100% Pass Quiz Professional CIMA - Hot F3 Spot Questions

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CIMA F3 Exam Syllabus Topics:

Section	Weight	Objectives
Financial Risk Management	15%	- Risk mitigation and hedging strategies 1. Use of derivatives: forwards, futures, swaps, options 2. Internal controls and risk policy frameworks - Risk measurement and assessment 1. Value-at-Risk, duration, gap analysis - Types and sources of financial risk 1. Credit and liquidity risk 2. Interest rate, foreign exchange, commodity risk
Business Valuation	20%	- Pricing and negotiation 1. Post-transaction value creation 2. Determining offer price and terms - Valuation concepts and purposes 1. Valuation for listing or equity issuance 2. Valuation for mergers, acquisitions, and disposals - Valuation methods 1. Relative valuation and market multiples 2. Asset-based, earnings-based, cash flow-based
Sources of Long-Term Finance	25%	- Optimal capital structure 1. Impact of gearing on risk and return 2. Practical determinants of capital structure - Equity finance 1. Cost of equity and capital structure theories 2. Types of equity and issue methods - Debt and hybrid finance 1. Leasing, convertibles, and warrants 2. Types of debt, terms, and covenants
Investment Appraisal and Decisions	25%	- Risk analysis in investment decisions 1. Sensitivity, scenario, and simulation analysis 2. Cost of capital estimation and adjustment - Advanced investment appraisal techniques 1. Adjusted present value and real options 2. Discounted cash flow, NPV, IRR, MIRR
Financial Policy Decisions	15%	- Dividend and distribution policy 1. Theories of dividend relevance 2. Practical considerations and constraints - Strategic financial objectives and governance 1. Role of financial strategy in overall corporate strategy 2. Agency theory and stakeholder interests

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CIMA F3 Financial Strategy Sample Questions (Q233-Q238):

NEW QUESTION # 233
A listed publishing company owns a subsidiary company whose business activity is training.
It wishes to dispose of the subsidiary company.
The following information is available:

The board of the publishing company believe that the value of the subsidiary company, and hence the value of the equity invested in it, can be determined by calculating the present value of the subsidiary's free cashflows.
Which of the following is the most appropriate discount rate to use when determining the enterprise value of the company?

A. A WACC that reflects the gearing of the subsidiary company and the asset beta of a listed company that provides training activities.
B. A WACC that reflects the gearing of the publishing company and the asset beta of a listed company that provides training activities.
C. A WACC that the reflects the gearing of the publishing company and the equity beta factor of the publishing company.
D. A cost of equity that reflects the asset beta of a listed company that provides training activities.

Answer: B

NEW QUESTION # 234
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?
A)

B)

C)

D)

A. Option B
B. Option D
C. Option A
D. Option C

Answer: A

NEW QUESTION # 235
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:

Explanation:
34, 35, 34000000, 35000000

NEW QUESTION # 236
Listed Company A has prepared a valuation of an unlisted company. Company B.
to achieve vertical integration Company A is intending to acquire a controlling interest in the equity of Company B and therefore wants to value only the equity of Company B.
The assistant accountant of Company A has prepared the following valuation of Company B's equity using the dividend valuation model (DVM):
Where:
* S2 million is Company B's most recent dividend
* 5% is Company B's average dividend growth rate over the last 5 years
* 10% is a cost of equity calculated using the capital asset pricing model (CAPM), based on the industry average beta factor

Which THREE of the following are valid criticisms of the valuation of Company B's equity prepared by the assistant accountant?

A. It is better to use the present value of earnings rather than present value of dividends to value a controlling interest
B. An unlisted company cannot use the capital asset pricing model to calculate its cost of equity
C. The beta factor used may not reflect Company B's financial risk.
D. The 5% growth rate may not reflect the future growth of Company B.
E. The DVM calculation should use Company A's cost of equity rather than Company B's cost of equity

Answer: C,D,E

NEW QUESTION # 237
A listed company is financed by debt and equity.
If it increases the proportion of debt in its capital structure it would be in danger of breaching a debt covenant imposed by one of its lenders.
The following data is relevant:

The company now requires $800 million additional funding for a major expansion programme.
Which of the following is the most appropriate as a source of finance for this expansion programme?

A. Private placement of a bond
B. Rights issue
C. Bank overdraft
D. Retained earnings

Answer: B

NEW QUESTION # 238
......

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