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June 2021 ACCA FM exam was – Instant Poll and comments

Forums › ACCA Forums › ACCA FM Financial Management Forums › June 2021 ACCA FM exam was – Instant Poll and comments

  • This topic has 80 replies, 38 voices, and was last updated 3 years ago by sankalp4u.
Viewing 25 posts - 1 through 25 (of 84 total)
1 2 3 4 →
  • Author
    Posts
  • June 11, 2021 at 10:30 am #624637
    opentuition_team
    Keymaster
    • Topics: 1391
    • Replies: 1405
    • ☆☆☆☆☆

    How was your June 2021 ACCA FM exam?

    Vote in the Instant Poll


    Please post your comments below (after 5pm UK time)

    June 11, 2021 at 5:04 pm #624734
    CHERYLLOVATT
    Member
    • Topics: 0
    • Replies: 5
    • ☆

    I thought it went OK but now I’m second guessing everything. Sensitivity analysis and risk /return theory I think I wrote a lot for little marks. Also last question in section c about cost of equity and project specific cost of equity my percentages capm were 18% and 11% respectively. Anyone else? I’m convinced I have failed this.

    June 11, 2021 at 5:11 pm #624737
    Walter
    Participant
    • Topics: 1
    • Replies: 2
    • ☆

    Did anyone else get the sensitivity question where the contribution was $200 but no other pricing was provided for the NPV calculation. How did you answer the question?

    June 11, 2021 at 5:11 pm #624738
    Manakiwala
    Participant
    • Topics: 1
    • Replies: 11
    • ☆

    CHERYLLOVATT wrote:I thought it went OK but now I’m second guessing everything. Sensitivity analysis and risk /return theory I think I wrote a lot for little marks. Also last question in section c about cost of equity and project specific cost of equity my percentages capm were 18% and 11% respectively. Anyone else? I’m convinced I have failed this.

    Same here! Second guessing it all! I got the same percentages for CAPM although after the getting the second one, I did a weightage of the two, and got a new percentage, because I was scared its too little work for too much, I dont know if that was right. For the sensitivity analysis I messed up the calculation question, and I realized what I was supposed to do but ran out of time, dont remember how many marks it was for… I am just hoping to pass the exam

    June 11, 2021 at 5:16 pm #624740
    Lola
    Member
    • Topics: 1
    • Replies: 23
    • ☆

    I got 18% and 12% using capm.

    June 11, 2021 at 5:22 pm #624742
    dve1
    Member
    • Topics: 0
    • Replies: 9
    • ☆

    I got 17.8 and 10.90 for my cost of equity

    June 11, 2021 at 5:24 pm #624744
    dve1
    Member
    • Topics: 0
    • Replies: 9
    • ☆

    The NPV and Sensitivity was pretty tricky. I got 11.75% for the sales volume sensitivity. Idk if this is right though

    June 11, 2021 at 5:34 pm #624748
    CHERYLLOVATT
    Member
    • Topics: 0
    • Replies: 5
    • ☆

    I took my capm and multiplied them by the market value of equity for the cost of equity in $. I did a wacc also just for the sake of it as I got a bit confused but came back to it and fixed it. Sensitivity analysis is took the npv over the contribution and got 10.28 or something around that. Section b wasn’t great for me.
    Can anyone remember the npv for the project in sections c question a?

    June 11, 2021 at 5:36 pm #624749
    Manakiwala
    Participant
    • Topics: 1
    • Replies: 11
    • ☆

    dve1 wrote:The NPV and Sensitivity was pretty tricky. I got 11.75% for the sales volume sensitivity. Idk if this is right though

    do you remember how many marks the sensitivity part was for? Just the calculation?

    June 11, 2021 at 5:37 pm #624750
    dve1
    Member
    • Topics: 0
    • Replies: 9
    • ☆

    CHERYLLOVATT wrote:I took my capm and multiplied them by the market value of equity for the cost of equity in $. I did a wacc also just for the sake of it as I got a bit confused but came back to it and fixed it. Sensitivity analysis is took the npv over the contribution and got 10.28 or something around that. Section b wasn’t great for me.
    Can anyone remember the npv for the project in sections c question a?

    Did you discount and account for tax in your contribution?

