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Q1- APV. Debt financing was via part bank loan and subsidy. The bank loan was involving a dubious swap.
Assumed a number and moved on.
Plenty of discussion on APV vs NPV, views of FD,CEO and Marketing Director on capital structure, business risk as part of the diversification into solar panels manufacturing.Q2-Business valuation via FCFE, maximum premium to be paid and % gain accruing to the Acquiring s’holders both based on two scenarios.
The question also asked for MBI consequence and assumptions on valuation.Q3-Ratio Analysis/ Dividend policy.
Question was asking to calculate the share price based on the average dividend growth model.
Other metrics such as dividend/share, share price and EPS were given.
We were asked to calculate other performance and dividend ratios and discussions on the results.To be honest the exam was a mixed bag. It was OK-ish.
Fairly disappointed when I saw there was no FX/ Interest rate risk management question.
Waiting for the results now.
Passed with 78 marks.
Ms. Jill thank you so much for the valuable lesson(s) and exam techniques.Thank you a thousands times Mr. John Moffat.
I have managed to clear the PM paper with 56 marksThank you,Lisa. So in this case I was only required to calculate the TP/unit based on the scarce resource as opposed to the TP ratio
Passed FM with 78 marks. Thank you so much Mr.John. I’m extremely grateful for all the free resources and your teachings.
Passed AA with 66% .
Thank you so much Mr Ken and Mr Kim ! The free resources and your help from OpenTuition have been paramount in achieving this result. Extremely grateful for everything !