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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Business valuation | 40% | - Corporate finance and valuation
|
| Topic 2: Sources of long-term funds | 25% | - Financing and dividend decisions
|
| Topic 3: Financial policy decisions | 15% | - Formulation of financial strategy
|
| Topic 4: Financial risks | 20% | - Managing financial risks
|
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NEW QUESTION # 224
A company has a loss-making division that it has decided to divest in order to raise cash for other parts of the business.
The losses stem from a combination of a lack of capital investment and poor divisional management.
The loss-making division would require new capital investment of at least $20 million in order to replace worn out and obsolete assets.
If this investment was carried out, the present value of the future cashflows, excluding the investment expenditure, is expected to be $15 million.
Which TWO of the following divestment methods are most likely to be suitable for the company?
Answer: A,C
Explanation:
The division is loss-making, with poor management and obsolete assets. It needs a $20m investment, but PV of future cash flows is only $15m # negative NPV of -$5m if retained.
The company wants to raise cash, so methods that don't raise cash (de-merger, spin-off) are inappropriate.
Trade sale (C): sell the division to another company that may be better able to invest/manage it - brings in cash.
Liquidation (D): close the division and sell the assets - also raises cash and avoids further losses.
MBO (A) is unlikely, since current management is identified as part of the problem.
NEW QUESTION # 225
The primary objective of a public sector entity is to ensure value for money is generated.
Value for money is defined as performing an activity so as to simultaneously achieve economy, efficiency and effectiveness
Efficiency is defined as:
Answer: C
NEW QUESTION # 226
ZZZ wishes to borrow at a floating rate and has been told that it can use swaps to reduce the effective interest rate it pays. ZZZ can borrow floating at the risk-free rate + 1, and fixed at 10%.
Which of the following companies would be the most appropriate for ZZZ to enter into a swap with?
Answer: C
Explanation:
Against DDA
Fixed: ZZZ 10% vs DDA 10.5% # ZZZ cheaper by 0.5%
Floating: ZZZ rf+1 vs DDA rf+1.5 # ZZZ cheaper by 0.5%
ZZZ is better in both markets by the same margin # no comparative advantage, little reason for DDA to swap.
Against CCA
Fixed: ZZZ 10% vs CCA 9% # CCA cheaper by 1%
Floating: ZZZ rf+1 vs CCA rf+0.5 # CCA cheaper by 0.5%
CCA is cheaper in both, and also the one with greater advantage is fixed. There's no natural "ZZZ better at one, CCA better at the other" pairing.
Against BBA #
Fixed: ZZZ 10% vs BBA 12% # ZZZ cheaper in fixed by 2%
Floating: ZZZ rf+1 vs BBA rf+0.25 # BBA cheaper in floating by 0.75%
So ZZZ has an advantage in fixed, BBA has an advantage in floating.
ZZZ wants floating, so it can:
Borrow fixed at 10% (where it is strong),
Enter a swap with BBA (who wants fixed but is strong in floating),
End up with an effective floating rate below rf+1.
Against AAB
Fixed: ZZZ 10% vs AAB 9.5% # AAB cheaper by 0.5%
Floating: ZZZ rf+1 vs AAB rf+0.75 # AAB cheaper by 0.25%
AAB is cheaper in both; no obvious mutual gain.
So the classical swap pairing is ZZZ with BBA # Option C.
NEW QUESTION # 227
Company RRR is a well-established, unlisted, road freight company.
In recent years RRR has come under pressure to improve its customer service and has had some success in doing this However, the cost of improved service levels has resulted in it making small losses in its latest financial year. This is the first time RRR has not been profitable.
RRR uses a 'residual' dividend policy and has paid dividends twice in the last 10 years.
Which of the following methods would be most appropriate for valuing RRR?
Answer: D
Explanation:
Most appropriate is asset-based valuation because RRR is unlisted, has just made a loss and pays dividends only occasionally. Earnings- and dividend-based models (P/E, earnings yield, DVM) rely on stable, positive earnings or dividends, which RRR does not currently have, so valuing the tangible and identifiable intangible assets is more reliable.
NEW QUESTION # 228
A company with a market capitalisation of S50million is considering raising $1 million debt to fund a new 10-year capital investment protect
The value of this issue is considered to be small in comparison to the company's market capitalisation
The company is considering whether to raise the debt finance by either a "bond private placing' or a 'public bond issue.
Which THREE of the following statements are correct?
Answer: A,C
NEW QUESTION # 229
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