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問題 #1

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

問題 #2

Company W is a manufacturing company with three divisions, all of which are making profits:
* Division A which manufactures cars
* Division B which manufactures trucks
* Division C which manufactures agricultural machinery
Company W is facing severe competitive pressure in all of its markets, and is currently operating with a high level of gearing Company W's latest forecasts suggest that it needs to raise cash to avoid breaching loan covenants on its existing debt finance in 6 months' time In a recent strategy review. Divisions A and B were identified as being the core divisions of Company W The management of Division C is known to be interested in the possibility of a management buy-out.
Company Z is known to be interested in making a takeover bid for Company W's truck manufacturing division A rival to Company W has recently successfully demerged its business, this was well received by the Financial markets Which of the following exit strategies will be most suitable for company W?

A. Management buy-out of Division C
B. Sale of Division B to Company Z
C. Demerger of Division C
D. Closure of Division

問題 #3

A company has 8% convertible bonds in issue. The bonds are convertible in 3 years time at a ratio of 20 ordinary shares per $100 nominal value bond.
Each share:
* has a current market value of $5.60
* is expected to grow at 5% each year
What is the expected conversion value of each $100 nominal value bond in 3 years' time?

A. $112.0
B. $100.0
C. $129.6
D. $117.6

問題 #4

Company A operates in country A and uses currency AS. It is looking to acquire Company B which operates in country B and uses currency B$. The following information is relevant:

The assistant accountant at Company A has prepared the following valuation of company B's equity, however there are some errors in his calculations.

Value of Company B's equity = 14.16 + 16.03 + 17.67 = AS47.86 million
Company B has BS5 million of debt finance.
Which of the following THREE statements are true?

A. The conversion into AS is incorrect as the assistant accountant should have divided by the exchange rate and not multiplied.
B. Cash flow to all investors should be discounted at Company B's cost of equity of 10% rather than its WACC of 8%.
C. The valuation is understated because forecast cash flows beyond year 3 have been ignored.
D. The forecast exchange rates are incorrect as they show the BS strengthening and it should be weakening.
E. The calculations show Company B's entity value, not its equity value.

問題 #5

A company financed by equity and debt can be valued by discounting:

A. free cash flow before interest at the cost of equity.
B. free cash flow after interest at the cost of equity.
C. free cash flow before interest at WACC.
D. free cash flow after interest at WACC.

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