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*** ACCA P4 June 2018 Exam was.. Instant Poll and comments ***

Forums › ACCA Forums › ACCA AFM Advanced Financial Management Forums › *** ACCA P4 June 2018 Exam was.. Instant Poll and comments ***

  • This topic has 140 replies, 45 voices, and was last updated 5 years ago by student0001.
Viewing 25 posts - 101 through 125 (of 141 total)
← 1 2 3 4 5 6 →
  • Author
    Posts
  • June 9, 2018 at 12:49 pm #458083
    finansist
    Member
    • Topics: 1
    • Replies: 5
    • ☆

    @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!!

    June 9, 2018 at 1:34 pm #458091
    Lee
    Member
    • Topics: 3
    • Replies: 54
    • ☆☆

    I’m very nervous about question q1. To be honest, I read that TA in early stages and didn’t look back and there were no past papers with it. I didn’t calculate the NPV of phase 2 so my Pa and Pe for the BSOP isn’t discounted. I wonder how many marks that will cost me.

    I’m hoping I answered the others well enough to get 50 and finish ACCA.

    June 9, 2018 at 1:36 pm #458092
    adolf121
    Member
    • Topics: 19
    • Replies: 39
    • ☆☆

    @finansist said:

    @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!!

    i dont think it will cost you much.!!!

    The marking system is on OWN FIGURE basis.

    June 9, 2018 at 1:49 pm #458095
    ivonne
    Member
    • Topics: 0
    • Replies: 22
    • ☆

    @finansist You are right that CF of y1 and growth rate of y2-4 was given, and different growth rate for y5 and onwards in the opinion of Polymnia and Clio. However, I thought the question said that the synergy saving was for y1-4 and stopped since y5, so synergy saving times 1-tax rate should be added to y1-4, but not y5 and beyond (@adolf121 ) Certainly I may be wrong as I rushed so much that I didn’t have enough time to read/digest critical info carefully. I got about $19.xx m and $39.xx m for 0% and 5% growth rate respectively.

    Purely a guess based on marks allocation of similar question in past exam papers:
    – OP CF 1′
    – discount rate 1′
    – synergy saving and tax adjustment 1′
    – additional capital investment 1′
    – value with 0% growth rate for y5 and onwards 2′
    – value with 5% grwoth rate for y5 and onwards 2′
    – comment on bid price 2′
    – comment on counter 2′

    @finansist said:

    @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!!

    June 9, 2018 at 2:47 pm #458100
    richardscully
    Member
    • Topics: 197
    • Replies: 145
    • ☆☆☆

    Borrowing for 7 months so you needed enough contracts to cover the borrowing time deficit, not the waiting time.

    June 9, 2018 at 3:48 pm #458105
    adolf121
    Member
    • Topics: 19
    • Replies: 39
    • ☆☆

    Guys!!

    In the hedging question the BASE rate currently was 4.4% right?

    ahhh. Im going mad thinking about this. 😀

    June 9, 2018 at 4:25 pm #458117
    livvie20
    Member
    • Topics: 0
    • Replies: 3
    • ☆

    Hi, I stupidly started with Q4 as it was ‘fresh’ from doing it the night before.

    I ended up with losses on both occasions of int rate rising or dropping. My effective rates were 6.2% and 7.1%. I kept thinking that you are supposed to come back to the spot rate at the start + the additional rate applicable to the company with a small difference for basis risk.

    I kept going over it to see where I went wrong and ran out of time to finish everything else (1hr and 15mins wasted on Q4!)

    This was my 5th attempt at this exam! Q1 and Q2 were very easy but as I ran out of time I skipped things and shoved in pretend assumptions to explain why I missed parts. Lucy if I get 40% 🙁

    June 9, 2018 at 4:28 pm #458122
    livvie20
    Member
    • Topics: 0
    • Replies: 3
    • ☆

    I used PI and explained that since they used soft capital rationing then they should take the projects with the highest PI but if money invested was not an issue to them then they should look to do E as it earned the highest value for sh/holders. I also mentioned pecking order theory as a way to evaluate how to fund the 3 projects with positive NPV.

    June 9, 2018 at 4:39 pm #458123
    Shivek
    Member
    • Topics: 6
    • Replies: 3
    • ☆

    @dtngocanh89 said:
    9 marks for advantage and problem with buying Polymnia
    12 marks for calculating value of Poly in case of growth rate of 5% and 0%, discussion about result
    4 marks for discussion about calculating value of Poly with use of P/E and asset valuation method
    I remember so….

    it was 9, 10 and 6.

    June 9, 2018 at 5:53 pm #457903
    accastudentz
    Member
    • Topics: 0
    • Replies: 18
    • ☆

    Can remember other breakdowns (below)

    Banking on a strong Q4 , a medium Q2 and weak Q1 pick up any theory where ever I could

    Q4
    A) future & option hedges 17 marks
    B) Greeks Vega explanation 3 marks
    C) swaption 5 marks

    Q2
    A) fcf with growth 10 marks
    B) adv & dis of acquisition 9 marks
    C) problems with PE ratio

    June 9, 2018 at 6:17 pm #458138
    livvie20
    Member
    • Topics: 0
    • Replies: 3
    • ☆

    Q2 was 9 marks, then 10 followed by 6.

