation of iiNet on forecast model.......................................................................20
Capital Asset Pricing Model (CAPM):....................................................................20
2

P/E Ratio Analysis................................................................................................ 21

Conclusion.............................................................................................................. 22
Appendices............................................................................................................. 23
References.......................................................................................................... 25

Executive Summary
This report provides a financial value of iiNet (ASX: IIN) as at May 2015. This
valuation commences with contextualising the company and market so as to
provide a foundation upon which assumptions and forecasting drivers can be
made. The valuation has been achieved through reviewing free cash flow to equity
(FCFE), over the past five years, applying key forecasting drivers, developing risk
profiles and discounting future cash flows to current value.
iiNet is a public company listed on the Australian Stock Exchange, the core
business data telecommunications and internet service provider with its primary
focus (and majority revenue), being the Australian Market in residential and
commercial sectors. However, iiNet has operations in Australia, New Zealand and
South Africa. The company employs around 2500 staff, with a revenue for 2014
reported as AU$1,008,259,000. With its strong position in the Australian market
and the growth through domestic acquisitions, the key growth drivers are from the
performance of its Australian operations.
The key forecasting drivers of iiNet include, revenue growth, market share,
technological changes and cost of capital. As iiNet is currently an acquisition
target, and as such, the share price has had a volatility range of 60.13%, with a
closing price on Tuesday 2nd June of $9.750.
This report proposes that iiNet is Overvalued. The Growth will continue to
increase moderately underpin purely on leverage.
Whilst the business value identified is based on one primary scenario, i.e. business
as usual (BAU), this is braced between two alternative scenarios; one being a
negative (worst case), scenario and the other being a positive (best case),
scenario. For all three positions, the financial positions were forecasted to
determine the Free Cash Flows to Equity (FCFE) holders, followed by applying a
Discounted Cash Flow (DCF) model to these cash flows, with the cost of equity
being calculated using the FCFE model to provide an estimate of the market value.

Figure 1: iiNet 2009 2014 stock performance.

Source: 2014 iiNet Annual Report

Figure 2. iiNet 2009 2014 stock performance comparison with sector and ASX All
Ords.
Source: Morning Star iiNet Report

Company Overview
iiNet is an Australian company founded in 1993 by Michael Malone and Michael
O'Reilly, who initiated the business in a residential garage in Perth (iiNet
5

Technologies Pty Ltd). The business provides Broadband and IP telephony

communication services to consumers and business customers. Its key products
are broadband (ADSL2+) services and VOIP services for businesses. It also
provides a variety of mobile services, which includes pre-paid mobile plans and
mobile data plans which operate on 3G, 4G and through the Optus network.
IiNet was publicly listed on the Australian Stock Exchange in 1999 and is currently
Australia's second largest DSL Internet Service Provider and a leading challenger in
the telecommunications market. Its vision is based upon harnessing the potential
of internet access, differentiated through best in class service. The business
directly employs approximately 200 staff across Australia, New Zealand and South
Africa to service around one million customers. A key Australian asset within the
business, is its own broadband network for support to over 1.8 million services
nationwide.
As of Sunday 31 May 2015, iiNet had a market capitalisation of AU$1.59 B, with
162,950,000 normal fully franked shares on issue. The current annual dividend
yield being 2.42%, last paid on 30 March 2015. As at this date, the 52 week low
was $6.12, with a high of $10.18. The closing price on Friday 29 May 2015 was
$9.80. The current focus on iiNet as a takeover target has contributed to its share
price trading range of 60.13%. The P/E ratio for the trailing 12 months is 25.56,
the company Beta is .50, whilst the industry Beta is .37.

SWOT Analysis
Strengths

Weaknesses

- Australian based company with high

level brand integrity and customer
awareness.
- Consistent award winning customer
service by using call centre in ANZ and
SA
- Limited need for high level long term
capital investment in infrastructure,
due to leasing access to competitors
assets. Limited need for capital
maintenance.

- Moderate proportion of market share

serviced via use of competitors
infrastructure.
- Dependability on Telstra for copper
network. Majority of Infrastructure
owned by Telstra, NBN

- Relatively large proportion of

Australian customer base (over 1.7
million customers)

- High level of price competitiveness

within market competitors.
- Challenge of low switching costs
between customers leading to
problems in retention of profitable
customers (undermining business
sustainability).

