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CIMA F3 Exam Syllabus Topics:

Section	Weight	Objectives
Business Valuation	20%	- Valuation methods 1. Asset-based, earnings-based, cash flow-based 2. Relative valuation and market multiples - Valuation concepts and purposes 1. Valuation for listing or equity issuance 2. Valuation for mergers, acquisitions, and disposals - Pricing and negotiation 1. Determining offer price and terms 2. Post-transaction value creation
Financial Risk Management	15%	- Risk mitigation and hedging strategies 1. Internal controls and risk policy frameworks 2. Use of derivatives: forwards, futures, swaps, options - Types and sources of financial risk 1. Interest rate, foreign exchange, commodity risk 2. Credit and liquidity risk - Risk measurement and assessment 1. Value-at-Risk, duration, gap analysis
Sources of Long-Term Finance	25%	- Optimal capital structure 1. Practical determinants of capital structure 2. Impact of gearing on risk and return - Equity finance 1. Types of equity and issue methods 2. Cost of equity and capital structure theories - Debt and hybrid finance 1. Types of debt, terms, and covenants 2. Leasing, convertibles, and warrants
Financial Policy Decisions	15%	- Strategic financial objectives and governance 1. Agency theory and stakeholder interests 2. Role of financial strategy in overall corporate strategy - Dividend and distribution policy 1. Theories of dividend relevance 2. Practical considerations and constraints
Investment Appraisal and Decisions	25%	- Risk analysis in investment decisions 1. Cost of capital estimation and adjustment 2. Sensitivity, scenario, and simulation analysis - Advanced investment appraisal techniques 1. Adjusted present value and real options 2. Discounted cash flow, NPV, IRR, MIRR

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CIMA F3 Financial Strategy Sample Questions (Q32-Q37):

NEW QUESTION # 32
A company aims to increase profit before interest and tax (PBIT) each year.
The company reports in A$ but has significant export sales priced in B$.
All other transactions are priced in A$.
In 20X1, the company reported:

In 20X2, the only changes expected are:
* An increase in export prices of 10%, but no change to units sold.
* A rise in the value of the B$ to A$/B$ 2.500 (that is, A$ 1 = B$ 2.5)
Is it likely that the company would still meet its objective to grow PBIT between 20X1 and 20X2?

A. No, PBIT would fall by A$ 150 million.
B. No, PBIT would fall by A$ 48 million.
C. Yes, PBIT would increase by A$ 150 million.
D. Yes, PBIT would increase by A$ 48 million.

Answer: B

NEW QUESTION # 33
A company's latest accounts show profit after tax of $20.0 million, after deducting interest of $5.0 million. The company expects earnings to grow at 5% per annum indefinitely.
The company has estimated its cost of equity at 12%, which is included in the company WACC of 10%.
Assuming that profit after tax is equivalent to cash flows, what is the value of the equity capital?
Give your answer to the nearest $ million.

Answer:

Explanation:
$ ? million
300, 300000000

NEW QUESTION # 34
A company needs to raise $40 million to finance a project. It has decided on a right issue at a discount of 20% to its current market share price.
There are currently 20 million shares in issue with a nominal value of $1 and a market price of $10.00 per share.

A. 1 new share for every 5 existing shares
B. 1 new share for every 4 existing shares
C. 1 new share for every 25 existing shares
D. 1 new share for every 20 existing shares

Answer: B

Explanation:
The company needs to raise $40 million via a rights issue.
Current share price = $10
Rights issue at a 20% discount, so issue price =
10×(1#0.20)=10×0.8=$810 \times (1 - 0.20) = 10 \times 0.8 = \$810×(1#0.20)=10×0.8=$8 Number of new shares needed:
New shares=40m8=5 million shares\text{New shares} = \frac{40\text{m}}{8} = 5\text{ million shares} New shares=840m=5 million shares There are currently 20 million shares in issue, so the rights issue ratio is:
New sharesExisting shares=520=14\frac{\text{New shares}}{\text{Existing shares}} = \frac{5}{20} = \frac
{1}{4}Existing sharesNew shares=205=41
So, shareholders will receive 1 new share for every 4 existing shares.

NEW QUESTION # 35
A company's latest accounts show profit after tax of $20.0 million, after deducting interest of $5.0 million. The company expects earnings to grow at 5% per annum indefinitely.
The company has estimated its cost of equity at 12%, which is included in the company WACC of 10%.
Assuming that profit after tax is equivalent to cash flows, what is the value of the equity capital?
Give your answer to the nearest $ million.
$ ? million

A. 300, 300000000Profit after tax this year = $20mGrowth rate = 5% # next year's earnings E1=20×1.
05=21E_1 = 20 \times 1.05 = 21E1=20×1.05=21Cost of equity ke=12%k_e = 12\%ke=12%Value of equity (Gordon growth model):VE=E1ke#g=210.12#0.05=210.07=300V_E = \frac{E_1}{k_e - g} =
\frac{21}{0.12 - 0.05} = \frac{21}{0.07} = 300VE=ke#gE1=0.12#0.0521=0.0721=300
B. $300 million

Answer: A,B

NEW QUESTION # 36
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?

A. An initial public bond issue does not need to be underwritten whereas a bond private placing must be underwritten.
B. An average investor is made aware of a potential initial public bond issue whereas the average investor is only made aware of a bond private placing after it has occurred.
C. The company's credit rating will be a key element in determining the interest rate payable and the potential success of either the public bond issue or the bond private placing
D. An initial public bond issue will be administratively complex and relatively expensive for the relatively small amount of debt being raised whereas a bond private placing will be relatively less complex
E. An initial public bond issue can be arranged relatively quickly whereas a bond private placing can take up to a year to arrange.

Answer: D,E

NEW QUESTION # 37
......

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