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CIMA F3 (F3 Financial Strategy) Certification Exam is an important certification exam that is designed to test the financial strategy skills of individuals who are interested in pursuing a career in finance. It covers a range of topics, including financial analysis, risk management, investment analysis, and financial planning, and is divided into two sections that are equally important. F3 Financial Strategy certification is recognized globally and is highly valued by employers, making it an excellent choice for individuals who want to work in the finance industry.
CIMA CIMAPRA19-F03-1 exam consists of two parts: the objective test and the case study exam. The objective test is a computer-based exam that tests the candidate's knowledge of the core principles of financial strategy. The case study exam, on the other hand, is a scenario-based exam that tests the candidate's ability to apply their knowledge to real-life situations.
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To succeed on the CIMA F3 Exam, candidates should be familiar with financial concepts and techniques, and apply them to real-world business scenarios. F3 exam requires a deep understanding of the principles of financial management, including financial statement analysis, cost management, and risk management. Candidates should also be able to evaluate the competitive and economic environment of a business in order to develop effective financial strategies that are aligned with the overall business strategy. Ultimately, success on the CIMA F3 Exam requires strong analytical skills, attention to detail, and the ability to think critically and creatively.
NEW QUESTION # 69
A venture capitalist invests in a company by means of buying:
* 9 million shares for $2 a share and
* 8% bonds with a nominal value of $2 million, repayable at par in 3 years' time.
The venture capitalist expects a return on the equity portion of the investment of at least 20% a year on a compound basis over the first 3 years of the investment.
The company has 10 million shares in issue.
What is the minimum total equity value for the company in 3 years' time required to satisify the venture capitalist's expected return?
Give your answer to the nearest $ million.
$ million.
Answer: B
NEW QUESTION # 70
A listed company is planning a share repurchase.
Research into different offer prices has given the following data with regards acceptance by the shareholders at different prices:
What price should be offered to shareholders if the retained earnings of the company are to remain unchanged?
Answer: C
NEW QUESTION # 71
An unlisted company has the following data:
A listed company in the same industry has a P/E of 11.
The value of the unlisted company based on the P/E of this listed company is:
Give your answer to the nearest whole number.
Answer:
Explanation:
6
NEW QUESTION # 72
Company B is an all equity financed company with a cost of equity of 10%.
It is considering issuing bonds in order to achieve a gearing level of 20% debt and 80% equity.
These bonds will pay a coupon rate of 5% and have an interest yield of 6%.
Company B pays corporate tax at the rate of 25%.
According to Modigliani and Miller's theory of capital structure with tax, what will be Company B's new cost of equity?
Answer: C
Explanation:
BHere's why:Current (ungeared) cost of equity, ku=10%k_u = 10\%ku=10%Target gearing: 20% debt, 80% equity #DE=2080=0.25\frac{D}{E} = \frac{20}{80} = 0.25ED=8020=0.25 Corporate tax rate, T=25%#(1#T)
=0.75T = 25\% \Rightarrow (1 - T) = 0.75T=25%#(1#T)=0.75Relevant cost of debt is the interest yield, 6% (not the 5% coupon), so kd=6%k_d = 6\%kd=6%Under Modigliani & Miller with tax, the cost of equity for a geared firm is:ke=ku+(ku#kd)(1#T)DEk_e = k_u + (k_u - k_d)(1 - T)\frac{D}{E}ke=ku+(ku#kd)(1#T)ED Substitute the numbers:ke=10%+(10%#6%)×0.75×0.25k_e = 10\% + (10\% - 6\%) \times 0.75 \times 0.25 ke=10%+(10%#6%)×0.75×0.25 ke=10%+4%×0.1875k_e = 10\% + 4\% \times 0.1875ke=10%+4%×0.1875
4%×0.1875=0.75%4\% \times 0.1875 = 0.75\%4%×0.1875=0.75% ke=10%+0.75%=10.75%k_e = 10\% +
0.75\% = 10.75\%ke=10%+0.75%=10.75% That matches the expression in Option B:10.75%=10%+[(10%
#6%)×(15/80)]10.75\% = 10\% + [(10\% - 6\%) \times (15/80)]10.75%=10%+[(10%#6%)×(15/80)] (Since 15
/80=0.1875=(1#T)×D/E15/80 = 0.1875 = (1-T)\times D/E15/80=0.1875=(1#T)×D/E)#
NEW QUESTION # 73
Company WWW is identical in all operating and risk characteristics to Company ZZZ. but their capital structures differ. Company WWW and Company ZZZ both pay corporate income tax at 20% Company WWW has a gearing ratio (debt: equity) of 1:3 Its pre-tax cost of debt is 6%.
Company ZZZ Is all-equity financed. Its cost of equity is 15%
What is the cost of equity tor Company WWW?
Answer: D
Explanation:
For WWW (geared 1:3 debt:equity):
D/E=1/3D/E = 1/3D/E=1/3
Let E=3xE = 3xE=3x, D=xD = xD=x # V=4xV = 4xV=4x
E/V=3/4=0.75E/V = 3/4 = 0.75E/V=3/4=0.75, D/V=1/4=0.25D/V = 1/4 = 0.25D/V=1/4=0.25 Cost of debt Kd=6%K_d = 6\%Kd=6% Unlevered cost relation:
Ku=EVKe+DVKdK_u = \frac{E}{V}K_e + \frac{D}{V}K_dKu=VEKe+VDKd 0.15=0.75Ke+0.25×0.
060.15 = 0.75K_e + 0.25 \times 0.060.15=0.75Ke+0.25×0.06 0.15=0.75Ke+0.0150.15 = 0.75K_e + 0.0150.15
=0.75Ke+0.015 0.75Ke=0.135#Ke=0.1350.75=0.18=18%0.75K_e = 0.135 \Rightarrow K_e = \frac{0.135}
{0.75} = 0.18 = 18\%0.75Ke=0.135#Ke=0.750.135=0.18=18%
NEW QUESTION # 74
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2026 Latest Actual4test F3 PDF Dumps and F3 Exam Engine Free Share: https://drive.google.com/open?id=1OP7ZqFpgxXdrZFPk8NeLC5QY9B74DlOr