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CIMA CIMAPRA19-F03-1 Exam for F3 Financial Strategy is considered to be one of the most challenging papers in the CIMA exam syllabus. CIMAPRA19-F03-1 exam is designed to test the students’ abilities to critically evaluate various financial strategies that organizations use to achieve their business objectives while balancing different types of risk. The F3 Financial Strategy paper is intended for individuals looking to pursue a career in finance and accounting, especially those interested in financial analysis, management accounting, and corporate finance roles.
The F3 exam also covers financial strategy implementation. Candidates are expected to demonstrate their knowledge of the different strategies that organizations can use to achieve their financial objectives. They are also expected to be able to develop and implement financial strategies that align with the overall strategic objectives of the organization. Overall, the F3 exam is an essential part of the CIMA qualification and prepares candidates for the challenges of financial management in today's business environment.
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CIMA F3 exam covers several topics, including financial analysis, strategic planning, and risk management. Candidates will be expected to demonstrate their knowledge and understanding of these topics through a variety of tasks, including multiple-choice questions, case studies, and essays. CIMAPRA19-F03-1 Exam is designed to test not just the candidate's knowledge of financial strategy but also their ability to apply that knowledge in real-world scenarios.
NEW QUESTION # 81
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 # 82
Company M plans to bid for Company J. Company M has 20 million shares in issue and a current share price of $10.00 before publicly announcing the planned takeover. Company J has 10 million shares in issue and a current share price of $4.00.
The directors of Company M are considering an all-share bid of 1 Company M shares for 2 Company J shares.
Synergies worth $20m are expected from the acquisition.
What is the likely change in wealth for Company M's shareholders (in total) if the bid is accepted?
Give your answer to the nearest $ million.
$ ? million
Answer: A
NEW QUESTION # 83
Modigliani and Miller are the main proponents of the view that the dividend policy is irrelevant to the value of a company's shares.
They argue that a company that continually reinvests its entire earnings would generate the same shareholder wealth if it engaged in a policy of high dividends and financed its expansion with funds obtained from rights issues.
Which THREE of the following statements are assumptions that are required in order to support this proposition?
Answer: A,B,D
Explanation:
Discursive_F0
NEW QUESTION # 84
Company A is planning to acquire Company B. Both companies are listed and are of similar size based on market capitalisation No approach has yet been made to Company B's shareholders as the directors of Company A are undecided about the most suitable method of financing the offer Two methods are under consideration a share exchange or a cash offer financed by debt.
Company A currently has a gearing ratio (debt to debt plus equity) of 30% based on market values. The average gearing ratio (debt to debt plus equity) for the industry is 50% Although no formal offer has been made there have been market rumours of the proposed bid. which is seen as favorable to Company A. As a consequence. Company As share price has risen over the past few weeks while Company B's share price has fallen.
Which THREE of the following statements are most likely to be correct?
Answer: B,C,E
Explanation:
A and B similar market cap.
A's gearing (D / (D+E)) = 30% vs industry 50% # relatively under-geared.
Rumours of bid good for A (A share price up) and bad for B (B share price down).
Financing choices: share exchange or cash raised by new debt.
Assess statements:
A). A's price # and B's price #. For a given value per B share, fewer A shares are now needed than a few weeks ago # True.
B). With a share exchange, B's shareholders receive A's shares, so they share in future performance of combined entity # True.
C). Financing method does affect EPS (interest expense vs number of shares) # False.
D). Under MM with tax and given A is under-geared vs the 50% industry norm, adding debt is likely to lower WACC via the tax shield (ignoring distress costs) # Most likely true.
E). A share exchange issues equity, not debt; gearing effect is ambiguous and not necessarily an increase # Not "most likely".
NEW QUESTION # 85
Which THREE of the following long term changes are most likely to increase the credit rating of a company?
Answer: B,C,E
NEW QUESTION # 86
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