CIMAPRA19-F03-1無料問題集「CIMA F3 Financial Strategy」

質問 1

When valuing an unlisted company, a P/E ratio for a similar listed company may be used but adjustments to the P/E ratio may be necessary.
Which THREE of the following factors would justify a reduction in the proxy p/e ratio before use?

（A）A profit item within the unlisted company's latest earnings which will not reoccur.

（B）A lower level of scrutiny and regulation for unlisted companies.

（C）The relative lack of marketability of unlisted company shares.

（D）Unlisted companies being generally smaller and less established.

（E）The forecast earnings growth being relatively higher in the unlisted company.

（F）Control premium not being included within the proxy p/e ratio used.

正解：B、C、D 解答を投票する

質問 2

A UK company enters into a 5 year borrowing with bank P at a floating rate of GBP Libor plus 3% It simultaneously enters into an interest rate swap with bank Q at 4.5% fixed against GBP Libor plus 1.5% What is the hedged borrowing rate, taking the borrowing and swap into account?
Give your answer to 1 decimal place.

正解：

7.5%

質問 3

Which THREE of the following are likely to be strategic reasons for a horizontal acquisition?

（A）Reduction of competition

（B）To secure key parts of the value chain

（C）Reduction of risk by building a larger portfolio

（D）To achieve economies of scale

（E）Acquisition of an undervalued company

正解：A、D、E 解答を投票する

質問 4

A company is reporting under IFRS 7 Financial Instruments: Disclosures for the first time and the directors are concerned about whether this will lead to the disclosure of information that could affect the company's share price.
The company is based in a country that uses the A$ but 40% of revenue relates to export sales to the USA and priced in US$.
When the company reports under IFRS 7 for the first time, the share price is most likely to:

（A）Increase due to greater clarity of information available on the extent of US$ risks and how they are managed.

（B）Stay the same since US$ risk can already be quantified from segmental analysis disclosures included elsewhere in the annual report.

（C）Either increase or decrease depending on market reaction to new information on how financial risk is managed.

（D）Decrease since investors place a lower value on higher risk businesses.

正解：C 解答を投票する

質問 5

PYP is a listed courier company. It is looking to raise new finance to fit each of its delivery vans with new equipment to allow improved parcel tracking for customers The senior management team of PYP have decided on a 10-year secured bond to finance this investment- Which TWO of the following variables are most likely to decrease the yield to maturity of the bond?

（A）The announcement of a new contract for PYP that will increase operating profits by 5°/o over the next 5 years.

（B）Changing the term of the bond from 1 0 years to 5 years to match the expected life of the new equipment

（C）The senior management team decide to issue an unsecured bond rather than a secured bond

（D）The senior management team decide to issue a convertible bond rather than a conventional bond

正解：B、D 解答を投票する

質問 6

Company C invests heavily in Research and Development an need to raise $45 million to finance future projects. It has decided to use equity finance raised by a tender offer, The following tender offers have been received from potential investors:

Company C wishes to select an offer price that will project shareholders from a significant dilution of control but still raise the required amount of finance.
What offer price should Company C's select?

（A）$4.50

（B）$4.25

（C）$4.00

（D）$4.75

正解：A 解答を投票する

質問 7

Which TWO of the following situations offer arbitrage opportunities?

（A）

（B）

（C）

（D）

正解：A 解答を投票する

質問 8

Company A, a listed company, plans to acquire Company T, which is also listed.
Additional information is:
* Company A has 150 million shares in issue, with market price currently at $7.00 per share.
* Company T has 120 million shares in issue,. with market price currently at $6.00 each share.
* Synergies valued at $50 million are expected to arise from the acquisition.
* The terms of the offer will be 2 shares in A for 3 shares in T.
Assuming the offer is accepted and the synergies are realised, what should the post-acquisition price of each of Company A's shares be?
Give your answer to two decimal places.

正解：

8.24

質問 9

Listed company R is in the process of making a cash offer for the equity of unlisted company S.
Company R has a market capitalisation of $200 million and a price/earnings ratio of 10.
Company S has a market capitalisation of $50 million and earnings of $7 million.
Company R intends to offer $60 million and expects to be able to realise synergistic benefits of $20 million by combining the two businesses. This estimate excludes the estimated $8 million cost of integrating the two businesses.
Which of the following figures need to be used when calculating the value of the combined entity in $ millions?

（A）8, 20, 50, 60, 200

（B）20, 50, 60, 200

（C）8, 20, 50, 200

（D）7, 10, 20, 50, 200

正解：A 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

CIMAPRA19-F03-1 無料問題集「CIMA F3 Financial Strategy」

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