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| Certification Vendor: | CIMA (Chartered Institute of Management Accountants) |
|---|---|
| Exam Name: | Financial Strategy |
| Exam Number: | F3 |
| Available Languages: | English |
| Related Certifications: | E3 Strategic Management P3 Risk Management Strategic Case Study Exam |
| Real Exam Qty: | 60 |
| Exam Duration: | 90 minutes |
| Exam Format: | Computer-based objective test, Multiple choice, Multiple response, Drag-and-drop, Fill-in-the-blank |
| Certificate Validity Period: | 3 years |
| Exam Price: | £165 / $215 USD (varies by region) |
| Passing Score: | 100 out of 150 scaled score (~67%) |
| Recommended Training: | CIMA Official Study Resources |
| Exam Registration: | Pearson VUE Booking CIMA Official Registration |
| Sample Questions: | CIMA F3 Sample Questions |
| Exam Way: | Onsite at Pearson VUE centres or online remote proctored |
| Pre Condition: | Completion of CIMA Management Level or relevant exemptions; must pass before Strategic Case Study |
| Official Syllabus URL: | https://www.cimaglobalhub.org/qualifications/professional-qualification/strategic-level/f3-financial-strategy |
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Preparing for the CIMAPRA19-F03-1 exam requires a thorough understanding of financial strategy and its application in a business context. Candidates are encouraged to study the CIMA syllabus and exam resources, which provide comprehensive coverage of the exam topics. Additionally, candidates can use study materials such as textbooks, study guides, and practice exams to prepare for the exam. With the right preparation and dedication, candidates can successfully pass the CIMAPRA19-F03-1 exam and take the next step in their career as a finance professional.
NEW QUESTION # 365
Extracts from a company's profit forecast for the next financial year as follows:
Since preparing the forecast, the company has decided to return surplus cash to shareholders by a share repurchase arrangement.
The share repurchase would result in the company purchasing 20% of the 1,250 million ordinary shares currently in issue and canceling them.
Assuming the share repurchase went ahead, the impact on the company's forecast earnings per share will be an increase of:
Answer: A
NEW QUESTION # 366
Company A is unlisted and all-equity financed. It is trying to estimate its cost of equity.
The following information relates to another company, Company B, which operates in the same industry as Company A and has similar business risk:
Equity beta = 1.6
Debt:equity ratio 40:60
The rate of corporate income tax is 20%.
The expected premium on the market portfolio is 7% and the risk-free rate is 5%.
What is the estimated cost of equity for Company A?
Give your answer to one decimal place.
Answer:
Explanation:
? %
A. 12.3, 12.30Company B's equity beta = 1.6, D:E = 40:60, tax = 20%.Ungear B's beta to get the asset beta:#A=#E×EE+D(1#T)=1.6×6060+40(1#0.2)=1.6×6060+32=1.6×6092=1.6×1523=2423#1.04\beta_A
= \beta_E \times \frac{E}{E + D(1-T)} = 1.6 \times \frac{60}{60 + 40(1-0.2)} = 1.6 \times \frac{60}
{60+32} = 1.6 \times \frac{60}{92} = 1.6 \times \frac{15}{23} = \frac{24}{23} \approx 1.04
#A=#E×E+D(1#T)E=1.6×60+40(1#0.2)60=1.6×60+3260=1.6×9260=1.6×2315=2324#1.04 Company A is all-equity, so its equity beta = asset beta = 1.04.Use CAPM:Ke=Rf+#(Rm#Rf)=5%+1.0435×7%#5%
+7.30%=12.3%K_e = R_f + \beta (R_m - R_f) = 5\% + 1.0435 \times 7\% \approx 5\% + 7.30\% = 12.3
\%Ke=Rf+#(Rm#Rf)=5%+1.0435×7%#5%+7.30%=12.3%
B. 12.3%
NEW QUESTION # 367
TU has relatively few tangible assets and is dependent for profits and growth on the high-value individuals it employs. Which of the following statements best explains why the net asset valuator method's considered unstable for TU?
Answer: D
NEW QUESTION # 368
It is now 1 January 20X0.
Company V, a private equity company, is considering the acquisition of 40% of the equity of Company A for a total amount of $15 million.
Company A has been established to develop a new type of engine which will be launched at the end of 20X1.
Company A is forecasting that the new engine will result in free cash flows to equity of $2m in its first year of operation and that this will rise by 8% per year for the foreseeable future.
The new engine is the only commercial activity that Company A is involved in.
Company V intends to sell its stake in Company A when the new engine is launched.
Company A has a cost of equity of 12%.
Assuming that Company V receives an amount that reflects the present value of their shares in company A.
what is the estimated annual rate of return to Company V from this investment? (To the nearest %)
Answer: D
NEW QUESTION # 369
Company C has received an unwelcome takeover bid from Company P.
Company P is approximately twice the size of Company C based on market capitalisation.
Although the two companies have some common business interests, the main aim of the bid is diversification for Company P.
The offer from Company P is a share exchange of 2 shares in Company P for 3 shares in Company C.
There is a cash alternative of $5.50 for each Company C share.
Company C has substantial cash balances which the directors were planning to use to fund an acquisition.
These plans have not been announced to the market.
The following share price information is relevant. All prices are in $.
Which of the following would be the most appropriate action by Company C's directors following receipt of this hostile bid?
Answer: D
NEW QUESTION # 370
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