Knowledge of the concepts of corporate finance is of particular importance in the modern economy. Income, which is a system of economic relations associated with the formation, distribution, and use of various resources that have a monetary value, has a significant impact at all levels of the company’s functioning process. The results of this work are most noticeable already at the initial levels of enterprises of various organizational and legal forms.
It is at this stage that enterprises mainly generate the country’s income, which is further redistributed to other elements of the economy. That is why knowledge of the financial aspects of companies such as shareholders, risk analysis, sources of income, and other financial parts are especially relevant. It takes into account the shareholders of the company, its financial history, and precise risks the management of Worley Limited is likely to encounter at its current position.
Effective corporate governance is based on a strict separation of managerial functions in the company. At the same time, the responsibilities of all company bodies should be fully specified. Since shareholders are the first source of investment, they are directly interested in the fact that the joint-stock company makes those decisions and works so that the organization receives the greatest profit. WorleyParsons Ltd. is engaged in providing professional services in the raw materials, energy, and industrial sectors. The organization operates in such branches of the business sphere as hydrocarbons, minerals, metals, and chemicals; infrastructure, environment, and energy. John Michael Grill started the company back in 1971, and its headquarters are currently situated in Sydney, Australia.
Worley Parsons Limited uses its own assets to make a profit. In addition, the assets are used to create value for the attracted shareholders. Worley Ltd (n.d.) states that the “profitability module shows relationships between Worley Parsons’s most relevant fundamental drivers.” It gives several solutions of what might affect the performance of the company over time and its relative position and ranking among other companies in the field. The total annual revenue of the company is 9516 million AUD. At the same time, the gross profit is slightly more than half a million (502 million) AUD.
More than eighty percent of the company’s shares are freely traded on the stock markets. WorleyParsons trades them on the Nasdaq North American exchange in addition to the Australian exchange. Recently, the company experienced a collapse in the value of its shares. This was due to a reduction in the development of new deposits due to a strong drop in world prices for black gold. The production of hydrocarbons from the offshore shelf, with the cost of a barrel of oil below 50 US dollars, has become unprofitable. Naturally, Worley Parsons’ design orders have sharply decreased. According to financial information, in 2013, WorleyParsons’ financial portfolio amounted to more than $ 6.2 billion. Australia. Net profit for the specified time period did not exceed $ 260 million.
Mr. Larry Crowley v Worley became a historic shareholder action case on October 22nd, 2020. Worley did not carefully position the market in FY13, despite the fact that there is reasonable evidence that information is actually evidence. Worley forecasted a budget NPAT of $260 million to $300 million for the 2014 fiscal year. However, the financial year 14 NPAT was 7 percent to 17 percent lower than the previous year. It led to a drop in the stock price of 26%. (Chen, 2018).
There’s also a chance that there will be some arbitrary and unimportant errors made over the fiscal year. The firm consented to revisions in US tax legislation on December 27th, 2017. This move resulted in a $58.2 million increase in tax expenses (Long, 2019). This move has an impact on the company’s income and might result in a loss in future years. Worley had an extra charge of $20 million in FY18, bringing the total expenditure to $78.2 million.
Mr. Tom Gorman was assigned to the Board of Directors in December of 2017. The Chairman of WorleyParsons Limited is John Grill. Worley Parsons Limited appointed Chris Ashton on the position of Chief Executive Officer (CEO) and Managing Director in February of 2020 after the retirement of Andrew Wood. These people rule the company that serves multi-national oil and gas, resources, and chemicals organizations and regionally and locally specializing companies, national oil companies, and government utilities.
Judging by the data studied, Worley Limited has only one investor. The website Crunchbase shows that it is Dar Group Company (Worley, 2020). It is an international multidisciplinary consulting organization that specializes in engineering, architecture, planning, and economics. Investments from foreign companies are significant investments from companies in certain assets of the company and are the engine of the modern economy. Any enterprise needs additional sources of financing, regardless of the volume, turnover, scope, and direction of activity. Another source showed companies that are most likely investors in Worley.
Among them are Private Capital Group, Fieldpoint Private Securities, Profound Advisors, and Mitsubishi UFJ Trust & Banking Corp. These companies cover the following asset classes: shares worldwide, corporate financial income, and securities backed by mortgages and other assets.
