無料でクラウドストレージから最新のJpshiken CIMAPRA19-F03-1 PDFダンプをダウンロードする：https://drive.google.com/open?id=1Zb10vCUblCs0VJ-AMDbOPJ1SndaG2VXH
CIMAPRA19-F03-1試験に向けて勉強しているときは、家族のためなど、仕事に行くのに忙しいかもしれません。誰もが効率的な仕事をするための時間は貴重です。優れたCIMAPRA19-F03-1準備ガイドを取得したい場合、合格するまでの時間を短縮する必要があります。キーポイントと最新情報を選択して、CIMAPRA19-F03-1ガイドトレントを完成させています。練習するのに20時間から30時間しかかかりません。効果的な練習の後、CIMAPRA19-F03-1試験トレントから試験ポイントを習得できます。その後、CIMAPRA19-F03-1試験に合格するのに十分な自信があります。
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Strategy Framework | 25% | - Financial objectives and stakeholder value
|
| Topic 2: Corporate Finance | 30% | - Financing decisions
|
| Topic 3: Mergers, Acquisitions and Business Valuation | 10% | - Valuation and deal structure
|
| Topic 4: Investment Appraisal and Decisions | 25% | - Investment evaluation techniques
|
| Topic 5: Financial Risk Management and Treasury | 10% | - Risk management techniques
|
>> CIMA CIMAPRA19-F03-1合格問題 <<
CIMAのCIMAPRA19-F03-1のオンラインサービスのスタディガイドを買いたかったら、Jpshikenを買うのを薦めています。Jpshikenは同じ作用がある多くのサイトでリーダーとしているサイトで、最も良い品質と最新のトレーニング資料を提供しています。弊社が提供したすべての勉強資料と他のトレーニング資料はコスト効率の良い製品で、サイトが一年間の無料更新サービスを提供します。ですから、弊社のトレーニング製品はあなたが試験に合格することを助けにならなかったら、全額で返金することを保証します。
質問 # 338
Company P is a large unlisted food-processing company.
Its current profit before interest and taxation is $4 million, which it expects to be maintainable in the future.
It has a $10 million long-term loan on which it pays interest of 10%.
Corporate tax is paid at the rate of 20%.
The following information on P/E multiples is available:
Which of the following is the best indication of the equity value of Company P?
正解：B
質問 # 339
Two companies that operate in the same industry have different Price/Earnings (P/E) ratios as follows:
Which of the following is the most likely explanation of the different P/E ratios?
正解：C
質問 # 340
A company is financed as follows:
* 400 million $1 shares quoted at $3.00 each.
* $800 million 5% bonds quoted at par.
The company plans to raise $200 million long term debt to finance a project with a net present value of
$100 million.
The bank that is providing the debt is insisting on a maximum gearing level covenant.
Gearing will be based on market values and calculated as debt/(debt + equity).
What is the lowest figure for the gearing covenant that the bank could impose without the company breaching the agreement?
正解：A
質問 # 341
Company BBB has prepared a valuation of a competitor company, Company BBD. Company BBB is intending to acquire a controlling interest in the equity of Company BBD and therefore wants to value only the equity of Company BBD.
The directors of Company BBB have prepared the following valuation of Company BBD:
Value of Equity = 4.63 + 5.14 + 5.56 = S15.33 million
Additional information on Company BBD:
Which THREE of the following are weaknesses of the above valuation?
正解：A、C、E
解説：
The directors are using free cash flows to all investors but they want to value equity only. For equity valuation they should discount equity cash flows (dividends or FCFE) at the cost of equity (10%), so using WACC is a weakness # A.
The cash flow in Year 3 is stated as "Year 3 and each year thereafter = 7". That means a level cash flow from Year 3 onwards, i.e. a perpetuity, but they have only discounted one year of it (7 × 0.794). They should have used a perpetuity factor # C.
Discounting free cash flow to all investors at WACC gives the value of the whole entity (firm value), not the equity. To get equity value you would then subtract the market value of debt. They have not done this # D.
B and E are therefore not appropriate criticisms.
質問 # 342
A company wishes to raise new finance using a rights issue to invest in a new project offering an IRR of 10% The following data applies:
* There are currently 1 million shares in issue at a current market value of $4 each.
* The terms of the rights issue will be $3.50 for 1 new share for 5 existing shares.
* The company's WACC is currently 8%.
What is the yield-adjusted theoretical ex-rights price (TERP)?
Give your answer to 2 decimal places.
正解：
解説：
$ ?
4.06, 4.060Existing shares = 1,000,000 at $4 # value = $4.0mRights terms: 1 new share for 5 existing at $3.50 New shares = 1,000,000 / 5 = 200,000Funds raised = 200,000 × 3.50 = $0.7mTotal shares after issue =
1,200,000Project:IRR = 10%WACC = 8%Assume funds raised ($0.7m) are invested in a project returning
10% indefinitely.PV of project using WACC:PV=Investment×IRRWACC=0.7×0.100.08=0.7×1.25=0.
875 million\text{PV} = \text{Investment} \times \frac{\text{IRR}}{\text{WACC}} = 0.7 \times \frac{0.10}
{0.08} = 0.7 \times 1.25 = 0.875 \text{ million}PV=Investment×WACCIRR=0.7×0.080.10=0.7×1.25=0.
875 million Total equity value after investment:V=4.0+0.875=4.875 millionV = 4.0 + 0.875 = 4.875 \text{ million}V=4.0+0.875=4.875 million Yield-adjusted TERP:TERP=4.8751.2=4.0625#4.06\text{TERP} = \frac
{4.875}{1.2} = 4.0625 \approx \mathbf{4.06}TERP=1.24.875=4.0625#4.06
質問 # 343
......
JpshikenのCIMAPRA19-F03-1教材を購入したら、あなたは一年間の無料アップデートサービスを取得しました。試験問題集が更新されると、Jpshikenは直ちにあなたのメールボックスにCIMAPRA19-F03-1問題集の最新版を送ります。あなたは試験の最新バージョンを提供することを要求することもできます。最新のCIMAPRA19-F03-1試験問題を知りたい場合、試験に合格したとしてもJpshikenは無料で問題集を更新してあげます。
CIMAPRA19-F03-1資格参考書: https://www.jpshiken.com/CIMAPRA19-F03-1_shiken.html
P.S. JpshikenがGoogle Driveで共有している無料かつ新しいCIMAPRA19-F03-1ダンプ：https://drive.google.com/open?id=1Zb10vCUblCs0VJ-AMDbOPJ1SndaG2VXH