2024年最新の実際のF3問題集最新CIMA練習テスト問題集ゲット [Q111-Q133]

2024年最新の実際のF3問題集最新CIMA練習テスト問題集ゲット

F3問題集PDFでF3リアル試験問題解答

質問 # 111
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.

正解：

解説：
8.24

質問 # 112
Company A has just announced a takeover bid for Company B.
The two companies are large companies in the same industry_ The bid is considered to be hostile.
Company B's Board of Directors intends to try to prevent the takeover as they do not consider it to be in the best interests of shareholders Which THREE of the following are considered to be legitimate post-offer defences?

A. Alter the memorandum and articles of association to state that a minimum of 75% of shareholders must agree to the bid before it can proceed
B. Publish very optimistic financial forecasts for Company B even though the Board of Directors realises that these are highly unlikely to be achievable
C. Make a counter bid for Company A provided such an acquisition could enhance Company B's shareholder wealth
D. Refer the bid to the competition authorities to try to have the bid prohibited on competition grounds
E. Have all the assets independently professionally revalued to demonstrate that the offer undervalues the company

正解：A、C、D

質問 # 113
A company's Board of Directors is considering raising a long-term bank loan incorporating a number of covenants.
The Board members are unsure what loan covenants involve.
Which THREE of the following statements regarding loan covenants are true?

A. A positive loan covenant would require the company to undertake specific actions.
B. A loan covenant has no contractually binding obligations.
C. A financial covenant usually requires the company to adhere to specific financial conditions or targets.
D. A covenant gives the financial institution the right but not the obligation to convert debt into equity in a case of non-compliance.
E. A restrictive covenant prohibits the company from conducting certain actions without the approval of the lending institution.

正解：A、C、E

質問 # 114
Extracts from a company's profit forecast for the next financial year is as follows:

Since preparing the forecast, the company has decided to return surplus cash to shareholders by a share repurchase arrangement.
The share repurchase would result in the company purchasing 20% of the 2,000 million ordinary shares currently in issue and cancelling them.
Assuming the share repurchase went ahead, the impact on the company's forecast earnings per share will be an increase of:

A. $0,075
B. $0,125
C. $0,050
D. $0,100

正解：C

質問 # 115
An aerospace company is planning to diversify into car manufacturing.
Relevant data:

What is the the cost of equity to be used in the WACC for the project appraisal?
Give your answer in percentage, as a whole number.

A. 19%
B. 18%

正解：A

質問 # 116
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$360 million
C. X$504 million
D. X$453 million

正解：B

質問 # 117
A company is financed as follows:
* 400 million $1 shares quoted at $3.00 each.
* $800 million 5% bonds quoted at par.
The company plans to raise $200 million long term debt to finance a project with a net present value of
$100 million.
The bank that is providing the debt is insisting on a maximum gearing level covenant.
Gearing will be based on market values and calculated as debt/(debt + equity).
What is the lowest figure for the gearing covenant that the bank could impose without the company breaching the agreement?

A. 46%
B. 45%
C. 43%
D. 44%

正解：D

質問 # 118
Company A is located in Country A, where the currency is the A$.
It is listed on the local stock market which was set up 10 years ago.
It plans a takeover of Company B, which is located in Country B where the currency is the B$, and where the stock market has been operating for over 100 years.
Company A is considering how to finance the acquisition, and how the shareholders of Company B might respond to a share exchange or cash (paid in B$).
Which of the following is likely to explain why the shareholders of Company B would prefer a share exchange as opposed to a cash offer?

A. It would avoid them being exposed to foreign currency risk.
B. They would receive shares in a market that is likely to be more efficient.
C. It would allow them to realise their investment and make a capital gain.
D. It would enable them to benefit from the future performance of the combined entity.