Research shows that the company’s free cash flow is approximately $ 463 million. However, an additional $ 120 million was caused by a change in the working capital situation. This alteration means that the actual steady free cash flow was $ 343 million, or $ 1.39 per share. Furthermore, one may conclude that Worley Parsons has a free cash flow yield of 9.05% (“Mitsubishi UFJ Trust and Banking”, 2021). Cash flow forecasting is related not only to financial planning but also to the company’s development strategy as a whole. It involves determining the likely sources of funds and the directions of their expenditure.
In terms of growth ratios, Worley’s sales grew at a negative rate from 2016 to 2017, implying that the company’s revenues decreased substantially before improving dramatically till 2020. This indicates that the company has been attempting to maintain a steady increase in sales
Except for 2018, EBITDA growth has been rapid. Increasing EBITDA indicates that the company’s efficiency is improving. Worley’s net profit growth dipped to -21.92 percent in 2018 before skyrocketing in the next two years. Similarly, the EPS growth measure peaked at a high point. The researchers estimated an unemployment rate of 28.44 percent for 2021, which is good news for investors. The Board members have agreed on the total dividend of 25 cents assigned to each ordinary share, provided it is paid in full, including the unfranked exchangeable shares, since the end of the fiscal year. The planned final dividend of $131 million is not recorded as a liability as of June 30th, 2021, according to AASB 137 Provisions, Contingent Liabilities, and Contingent Assets.
Executive directors and other executives of the consolidated business are awarded equity rights (rights) over the ordinary shares of Worley Limited for no payment in accordance with performance standards set by the Board. The rights’ fair values are depreciated in a straight line over their performance term. The fair value of share settled rights is the share price at the grant date adjusted for the impact of performance hurdles and any vesting or exercise requirements associated with the right. The fair value of cash-settled rights is computed at the end of each reporting quarter and amortized over their vesting term on a straight-line basis.
Worley Limited competes fiercely in the industries in highly competitive industries that often engage in unnecessary internal competition, even between partners. There is a modest amount of market share concentration, which has decreased during the previous five years (IBISWorld, 2020). Furthermore, due to the numerous sole traders and small enterprises, the four largest corporations account for less than 20% of industry income, with roughly 97 percent of industry businesses employing fewer than 20 workers (IBISWorld, 2020). Despite the fact that Worley has become Australia’s biggest exporter of knowledge-based services in the engineering consulting business, it is critical to develop new products and services while decreasing costs and offering clients value propositions.
The CAPM asset valuation model consists in calculating the profitability of an organization in relation to the level of risks. It is used to justify changes in stock prices and to create a mechanism that can help investors assess the level of profitability and risk of a financial portfolio. CAPM may be considered irrational since, after all, the investor who invests in the company will have to count on compensation for risks (Mbaskool, 2020). However, the depositor diversifies the company’s internal investments, and as a result, losses from some shares are compensated by income from others. Consequently, the real level of risk for the investor is significantly reduced.
The method based on the dividend growth model (DGM) is that the payment of dividends is considered a payment for the company’s capital. A shareholder who owns various assets expects to receive future benefits from their work. Generally, an asset’s value can be calculated in the form of a stream of future benefits that arise as a result of owning it. Since the ordinary shares are taken into account, it is evident that the value of such a share is determined by the study of future dividends that the investor-shareholder will receive by owning them.
The disadvantage of DGM is that this method is necessary for the company to steadily pay dividends to its investors, regardless of how profitable the recent year has been for the firm. Under this condition, it is possible to estimate the value of G relatively reliably. In cases where individual enterprises pay at least some dividends to their shareholders, this seems to be an unjustified simplification. Moreover, this model is positive. It is generally used to estimate the cost of the capital employed based on the assumption that the shares of the company in question are adequately valued by the market.
The disadvantages in the investments and assumptions of the CAMP model are the risk-free rate; that is, the generally accepted norm is the yield on short-term securities. This method, however, is not always reliable due to the daily changes in the yield and might result in unpredictability. In addition, the return to the market is taken into account and consists of the sum of dividends and other financial gains for the market. The problem arises when at some point in time, the market yield may be negative. In this case, the long-term market yield is used to smooth out the profit. Another problem is that these returns look reversed and cannot be a reflection of future market returns.
