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For the qz on the 2 financial objective of a listed company, can we write dividend(pv of future cash flow) and capital appreciation (share price) as the answer? Or will it count as 1 objective.
I notice that the suggested answer wrote share price and EPS. Eps should be related to dividend payout right?
I have some confusing with NPV which working capital is start from year 1 and WACC without using DVM. This is because I am not clearly identify and analysis the question.
Question 4 part (d) is just the relevance point of discussion rather than the point showing in ACCA answer sheet. hope it can earn some marks.
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Q 2 about CAPM can the assumptions of capm earn me any marks
I wrote
Markets are perfect
Risk can be slit into systematic and unsystematic riskAlso indicated the input problems
Talked of
Risk free
Beta factorThen Q1 b
I mentioned that real rates are used in financing decisions while money rates are used in investing decisions
Fair exam all in all, but I agree that question 1a was very ambiguous with regard to the statement that “the new investment will increase capacity by 9000 units per year” this could easily have been interpreted that production is increased by 9000 in year 1, 18000 in year 2 and 27000 in year year 3 and 36000 in year 4. It could alsi be read that it simply increases by 9000 in year one and then doesn’t increase capacity again. Just sinply 9000 each year, but I can see why people could have interpreted it differently. I wonder will this be taken into account when marking? As to lose marks due to a question being ambiguos like that doesn’t seem very fair? The main mistake I made was with the Money Market hedge. I failed to notice the euro and dollar signs on the exchange rates due to exam time pressures and assumed that you got more dollars for your euro’s like it is in the real world. Bit of a trick I think and I fell for it… and will probably get none out of the 4 marks because of it! Very annoying! Still hope I have done enough. Good luck to everyone.
<cite> @united26 said:</cite>
Hi Rebecca,Would you mind to pm me the solution?
the link won’t work for me unfortunately, keeps bringing me back to the login page..I am having the same problems. I login and it takes me back to home page. When i go back via this link i am asked to login again
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I found the questions relatively ok. The questions were direct and easy to understand.
I found the paper actually ok, I think they certainly could of made it much much harder.
To be honest, I did the NPV question on 9,000 units each time, not incremental. It didn’t even cross my mind! but re-reading I am confident I did the right thing. a very similar past paper question for this question which thank god I did 🙂
Seems a lot of problems on Q3, but that was the only question I did confidently for all parts! Think I did ok on calculation in Q4 but not so much on written parts.
Great for a bit of WACC, pretty happy included all loans/pref shares etc but bit wobbly on a full answer for the CAPM bit in Q2. Calculate it? fine! write about it? oh!
Will be disappointed if I pass that. but good luck to all 🙂
@ williams, you should have use the formula …… dividend in yr1(1+g) = divindend in yr 5.
i made a mistake in the first question capital aalowance by not adding back the scap value in yr 4, so i cld not get a negative NPVhav viewed the open tuition suggested solution. God’s will I will pass. can I earn some mark by mathematically stating the difference between real discount rate and money discount rate by using the fishers effect formula? question 1b
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