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| Certification Vendor: | CIMA (Chartered Institute of Management Accountants) |
|---|---|
| Exam Name: | F3 Financial Strategy |
| Exam Number: | CIMAPRA19-F03-1 |
| Real Exam Qty: | 60 |
| Exam Format: | Scenario-based, Objective test, Multiple choice, Calculation questions |
| Exam Duration: | 90 minutes |
| Passing Score: | 100 (scaled from 0–150, approx. 67%) |
| Available Languages: | English |
| Exam Price: | £185 – £275 / $230 – $340 (varies by region) |
| Related Certifications: | CIMA E3 Strategic Management CIMA P3 Risk Management CIMA Strategic Case Study CGMA Designation |
| Certificate Validity Period: | No expiry; valid with active CIMA membership & CPD |
| Recommended Training: | CIMA Approved Tuition Providers CIMA Official Study Text |
| Exam Registration: | Pearson VUE Scheduling CIMA Official Registration |
| Sample Questions: | CIMA CIMAPRA19-F03-1 Sample Questions |
| Exam Way: | Computer-based; available at Pearson VUE test centres or online remote proctoring |
| Pre Condition: | Completion of CIMA Operational and Management levels; or relevant exemptions |
| Official Syllabus URL: | https://planner.cimaglobal.com/proqual/2019/strategic/F3 |
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NEW QUESTION # 349
A company is in the process of issuing a 10 year $100 million bond and is considering using an interest rate swap to change the interest profile on some or all of the $100 million new finance.
The company has a target fixed versus floating rate debt profile of 1:1. Before issuing the bond its debt profile was as follows:
Which of the following is the most appropriate interest rate swap structure for the company?
Answer: D
NEW QUESTION # 350
A company's current profit before interest and taxation is $1.1 million and it is expected to remain constant for the foreseeable future.
The company has 4 million shares in issue on which the earnings yield is currently 10%. It also has a $2 million bond in issue with a fixed interest rate of 5%.
The corporate income tax rate is 20% and is expected to remain unchanged.
Which of the following is the best estimate of the current share price?
Answer: D
Explanation:
PBIT = $1.1m
Debt = $2m at 5% # interest = $0.1m
Profit before tax = 1.1 - 0.1 = $1.0m
Tax at 20% = 0.2m # Earnings after tax = $0.8m
Earnings yield = Earnings ÷ Market value of equity = 10%:
0.8=0.10×MV#MV=0.80.10=$8m0.8 = 0.10 \times \text{MV} \Rightarrow \text{MV} = \frac{0.8}{0.10} =
\$8\text{m}0.8=0.10×MV#MV=0.100.8=$8m
Shares in issue = 4m # share price:
Price=84=$2.00\text{Price} = \frac{8}{4} = \$2.00Price=48=$2.00
NEW QUESTION # 351
Company T is a listed company in the retail sector.
Its current profit before interest and taxation is $5 million.
This level of profit is forecast to be maintainable in future.
Company T has a 10% corporate bond in issue with a nominal value of $10 million.
This currently trades at 90% of its nominal value.
Corporate tax is paid at 20%.
The following information is available:
Which of the following is a reasonable expectation of the equity value in the event of an attempted takeover?
Answer: A
NEW QUESTION # 352
RST wishes to raise at least $40 million of new equity by issuing up to 10 million new equity shares at a minimum price of $3.00 under an offer for sale by tender. It receives the following tender offers:
What is the maximum amount that RST can raise by this share issue?
(Give your answer to the nearest $ million).
Answer: A
Explanation:
NEW QUESTION # 353
A large, quoted company that is all-equity financed is planning to acquire a smaller unquoted company that is also all-equity financed.
The acquiring company's directors are using the dividend valuation model to value the target company before making an offer.
Relevant data for the target company:
* Dividends paid in the last financial year $2 million
* Book value of net assets $15 million
* Shares in issue 1 million
The acquiring company's cost of capital is 10%.
Its directors believe they can improve the target company's performance in the long term.
They estimate there will be no growth in the first year of the acquisition but from year 2 onwards there will be a 4% growth each year in perpetuity.
What is the maximum price the acquiring company should offer for each of the shares in the target company?
Answer: B
Explanation:
We use the Dividend Valuation Model (DVM) with a one-year zero-growth period followed by constant growth:
Last year's dividend = $2m # with 1m shares, DPS# = $2.00.
No growth in year 1 # D# = $2.00.
From year 2, dividends grow at 4% in perpetuity #
D# = 2.00 × 1.04 = $2.08
Using the Gordon growth model from year 2 onwards:
P1=D2ke#g=2.080.10#0.04=2.080.06#34.67P_1 = \frac{D_2}{k_e - g} = \frac{2.08}{0.10 - 0.04} = \frac{2.08}{0.06} # 34.67P1=ke#gD2=0.10#0.042.08=0.062.08#34.67
Now discount D# and P# back to today at 10%:
P0=D11.10+P11.10=2.001.10+34.671.10#1.82+31.52#33.34P_0 = \frac{D_1}{1.10} + \frac{P_1}{1.10} = \frac{2.00}{1.10} + \frac{34.67}{1.10} # 1.82 + 31.52 # 33.34P0=1.10D1+1.10P1=1.102.00+1.1034.67#1.
82+31.52#33.34
Rounded: $33.33 per share # Option A.
NEW QUESTION # 354
......
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