You are an equity analyst working for Big Mac's, which provides independent research and stock recommendations to institutional investors. One of the companies you have been following with great interest is ASX-listed Aurizon Holdings Limited (ASX Code: AZJ) (formerly known as QR National). Aurizon is a rail freight operator in Australia. It operates through Network, Coal, Bulk, and Other segments. The company transports various commodities, including mining, agricultural, industrial, and retail products; and retail goods and groceries across small and big towns, and cities, as well as coal and iron ore. It also operates and manages the Central Queensland Coal Network that consists of 2,670 km of track network; and provides various specialist services, such as rail design, engineering, construction, management, and maintenance, as well as supply chain solutions. In addition, the company transports bulk rail freight services for miners, primary producers, and the manufacturing industry. It was first listed on the ASX in 2010 and at that time was known as QR National. Aurizon is part of the ASX 200 transportation Index. The other companies in this Index are: ASX Code AIA ALX QAN QUB SYD TCL Company Auckland International Airport Ltd Atlas Arteria Qantas Airways Ltd Qube Holdings Ltd Sydney Airport Transurban Group Question 1 LO1: Evaluate the qualitative factors that impact a business and its industry. The extended Porter model identifies 10 key factors that analysts should consider when reviewing the external business risks of a company. Economic sensitivity Potential entrants Suppliers Economic rivalry among firms Technology FACTOR EXPLANATION External business risks TWO KEY POINTS Substitutes Political & regulatory Buyers Using this model, provide a risk analysis for Aurizon. (a) Explain each factor and comment on why it is important in company analysis. Provide two (2) key points on each factor that relate specifically to Aurizon. For this response, you should create a table utilising the following form at: (b) Industry life cycle Social change