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Lol! Again same here bro but to P7.
The thing is, it’s a time pressured exam and leaving candidates to figure how to tackle the question in its entirety is unfair. Complications and tricks are fair because if your concepts are clear, which is the whole point of the exam, you should be able to deal with them.
Like the OTC options although completely new style were manageable…
@mustafa Sad to hear that 🙁 lol
Q1, although the debt restructuring seemed complicated, was very much like prior questions asked. Discussion about RTO was easy marks, if you read past article. BUT currency swap? Well I read the article twice… But I doubt it will earn more then 5 out of 20 marks on currency swap. The style of question was like for the people who already do currency swaps in real life. I did not see any past exam question on that. And article was just a bit of a theory….
Q4 – both base case NPV and APV were negative in my answer. This was a familiar question, so I hope for a marginal pass. Calculating all past exam questions seemed NOT to be enough preparation this time… And that is unfair.- Topics: 0
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I got 11% too I think..
I completely agree with all that has been posted guys. Please write feedback to ACCA on survey and complain about it.I’ve studied entire revision kit questions and did past papers and this exam paper was completely different to all questions I have taken, except question 4.
Even if this was a pass for me, I am still disappointed with the exam questions. I was confident on the topics and yet was so demotivated as soon as I read the requirements of all.
I’ve attempted all 3 questions with options Q3 and 4.
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same I also got 11% for wacc
Why did yourl calculate WACC for Q4? Dont yourl have to discount using an all equiity Ke?
Can you kindly remind me why and for what you people used WACC for APV calculation? Dont we have to use an all equity discount factor to get the Base Case NPV?
@abdul …. thats what i meant all equity Ke was 11%…
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I think the 11% WACC was for Q1??
For APV I did the same, calculate the ungear beta and CAPM to get the Ke which is the discount factor, can’t remember it was 10% I think..
APV question was okay, I got a little disrupted in the residual value where it says to assume it is $3,000, so I assumed that the equipment would be sold at that price giving a small profit for taxation..?
Does anyone remember the requirements of Q1 and Q2 along with the marks allocation for each? Can u type it down
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How can you get negative Finance effect when all money is being saved there for 4 years?!
Dear p4 examiner what u think who r we¿????? Its seems u think dat we are cfa qualifid and jst giving p4 for the sake of enjoyment
How can u do this to us i you dont want to pass us jst write a technical article telling dont sit for p4 in this session otherwise you are resposible for the Consequences
? if your calculations showing negative npv and you put positive in error how much marks will u lose
I cant believe i made such an error….so upset. Because of time constraint didnt even get to look over properly
Dont know i messed up really bad with 1st question. Had no clue till the end about the calculation. but i wrote all the assumptions/approach /implication and general understanding about after restructuring effect, further, i also wrote about reverse takeover for listing its advantages and disadvantages
rest did well in question 2 and question 4. in question 4 as per my working , NPV was marginally negative but APV was positive due to interest saving in subs. loan (less tax saving lost).
question 2 was all theory so am not expecting anything good!
OMG….
I thought March sitting would be fair compared to the Dec 16 exam but its the reverse instead
Hope the examiner has got all this feedback & makes the June exam fair for us..
I really struggled to do much on Question1 as it was damn difficult. Moved to Q2, I could not keep with lots of theory, found about two questions in Q2 not really making sense to me. Shifted to Q4, much better than any of the questions. Got a negative NPV and a positive APV. Issue costs messed with my mind. Overall a 50 won’t be possible at this point in time. Will have to go for a second attempt.
I got 80% in f9 so thought P4 would be ok for me…it was the hardest exam I’ve ever sat and it’ll be a miracle if I scrape 50… worst exam of my life… for everyone else that thinks they’ve failed… do you wait for the result and then start studying? … or start studying again now?
Guys, can you please tell me if you ignored all the types of debt to be used as financing in Q4, dodn’t look at the interest rates etc. and just used the issue costs and the total debt (to be then multiplied by tax rate)?
Q1 was so confusing! I ended up valuing using FCF, and throwing a SOFP together, not sure it made much sense though 🙁 I think it is a lot to ask for 18 marks.
Does anyone remember how many marks were allocated to the discussion of MM theory in Q4? I understand MM theory but I was so stressed with time pressure I wrote about traditional theory! So mad at myself
I was afraid of that! Did anyone else get FCF and extract of SOFP? 90% sure I’ve failed anyway ?
@d019452 said:
I got 80% in f9 so thought P4 would be ok for me…it was the hardest exam I’ve ever sat and it’ll be a miracle if I scrape 50… worst exam of my life… for everyone else that thinks they’ve failed… do you wait for the result and then start studying? … or start studying again now?Same here, F9 was probably my best exam of the lot and I genuinely found it interesting. But I’m confident I failed this and I now don’t know whether to go ahead with my studies for p2 and resit P4 in September, or to wait and resit p4 in June.
Has anyone got any advice? Are there likely to be any major syllabus changes before September?
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