- High capital infrastructure

requirement of existing competitors,
minimising the threat of new entrants.

Opportunities

Threats

- Ability to leverage Australian and New

Zealand operations into South Pacific,
Indonesia or South Asia markets.
- Creation of multiple device platforms,
(Smartphones, laptops, tablets and
smart TV).
- Acquisition of iiNet by competitors
leading to the opportunity to leverage
greater depth and scope of resources.

-Oligopoly nature of market with the

potential for losses through price
war.
- Fast pace of technology change
potentially leading to new entrants
leveraging new platforms.
- Exposure to overseas/
international service links and
infrastructure.
- Changes to consumer competitor
protection laws which diminish
capabilities of iiNet.
- Limited horizon opportunities due
to relatively small market base and
low population growth.

- Increasing lifestyle reliance of access

to fixed and creating a digital economy.
- Convergence of online platforms and
devices across, fixed, mobile and
telephony systems.
- Requirement for multi-technology
architecture, combining DSL, mobile
and fibre-based infrastructure.
- Increasing consolidation across the
industry.

- Acquisition of iiNet by competitors

and absorption into acquirers
operations.
- Limited opportunity for differentiation
of product or service offering, leading
to potential commoditization and
potential cannibalisation within areas of
the business.
- Increasing need for ongoing cost
cutting of mobile service to maintain
profitability levels.
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Market Overview
The Australian Communication and Media Authority (ACMA), propose that the total
ISP market for Australia has an estimated value of approximately $5B. The growth
of Australias broadband internet market has slowed since around 2005 due to the
market saturation and increased level of penetration among consumers. The
sector has experienced a year on year growth of 2-3%, due mainly to the rapid
growth of wireless mobile broadband subscribers.

The capital intensive technical infrastructure for ISPs (including wire and fibre), is
also paralleled by an increasing market for wireless internet connections,
(primarily due to the high level update of mobile devices). This is highlighted by
Telstra announcing plans (mid-2014), to invest more than $100 million to build a
network of approximately two million hotspots nationally within five years.

Australia has approximately 13 million internet subscribers as at December 2014,

79% of which are household and individual subscribers, while 21% as business and
government subscribers. This increased 2% from end 2013. Broadband
connections account for 99% of internet use. Digital Subscriber Line (DSL)
connections increased by 4% from 2013 to 2014 from 4.9 to 5.1 million
connections.

Information from the Australian Bureau of Statistics (2014), indicates that between
2010 and December 2014, the number of ISPs in the Australian market (with more
than 1,000 subscribers), reduced from 104 down to 68. This reduction of ISP
numbers is due primarily to the acquisition of smaller operations, those operating
inefficiently or available below market value. Many of the smaller providers have
been absorbed by the 12 leading ISPs operating in the Australian market (each
with a minimum of 100,000 subscribers), dominated by Telstra, iiNet, Optus and
TPG. This general industry trend of consolidation is an attempt to take advantage
of economies of scale as competition on price increases. Smaller ISP often
compete through higher service quality, however, a high price elasticity of demand
results in this being unsustainable, with many small ISP often failing.

Major Competitors
The competitive environment in which IiNet operates, can be categorised into two
tiers, the top tier (in which iiNet is placed as the second largest), includes Telstra,
M2 Group, Optus/ Singtel, and TPG. The second tier includes Netspace, iPrimus and
Dodo.

Australian Economic Status

As at May 2015, Australia is the 12th largest global economy, with a GDP of AU$1.5
trillion. The current cash rate is at a historic low of 2%, with a high of 4.75% over
the last five years. According to the Westpac Chief Economist (Bill Evens), in a
presentation on May 19 in Sydney, there is high probability that the cash rate will
not exceed 3% - 3.5% up to 2020.
The current Australian GDP growth level is 2.5% from a high of 4.3% in 2013. A
graphical overview of the Australian GDP figures are indicated in Figure One,
(sourced from the Australian Bureau of Statistics).

