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Passed first time with 63% the last 14th paper. Back to normal life again! )) Best of luck to all those who still have exams to finish!!
I agree that Fin. figures for “VLease”(not sure about the exact name of acquiree) were exclusively for SAF. But I think fin figures for FLC and 1stLease could be used to identify S’s and W’s. Anyway I used them, couln’t be the case with everyone. Maybe there were already enough SWOT in the text that I have missed.
I also didn’t do SO as you mentioned it was made clear that we shouldn’t.
I think ACCA had been very gentle this time (due to this sitting being last). Questions are from the most common areas and quite straightforward. However, it seems most people found financial information in question 1 confusing.
Q1. SWOT, TOWS and SAF analysis were the requirements. I think we were supposed to use financial figures for most weaknesses and strengths. Also, some opportunities and strengths could be assumed if it is logical and fits the scenario which is what I had done.
I struggled a bit with TOWS as it should link to my SWOT.Q2. 1st requirement was software selection process.I hope I answered well enough but not sure. 2nd requirement was a decent attempt as it was simply justifying off-the-shelf software rather than bespoke.
Q4. was straightforward Porter’s 5 forces model for 18 marks (I thought it was just a treat for us) and JV vs acquisition advantages and disadvantages (again not too complex).
Q3. i decided not to choose as it was a bit tough than others to my mind. But it was about portfolio management, benefits realisation, etc.
I hope we’ll all pass! Good luck to all student with their qualification and career goals!
@ivonne year 1 was given as an absolute figure and years 2,3,4 were given as a percentage increase werent they? I maybe wrong i cant exactly remember.
I now remember that from year 5 synergy savings of 400000 shouldnt be added but i think i added them ((((((. Thats why i got abnormally high figures for Polymnia value. With 5% growth above 50mln and with 0 growth 30mln
However i commented on those figures that 20mln purchase is bargain for Clio but P’s shareholders unlikely agree to this price and so on…… I hope i will get marks for the comments
Hope we’ll pass!!Sadly, the areas that I didn’t revise and was weak came up.
Q1. Got BSOP wrong however NPV calculation was decent. Discussion bit was also good I think I was able to pick up some marks here and there. But just left soft capital rationing requirement completely as I was running out of time.Q2. Was relatively straight forward for me. I am hoping for most marks from this question. FCF for 4 years at a different rate and then two estimates with 5% and 0% growth thereafter. Ungeared Ke and APV calc.
Also discussion for reasons for acquisition and disadvantages of asset based and p/e valuation.Q3. FCFE calculation however was a bit tricky because foreign subsidiary involved. Got messed up with calc, sadly. Discussion parts were about dividend policy and increasing dividend repatriation in light of agency theory. Again bit muddled here.
Q4. I would love to do this question but was put off as soon as I saw “SWAPTION” in the discussion requirement.
Now just hoping for pass…