正解：D

質問 # 119
Company A plans to diversify by a cash acquisition of Company B an unlisted company in another country (Country B) which operates in a different industrial sector Company A already manufactures its product in Country B and has a loan denominated in Country B's currency Company A regularly suffers foreign exchange losses due to volatility in the exchange rate between the two countries' currencies in recent years.
Which THREE of the following appear to be be valid justifications of this diversification decision?

A. The diversification will give Company A protection from political risk
B. The diversification will enable Company A to enjoy production scale economies
C. The diversification into another product market will lower business risk
D. The diversification will give Company A greater protection from translation risk
E. The diversification will give Company A greater protection from transaction risk.

正解：A、D、E

質問 # 120
A company has stable earnings of S2 million and its shares are currently trading on a price earnings multiple {PIE) of 10 times. It has10 million shares in issue.
The company is raising S4 million debt finance to fund an expansion of its existing business which is forecast to increase annual earnings straight away by 25% and then remain at that level for the foreseeable future. The corporation tax rate is 20%. It is expected that the P/E will reduce to 8 times over the next year.
What is the most likely change in shareholder wealth resulting from this plan?

A. Shareholder wealth will increase by $5 million
B. Shareholder wealth will increase by $4 million.
C. Shareholder wealth will increase by $3.2 million.
D. No change in shareholder wealth.

正解：B

質問 # 121
A UK based company is considering investing GBP1 ,000,000 in a project it the USA. It is anticipated that the project will yield net cash inflows of USD580.000 each year for the next three years. These surplus cash flows will be remitted to the UK at the end of each year.
Currently GBP1.00 is worth USD1.30.
The expected inflation rates in the two countries over the next four years are 2% in the UK and 4% in the USA.
Applying the purchasing power parity theory, which of the following represents the expected remittance at the end of year three, in GBP whole the nearest whole GBP)?

A. GBP472,916
B. GBP568,846
C. GBP450,906
D. GBP546,547

正解：C

質問 # 122
LPM Company is based in Country C. whose currency is the CS
It has entered Into a contract to buy a machine in three months' time. The supplier is overseas and the payment is to be made in a different currency from the CS
The treasurer at LPM Company is considering using a money market hedge to manage the transaction risk associated with a payment.
The assumptions of interest rate parity apply
Which THREE of the following statements concerning the use of a money market hedge for this supplier payment are correct?

A. Any opportunity to benefit from future exchange rate movements is lost.
B. It can be tailored to match the size of the payment
C. It offers a significantly better outcome than a forward contract
D. It manages transaction risk
E. lt avoids the need to find immediate finance

正解：B、C、D

質問 # 123
A company based in the USA has a substantial fixed rate borrowing at an interest rate of 3.5% and wishes to swap a part of this to a floating rate to take advantage of reducing interest rates Its bank has quoted swap rates of 3 4%-3 5% against 12-month USD risk-free rate.
What is the overall interest rate achieved by the company under this borrowing plus swap combination?

A. 12-month USD risk-free rate
B. 12-month USD risk-free rate plus 0.1% (where 0.1% = the fixed rate of 3.5% minus the swap rate of 3.4%)
C. Unchanged at 3.60% as this is the same as the swap rate
D. 12-month USD risk-free rate minus 0.1% (where 0.1% = the fixed rate of 3.6% minus the swap rate of 3.4%)

正解：B

質問 # 124
Company B is an all equity financed company with a cost of equity of 10%.
It is considering issuing bonds in order to achieve a gearing level of 20% debt and 80% equity.
These bonds will pay a coupon rate of 5% and have an interest yield of 6%.
Company B pays corporate tax at the rate of 25%.
According to Modigliani and Miller's theory of capital structure with tax, what will be Company B's new cost of equity?

正解：B

質問 # 125
A company has recently announced a scrip issue of 1 new share for every 4 existing shares. The market value of each share price before the announcement was $20.00.
What is the best estimate of the share price after the scrip issue ignoring all other influences on the share price?