Figure 3: Australian GDP Annual Growth Rate.

The annual inflation rate for Australia is currently 1.3% (measured through
Consumer Price Index). Figure two (sourced from the Australian Bureau of
Statistics), provides an overview of the variation of the inflation rate between 2012
2015, through a minimum of 1.2% pa to a maximum of 3% pa.

Figure 4: Australian CPI Change.

Information from the Australian Governments Intergenerational report (2015),
proposes that Australias population is predicted to grow at 1.3%. If the
assumptions underpinning this forecast are accurate, the population would
increase from 23.9 million to around 39.7 million by 2054.

Company Strategies
iiNet is a fast growing company in the industry of internet service providers. It is
the second largest internet service provider in Australia. It focuses on offering
three main groups of products to customers. They are Residential, Business and
Personal. The strategy that the company uses is the expansion strategy. Over the
years, they had acquired over thirty ISPs which include, OzEmail and Westnet. In
the year 2008, after the acquisition of these two companies subscribers exceeded
over 450000, making iiNet at that time the third largest ISP. The main objective of
the company was gaining market size and market share. Currently, the major
market share is Telstra with 47.5%.
Companies

Market Share

Brand Names

Telstra Corporation
Limited

47.50%

Bigpond, Belong

iiNet Limited

14.20%

iiNet

TPG Telecom Limited

11.60%

TPG, Soul and Chariot

SingTel Optus Pty Ltd

9.20%

Other Companies

17.50%

Optus
M2 telecommunications group Ltd, NBN
co. Ltd

10

Figure 5: Market Share

Customer Service Strategy

The Key to an effective business strategy is having Quality Customer service which
is one of the basic drivers to meet customer needs.
They have invested in customer service enabling them to capture prospect
customers who switch between markets due their low cost saving set up costs,
when customers transfer from other competitors.
This strategy has allowed the company to grow further, with most of the
customers coming from competitors who are highly priced and meagre customer
service.
iiNet have developed a cost effective and exceptional Customer service with Call
centres costing between 10% to 12% of revenue.
iiNet have been an industry leader in NPS scoring 60% in 2013 and Customer
retention. They had achieved this by keeping their call centres in Australia rather
than outsourcing like other ISPs organisations. Although outsourcing can trim the
overhead costs, it was necessary for iiNet not to lower its customer service
benchmark.

Marketing strategy
iiNet have established themselves by investing and growing their organisation by
Acquiring and diversification.
They have invested heavily on their branding, customer service and innovations.
They promote themselves as brand leaders to increase consumer confidence.

Innovative Strategy
To deal with risk of competition iiNet aims at developing new product offering to its
customers, it depends its own capital investments on the DSLAM coverage
network.
Currently its growth has reached its maturity in the Broadband markets by
expanding its space into new areas such as Mobile Voice, NetPhone, Fetch TV and
other new innovative consumer products of the company. National Broadband
Network (NBN) has also improved the market with its attractive rates for iiNet.
To maintain its competitive advantage iiNet has to invest on development as this
can restrict their cash flow.

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Porters five forces

Buyer Power
In the last few years many household customers have frequently changed ISPs
due to varied packages and choices with better value for money.
Corporate companies look for quality of service and value for money provided by
the ISPs, to use internet for their various business activities to increase
productivity and efficiency cost effectively.
The customers for internet service providers account for 81 % household and 19%
corporates
Buyer Power is high

Supplier Power
Telstra is the largest internet service provider and has the largest network and
infrastructure in the Australia, having the largest market share and is considered
as a monopoly.
As ISPs look to increase and upgrade their services, iiNet has improved its
services in certain locations to have faster internet service upgrading to ADSL 2+.
However as most services are provided by Telstra, iiNet is required to pay for the
fee and conditions they have set.
In the Last few years NBN have been steadily increasing their coverage, hence
this can reduce Telstras power to supply to other ISPs in the near future, causing
supplier power to diminish.
Supplier Power is high

