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To prepare for this certification exam, candidates should have a strong foundation in financial accounting, management accounting, and financial management. They should also have practical experience in financial analysis and decision-making. CIMA offers study materials, including textbooks, practice questions, and study courses, to help candidates prepare for the exam.
To prepare for the F3 exam, candidates are advised to study the CIMA syllabus and to supplement their learning with relevant textbooks, practice questions, and online resources. Candidates may also wish to attend CIMA-approved training courses, which are available in a variety of formats, including online, classroom-based, and self-study options. By passing the F3 Exam and completing the CIMA Professional Qualification, candidates can demonstrate their expertise in financial management and strategy, and enhance their career prospects in a wide range of industries and sectors.
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CIMA CIMAPRA19-F03-1 exam is a part of the Financial Strategy module in the CIMA Professional Qualification. F3 exam is designed to test the candidates' knowledge and understanding of the concepts and techniques used in financial strategy, which is a critical component of any business's success. F3 Exam is divided into two sections, each containing objective test questions, and the candidates are required to pass both sections to obtain the certification.
NEW QUESTION # 359
A listed company plans to raise $350 million to finance a major expansion programme.
The cash flow projections for the programme are subject to considerable variability.
Brief details of the programme have been public knowledge for a few weeks.
The directors are considering two financing options, either a rights issue at a 20% discount to current share price or a long term bond.
The following data is relevant:
The company's share price has fallen by 5% over the past 3 months compared with a fall in the market of 3% over the same period.
The directors favour the bond option.
However, the Chief Accountant has provided arguments for a rights issue.
Which TWO of the following arguments in favour of a right issue are correct?
Answer: A,B
NEW QUESTION # 360
The following information relates to Company A's current capital structure:
Company A is considering a change in the capital structure that will increase gearing to 30:70 (Debt:Equity).
The risk -free rate is 3% and the return on the market portfolio is expected to be 10%.
The rate of corporate tax is 25%
Using the Capital Asset Pricing Model, calculate the cost of equity resulting from the proposed change to the capital structure.
Answer: A
NEW QUESTION # 361
Company X is an established, unquoted company which provides IT advisory services.
The company's results and cashflows are growing steadily and it has few direct competitors due to the very specialised nature of it's business. Dividends are predictable and paid annually.
Company P is looking to buy 30% of company X's equity shares.
Which TWO of the following methods are likely to be considered most suitable valuation methods for valuing company P's investment in Company X?
Answer: C,D
Explanation:
Company X is an established, unquoted, specialist IT advisory firm with steady results, predictable dividends and cashflows. Company P is only buying 30% (a minority stake).
B). Dividend based using DVM - Very suitable because dividends are predictable and regular. For a minority stake, dividends are often the main measurable return, so a dividend valuation model is appropriate.
C). Cash based using free cash flow before interest - A DCF valuation based on free cash flow to the firm is also appropriate for a profitable, growing, going concern. You can value the whole business using FCFF and then take 30% of the equity value.
Asset-based (A) is less relevant for a specialist service company with relatively few tangible assets. P/E-based methods (D and E) are less ideal given there are few direct competitors, making comparables unreliable.
NEW QUESTION # 362
A company has identified potential profitable investments that would require a total of S50 million capital expenditure over the next two years The following information is relevant.
* The company has 100 million shares in issue and has a market capitalisation of S500 million
* It has a target debt to equity ratio of 40% based on market values This ratio is currently 30%
* Earnings for the current year are expected to be S1 00 million
* Its last dividend payment was $1 per share One of the company's objectives is to increase dividends by at least 10% each year
* The company has no cash reserves
Which of the following is the most suitable method of financing to meet the company's requirements?
Answer: A
NEW QUESTION # 363
Company J plans to acquire Company K, an unlisted company whose equity is to be valued using a P/E ratio approach.
A listed company has been identified which is very similar to Company K and which can be used as a proxy.
However, the growth prospects of Company K are higher than those of the proxy.
The Directors of Company J are aware that certain adjustments will be necessary to the proxy company's P
/E ratio in order to obtain a more reliable valuation.
The following adjustments have been agreed:
* 20% due to Company K being unlisted.
* 15% to allow for the growth rate difference.
The total adjustment to the proxy p/e ratio is:
Answer: A
NEW QUESTION # 364
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