    I thought it was a good Q but ran out of time as did it last 🙁

    Got half way through b and missed c completely so 11marks missed out completely!!!

    June 9, 2018 at 11:08 pm #458152
    cgreg
    Member
    • Topics: 1
    • Replies: 4
    • ☆

    Anybody know what was meant by the Chief Finance Officer’s comments. I know what opportunity cost is – wasn’t sure what it was in this context, nothing in the text book. Also a comment about using cost of debt as discount rate?

    June 10, 2018 at 10:46 am #458173
    sujansujan
    Participant
    • Topics: 0
    • Replies: 1
    • ☆

    Disaster 🙁

    June 10, 2018 at 2:00 pm #458184
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 23
    • ☆

    Hi All!

    What was question 3 all about? Please I need the details of the sub questions.

    Thank You.

    June 10, 2018 at 10:22 pm #458211
    cgreg
    Member
    • Topics: 1
    • Replies: 4
    • ☆

    a) Was dividend capacity calculation and how much they would need from subsidiary
    b) Financial benefit to company of taking dividend from sub and potential problems
    c) What agency problems would be caused and how could they be avoided.

    I know b) and c) were five and six marks as I was running out of time.

    June 11, 2018 at 2:38 am #458230
    Tobi
    Member
    • Topics: 0
    • Replies: 5
    • ☆

    Hey,

    Yes the hedging was very odd to me aswell . Both futures and options were a loss, thought I mocked up the basis along the way but I didn’t and just continued.

    Went with options as well, as ftures are still marked to market daily and further loss could arise .

    Hoping for the best ??

    June 11, 2018 at 10:02 am #458253
    Bilyana
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    Hi, everybody!

    I am about to attend P4 in September’18 and just read in the survey that from Sept 18 on there will be also a change in the exam structure- 3 instead of 2 compulsory questions? did I get it correctly or I misread something ?

    wish good luck and positive mark to all who made in June

    June 11, 2018 at 11:41 am #458279
    ivonne
    Member
    • Topics: 0
    • Replies: 22
    • ☆

    @bilyana extracted from the AFM syllabus Sep 2018-Jun 2019

    “The other Strategic Professional exams are all of three hours and 15 minutes
    duration. All contain two Sections and all questions are compulsory. ”

    It seems that Sep 2018 paper would include 3 questions in total (1 in section A and 2 in section B) and all the 3 are compulsory.

    @bilyana said:
    Hi, everybody!

    I am about to attend P4 in September’18 and just read in the survey that from Sept 18 on there will be also a change in the exam structure- 3 instead of 2 compulsory questions? did I get it correctly or I misread something ?

    wish good luck and positive mark to all who made in June

    June 11, 2018 at 9:57 pm #458379
    elaine
    Member
    • Topics: 0
    • Replies: 13
    • ☆

    Thanks!

    June 11, 2018 at 9:58 pm #458380
    elaine
    Member
    • Topics: 0
    • Replies: 13
    • ☆

    My recollection is a 3.something % for the base rate and Growth of 4.something ? %

    June 11, 2018 at 10:01 pm #458381
    elaine
    Member
    • Topics: 0
    • Replies: 13
    • ☆

    Yeah , was dissapointed not to see a FRA for a few easy marks at the beginning.

    June 12, 2018 at 12:09 pm #458450
    adurich
    Member
    • Topics: 127
    • Replies: 120
    • ☆☆☆

    Was there any 40 basis points ?? I don’t think so as I remember …they gave us limits that it won’t go above 5% and below 3.4%

    And then in requirement it said if the interest rate increase by 0.6 % and decrease by this %?

    Because I didn’t do 40 basis as I think it was not there

    June 12, 2018 at 12:11 pm #458451
    adurich
    Member
    • Topics: 127
    • Replies: 120
    • ☆☆☆

    I am too nervous now as I have missed lot of information to be included ..and also I left some 20 marks straight due to time was up as I couldn’t finish my paper ..

    I really don’t know what is going to b the mark allocation

    June 12, 2018 at 10:10 pm #458511
    troche100
    Member
    • Topics: 1
    • Replies: 2
    • ☆

    FYI – June 18 exam paper on ACCA website

    https://www.accaglobal.com/uk/en/student/exam-support-resources/professional-exams-study-resources/p4/past-exam-papers.html

    June 13, 2018 at 6:23 am #458545
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 3
    • ☆

    yup i also got 8.8 and so rounded to 9 %

  • Author
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Viewing 25 posts - 101 through 125 (of 141 total)
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  • The topic ‘*** ACCA P4 June 2018 Exam was.. Instant Poll and comments ***’ is closed to new replies.

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