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| Section | Weight | Objectives |
|---|---|---|
| Financial Risk Management and Treasury | 10% | - Risk management techniques
|
| Corporate Finance | 30% | - Financing decisions
|
| Mergers, Acquisitions and Business Valuation | 10% | - Valuation and deal structure
|
| Financial Strategy Framework | 25% | - Financial objectives and stakeholder value
|
| Investment Appraisal and Decisions | 25% | - Investment evaluation techniques
|
>> CIMAPRA19-F03-1 Exam Cram Questions <<
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NEW QUESTION # 226
The table below shows the forecast for a company's next financial year:
The forecast incorporates the following assumptions:
* 25% of operating costs are variable
* Debt finance comprises a $400 million fixed rate loan at 5%
* Corporate income tax is paid at 25%
The company plans to do the following next year from the forecast earnings on the assumption that earnings will be equivalent to free cash flow:
* Pay a total dividend of $20 million
* Invest $40 million in new projects
What is the maximum % reduction in operating activity that could occur next year before the company's dividend and investment plans are affected?
Give your answer to the nearest 0.1%.
Answer:
Explanation:
4.8, 4.7, 4.9, 5.0, 4.6, 4.80, 4.70, 4.90, 5.00, 4.60%
NEW QUESTION # 227
A company has some 7% coupon bonds in issue and wishes to change its interest rate profile.
It has decided to do this by entering into a plain coupon interest rate swap with it's bank.
The bank has quoted a swap rate of: 6.0% - 6.5% fixed against LIBOR.
What will the company's new interest rate profile be?
Answer: A
Explanation:
Company currently pays fixed 7% on its bonds.
Swap quote 6.0%-6.5% fixed against LIBOR means:
Bank will pay 6.0% fixed and receive LIBOR, or
Receive 6.5% fixed and pay LIBOR.
To move from fixed to variable, the company should receive fixed and pay LIBOR, so it takes the 6.0% fixed leg.
Net position:
Pay 7% fixed on bond
Receive 6% fixed from swap
Pay LIBOR on swap
Total = (7% # 6%) + LIBOR = LIBOR + 1%
NEW QUESTION # 228
RST wishes to raise at least $40 million of new equity by issuing up to 10 million new equity shares at a minimum price of $3.00 under an offer for sale by tender. It receives the following tender offers:
What is the maximum amount that RST can raise by this share issue?
(Give your answer to the nearest $ million).
Answer:
Explanation:
49
NEW QUESTION # 229
Company YZZ has made a bid for the entire share capital of Company ZYY
Company YZZ is offering the shareholders in Company ZYY the option of either a share exchange or a cash alternative Which THREE of the following would be considered disadvantages of accepting the cash consideration for the shareholders of Company ZYY?
Answer: A,D,E
Explanation:
Disadvantages of accepting cash for ZYY's shareholders:
A). Low interest rates - cash reinvested in deposits earns little.
B). Capital gains tax is crystallised on disposal.
E). No chance to share in YZZ's future growth once they've taken cash.
C and D are not disadvantages of cash (D is actually an advantage: certainty).
NEW QUESTION # 230
An analyst has valued a company using the free cash flow valuation model.
The analyst used the following data in determining the value:
* Estimated free cashflow in 1 year's time = $100,000
* Estimated growth in free cashflow after the first year = 5% each year indefinitely
* Appropriate cost of equity = 10%
The result produced by the analyst was as follows:
Value of equity = $100,000 (1+0.05)/0.10 = $1,050,000
The analyst made a number of errors in determining the value.
By how much has the analyst undervalued the company?
Answer: B
Explanation:
For a company valued using the free cash flow to equity with constant growth, the standard Gordon growth formula is:
Value of equity=FCF1ke#g\text{Value of equity} = \frac{\text{FCF}_1}{k_e - g}Value of equity=ke#gFCF1 Where:
FCF# = free cash flow in one year's time
kek_eke = cost of equity
ggg = constant growth rate
Here:
FCF# = $100,000
ke=10%=0.10k_e = 10\% = 0.10ke=10%=0.10
g=5%=0.05g = 5\% = 0.05g=5%=0.05
Correct valuation:
Value=100,0000.10#0.05=100,0000.05=$2,000,000\text{Value} = \frac{100{,}000}{0.10 - 0.05} = \frac{100
{,}000}{0.05} = \$2{,}000{,}000Value=0.10#0.05100,000=0.05100,000=$2,000,000 The analyst instead did:
100,000×(1+0.05)/0.10=105,000/0.10=$1,050,000100{,}000 \times (1 + 0.05) / 0.10 = 105{,}000 / 0.10 = \$1
{,}050{,}000100,000×(1+0.05)/0.10=105,000/0.10=$1,050,000
So the true value is $2,000,000 and the analyst's value is $1,050,000.
Undervaluation=2,000,000#1,050,000=$950,000\text{Undervaluation} = 2{,}000{,}000 - 1{,}050{,}000 =
\$950{,}000Undervaluation=2,000,000#1,050,000=$950,000
So the company has been undervalued by $950,000 # Option A.
NEW QUESTION # 231
......
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