CIMAPRA19-F03-1日本語独学書籍 & CIMAPRA19-F03-1受験方法あなたのキャリアでいま挑戦に直面していますか。自分のスキルを向上させ、よりよく他の人に自分の能力を証明したいですか。昇進する機会を得たいですか。そうすると、はやくCIMAPRA19-F03-1認定試験を申し込んで認証資格を取りましょう。CIMAの認定試験はIT領域における非常に大切な試験です。CIMAのCIMAPRA19-F03-1認証資格を取得すると、あなたは大きなヘルプを得ることができます。では、どのようにはやく試験に合格するかを知りたいですか。JPTestKingのCIMAPRA19-F03-1参考資料はあなたの目標を達成するのに役立ちます。 CIMA F3 Financial Strategy 認定 CIMAPRA19-F03-1 試験問題 (Q220-Q225):質問 # 220
An unlisted company has the following data:
A listed company in the same industry has a P/E of 11.
The value of the unlisted company based on the P/E of this listed company is:
Give your answer to the nearest whole number.
A. 0
B. 1
正解：B
質問 # 221
Which THREE of the following are likely to be strategic reasons for a horizontal acquisition?
A. Acquisition of an undervalued company
B. To achieve economies of scale
C. Reduction of risk by building a larger portfolio
D. To secure key parts of the value chain
E. Reduction of competition
正解：A、B、E
質問 # 222
The directors of a financial services company need to calculate a valuation of their company's equity in preparation for an upcoming initial Public Offering (IPO) of shares. At a recent board meeting they discussed the various methods of business valuation.
The Chief Executive suggested using a Price-earing (P./E) method of valuation, but the finance Director argued that a valuation based on forecast cash flows to equity would be more appropriate.
Which THREE of the following are advantages of valuation based on forecast cash flows to equity, compared to a valuating using a price earnings methods?
A. It avoids the problem of having to forecast a sustainable level of future growth.
B. Using cash is theoretically superior to using profits in a valuation calculation.
C. It incorporates the time value of money.
D. The calculations are much simpler.
E. It give on estimate of the likely shareholder value that will be created.
正解：B、C、E
解説：
We're comparing valuation using forecast cash flows to equity (DCF / FCFE) vs P/E multiple:
A). Using cash is theoretically superior to using profits - True. Valuation theory (and CIMA F3) say value is based on cash flows, not accounting profits. Cash flow-based valuation is more theoretically robust than P/E- based (profit-based) methods.
B). It gives an estimate of the likely shareholder value that will be created - True. Discounting forecast cash flows to equity gives a direct estimate of the present value of future benefits to shareholders, i.e. shareholder value. A P/E multiple is more of a relative/comparative shortcut.
D). It incorporates the time value of money - True. DCF explicitly discounts future cash flows back to present value at the cost of equity. A simple P/E multiple does not explicitly model timing.
Not correct:
C - DCF is more complex, not simpler.
E - You still need long-term growth assumptions (terminal value), so it does not avoid growth forecasting problems.
質問 # 223
A company's gearing is well below its optimal level and therefore it is considering implementing a share re-purchase programme.
This programme will be funded from the proceeds of a planned new long-term bond issue.
Its financial projections show no change to next year's expected earnings.
As a result, the company plans to pay the same total dividend in future years.
If the share re-purchase is implemented, which THREE of the following measures are most likely to decrease?
A. The cost of equity
B. Next year's dividend per share
C. The number of shares in issue
D. The gearing, based on book value (debt / (debt + equity))
E. The interest cover
F. The Weighted Average Cost of Capital
正解：C、E、F
質問 # 224
Company Z has identified four potential acquisition targets: companies A, B. C and D.
Company Z has a current equity market value of S590 million.
The price it would have to pay for the equity of each company is as follows:
Only one of the target companies can be acquired and the consideration will be paid in cash.
The following estimations of the new combined value of Company Z have been prepared for each acquisition before deduction of the cash consideration:
Ignoring any premium paid on acquisition, which acquisition should the directors pursue?
A. A - 620
B. C - 666
C. D - 652
D. B - 655
正解：B
解説：
Price to buy each target (equity market value):
A = 25
B = 62
C = 67
D = 60 (all $m)
Combined equity value before deducting cash consideration:
Z + A = 620
Z + B = 655
Z + C = 666
Z + D = 652 (all $m)
After paying cash, equity value = "combined value" # "price paid":
A: 620 # 25 = 595
B: 655 # 62 = 593
C: 666 # 67 = 599
D: 652 # 60 = 592
Best post-acquisition value is with C (599m).
