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Q1 (b)
do you think the firm valuation was AFTER listing and paying off debt OR before it ?
I valued the firm assuming all the debt has been paid off, as it mentioned in the question….
“After listing the company can borrow at 7% but it chooses to have no debt”I just read the respective comments on the December 2012 exams. People there analyze questions without any frustration and disappointment.
I consider the feedback receiving from all of you a real gift because I now know that I am not alone in this fight!!!
I felt stupid after the exams but now I know most faced same issues!
I no longer feel bad for attempting about 86% as this is general.Therefore I strongly suggest to all of all to be confident as the marking will be proportional to the overall performance!
I feel that marking must depict this, or else we are gonna witness a 10% pass rate which (obviously) cannot happen.best luck (M&? aws definately the right way for Ke degeraing)
That was by far the hardest exam that I have ever sat for ACCA and the most work I have ever done for an exam and still I don’t think I have any chance of passing!!
Anyone know how P5 Advanced performance management is compared to P4?
Thinking about trying it instead next time!This was my 2nd attempt and I felt I knew the material, just didn’t have enough time to calculate everything! Hope to scrape through a pass but likely will take a 3rd time 🙁
this is a sure fail!! only question i was comfortable with was Q3. I am depressed thinking about it i am tired of ACCA an these bizarre exams!! i’m switching to P5 i cant take it
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I had a mare of a time. For some reason there was a workshop or something going on in the room next door to where we took the exams. People laughing and talking, not one or two, but a big group. About 25 mins into the exam and I’ve planned half my answers, the supervisor asks if the noise is too loud, I said yes! So we got our stuff and moved to a room two floors above. She gave us extra time but after the move my mind went blank!
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tooo much lengthy and Tough……. 🙁
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2 many sub questions, d examiner needs to calm down, had I been given more time would av attempted more, was not able to complete half of question one which I started an hr 2 and 2 think I was going 2 back to tidy up on two and three. The questions were quite ok though and quite familiar, past questions reworded , just no time to even gather ur tots and write down d ans.
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<cite>@busay44 said:</cite>
2 many sub questions, d examiner needs to calm down, had I been given more time would av attempted more, was not able to complete half of question one which I started an hr 2 and 2 think I was going 2 back to tidy up on two and three. The questions were quite ok though and quite familiar, past questions reworded , just no time to even gather ur tots and write down d ans.Really? Reworded?
It was ” a well balanced diet, offering plenty of marks available to the well prepared students” as most likely will see in the Examiner report?Speaking for myself, I’m sick and tired of these kind of “diets”. I just want to finish this qualification, become a member and never hear about it again.
This kind of exams make people really resent ACCA in the current state.
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Yup, loads of familiarity with questions frm June 010 to dec 12. Nt exactly d same but if u went thru those questions well enough. It would have helped a lot, 4 questions on ke, npv,apv, netting, biz valuation, money mkt,forward and options. Although, I was nt totally sure on cash plus share option. Again, time was a big problem. I just pray I pass d paper.
Hey Guys!
was gasping for breath thro out the exam. Woooooooo! Really time pressured. All shall pass some day.i am a straight passer for all other paper too. I failed P4 once in last Dec. This is my 2nd time… still…
the stuff is not that hard.. if I have at least one more hr to complete this.hi everyone,
please remember to fill out the survey from ACCA about this exam . (ACCA usually send the evaluation out after the exam period through email.) Please write all the comments that you posted in this forum into the ACCA evaluation.
They may bell the curve.. or at least they may try to make the Dec 2013 paper easier… 🙁- Topics: 0
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paper was difficult… i don’t expect that examinar will do this..most of the paper was tested in busn. valution, reorganisation,……time was short… main and important topics didn,t test..eg.. foreign ivestment appraisal…APv.. i don,t know i will pass or not… but i hope the examinar will get me 50% …i want only pass not take a .highest markss..
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How could this be? Hard paper, strange mindset of the q
I use MM formula Ke=Kei+(1-t)(Kei-Kd)vd divided by Ve to ungear Ziwas Co, cost of equety and than I made assumption that Cost of Equity of Mliman will be same as Cost of Capital since the company will be ungeared after being listed. I hope was right
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this question was really tough. but I think the ungeared cost of equity could be calculated using M&M preposition 2. God please intervene, I only need 50%.
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Apparently the real “red wedding” was one day after the tv one…
I never fail acca before but this time i will be resiting P4 come december.
it was just disaster i did not even do any calculation for Q1 JUST USED COMMON SENSE TO WRITE THE REPOR
I was just making up the numbers so that i can discuss and write a report ………..hope the maker will give me 50%or they should giv us a pass mark of 40% at least
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It was a hard one and although you’ve study and revised all the area of P4 syllabus, still can’t answer the questions.
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Agree with majority: horrible!!! imposible amount of work in time given! Not to mention that there was no time for thinking.
Too many important details in first question, by the time I read it it was 15 min gone, and then you constantly have to refer back to data.
I am upset, because to this exam I felt I really prepared well, but the stress of time passing buy and panic get the worst of me. See you all in DecemberNone of us will be in September. I believe that! Becasue in deifferent case there will be a 10% pass rate which is impossible cause ACCA must retain the 1/3 pass proportion
in order to pass P4 you need to have attempted 100 marks worth of question . .. which was impossible to do in this exam. deffo the toughest paper in all of ACCA . . . . so tough that there was a chick throwing up in the bathroom . . .
My tutor said to us:”99.99% you will have the assessment of a project based in a different country (i.e calculate exchange rates from inflation percentages) + option and futures on Interest rates + Free cash flows question. If the 50marks scenario will not be what expected, please come and see me!” – Shall I go and see him now or I shall wait for the results? Well, I give him a chance… and I hope all my angels do help me to pass this exam with the mainly narrative side fully completed. Q1 was tough, no doubt about that.
Good luck you all!
<cite>@mat3myh said:</cite>
How are you supposed to de-gear the cost of equity with out the ERP to find the beta??I faced the same problem. Wasted half an hour thinking about it. I then managed to use the WACC formula as cost of capital was given as well as the cost of debt. I assumed the market value of equity was the present value of the bonds that needed to be redeemed, as shares were to given against them, and the market value of debt i assumed was the amount of loan that was to be borrowed in order to finance the project. Im not sure if im correct but i hope i get some marks for the effort!
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