CAPM is presented as a more efficient model that gives the profit that shareholders need. The required yield determines the market value, and the dividend growth model works in the opposite direction from the market value. In reality, they may not give the same value due to the lack of satisfactory conditions and a generally unsatisfactory market state. With this understanding in mind, investors are prone to assume value will not always be what it should be, and natural weigh their decisions more carefully. Therefore, the CAPM model can give a more specific result than the DGM model.
Some of the non-current assets or disposal groups classified as held for sale, which is measured at fair value with fewer costs to selling, remain part of the overall capital but cannot be adequately estimated. Otherwise, all identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are initially measured according to their fair values when acquired, regardless of the extent of any non-controlling interest (Kelly et al., 2019). The difference between the cost of the business combination and the net fair value of the respective share from within the identified net assets acquired is commonly referred to as Goodwill. The difference is recognized if the cost of acquisition is less than the Group’s share of the net fair value of the subsidiary’s identified net assets.
The financial risk of the Worley Parsons Limited Company is presented as a risk to its shareholders caused by an increase in debts. When the leverage rate against a business is rising, high-interest payments occur, which in turn reduces earnings per share. Consecutively, it becomes progressively more difficult to attract investors to such bonds unless the firm is ready to guarantee secure repayments, thus attracting investments from risk-averse potential partners (Xu, 2020).
The financial leverage of the titular company is the frequency of use for fixed-income securities and uses its own capital to finance projects (Seru & Sufi, 2021). Companies with a high credit level are considered to be exposed to financial risk. The overall credibility of the portfolio and the likelihood with which further investments can be attracted are massive regulating factors in a firm’s stock operations.
The first type of risk that a company may be exposed to is market risk, which is difficult to precisely account for since entrepreneurs and managers are generally not in a position to actively influence it. It is closely tied to the occurrence and prevalence of losses as a result of altering asset value caused by market volatility, interest rates, exchange rates, and price rates of bonds. The second risk is the credit risk, which consists of the occurrence of losses due to the non-fulfillment of obligations in accordance with the terms of the agreement (Fieldpoint Private, 2021). As a result of non-payment or late payment of financial obligations, one of the parties may incur losses.
Default is presented as one of the essential aspects. Credit risk also includes the probability of losses caused by a downgrade of the borrower’s credit rating and losses in the form of lost profits due to early repayment of the loan by the borrower.
The Rate of Return (RoR) and the Return on Investment (ROI) are two important variables to consider when analyzing return (RoI). The Rate of Return (RoR) is a metric for calculating the profit or loss of an investment over time. The RoR is described by Jordà and Taylor (2020) and Cornell (2021) as a legitimate metric for the impacts of any inherent risk that the firm may have experienced during the same period. The valuation and usage of assets, the influence of inflation, and the IRR, which takes into account the time value of money, are all examples of such risks. As a result, the computation for the RoR takes the current and the projected value into consideration while analyzing the Risk Returns for AGL Energy.
It can be calculated by subtracting the initial value from the current value, and dividing the result by the initial value, then multiplying it by one hundred to achieve a percentile-like result.
The disadvantages and poor signs of work of the company may negatively impact its reputation, relationship with stakeholders, and ability to compete. “WorleyParsons SWOT Analysis, Competitors & USP” (2020) pointed out that one of the weaknesses of Worley Parsons Limited is increasing costs of input. The reasons for the increase in resource expenditures may be an increase in production, a significant depletion of material resources in developed areas, and the transfer of production of material resources to hard-to-reach areas.
Production companies such as Worley Parsons Limited, in the context of the spread of coronavirus infection, are not able to transfer their processes to an online format due to their production specifics of work, which creates additional difficulties. This form of organizational structure and value proposition required a special approach to continue working in production during the coronavirus and its way out of the current crisis. Production in some sectors of the company has decreased by almost half, which is evidence of the lack of preparation for critical external events.
The raw materials industry was most affected by the COVID-19 pandemic due to the disturbances it brought to supply chains and international trade. The overall revenue of the firm has decreased from 4875 million AUD in 2020 to 4640 million (Chen, 2018). The industry was adversely affected by a sharp decline in demand, primarily from the transport sector, which was most vulnerable due to quarantine measures around the world. (Kelly et al., 2019; Williams & Dobelman, 2017)
Depending on the duration of the COVID-19 restrictive measures, different ways of restoring demand are possible. However, the future dynamics of the offer are unclear. It is determined by how strictly the countries that have entered into an agreement on reducing production will be ready to adhere to it, especially when demand goes up, and budget revenues go down the contrary.
