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Sat June afternoon exam and it was ok but no sufficient time to finalize all questions… wish me good luck
Sat in the morning and had:
Section A APV calculation
Section B Business combinations gain
Section B ratio calculations and analysis.Too much talking in all question but not many calculations. I am actually concerned because I found it 2 easy comparing to what i was studying in exam kit.
The Exam was Okay but
Q1 APV
Q2 Ratios
Q3 mergers and Acquisitions
I just was too slow i didn’t attempt majority of Q3 and it might the the one that could have helped me get over the line I am very sad everytime i do Question1 it takes too much of my time because ill be trying to do things right and read the scenario properly I do highlight key things but end up reading again for the written part and im naturally slow typer ;( this could have been an opportunity to get over the line this timeQ1- 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.
For the Q2 I just remember the calculation of FCFE and the valuation based on P/E to find the gain. Were there more steps in this question because i do not recall, was there also interest paid in the question because again I do not recall. What about the 2 scenarios? Did i possibly missed a whole question or apendix there?
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