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CIMA CIMAPRA19-F03-1 認定試験の出題範囲：
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CIMAPRA19-F03-1試験内容 & CIMAPRA19-F03-1認証試験
CIMAPRA19-F03-1学習教材の試用版を無料でダウンロードできます。 CIMAPRA19-F03-1学習教材の試用版を使用した後、CIMAPRA19-F03-1トレーニングエンジンの利点をより深く理解できると思います。社会の発展により、CIMAPRA19-F03-1学習教材を進歩させて使用し、より速く進歩し、この時代のリーダーになるように促しています。必要なのは、最高の試験準備資料です。私たちのCIMAPRA19-F03-1試験シミュレーションは、より良い未来にあなたを連れて行きます。
CIMA F3 Financial Strategy 認定 CIMAPRA19-F03-1 試験問題 (Q98-Q103):
質問 # 98
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. $5.40
- B. $6.40
- C. $5.30
- D. $6.80
正解：A
質問 # 99
Company A has agreed to buy all the share capital of Company B.
The Board of Directors of Company A believes that the post-acquisition value of the expanded business can be computed using the "boot-strapping" concept.
Which of the following most accurately describes "boot-strapping" in this context?
- A. Adding together the current post tax earnings of each company and multiplying this by the price earnings ratio of the acquired entity
- B. Adding together the current post-tax earnings of each company and multiplying this by the price/earnings ratio of the bidder
- C. Forecasting the future free cash flows of the combined entities and discounting these at the bidder's Weighted Average Cost of Capital
- D. Combining the pre-acquisition market capitalisation of each company
正解：B
質問 # 100
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. $65.0 million
- B. $32.0 million
- C. $50.2 million
- D. $41.6 million
正解：D
質問 # 101
H Company has a fixed rate load at 10.0%, but wishes to swap to variable. It can borrow at LIBOR 8%.
The bank is currently quoting swap rates of 3.1% (bid) and 3.5% (ask).
What net rate will H Company pay if it enters into the swap?
- A. LIBOR +3.1%
- B. LIBOR +6.5%
- C. LIBOR +6.9%
- D. LIBOR +8%
正解：C
質問 # 102
A large, quoted company that is all-equity financed is planning to acquire a smaller unquoted company that is also all-equity financed.
The acquiring company's directors are using the dividend valuation model to value the target company before making an offer.
Relevant data for the target company:
* Dividends paid in the last financial year $2 million
* Book value of net assets $15 million
* Shares in issue 1 million
The acquiring company's cost of capital is 10%.
Its directors believe they can improve the target company's performance in the long term.
They estimate there will be no growth in the first year of the acquisition but from year 2 onwards there will be a 4% growth each year in perpetuity.
What is the maximum price the acquiring company should offer for each of the shares in the target company?
- A. $15.00
- B. $34.67
- C. $32.78
- D. $33.33
正解：D
質問 # 103
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