The demand for services offered by the worldwide engineering sector has dropped dramatically during the period, owing to decreasing actual capital expenditure on private non-residential building and mining. Furthermore, the uncertainty of global commodity prices and declining global demand caused some large mining projects to be postponed and oil output to stall (Michaels & Grüning, 2017). As a result, the industry’s performance has suffered as a result. However, a severe drop in industry income has been countered by strong investment in new technology, increasing government outsourcing and purchase of smaller businesses, and offshore engineers to emerging countries.
Cost of Capital
As already mentioned, the company finances its activities from several types of sources: issuing securities, attracting loans, and using credit lines. Cost of capital as a concept refers to a minimum required return that the shareholders and holders of the company’s debt expect to receive. The cost of the company’s capital is an important component in investment decisions, both by the company’s management and investors evaluating the company.
Due to prices decreasing in response to Covid-19 and decreasing Chinese demand, mining companies have reduced capital expenditure and postponed investments in new projects. The coronavirus epidemic is expected to cause a 5.1 percent drop in industry profits this year (IBISWorld, 2021). Despite lower income this year, state and local governments intend to encourage infrastructure investment to assist with the economic recovery following the shutdown periods.
The company’s expenses are primarily driven by two factors: labor costs and technology and administration costs. Worley has a global workforce of almost 50,000 people, including great scientists, specialists, analysts, construction workers, and others. Human capital, or the talents, abilities, and knowledge of a company’s employees, is at the heart of a successful engineering firm (Gleißner, 2019). Worley spent AU$5.613 billion in employee costs in the fiscal year 2020, indicating active operations (“Worley Ltd. (WOR),” 2021). Technology is also a valuable instrument that should be paid for in order to complete tasks and increase productivity.
The financial condition of organizations is one of the main factors that determine economic growth in the country. The stable position and stability of a commercial organization are influenced by internal and external factors. A high level of sustainability increases the investment attractiveness of organizations (Gillan et al., 2021). An insufficient level of stability in companies can lead to a lack of funds for financing current and investment activities, insolvency, and even bankruptcy.
In relation to measuring the efficiency of the ratios employed, Worley failed to utilize its resources to create profits from 2016 to 2019 but rebounded well in 2020. In four of Worley’s operational years, 2016, 2017, 2018, and 2019, there were no inventories recorded (Worley, 2020). However, inventory turnover in the FA 2019 was 64.24, which is a strong indicator that Worley can sell its goods at a reasonable rate.
Credit ratios are important analytical tools for assessing a company’s financial health. Worley’s liquidity has been dropping since 2016, but its level of indebtedness has been continuously decreasing. Despite the fact that the firm can fulfill its short-term debts using current assets, its capacity to do so is often poor (Martínez-Ferrero & García‐Sánchez, 2019). Although the leverage ratio is high, Worley has utilized less debt to finance its investment over the last five years, which is a good thing. Interest coverage has fluctuated over time, implying that the capacity to pay off existing debt charges is not consistent.
Financial Statement Analysis
The financial analysis of the company’s work is a complete assessment of financial indicators, part of the general analysis of financial and economic activities. Financial analysis helps to evaluate data related specifically to the sphere of finance since the objects constitute both liabilities and assets to the firm, settlements with creditors and debtors, and profit and loss (Ahmed & Safdar, 2018; Robinson, 2020). Usually, such analysis contains data for several years of the company’s operation. The analysis and verification of financial statements is an evaluation method for determining the past, current and projected performance of the company.
Financial analysis is most often carried out using MS Excel tables or special programs. In the course of the analysis, quantitative calculations of various indicators, ratios, and coefficients, as well as their qualitative assessment and description, and comparisons with similar indicators of other enterprises are made. The financial analysis allows for identifying such important aspects as the possible probability of bankruptcy. It is additionally a stylish and mysterious part of the activities of such specialists as auditors and appraisers. Financial analysis is actively used by banks that decide on the issue of granting loans to organizations, accountants during the preparation of an explanatory note to the annual reports, and other specialists.
