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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Policy Decisions | 15% | - Development of Financial Strategy
|
| Topic 2: Business Valuation | 40% | - Mergers and Acquisitions
|
| Topic 3: Sources of Long-Term Funds | 25% | - Equity Finance
|
| Topic 4: Financial Risks | 20% | - Risk Identification and Assessment
|
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NEW QUESTION # 208
Assume today is 31 December 20X1.
A listed mobile phone company has just launched a new phone which is proving to be a great success.
As a direct result of the product's success, earnings are forecast to increase by:
* 5% a year in each of years 20X2 - 20X6
* 3% from 20X7 onwards
Market analysts were very excited to hear the news of the success of the product and future growth forecasts.
Assuming a semi-efficient market applies, which of the following company valuation methods is likely to give the best estimate of the company's equity value today?
Answer: C
NEW QUESTION # 209
Select the category of risk for each of the descriptions below:
Answer:
Explanation:
NEW QUESTION # 210
A listed company follows a policy of paying a constant dividend. The following information is available:
* Issued share capital (nominal value $0.50) $60 million
* Current market capitalisation $480 million
The shareholders are requesting an increased dividend this year as earnings have been growing. However, the directors wish to retain as much cash as possible to fund new investments. They therefore plan to announce a
1-for-10 scrip dividend to replace the usual cash dividend.
Assuming no other influence on share price, what is the expected share price following the scrip dividend?
Give your answer to 2 decimal places.
Answer:
Explanation:
$ ?
3.64, 3.63, 3.65Find number of existing sharesIssued share capital = $60m, nominal $0.50Shares in issue=600.
5=120 million shares\text{Shares in issue} = \frac{60}{0.5} = 120\ \text{million shares}Shares in issue=0.
560=120 million shares Current share priceMarket capitalisation = $480mP0=480120=$4.00P_0 = \frac{480}
{120} = \$4.00P0=120480=$4.00 Effect of 1-for-10 scrip dividendNew shares issued = 120m × 1/10 =
12mTotal shares after scrip = 120m + 12m = 132mNo cash leaves the company, so total value stays at $480m.
New theoretical share pricePex-scrip=480132=3.6363...#$3.64P_{\text{ex-scrip}} = \frac{480}{132} =
3.6363\ldots \approx \boxed{\$3.64}Pex-scrip=132480=3.6363...#$3.64 Answer (to 2 d.p.):$3.64\boxed
{\$3.64}$3.64
NEW QUESTION # 211
Company ABC's management has noticed that Company BCD has quickly built up a 20% stake by buying shares in Company ABC and are concerned that this is the start of a hostile bid.
This build-up of shares triggers the poison pill provision which automatically converts the rights to buy future preference shares previously issued to existing shareholders in Company ABC to full ordinary shares What is the most likely impact of the triggering of a poison pill strategy at this stage in the bidding process?
Answer: D
NEW QUESTION # 212
If a company's bonds are currently yielding 8% in the marketplace, why would the entity's cost of debt be lower than this?
Answer: C
Explanation:
The market yield of 8% is a before-tax return to investors. For the company, interest payments reduce taxable profit, so the after-tax cost of debt is:
Cost of debt=Yield×(1#tax rate)\text{Cost of debt} = \text{Yield} \times (1 - \text{tax rate}) Cost of debt=Yield×(1#tax rate) This makes the company's cost of debt lower than the 8% market yield.
NEW QUESTION # 213
......
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