New entrants
Internet service providers are fast growing in nature and do not require much
physical infrastructure as existing infrastructure can be purchased easily, hence
can be very attractive for new entrants
Customer demands have increased for faster and increasing Bandwidth. This can
put pressure on new entrants on technological innovation with huge costs and new
updated infrastructures. Competition is much bigger with the big players in the
industry, hence constraining new entrants to be different to others in the industry.
ISPs generally find it challenging to attain economies of scale as they are very
capital intensive and have fixed cost making it unattractive for new entrants,
The threat to new entrants is weakened.
The threat for new entrants for entering into the market is moderate to
weak

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Threats of Substitute
Since the increase usage and development of the internet for both for business
and household, Internet service providers have had a substantial impact on
traditional methods such as Newspapers, shopping, media and general research.
In the last few years with technological advancement ISPs now are facing threats
by Mobile telecoms which have now developed the latest of 4G improving data
speeds.
iiNet relies on WiMAX technology which is now competing with 4G mobiles
internet. This is now a threat even for other ISPs.
Threats of Substitute is currently moderate

Competitive Rivalry
Competition in the ISP industry is very high with 433 ISPs in the Market. The
Market is currently dominated by Telstra. Competition is based by pricing, two
things that are taken into account for pricing are download speeds and
downloading activity.
Providing faster internet speed, better service all included with better value for
money drives a companys success in the industry. For iiNet to be at top of their
game have to keep innovating and delivering an exceptional service to stay at the
top of their market.
In this highly competitive market it is important for iiNet to keep innovating and
developing their services in order to stay in the market.
Competitive Rivalry is high

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Ratios and Key Drivers for iiNet

Ratios and Key Drivers for iiNet
Key Drivers

As of 2014

Asset Utilisation
Cost Margin
Debt/Revenue
Depreciation Rate
Dividend Payout Ratio
Interest Rate
Movement in Current Assets
Movement in Current Liabilities
Movement in New Equity
Non-Current Assets/Revenue
Revenue Growth
Tax Rate
Total Current Liabilities/Revenue

34.19%
93.74%
20.29%
13.71%
21.99%
9.86%
-1.53%
5.90%
9.80%
74.36%
7.00%
30.00%
20.36%

Table 2. iiNet Ratios and key drivers 2014.

Source: 2014 iiNet Financial Report

Asset Utilization:
Asset Utilization reflects the way in which a company uses its assets to obtain
revenue and profit. The higher the ratio, the more efficiently the business manages
its assets. In the case of iiNet AU sits at 34.19%., which suggests that iiNet utilised
its resources almost AUD0.3419 for each dollar of resources held by the company.
Their utilization is very low. iiNet sources its finances through debt.

Cost Margin:
This measurement distinguishes the efficiency of management. This ratio can also
be analysed using operating expenses ratio. Using data from the income
statement, this ratio illustrates the change in operating expense to revenue (net
sales). For the fiscal year 2014 the cost margin for iiNet was 93.74 per cent, which
indicates that its efficiency is very high when compared to utilization of fixed
assets against its variable costs.

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Depreciation Rate:
iiNet uses a straight line depreciation method for property, plant, and equipment
(PP&E) as mandated. Depreciation calculates the cost of its tangible assets over
the expected useful life of the capital good. The deprecation rate for iiNet during
the fiscal year 2014 was 13.71 per cent.

Dividend Payout Ratio:

Dividend payout ratio measures the percentage of net income that is distributed to
shareholders in the form of dividends during the year. iiNet's ratio for FY 2014 was
21.99%.

Gross Non-Current Assets / Revenue:

Gross Non-Current Asset Ratio for iiNet is currently 74.36%. This ratio calculates
the non-current assets the company owns for every dollar that iiNet generates in
terms of revenue. The ratio essentially demonstrates the efficiency of non-current
assets, such as PP&E, to generate revenue. Efficiency of iiNet is moderately high.

Interest Rate:
The interest rate applied to iiNets liabilities for the fiscal year 2014 was 9.86 per
cent. According to the 2014 Financial Report. Interest Rate currently being paid by
iiNet in terms of its short and long term borrowings

Movements in current Assets:

Revenue growth illustrates sales increases/decreases over time. It is used to
measure how fast a business is expanding. In the case of iiNet YOY growth for 2014
vs 2013 was 7 %.

