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【单选】 In a private conversation with his best friend, Harry Veeslay, CFA, makes the following statements: Statement 1: Private equity (PE) firms generally focus on short-term results. For example, they frequently use restructuring of acquired companies in an effort to quickly divest them for a profit. Statement 2: PE firms also want to ensure that the interests of portfolio company managers and of limited partners are aligned. For example, they frequently tie manager compensation to firm performance and include tag-along, drag-along clauses to give management a stake in the firm under certain trigger events.With regard to Veeslay's statements:
A. only one is correct.
B. both are correct.
C. both are incorrect.
【单选】 Patricia Ly, CFA is a portfolio manager who wishes to add diversification to her portfolio through the addition of a real estate investment. Ly finds the following data for a particular industrial REIT: Net operating income (NOI): $710,000Funds from operations (FFO): $630,000Assumed cap rate: 6%Shares outstanding: 90,000 sharesStorage property average P/FFO multiple: 13x.Industrial property average P/FFO multiple: 10x.Ly decides to perform a valuation on this REIT. The value per share of this REIT using a price-to-FFO approach is closest to:
A. $91
B. $112
C. $70
【单选】 Brown Manufacturing’s recent financial statements reported a book value of $9.50 per share; its required rate of return is 10%. Analyst Tony Giancola, CFA, wants to calculate the company’s intrinsic value using a multistage residual income with a high-growth RI for the next 5 years. Giancola creates the following estimates: PV of interim high-growth RI for the next 5 years is $3.10 At the end of year 5, the PV of continuing RI is $10.00 Estimated Book Value in 5 years is $25.00Which of the following is closest to the current intrinsic value of Brown Manufacturing?
A. $18.81.
B. $22.60.
C. $13.10.
【单选】 Red Shoes’s recent financial statements reported a book value of $11.00 per share; its required rate of return is 9%. Analyst Tony Giancola, CFA, wants to calculate the company’s intrinsic value using a multistage residual income with a high-growth RI for the next 5 years. Giancola creates the following estimates: PV of interim high-growth RI for the next 5 years is $ 2.90 At the end of year 5, the PV of continuing RI is $7.00 Estimated Book Value in 5 years is $14.00Which of the following is closest to the current intrinsic value of Red Shoes?
A. $20.90.
B. $18.45.
C. $9.90.
【单选】 At a CFA society function, Robert Chan comments to Li Chiao that Xanedu Industries’ expected dividend growth rate is 5.5%, dividend payout ratio (g) is 40%, and required return on equity (r) is 12%. Based on a justified leading P/E ratio compared to a market P/E ratio of 8.0, Xanedu Industries is most likely:
A. overvalued.
B. undervalued.
C. correctly valued.
【单选】 At a CFA society function, Robert Chan comments to Li Chiao that the expected dividend growth rate for Xanedu Industries has decreased 0.5% from 6.0% to 5.5%. Chan claims that since Xanedu will maintain their historic dividend payout ratio (g) of 40% and required return on equity (r) of 12%. Xanedu's justified leading P/E ratio based on forecasted fundamentals will also decrease by 0.5%. Is Chan correct?
A. Yes, Xanedu's justified leading P/E ratio will increase by approximately 0.5%.
B. No, Xanedu's justified leading P/E ratio will increase by approximately 7.8%.
C. No, Xanedu's justified leading P/E ratio will decrease by approximately 7.8%.
【单选】 At a CFA society function, Andrew Caza comments to Nanda Dhople that the expected dividend growth rate (g) for Zeron Enterprises Inc (ZEI) is expected increase 0.5% from 6% to 6.5%. Caza claims that since ZEI will maintain their historic dividend payout ratio (g) of 50% and cost of equity (k) of 10%, ZEI's P/E ratio will also increase by 0.5%. Is Caza correct?
A. No, ZEI's P/E ratio will decrease by approximately 14.32%.
B. Yes, ZEI's P/E ratio will increase by approximately 0.5%.
C. No, ZEI's P/E ratio will increase by approximately 14.32%.
【单选】 Mark Washington, CFA, uses a two-stage free cash flow to equity (FCFE) discount model to value Texas Van Lines. His analysis yields an extremely low value, which he believes is incorrect. Which of the following is least likely to be a cause of this suspect valuation estimate?
A. The cost of equity estimate in the stable growth period is too high for a stable firm.
B. The forecast of working capital as a percentage of revenues in the stable growth period is not large enough to maintain the long-term sustainable growth rate.
C. Earnings are temporarily depressed because of a one-time extraordinary accounting charge in the most recent fiscal year.
