最新のF3問題集で試験を準備する

A consultancy company is dependent for profits and growth on the high value individuals it employs.
The company has relatively few tangible assets.
Select the most appropriate reason for the net asset valuation method being considered unsuitable for such a company.

• A. It accounts for intangible assets at net realisable value.
• B. It does not account for tangible assets.
• C. It does not account for the intangible assets.
• D. It accounts for the intangible assets at historical value.

A company wishes to raise new finance using a rights issue. The following data applies:
* There are 20 million shares in issue with a market value of $6 each
* The terms of the rights will be 1 new share for 4 existing shares held
* After the rights issue, the theoretical ex-rights price (TERP) will be $5.75 Assuming all shareholders take up their rights, how much new finance will be raised ?
Give your answer to one decimal place.

Company M is a geared company whose equity has a market value of $1,500 million and debt has a market value of S300 million. The company plans to issue $200 million of new shares and use the funds raised to pay off some of the debt Company M currently has a cost of equity of 13% and a WACC of 10% It pays corporate tax at the rate of 30% Company B, an ungeared company operating in the same business sector as Company M, has a cost of equity of 12% Assume Modigliani and Miller's theory of capital structure with tax applies Which calculation below shows the correct approach to calculating the new WACC following the planned changes in capital structure?

• A.
  
• B.
  
• C.
  
• D.
  

Extracts from a company's profit forecast for the next financial year 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 1,250 million ordinary shares currently in issue and canceling them.
Assuming the share repurchase went ahead, the impact on the company's forecast earnings per share will be an increase of:

• A. $0.175
• B. $0.125
• C. $0.100
• D. $0.200

A company is preparing an integrated report according to the International <IR> Framework as issued by the International Integrated Reporting Council.
Which THREE of the following should be included in the report?

• A. A comparison of the key elements of its financial statements with those of its main competitor.
• B. A detailed analysis of the organisation's business model.
• C. The challenges and uncertainties that the organisation is likely to encounter in pursuing its strategy.
• D. A summary of the key issues discussed by directors in main board meetings.
• E. An explanation of how the organisation's governance structure supports its ability to create value in the short, medium and long term.