The capital structure is one of the critical indicators for assessing the financial component of an organization, which characterizes the ratio of the amount of equity and borrowed capital used. The formation of the capital structure is an essential aspect of the management of companies (Ahmed & Safdar, 2018). Actions in the field of capital structure optimization affect both long-term and short-term financial stability, allowing varying the sources of financing by their priority and cost.
The profitability improvement measures such as return on equity (ROE) and return on assets (ROA) have shown a modest fluctuation, indicating that the firm is having difficulty investing assets and utilizing equity capital to generate returns. In terms of efficiency ratios, Worley failed to utilize its resources to create profits from 2016 to 2019 but rebounded well in 2020. In four of Worley’s operational years, 2016, 2017, 2018, and 2019, there were no inventories recorded (“ProFound”, 2021). However, inventory turnover in the FA 2019 was 64.24, which is a strong indicator that Worley can sell its goods at a reasonable rate.
Credit ratios are important analytical tools for assessing a company’s financial health, the essential elements of analysis that can be separately looked at by someone else. Worley’s liquidity has been dropping since 2016, but its level of indebtedness has been continuously decreasing. Despite the fact that the firm can fulfill its short-term debts using current assets, its capacity to do so is often poor. Although the leverage ratio is high, Worley has utilized less debt to finance its investment over the last five years, which is a good thing. Interest coverage has fluctuated over time, implying that the capacity to pay off existing debt charges is not consistent.
The cost of equity is most often calculated using the risk-free rate of 1.73 percent, which refers to the yield on a 10-year Australian government bond. Based on the average return of the ASX 200 over the last ten years, the stock market risk is 6.61 percent. According to analysis Premium, the company’s beta is 1.23. E ® = RF + [ E( RM )RF ] = 0.0173 + 1.23 (0.061-0.0173) = 7.73 percent is the CAPM equation.
Discounted Dividend Model: As a dividend-paying firm, dividends are already steady and healthy. Gordon’s growth plan may assist the company in attracting additional investors in the future. As a result, we will have a more valuable and consistent dividend growth rate in the future. Furthermore, the Gordon Growth Model technique is more suited for this Worley, according to ASX releases, because they have had a lot of relationships throughout the financial years from the past till now. It is possible to calculate the average real growth rate based on the average Return on Equity from historical data and forecast data analysis.
The aim of ROE is to determine future earnings and growth rates in a more favorable and functional manner. The constant growth rate in Gordon Growth is represented by the g rate of 5.63 percent. The firm just paid out AU$0.25 in dividends on March 1st, 2021. As a result, V0=( D0 (1+g )/ rg = AU$ 11.23 gives the value of Worley’s stake (“Worley Ltd. (WOR),” 2021). The stock is undervalued when compared to its current value of AU$ 11.11 (as of 23/05/2021). This may potentially lead to unrealistic expectations on the part of investors and result in the internal conflict between stakeholders if not addressed in advance.
Inventory + Account Receivable – Account Payable = 0.00 + 1,958.74 – 1,291.2 = $667.54 is the average change in working capital for the last five years. Net income + Depreciation/Amortisation – Change in Working Capital – Capital Expenditure = 271.58 + 703.1 – 667.54 – 302.86 = $4.28M is the five-year average free cash flow. To estimate the financial position of the firm, three days were played without aggressive farming. Worley has $4.28 million left over to pay off debt, investors, and expand the firm, according to this figure. Based on 5-year average periods, this figure depicts a large healthy quantity for the firm to continue growing in the future.
The Crowley v Worley case posed regulatory and legal dangers. Mr. Crowley represents all stockholders who bought Worley’s stock between August 14th and November 20th, 2013. Worley’s failure to disclose facts and mislead the public has resulted in a loss for all shareholders (Long, 2019). Fortunately, the lawsuit was dismissed due to reasonable grounds; thus, Worley’s reputation will be unaffected. Mr. Larry Crowley v Worley became a historic shareholder action case on October 22nd, 2020. Worley did not carefully position the market in FY13, despite the fact that there is reasonable evidence that information is actually evidence.
WorleyParsons Limited has a higher financial performance than the sector average, which has had a considerable increase in growth rates (IBISWorld, 2020). The company’s financial success is remarkable. The current price of the stock is $11.11, which is lower than the average, indicating that it is undervalued. As a result, a holding approach to the company’s stock is currently preferable to prevent regular traders from losing money.