Movement in Current Liabilities:

Total Current Liabilities/Revenue ration shows that iiNet is extremely liquid and can
generate substantial revenue with minimal liabilities.

Tax rate:
Tax Rate specified for iiNet for FY 2014 was 30% according to the 2014 Financial
Report.

Growth in Revenue
This analysis is the comparison of increase of sales to the previous year. The
revenue growth rates gives investors an indication of the forecasted sales increase
throughout the year. iiNet had revenues for the full year 2014 of $1.01bn. This was
6.97% above prior years results. iiNet having successfully acquiring and
integrating a number of business over the past 5 years were able be a leading
challenger increasing revenue.

15

Figure 6.
Source: Morning Star iiNet report

DUPONT
Profit Margins
Profit Margin for iiNet for the last 5 years have been anywhere between 4-7%. IiNet
has always been a business offering consumers highly competitive internet
products. Pricing has been quite stable and this has been reflected via their Profit
Margins to date over the last 5 years. This not only shows you an insight into
Pricing strategies but also costs control for iiNet over the last 5 years.

Asset Turnover
Asset Turnover for iiNet over the last 5 years have been anywhere between 1.1 to
1.5 and averages at 1.2. Companies with low profit margins tend to have high
asset turnover, while those with high profit margins have low asset turnover.
Companies in the Telecommunications industry tend to have a very high turnover
ratio due mainly to sharp and competitive pricing.

Leverage
iiNet is Leveraged quite well and over the last 5 years has varied anywhere
between 1.6 to 2.6. Sales Growth for iiNet has been the norm over the last 5 years
so the business is using its financing capabilities quite well to help generate
Revenue growth YOY. Also the majority of it's debt is held within Non Current
Liabilities which means no short term debt and decrease in risk.

Return on Assets (ROA)

ROA currently stands at 7%+ for iiNet. This is acceptable as companies which have
ROA's over 5% are considered good. This number tells you what the company can
do with what it has, i.e. how many dollars of earnings they derive from each dollar
of assets they control. Return on assets gives an indication of the capital intensity
of the company, which will depend on the industry; companies that require large
16

initial investments will generally have lower return on assets. ROAs over 5% are
generally considered good.

Return on Equity (ROE)

ROE currently stands at 18% for iiNet. ROE's between 15-20% are generally
considered good. Return on equity (ROE) measures the rate of return for ownership
interest (shareholders' equity) of common stock owners. It measures the efficiency
of a firm at generating profits from each unit of shareholder equity, also known as
net assets or assets minus liabilities. ROE shows how well a company uses
investments to generate earnings growth.

Figure: 5
Source: 2014 iiNet Financial Report

17

Figure:7
Source: Morning Star iiNet report

18

Figure :8
Source: Source: 2014 iiNet Annual Report

19

Valuation of iiNet on forecast model

Current P/E ratio for iiNet is slightly above the industry average. The current
P/E ratio for the industry is 17.73%, whereas P/E ratio for iiNet is 22.86%.

Three different forms of valuation methodologies have been applied to value iiNet (IIN) the
three valuation methodologies are:

Free Cash Flow to Equity (FCFE) Valuation

Discounted Cash Flow (DCF)
Price to Earnings (P/E) Analysis

The FCFE valuation model and DCF valuation model forecasts a iiNet share price valuation
based on forecasted free cash flow earnings and dividends paid to shareholders from 2015 to
2024. From 2024 onwards, a Terminal Value forecast is applied which accounts for long term
growth rates and a CAPM rate of return.

Capital Asset Pricing Model (CAPM):

A CAPM mode is the risk / rate of return mode that is applied to FLTs FCFE and
DCF valuation model. The CAPM formula which factors in both Market Risk and
Individual Risk is shown below:
Re = Rf + (Market Risk Premium)

Rf = Risk free rate = 2.79%

Rf was obtained from Morning star data analysis on 2nd June 2015. This indicates
the yield of a 10 year Commonwealth Government Australia Bond rate. Its
presumed that yield on a 10 year bond is more appropriate to compute CAPM
which is used to discount free cash flows to equity over the next 10 years.

iiNet = Beta = 0.50

Industry = Beta = 0.37

iiNet beta was obtained from Morning Star data analysis. Since its lower than 1, it
suggest that iiNets sensitivity to market volatility is 50%. IiNet is less volatile than
the market posing less risk and their rate of return is much lower than the Market.