【单选】 Heather Callaway, CFA, is concerned about the accuracy of her valuation of Crimson Gate, a fast-growing telecommunications-equipment company that her firm rates as a top buy. Crimson currently trades at $134 per share, and Callaway has put together the following information about the stock: Most recent dividend per share $0.55 Growth rate, next 2 years 30% Growth rate, after 2 years 12% Trailing P/E 25.6 Financial leverage 3.4 Sales $11.98 per share Asset turnover 11.2 Estimated market rate of return 13.2% Callaway’s employer, Bates Investments, likes to use a company’s sustainable growth rate as a key input to obtaining the required rate of return for the company’s stock. Crimson’s sustainable growth rate is closest to:
A. 13.2%.
B. 14.8%.
C. 16.6%.
【单选】 James Malone, CFA, covers GNTX stock, which is currently trading at $45.00 and just paid a dividend of $1.40. Malone expects the dividend growth rate to decline linearly over the next six years from 25% in the short run to 6% in the long run. Malone estimates the required return on GNTX to be 13%. Using the H-model, the value of GNTX is closest to:
A. $33.40.
B. $32.60.
C. $17.55.
【单选】 Stan Bellton, CFA, is preparing a report on TWR, Inc. Bellton’s supervisor has requested that Bellton include a justified trailing price-to-earnings (P/E) ratio based on the following information: Current earnings per share (EPS) = $3.50. Dividend Payout Ratio = 0.60. Required return for TRW = 0.15. Expected constant growth rate for dividends = 0.05. TWR’s justified trailing P/E ratio is closest to:
A. 6.3.
B. 4.0.
C. 6.0.
【单选】 Zephraim Axelrod, CFA, is trying to determine whether Allegheny Mining is a good investment. He decides to use the Gordon Growth model to calculate how much dividend growth shareholders can expect. To that end, he determines the following: Share price: $18.12. Dividend: $0.32 per share. Beta: 1.94. Industry average estimated returns: 15%. Risk-free rate: 5.5%. Equity risk premium: 6.3% Based only on the information above, the implied dividend growth rate is closest to:
A. 10.27%.
B. 19.89%.
C. 15.68%.
【单选】 Grant’s Candies, a retail store in downtown Grempton, has seen a sharp increase in demand for candy over the last several months. The construction of a new school and a factory that employs 1,500 people has drawn many new families to Grempton. Willie Grant, owner of Grant’s Candies, is ecstatic about the new business and puts in a bid for a vacation home based on his higher expected profits. Accountant Callie Trakh, CFA, warns against getting too excited. Her chief concern is most likely fears of:
A. new and innovative products entering the market.
B. a population exodus should the economic climate change and the factory shut down.
C. an influx of new competitors.
【单选】 While Joseph Donovan, CFA, was interviewing Gene Hickman, the CEO of Hickman Supply, Hickman made the following comments on the auto supply industry: Auto manufacturers are relying on Tier 1 suppliers for more and more sub-assembly work and quality control and testing. The additional subassembly work facilitates specialization among suppliers and allows them to resell their expertise to other auto manufacturers. The additional subassembly work requires additional capital investment and risk taking by the suppliers. Given these statements, Donovan is most likely to conclude that barriers to entry to the auto supply industry have increased due to:
A. Statements 1 and 2 only.
B. Statements 1 and 3 only.
C. Statements 2 and 3 only.
【单选】 Joe Bates, CFA, has prepared a schedule of real cash flows for his company’s plant expansion. Bates generally uses the weighted average cost of capital to discount such cash flows, but in order to accurately determine the present value of those real cash flows, he should adjust the discount rate to reflect:
A. the company’s cost of both debt and equity.
B. expected changes in the market growth rate.
C. expected inflation.
【单选】 Juliann Kellmann, CFA, wants to quickly and simply calculate the expected return of equity in a company with few shares outstanding. She should use:
A. a multifactor model.
B. a build-up model.
C. the capital asset pricing model.
【单选】 Morgan Bondillo, CFA, is attempting to calculate the value of Smith Sprockets. She is using a supply-side model to estimate the equity risk premium and a build-up model to estimate returns. Based on the strategies Bondillo is using, Smith Sprockets is least likely to:
A. be closely held.
B. need its beta adjusted for drift.
C. be located in a developed market.
【单选】 Analyst Charlie Howell, CFA, is trying to calculate the required return on equity for Yazz Jazz, a maker of saxophones. However, Yazz Jazz operates in a country with rapidly changing inflation rates. Which method should Howell use?
A. Build-up.
B. A multifactor model.
C. Bond-yield plus risk premium.
【单选】 Analyst Charlie Howell, CFA, has constructed two models for determining the required return on equity for Yazz Jazz, a saxophone maker. One takes the company’s size into account, the other takes the shares’ liquidity into account. Which of the following pairs of equity-return models require the use of: Size Liquidity
A.

