Using the information below on your allocated company, qualitatively determine the level of payout you would expect, providing an explanation that applies relevant factors suggested by theory. (11 marks) Adairs (ADH) Profitable, pays corporate tax in Australia and is in a position to pay fully franked dividends. Unlevered beta adjusted for cash for its industry is 0.90 Earnings are somewhat volatile About half of its assets are inventories, plant, property and equipment. Concentrated share ownership Free cash flows have been growing steadily over time Growth opportunities are low and mostly expected Using the information below on your allocated company, qualitatively determine the level of payout you would expect, providing an explanation that applies relevant factors suggested by theory. (11 marks) Adairs (ADH) Profitable, pays corporate tax in Australia and is in a position to pay fully franked dividends. Unlevered beta adjusted for cash for its industry is 0.90 Earnings are somewhat volatile About half of its assets are inventories, plant, property and equipment. Concentrated share ownership Free cash flows have been growing steadily over time Growth opportunities are low and mostly expected