Market risk premium = 2.81% (2nd June 2015)

The market risk premium is the expected return on the market portfolio calculated
by risky assets less return on the risk free assets. The risk premium reflects the
return that investors require to accept the uncertain outcomes associated with
investment, relative to the return provided by a risk free asset.

CAPM= 2.79+.5(2.81) =4.195%

20

In addition, a scenario analysis (worst case and best case) has been applied to the
BAU Forecast model to evaluate the FCFE valuation and DCF valuation differences
for iiNet.
+ / - 3% revenue growth rate was applied to BAU model to calculate the two
extremes.
Please refer to the iiNet BAU Forecast model in the appendix for further details.
The P/E analysis is applied as a check measure to iiNet to be measured against its
industry competitors in the telecommunication market.
These companies include:

M2 Group(ASX:MTU)
Telstra (ASX:TLS)
TPG (ASX:TPM)

Worst
Forecast
Share value based FCFE Valuation
Model
Market price (02nd June 2015)
Variation in share price (%)
Book value

BAU
Forecast

Best
Forecast

2.31

2.62

2.97

9.75
76%
2.21

9.75
73%
2.21

9.75
70%
2.21

P/E Ratio Analysis

Company
P/E Ratio
P/E Growth Ratio

22.8
3.53

Market
16.63
1.42

Sector
18.9
1.52

Company vs
Sector
21%
57%

The Price to Earnings (P/E) multiple of iiNet in comparison to its sector peers
indicates that the company is currently overvalued on a P/E 21%
Furthermore the P/E growth of iiNet(3.53) vs Sector(1.52) raises question how it
would sustain the growth in the future.

21

Conclusion
Share value derived from FCFE model & DCF indicates, that the real value of share
is in the range of $2.31 to $2.97. In comparison to book value of $2.21, this value
range derived from the model seems realistic given the low growth ratios and the
leverage of iiNet.
In view of these findings, the current share price of $9.750 is a highly inflated
value. It is evident that the recent market activities(M&A) and market sentiment
has push the price up to an unrealistically high value.
Therefore this report rates iiNet share price at its current price with its present and
forecasted future earnings Overvalued.
The acquisition offer of 1.5B from TPG & M2 for iiNet(1.005B revenues: 2014) also
indicates that they too have valued the share in the mid $2.00 range.

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Appendices

23

24

25

26

References:
Growth rate in Australia, Viewed 04/06/2015:The Australian Bureau of Statistics
http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/8146.0Chapter32012-13

The internet service market and Australians in the online environment, Viewed
22/05/2015
http://www.acma.gov.au/webwr/_assets/main/lib310665/the_internet_service_mark
et_in_australia.pdf

GDP growth in Australia, Viewed 04/06/2015

http://www.tradingeconomics.com/australia/gdp-growth

Financial Times Markets: Marketdata Viewed 08/06/2015.

http://www.ft.com/intl/reports/understanding-entrepreneurs

IIN key Statistics,viewed 2/06/2015

http://www.asx.com.au/asx/research/company.do#!/IIN/statistics/shares

IBIS world - Industry report J5911:Internet Service Providers in Australia , Viewed

2/06/2015.
http://clients1.ibisworld.com.au.simsrad.net.ocs.mq.edu.au/reports/au/industry/maj
orcompanies.aspx?entid=1832#MP8490
Annual Report IIN, Viewed 22/05/2015
http://www.iinet.net.au/annual-reports/2014/iiNet_Annual_Report_2014.pdf

Morning Star : Inet Datanalysis premium , financial data , Viewed 2/06/2015.

http://datanalysis.morningstar.com.au.simsrad.net.ocs.mq.edu.au/ftl/company/pro
fitloss?ASXCode=IIN&rt=A&sy=2005-01-01&ey=2015-12-31&xtmlicensee=datpremium
27

2015 Intergenerational Report Australia in 2055. March 2015,Viewed 25/05/2015

http://www.challengeofchange.gov.au/

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