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CIMAPRA19-F03-1知能問題集PDF！CIMA CIMAPRA19-F03-1試験問セット
質問 140
Company HJK is planning to bid for listed company BNM
Financial data for BNM for the financial year ended 31 December 20X1:
HJK is not forecasting any growth in these figures for the foreseeable future Profit and cost data above should be assumed to be equivalent to cash flow data when answenng this question Which THREE of the following approaches would be most appropriate for HJK to use to value the equity of BNM?
- A. Cash flows of $30 million (= S40 million net of tax at 25%) discounted at WACC minus the value of debt
- B. Cash flows of S14 million discounted at the cost of equity
- C. Cash flows of S24 million discounted at the cost of equity
- D. Share price x number of shares in issue plus retained profits
- E. Share price x number of shares in issue
正解: A,D,E
質問 141
HHH Company has a fixed rate loan at 10.0%, but wishes to swap to variable. It can borrow at the risk-free rate +8%. The bank is currently quoting swap rates of 3.1% (bid) and 3.5% (ask). What net rate will HHH Company pay if it enters into the swap?
- A. Risk-free rate+3.1%
- B. Risk-free rate +8%
- C. Risk-free rate +6.5%
- D. Risk-free rate +6.9%
正解: A
質問 142
A company with 4 million shares in issue wishes to raise $4 million by means of a rights issue
The share price prior to the rights issue is $5.00.
Under the rights issue, 1 million new shares will be issued at $4.00.
When the rights issue is announced it is expected that the Theoretical Ex-rights Price (TERP) will be $4.80
The directors of the company are considering offering any shareholder who does not wish to take up the rights the opportunity to sell the rights back to the company for $1.00.
Which of the following is the most likely consequence of the directors offer?
- A. It will have no effect on the take up of the rights because shareholder wealth will be the same whether the rights are taken up or sold back to the company
- B. The directors offer will increase demand for the shares and as a consequence the share price will rise above the theoretical ex-rights price.
- C. It will encourage more shareholders to sell their lights on the open market.
- D. It will result in fewer shareholders taking up the rights and as a consequence less cash will be raised from the rights issue
正解: D
質問 143
A company's statement of financial position includes non-current assets which are leased, the tax regime follows the accounting treatment.
Which cash flows should be discounted when evaluating the cost of lease finance?
- A. Lease payments and implied interest.
- B. Lease payments, implied interested and straight-line accounting deprediation.
- C. Lease payments, tax relief on implied interest and tax relief on straight-line account depreciation.
- D. Lease payments and straight-line accounting depreciation.
正解: D
質問 144
The value of a call option will increase because of:
- A. An increase in the time to expiry.
- B. A decrease in the market value of the share
- C. An increase in the strike price.
- D. A decrease in the volatility of the share.
正解: B
質問 145
Company T is a listed company in the retail sector.
Its current profit before interest and taxation is $5 million.
This level of profit is forecast to be maintainable in future.
Company T has a 10% corporate bond in issue with a nominal value of $10 million.
This currently trades at 90% of its nominal value.
Corporate tax is paid at 20%.
The following information is available:
Which of the following is a reasonable expectation of the equity value in the event of an attempted takeover?
- A. $32.0 million
- B. $65.0 million
- C. $50.2 million
- D. $41.6 million
正解: D
質問 146
A company has borrowings of S5 million on which it pays interest at 8%. It has an operating profit margin of 20%.
The company plans to increase borrowings by S2 million Interest on additional borrowings would be 10% and the operating profit margin would remain unchanged
A debt covenant attached to the new borrowings requires interest cover to be at least 4 times throughout the period of the borrowing
Interest cover is defined in the loan documentation as being based on operating profit
What is the minimum sales value required each year to avoid a breach of the interest cover covenant'
- A. S2.88 million
- B. TS2.40 million
- C. S3.00 million
- D. S12.00 million
正解: B
質問 147
A company has borrowings of S5 million on which it pays interest at 8%. It has an operating profit margin of
20%.
The company plans to increase borrowings by S2 million Interest on additional borrowings would be 10% and the operating profit margin would remain unchanged A debt covenant attached to the new borrowings requires interest cover to be at least 4 times throughout the period of the borrowing Interest cover is defined in the loan documentation as being based on operating profit What is the minimum sales value required each year to avoid a breach of the interest cover covenant'
- A. S2.88 million
- B. TS2.40 million
- C. S3.00 million
- D. S12.00 million
正解: B
質問 148
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. The beta factor used may not reflect Company B's financial risk.
- B. It is better to use the present value of earnings rather than present value of dividends to value a controlling interest
- C. An unlisted company cannot use the capital asset pricing model to calculate its cost of equity
- 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
正解: A,D,E
質問 149
Company WWW is considering making a takeover bid for Company KKA Company KKA's current share price is $5.00
Company WWW is considering either
" A cash payment of $5.75 for each share in Company KKA
" A 5 year corporate bond with a market value of $90 in exchange for 15 shares in Company KKA
Calculate the highest percentage premium which Company KKA shareholders will receive.
- A. Cash premium = 10%
- B. Cash premium = 15%
- C. Corporate bond premium = 80%
- D. Corporate bond premium = 20%
正解: D
質問 150
A company is concerned about the interest rate that it will be required to pay on a planned bond issue.
