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CIMAPRA19-F03-1 certification is highly regarded in the financial industry and is recognized by employers around the world. Candidates who pass the exam and meet the other requirements for certification can use the designation "CIMA" after their name, which demonstrates their expertise in financial strategy. Certification also provides candidates with access to CIMA's global network of professionals and resources, which can help them further their careers in management accounting.
CIMA CIMAPRA19-F03-1 (F3 Financial Strategy) Certification Exam is designed to test the competence of individuals in financial strategy and its application in business management. F3 Exam is administered by the Chartered Institute of Management Accountants (CIMA) and is recognized globally. The knowledge and skills tested in F3 exam are essential for finance professionals seeking to advance their careers in the field of financial strategy.
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A company has:
* $7 million market value of equity
* $5 million market value of debt
* WACC of 9.375%
* Corporate income tax rate of 15%
According to Modigliani and Miller's theory of capital structure with tax, what is the ungeared cost of equity?
A. 10.00%
B. 8.79%
C. 10.27%
D. 14.52%
Answer: A
Explanation:
Given
Market value of equity E=$7mE = $7mE=$7m
Market value of debt D=$5mD = $5mD=$5m
Total value V=D+E=12mV = D+E = 12mV=D+E=12m
WACC (geared) =9.375%= 9.375%=9.375%
Tax rate T=15%T = 15%T=15%
Let gearing in terms of D/ED/ED/E:
g=DE=57=0.7143g = rac{D}{E} = rac{5}{7} = 0.7143g=ED=75=0.7143
Under Modigliani & Miller with tax, the relationship between WACC of a geared firm (WACC_g) and the ungeared cost of equity kuk_uku is:
WACCg=ku [1+g(1#T)]1+g ext{WACC}_g = rac{k_u ,[1 + g(1-T)]}{1+g}WACCg=1+gku[1+g(1#T)] Rearrange for kuk_uku:
ku=WACCg#1+g1+g(1#T)k_u = ext{WACC}_g cdot rac{1+g}{1+g(1-T)}ku=WACCg#1+g(1#T)1+g Substitute:
g=0.7143g = 0.7143g=0.7143
1+g=1.71431+g = 1.71431+g=1.7143
g(1#T)=0.7143¡Á0.85=0.6071g(1-T)=0.7143 imes 0.85 = 0.6071g(1#T)=0.7143¡Á0.85=0.6071
1+g(1#T)=1.60711+g(1-T)=1.60711+g(1#T)=1.6071
ku=0.09375¡Á1.71431.6071#0.10=10%k_u = 0.09375 imes rac{1.7143}{1.6071} approx 0.10 = 10%ku=0.
09375¡Á1.60711.7143#0.10=10%
So the ungeared cost of equity is 10%.
NEW QUESTION # 206
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.
A. 7.91Value of A before = 150m ¡Á $7 = $1,050mValue of T before = 120m ¡Á $6 = $720mTotal value after acquisition including synergies:= 1,050 + 720 + 50 = $1,820mShares in A issued to T's shareholders:T has 120m shares, offer 2 A for 3 T# lots = 120/3 = 40m# new A shares = 40m ¡Á 2 =
80mTotal A shares after = 150 + 80 = 230mPost-acquisition share price of A:= 1,820 / 230 = $7.91 (to two decimals)
B. $7.91
Answer: A,B
NEW QUESTION # 207
A company needs to raise $20 million to finance a project.
It has decided on a rights issue at a discount of 20% to its current market share price.
There are currently 20 million shares in issue with a nominal value of $1 and a market price of $5 per share.
Calculate the terms of the rights issue.
A. 1 new share for every 5 existing shares
B. 1 new share for every 4 existing shares
C. 1 new share for every 25 existing shares
D. 1 new share for every 20 existing shares
Answer: B
Explanation:
Issue price at 20% discount to $5 = $4 per share.
Amount to raise = 20m # new shares = 20m / 4 = 5m.
Existing shares = 20m # rights ratio = 5m : 20m = 1 : 4.
NEW QUESTION # 208
An all equity financed company plans an issue of new ordinary shares to the general public to raise finance for a new project The following data applies:
* 10 million ordinary shares are currently in issue with a market value of S3 each share
* The new project will cost S2.88 million and is expected to give a positive NPV of S1 million
* The issue will be priced at a AaA discount to the current share price.
What gam or loss per share will accrue to the existing shareholders?
A. Loss of $0.18
B. Loss of $0.08
C. Gain of 0.18
D. Gain of $0.08
Answer: D
NEW QUESTION # 209
A company's latest accounts show profit after tax of $20.0 million, after deducting interest of $5.0 million. The company expects earnings to grow at 5% per annum indefinitely.
The company has estimated its cost of equity at 12%, which is included in the company WACC of 10%.
Assuming that profit after tax is equivalent to cash flows, what is the value of the equity capital?
Give your answer to the nearest $ million.
$ ? million Answer:
Explanation:
300,
300000000
NEW QUESTION # 210
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