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| Certification Vendor: | CIMA (Chartered Institute of Management Accountants) |
|---|---|
| Exam Name: | Financial Strategy |
| Exam Number: | F3 |
| Available Languages: | English |
| Certificate Validity Period: | 3 years |
| Exam Duration: | 90 minutes |
| Exam Format: | Drag-and-drop, Multiple response, Fill-in-the-blank, Multiple choice, Computer-based objective test |
| Real Exam Qty: | 60 |
| Passing Score: | 100 out of 150 scaled score (~67%) |
| Exam Price: | ยฃ165 / $215 USD (varies by region) |
| Related Certifications: | Strategic Case Study Exam E3 Strategic Management P3 Risk Management |
| Recommended Training: | CIMA Official Study Resources |
| Exam Registration: | CIMA Official Registration Pearson VUE Booking |
| 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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CIMA CIMAPRA19-F03-1 exam is a comprehensive exam that covers a wide range of topics related to financial strategy. F3 exam includes topics such as financial analysis, financial planning and forecasting, investment appraisal, risk management, and business valuation. F3 Exam also covers topics related to financial reporting, including financial statements and their analysis.
NEW QUESTION # 384
On 1 January 20X1, a company had:
* Cost of equity of 10 0%.
* Cost of debt of 5.0%
* Debt of $100Mmilion
* 100 million $1 shares trading at $4.00 each.
On 1 February 20X1:
* The company's share police fell to $3.00.
* Debt and the cost of debt remained unchanged
The company does not pay tax.
Under Modigliani and Miller's theory without lax. what is the best estimate of the movement in the cost of equity as a result of the fall in ne share price?
Answer: C
NEW QUESTION # 385
An unlisted company wishes to obtain an estimated value for its shares in anticipation of a private sale of a large parcel of shares.
Relevant data for the unlisted company:
* It has a residual dividend policy.
* It has earnings that are highly sensitive to underlying economic conditions.
* It is a small business in a large industry where there are listed companies but there are none with a similar capital structure.
The company intends to base valuations on the cost of equity of a proxy company after adjusting for any differences in capital structure where appropriate.
Which of the following methods is likely to give the most accurate equity value for this unlisted company?
Answer: B
Explanation:
Residual dividend policy # dividends are not a good reflection of underlying performance # rules out A.
Highly cyclical earnings and capital structure not matched by listed peers make simple P/E comparison (D) unreliable.
Net asset value (C) rarely captures earnings potential for a going concern.
A discounted cash flow approach using free cash flows and a cost of equity derived from a proxy company (adjusted for gearing) is most appropriate.
NEW QUESTION # 386
ZZZ wishes to borrow at a floating rate and has been told that it can use swaps to reduce the effective interest rate it pays. ZZZ can borrow floating at the risk-free rate + 1, and fixed at 10%.
Which of the following companies would be the most appropriate for ZZZ to enter into a swap with?
Answer: C
Explanation:
Against DDA
Fixed: ZZZ 10% vs DDA 10.5% # ZZZ cheaper by 0.5%
Floating: ZZZ rf+1 vs DDA rf+1.5 # ZZZ cheaper by 0.5%
ZZZ is better in both markets by the same margin # no comparative advantage, little reason for DDA to swap.
Against CCA
Fixed: ZZZ 10% vs CCA 9% # CCA cheaper by 1%
Floating: ZZZ rf+1 vs CCA rf+0.5 # CCA cheaper by 0.5%
CCA is cheaper in both, and also the one with greater advantage is fixed. There's no natural "ZZZ better at one, CCA better at the other" pairing.
Against BBA #
Fixed: ZZZ 10% vs BBA 12% # ZZZ cheaper in fixed by 2%
Floating: ZZZ rf+1 vs BBA rf+0.25 # BBA cheaper in floating by 0.75%
So ZZZ has an advantage in fixed, BBA has an advantage in floating.
ZZZ wants floating, so it can:
Borrow fixed at 10% (where it is strong),
Enter a swap with BBA (who wants fixed but is strong in floating),
End up with an effective floating rate below rf+1.
Against AAB
Fixed: ZZZ 10% vs AAB 9.5% # AAB cheaper by 0.5%
Floating: ZZZ rf+1 vs AAB rf+0.75 # AAB cheaper by 0.25%
AAB is cheaper in both; no obvious mutual gain.
So the classical swap pairing is ZZZ with BBA # Option C.
NEW QUESTION # 387
AA is considering changing its capital structure. The following information is currently relevant to AA:
The gearing rating raising the new debt finance will be 50%.
Which THREE of the following statement about the impact of AA's change in capital structure are true under Modigliani and Miler's capital structure theory with tax.
Answer: B,F
NEW QUESTION # 388
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: A
NEW QUESTION # 389
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