It is considering issuing bonds with warrants attached.
Advise the directors which of the following statements about warrants is NOT correct?
- A. Warrants can be sold back to the issuing company for the nominal value of the share if no longer required by the bond holder.
- B. Warrants are a debt sweetener attached to the bond to drive down the interest rate payable on the bond.
- C. Warrants can potentially be very expensive because they can involve the issue of shares at a discount in the future if exercised.
- D. Warrants give the holder the right to buy ordinary shares in the company at a fixed price at a future date.
正解: A
質問 151
Company Z has identified four potential acquisition targets: companies A, B, C and D.
Company Z has a current equity market value of $590 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. D
- B. B
- C. A
- D. C
正解: A
質問 152
A company needs to raise $40 million to finance a project. It has decided on a right 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 $10.00 per share.
- A. 1 new share for every 5 existing shares
- B. 1 new share for every 20 existing shares
- C. 1 new share for every 25 existing shares
- D. 1 new share for every 4 existing shares
正解: D
質問 153
Country X's short-term interest rates are slightly higher than its long-term rates. Which THREE of the following statements are correct?
- A. A long-term borrower would save by taking out a short-term loan and then refinancing
- B. Interest rates will definitely fall.
- C. Country X's currency is expected to strengthen in the long-term.
- D. Interest rates are expected to fall.
- E. This difference may reverse.
正解: A,C,E
質問 154
The table below shows the forecast for a company's next financial year:
The forecast incorporates the following assumptions:
* 25% of operating costs are variable
* Debt finance comprises a $400 million fixed rate loan at 5%
* Corporate income tax is paid at 25%
The company plans to do the following next year from the forecast earnings on the assumption that earnings will be equivalent to free cash flow:
* Pay a total dividend of $20 million
* Invest $40 million in new projects
What is the maximum % reduction in operating activity that could occur next year before the company's dividend and investment plans are affected?
Give your answer to the nearest 0.1%.
正解:
解説:
4.8, 4.7, 4.9, 5.0, 4.6, 4.80, 4.70, 4.90, 5.00, 4.60%
質問 155
A company has an opportunity to invest in a positive net present value project, but the project would require debt finance that would push the company's gearing ever a limit imposed by a debt covenant on an existing loan.
Which THREE of the following actions could be taken by the company?
- A. The directors could meet with key shareholder to discuss whether they wish the project proceed despite the breach of the covenant
- B. The project could be foregone if it cannot be funded without breaching the covenant
- C. The project could proceed if the cash inflows from the project will enable some of the debt to be repaid before the end of the financial year and so the breach of covenant may never be detected
- D. The directors could proceed will the project because their primary duly is maximise shared older wealth, even if that conflicts with lenders' interest.
- E. The company could seek alternative sources of finding, such as a reduction in the annual dividend payment, to finance the project.
- F. The company could approach its existing Lenders to negotiate a relaxation of :he conditions imposed by the covenant.
正解: B,E,F
質問 156
Which TIIRCC of the following are most likely to reduce the long term credit rating co a company?
- A. Loss of a major customer that contributed 30% of sales revenue.
- B. The issue of new shares where the funds raised are invested in a project that has an NPV of nil.
- C. The issue of a new bond where the funds raised are invested in a project that has an NPV of nil.
- D. The issue of new shares where the funds raised are invested in expanding into a new nigh risk market.
- E. Disposal of a loss-making division where the funds raised will be used to pay a special dividend to shareholders.
正解: A,C,E
質問 157
A company proposes to value itself based on the net present value of estimated future cash flows.
Relevant data:
* The cash flow for the next three years is expected to be £100 million each year
* The cash flow after year 3 will grow at 2% to perpetuity
* The cost of capital is 12%
The value of the company to the nearest $ million is:
- A. $834 million
- B. $966 million
- C. $889 million
- D. $1,260 million
正解: B
質問 158
Company XXY operates in country X with the X$ as its currency. It is looking to acquire company ZZY which operates in country Z with the Z$ as its currency.
The assistant accountant at Company XXY has started to prepare an initial valuation of Company ZZY's equity for the first 3 years, however their valuation is incomplete. TBC' in the table below indicates that her calculations have yet to be completed.
The following information is relevant:
What is the correct figure (to the nearest million S) to include in year 3 as the present value in X$ million?
- A. X$401 million
- B. X$453 million
- C. X$360 million
- D. X$504 million
正解: C
質問 159
Which TWO of the following situations offer arbitrage opportunities?
A)
B)
C)
D)
- A. Option B
- B. Option A
- C. Option D
- D. Option C
正解: A
質問 160
A company's annual dividend has grown steadily at an annual rate of 3% for many years. It has a cost of equity of 11%. The share price is presently $64.38.
The company is about to announce its latest dividend, which is expected to be $5.00 per share.
The Board of Directors is considering an attractive investment opportunity that would have to be funded by reducing the dividend to $4.50 per share. The board expects the project to enable future dividends to grow by
5% every year and the cost of equity to remain unchanged.
Calculate the change in share price, assuming that the directors announce their intention to proceed with this investment opportunity.
Give your answer to 2 decimal places.
正解:
解説:
$ ?
14.37
質問 161
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CIMA CIMAPRA19-F03-1 認定試験の出題範囲：
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