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NEW QUESTION # 50
A young, capital intensive company has a large amount of tangible assets.
Intangibles, including brand name, are considered to be of negligible value at this time Relevant data:
* The company operates a residual dividend policy.
* The industry in which the company operates is suffering from a large amount of uncertainty at present.
Forecasting the future earnings or cashflows of the company is therefore extremely difficult
* There are very few quoted companies in the industry that are similar in size or in precisely the same business sectors.
Which method of valuation would be most suitable for this company?
Answer: D
Explanation:
Correct answer: C - Net asset based valuation using replacement cost best suits a capital-intensive company with reliable tangible asset values and highly uncertain future earnings/cash flows.
NEW QUESTION # 51
Extracts from a company's profit forecast for the next financial year is as follows:
Since preparing the forecast, the company has decided to return surplus cash to shareholders by a share repurchase arrangement.
The share repurchase would result in the company purchasing 20% of the 2,000 million ordinary shares currently in issue and cancelling them.
Assuming the share repurchase went ahead, the impact on the company's forecast earnings per share will be an increase of:
Answer: A
NEW QUESTION # 52
The Treasurer of Z intends to use interest rate options to set an interest rate cap on Z's borrowings.
Which of the following statement is correct?
Answer: A
NEW QUESTION # 53
A company has undertaken a transaction with its shareholders which has had the following impact on its financial statements:
* Retained earnings has decreased
* Share capital has increased
* Earnings per share has decreased
* The book value of equity is unchanged
The company has undertaken a:
Answer: B
NEW QUESTION # 54
A venture capitalist invests in a company by means of buying:
* 9 million shares for $2 a share and
* 8% bonds with a nominal value of $2 million, repayable at par in 3 years' time.
The venture capitalist expects a return on the equity portion of the investment of at least 20% a year on a compound basis over the first 3 years of the investment.
The company has 10 million shares in issue.
What is the minimum total equity value for the company in 3 years' time required to satisify the venture capitalist's expected return?
Give your answer to the nearest $ million.
Answer:
Explanation:
$ million.
$130 millionIn CIMA F3, venture capital investments are analysed by separating equity returns from debt returns. The question clearly states that the venture capitalist's required return of 20% per annum (compound) applies only to the equity portion of the investment. The bond investment is a fixed-income instrument and does not influence the equity valuation target.Step 1: Identify the equity investmentThe venture capitalist purchases:9 million shares at $2 per shareEquity investment=9 million×2=$18 million\text{Equity investment} = 9\,\text{million} \times 2 = \$18\,\text{million}Equity investment=9million×2=$18million Step 2: Apply the required compound returnRequired equity return = 20% per annum for 3 yearsUsing compound growth (as required by CIMA F3):Future value of equity=18×(1.20)3\text{Future value of equity}
= 18 \times (1.20)
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