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Which of the following is NOT an advantage of a share repurchase?
A. To enable the company to retain cash in the business for reinvestment
B. To reduce the cost of capital of a company by increasing the gearing level.
C. To return surplus cash to shareholders by avoiding a one-off dividend
D. To allow investors to sell shares if no active market currently exists
Answer: A
NEW QUESTION # 15
Companies A, B, C and D:
* are based in a country that uses the K$ as its currency.
* have an objective to grow operating profit year on year.
* have the same total levels of revenue and cost.
* trade with companies or individuals in the eurozone. All import and export trade with companies or individuals in the eurozone is priced in EUR.
Typical import/export trade for each company in a year are as follows:
Which company's growth objective is most sensitive to a movement in the EUR/K$ exchange rate?
A. Company C
B. Company A
C. Company B
D. Company D
Answer: C
NEW QUESTION # 16
A company has:
* 10 million $1 ordinary shares in issue
* A current share price of $5.00 a share
* A WACC of 15%
The company holds $10 million in cash. No interest is earned on this cash.
It will invest this in a project with an expected NPV of $4 million.
In a semi-strong efficient stock market, which of the following is the most likely share price immediately after the announcement of the new investment?
A. $6.40
B. $6.80
C. $5.30
D. $5.40
Answer: D
Explanation:
Current market value of equity = 10m shares ¡Á $5 = $50m.
The $10m cash is already on the balance sheet and therefore already reflected in the $5 share price.
The project has NPV = $4m, so it increases firm value by $4m.
New total equity value = $50m + $4m = $54m.
New share price = $54m ¡Â 10m shares = $5.40.
NEW QUESTION # 17
Company X is an established, unquoted company which provides IT advisory services.
The company's results and cashflows are growing steadily and it has few direct competitors due to the very specialised nature of it's business. Dividends are predictable and paid annually.
Company P is looking to buy 30% of company X's equity shares.
Which TWO of the following methods are likely to be considered most suitable valuation methods for valuing company P's investment in Company X?
A. Asset based using replacement cost
B. Cash based using free cash flow before interest
C. Earnings yield method using a listed IT company as proxy
D. P/E ratio method using IT industry average
E. Dividend based using DVM
Answer: B,E
Explanation:
Company X is an established, unquoted, specialist IT advisory firm with steady results, predictable dividends and cashflows. Company P is only buying 30% (a minority stake).
B). Dividend based using DVM - Very suitable because dividends are predictable and regular. For a minority stake, dividends are often the main measurable return, so a dividend valuation model is appropriate.
C). Cash based using free cash flow before interest - A DCF valuation based on free cash flow to the firm is also appropriate for a profitable, growing, going concern. You can value the whole business using FCFF and then take 30% of the equity value.
Asset-based (A) is less relevant for a specialist service company with relatively few tangible assets. P/E-based methods (D and E) are less ideal given there are few direct competitors, making comparables unreliable.
NEW QUESTION # 18
D has US$10 million to invest over 12 months in either USS or GBP Its options are to invest in USS at the present USS interest rate of 10 18%. or to convert the USS to GBP at the spot rate GBP1 =US$1 61 and invest in GBP at an interest rate of 6.4%.
According to the interest rate parity theory, what will the one year forward rate be?
Give your answer to three decimal places.
A. 1.668
B. 1.667
Answer: B
NEW QUESTION # 19
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