A. $40 00
B. $16 00
C. $25 00
D. $20 00

正解：B

質問 # 126
A listed company follows a policy of paying a constant dividend. The following information is available:
* Issued share capital (nominal value $0.50) $60 million
* Current market capitalisation $480 million
The shareholders are requesting an increased dividend this year as earnings have been growing. However, the directors wish to retain as much cash as possible to fund new investments. They therefore plan to announce a
1-for-10 scrip dividend to replace the usual cash dividend.
Assuming no other influence on share price, what is the expected share price following the scrip dividend?
Give your answer to 2 decimal places.

正解：

解説：
$ ?
3.64, 3.63, 3.65

質問 # 127
A company has a covenant on its 5% long-term bond, stipulating that its retained earnings must not fall below $2 million.
The company has 100 million shares in issue.
Its most recent dividend was $0.045 per share. It has committed to grow the dividend per share by 4% each year.
The nominal value of the bond is $60 million. It is currently trading at 80% of its nominal value.
Next year's earnings before interest and taxation are projected to be $11.25 million.
The rate of corporate tax is 20%.
If the company increases the dividend by 4%, advise the Board of Directors if the level of retained earnings will comply with the covenant?

A. Covenant is not breached as retained earnings = $2.10 million.
B. The covenant is not breached as retained earnings = $4.68 million.
C. Covenant is breached as retained earnings = $1.92 million.
D. Covenant is not breached as retained earnings = $2.40 million.

正解：C

質問 # 128
Holding cash in excess of business requirements rather than returning the cash to shareholders is most likely to result in lower:

A. net profit.
B. liquidity.
C. vulnerability to a takeover bid.
D. return on equity.

正解：D

質問 # 129
Company A plans to acquire a minority stake in Company B.
The last available share price for Company B was $0.60.
Relevant data about Company B is as follows:
* A dividend per share of $0.08 has just been paid
* Dividend growth is expected to be 2%
* Earnings growth is expected to be 4%
* The cost of equity is 15%
* The weighted average cost of capital is 13%
Using the dividend growth model, what would be the expected change in share price?

A. $0.03 increase
B. $0.16 increase
C. $0.07 fall
D. $0.14 increase

正解：A

質問 # 130
A company is wholly equity funded. It has the following relevant data:
* Dividend just paid $4 million
* Dividend growth rate is constant at 5%
* The risk free rate is 4%
* The market premium is 7%
* The company's equity beta factor is 1.2
Calculate the value of the company using the Dividend Growth Model.
Give your answer in $ million to 2 decimal places.
$ ? million

正解：

解説：
56.76, 56.75

質問 # 131
Company M's current profit before interest and taxation is $5.0 million.
It has a long-term 10% corporate bond in issue with a nominal value of $10 million.
The rate of corporate tax is 25%.
It plans to continue to pay out 50% of its earnings in dividends and earnings are expected to grow by 3% each year in perpetuity.
Its cost of equity is 10%.
Using the dividend growth model, advise the Board of Directors of Company M which of the following provide a reasonable valuation of Company M's equity?

A. $44.1 million
B. $50.1 million
C. $22.1 million
D. $73.6 million

正解：C

質問 # 132
Assume today is 31 December 20X1.
A listed mobile phone company has just launched a new phone which is proving to be a great success.
As a direct result of the product's success, earnings are forecast to increase by:
* 5% a year in each of years 20X2 - 20X6
* 3% from 20X7 onwards
Market analysts were very excited to hear the news of the success of the product and future growth forecasts.
Assuming a semi-efficient market applies, which of the following company valuation methods is likely to give the best estimate of the company's equity value today?

A. Discounted free cash flow using the company's forecast growth rates.
B. Today's share price x number of shares in issue + retained earnings.
C. P/E valuation based on the company's long term P/E and earnings for the year ended 31 December 20X1.
D. Today's share price x number of shares in issue.

正解：D

質問 # 133
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