    June 11, 2021 at 5:37 pm #624751
    Lola
    Member
    • Topics: 1
    • Replies: 23
    • ☆

    I got the same for sensitivity

    June 11, 2021 at 5:38 pm #624752
    dve1
    Member
    • Topics: 0
    • Replies: 9
    • ☆

    Manakiwala wrote:

    dve1 wrote:The NPV and Sensitivity was pretty tricky. I got 11.75% for the sales volume sensitivity. Idk if this is right though

    NPV was 8 and sensitivity was 4 with the written bit being 8 marks

    June 11, 2021 at 5:46 pm #624754
    CHERYLLOVATT
    Member
    • Topics: 0
    • Replies: 5
    • ☆

    No I did not. 🙁 why would you change the contribution? As its before tax?

    June 11, 2021 at 5:49 pm #624755
    dve1
    Member
    • Topics: 0
    • Replies: 9
    • ☆

    CHERYLLOVATT wrote:No I did not. ? maybe I’ll get one mark for knowing the formula….haha

    I think the subsidy was before tax not sales but who knows

    June 11, 2021 at 5:50 pm #624757
    mainai92
    Participant
    • Topics: 11
    • Replies: 17
    • ☆

    everyone got 12% 11% and somehow I got 19%. I don’t really remember, we were given proxy equity beta right? So I ungeared and regeared again :-s

    June 11, 2021 at 5:55 pm #624760
    CHERYLLOVATT
    Member
    • Topics: 0
    • Replies: 5
    • ☆

    We talking about the sensitivity??
    The government surplus for npv I put at the end of the cashflow as it was tax exempt

    June 11, 2021 at 5:55 pm #624761
    nalanono
    Participant
    • Topics: 2
    • Replies: 7
    • ☆

    Contribution is sales – variable costs, so

    SALES 0
    VC 0
    Contribution 200
    Fx. (10)
    Net cash flow 190
    Tax
    Etc

    June 11, 2021 at 5:57 pm #624764
    nalanono
    Participant
    • Topics: 2
    • Replies: 7
    • ☆

    11marks

    June 11, 2021 at 5:59 pm #624766
    dve1
    Member
    • Topics: 0
    • Replies: 9
    • ☆

    To find the sales volume sensitivity you need to discount sales – discount VC and account for tax. This is because sensitivity is NPV / Present Value of variables. Well that’s what it says in my notes anyway, I could be wrong

    June 11, 2021 at 6:00 pm #624767
    afmp4
    Member
    • Topics: 12
    • Replies: 45
    • ☆☆

    Did anyone got a loss in the last year of Foreign Npv

    June 11, 2021 at 6:01 pm #624769
    michaelrhys89
    Participant
    • Topics: 6
    • Replies: 5
    • ☆

    When working out the cost of equity – is CAPM alone the cost of equity?

    Or is it CAPM * Market Value of the shares = Cost of equity?

    I’m not sure about this and now I think I have got it wrong. I worked out the CAPM and thought I was fine as that is the cost of equity. Didn’t bother working out the market value of the shares.

    June 11, 2021 at 6:03 pm #624770
    mainai92
    Participant
    • Topics: 11
    • Replies: 17
    • ☆

    michaelrhys89 wrote:When working out the cost of equity – is CAPM alone the cost of equity?

    do you remember your CAPM?

    June 11, 2021 at 6:03 pm #624771
    dve1
    Member
    • Topics: 0
    • Replies: 9
    • ☆

    michaelrhys89 wrote:When working out the cost of equity – is CAPM alone the cost of equity?

    Think you needed to work out the market values of equity and debt to find the project specific cost of equity

    June 11, 2021 at 6:03 pm #624772
    CHERYLLOVATT
    Member
    • Topics: 0
    • Replies: 5
    • ☆

    Yeah I defo didn’t get any marks for what I have done then ha. Hopefully I have scraped some marks for theory

    June 11, 2021 at 6:08 pm #624773
    mainai92
    Participant
    • Topics: 11
    • Replies: 17
    • ☆

    dve1 wrote:

    michaelrhys89 wrote:When working out the cost of equity – is CAPM alone the cost of equity?

    Hi Dve1, I did the same, calculate the asset beta then geared back to have equity beta and them calculate CAPM. I remember the company is highly geared so equity beta is more than 2 and my CAPM is 19%

  • Author
    Posts
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  • The topic ‘June 2021 ACCA FM exam was – Instant Poll and comments’ is closed to new replies.

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