Regardless of whether stock instruments or other assets are purchased, the acquisition technique of accounting is utilized to account for all business combinations. The fair value of the relevant assets, the shares issued by the Board, or the obligations undertaken or acquired at the time of purchase are used to calculate the cost. Acquisition-related transaction costs are expensed when they are incurred. When equity tools constitute a part in the business combination, the instruments’ value is decided by market valuation at the time of purchase. Transaction expenses incurred when equity instruments are issued are recorded directly in equity.
If the business combination is completed in phases, the profit and loss statement is used to remeasure the fair value of the Group’s previously held equity participation in the acquisition to the fair and more representative value at the acquisition date.
Looking ahead, the backlog has grown to $14.3 billion from $13.5 billion in the past six months, with growth coming from both traditional and sustainable projects. In addition, the firm’s sustainability work has risen during the year, now accounting for 32% of our total income, up from 29% at the half. Worley’s sustainability part of the sales pipeline is now at 47%, up from 45% at the half, and the Board of Directors has declared a $0.25 per share dividend.
By consistently facilitating the obstacles and challenges of the post-COVID era, the company lowered its net debt to its lowest level since the ECR purchase last year. The net debt is currently at $1.55 billion, down from $1.78 billion in the previous period. The gearing ratio is 21.7 percent, which is still lower than the intended range, and within the second half, the firm boosted its leverage ratio from 1.8x to 2x. With the fulfillment of the $109 million ECR acquisition cost synergy objectives in April ’21, Worley’s initiatives to decrease our cost base continue.
In addition, the firm is on track to meet our goal of unrealized savings of $350 million from the operational cost-cutting initiative by the end of the year. These are long-term structural improvements to the way the key stakeholders prefer to do business that will provide long-term advantages for years to come.
Ahmed, A.S. & Safdar, I. (2018) Dissecting stock price momentum using financial statement analysis. Accounting & Finance, 58, 3-43. Web.
Chen, J.M. (2018). Speculative Undertakings: Rate regulation as a branch of corporate finance. Yale Journal on Regulation, 35, p.779. Web.
Cornell, B. (2021). ESG preferences, risk and return. European Financial Management, 27(1), 12-19. Web.
Fieldpoint Private. (2021). Fieldpoint Private Securities Important Disclosures – Fieldpoint Private. Web.
Gleißner, W. (2019) Cost of capital and probability of default in value-based risk management. Management Research Review, 42(11), 1243-1258. Web.
Gillan, S.L., Koch, A. & Starks, L.T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66. Web.
IBISWorld, I. (2021). IBISWorld – Industry market research, reports, and statistics. Ibisworld. Web.
Jordà, Ò. & Taylor, A. (2019). Riders on the Storm. Web.
Kelly, B.T., Pruitt, S. & Su, Y. (2019). Characteristics are covariances: A unified model of risk and return. Journal of Financial Economics, 134(3), 501-524. Web.
Long, S. (2019). The spies and Liberal Party doyens are embroiled in a bitter corporate takeover battle. Web.
Martínez‐Ferrero, J. & García‐Sánchez, I.M. (2017). Sustainability assurance and cost of capital: Does assurance impact the credibility of corporate social responsibility information? Business Ethics: A European Review, 26(3), 223-239.
Michaels, A. & Grüning, M. (2017) Relationship of corporate social responsibility disclosure on information asymmetry and the cost of capital. Journal of Management Control, 28(3), 251-274. Web.
ProFound. (2021). ProFound – Advisers in development | Sustainable Value Chain experts. Web.
Robinson, T.R. (2020) International financial statement analysis. John Wiley & Sons.
Seru, A. & Sufi, A. (2021). Corporate finance. In John H. Cochrane and Tobias J. Moskowitz (Eds.), The Fama Portfolio, (pp. 617-623). University of Chicago Press.
Mitsubishi UFJ Trust and Banking. (2021). Web.
Williams, E.E. & Dobelman, J.A. (2017). Financial statement analysis. In Quantitative Financial Analytics (pp.109-169). World Scientific.
WorleyParsons SWOT analysis, competitors & USP (2020). Web.
Worley Ltd. (WOR). (n.d.). Investing. Web.
Worley. (2020). Crunchbase. Web.
Xu, Z. (2020). Economic policy uncertainty, cost of capital, and corporate innovation. Journal of Banking & Finance, 111. Web.