Build-up Pastor-Stambaugh

B.

Capital asset pricing model Fama-French

C.

Build-up Fama-French
【单选】 Ben Jacobs, CFA, is attempting to calculate a historical equity risk premium. His first estimate uses geometric mean equity returns and long-term bond yields. His second estimate uses arithmetic mean returns and short-term bond yields. The effect of the changes in methodology in the second estimate, relative to the first, will:
A. both increase the size of the risk premium.
B. both decrease the size of the risk premium.
C. have offsetting effects.
【单选】 Financial Analyst Davey Jarvis, CFA, is evaluating Laura’s Chocolates, Inc., which processes nut-based toffee for world-wide distribution. Which of the following steps is Jarvis most likely to take as part of the top-down valuation process?
A. Perform momentum-based technical analysis.
B. Learn / understand the business.
C. Evaluate price performance on an ongoing basis.
【单选】 In a recent lecture at a seminar titled “Dividends – Do They Really Matter?”, Matthew Janowski, CFA, made the following two statements regarding the information content in dividend policy changes across countries: Statement 1: In the U.S., investors infer that small changes in dividends do not send a major signal about a company’s future prospects to existing and potential shareholders. Statement 2: In Asian countries such as Japan, investors are unlikely to assume that even a large change in dividend policy signals anything about a company’s future prospect. With respect to Janowski's statements:
A. only one is correct.
B. both are correct.
C. both are incorrect.
【单选】 One year ago, Makato Omura purchased a 6.50% fixed coupon bond for 98.50. Recently, she sold the bond for 99.25 and calculated her return at 7.4%. Her friend, Takanino Takemiya, CFA, reminds Omura that this is the nominal return and that to calculate the real return, she needs to factor in the inflation rate over the holding period. If the price index for the current year is 118.5 and the price index one year ago was 115.9, Omura’s real return is closest to:
A. 5.2%.
B. 9.6%.
C. 6.3%.
【单选】 Wanda Brunner, CFA, is working on a capital project valuation and needs to determine the appropriate discount rate. She has the following information available: Risk-free-rate = 8% Market Beta = 1.0 Company Beta = 1.1 Project Beta = 1.2 Expected market return = 13% Trailing 12-months market return = 12% Which of the following is closest to the most appropriate discount rate?
A. 13.5%.
B. 13.0%.
C. 14.0%.
【单选】 Norine Benson is studying for the Level I CFA examination and is having difficulty with the broader concepts of capital budgeting. Her study partner, Henri Manz, tests her understanding by asking her to identify which of the following statements is most accurate?
A. Replacement decisions involve mutually exclusive projects.
B. An analyst can ignore inflation since price level expectations are built into the weighted average cost of capital (WACC).
C. For mutually exclusive projects, the decision rule is to pick the project that has the highest net present value (NPV).
【单选】 Erwin DeLavall, the Plant Manager of Patch Grove Cabinets, is trying to decide whether or not to replace the old manual lathe machine with a new computerized lathe. He thinks the new machine will add value, but is not sure how to quantify his opinion. He asks his colleague, Terri Wharten, for advice. Wharten‘s son just happens to be a Level II CFA candidate. DeLavall and Wharten provide the following information to Wharten’s son: Company Assumptions: Tax rate: 40% Weighted average cost of capital (WACC): 13% New Machine Assumptions: Cost of (includes shipping and installation): $90,000 Salvage value at end of year 5: $15,000 Depreciation Schedule: MACRS 7-year, with depreciation rates in years 1-5 of 14%, 25%, 17%, 13%, and 9%, respectively Purchase will initially increase current assets by $20,000 and will increase current liabilities by $25,000 Impact on Operating Cash Flows Years 1- 5 (includes depreciation and taxes): $16,800 (assume equal amount each year for simplicity) Old Machine Assumptions: Current Value: $30,000 Book value: $13,000 Which of the following choices is most correct? Patch Grove Cabinets should:
A. replace the old lathe with the new lathe because the new one will add $10,316 to the firm's value.
B. not replace the old lathe with the new lathe because the new one will decrease the firm's value by $5,370.
C. replace the old lathe with the new lathe because the new one will add $3,760 to the firm's value.
【单选】 Coastal Drilling Corp (CDC) reported the following year-end data: EBIT $23 million EBT $20 million Effective tax rate 40 percent CDC reported in the footnotes to its financial statements that it had increased the expected return on pension plan assets assumption which resulted in an increase of EBIT of $2 million. Analyst Wanda Brunner, CFA, thinks this change in assumptions is unfounded and removes the $2 million increase in EBIT. Which of the following is closest to the tax burden ratio after adjustment?
A. 61.9%.
B. 55.6%.
C. 60.0%.
【单选】 Wanda Brunner, CFA, is analyzing Straight Elements, Inc., (SE). SE is a discount manufacturer of parts and supplies for the railroad industry. She has followed her firm’s suggested financial analysis framework, and has assembled output from processing data. When applying the financial analysis framework, which of the following is the best example of output from processing data?
A. Audited financial statements.
B. A written list of questions to be answered by the analysis.
C. Common-size financial statements.
【单选】 Frank Brill, CFA, is concerned that Moses Aviation is overstating its profits. The best indicator of such action would be Moses Aviation’s:
A. sales-growth rate of nearly twice the industry average.
B. recognition of revenue from barter transactions.
C. rising inventory.
【单选】 Junior analyst Xander Marshall sends an e-mail to his boss, Janet Jacobs, CFA, suggesting that Peterson Novelties is manipulating its results to artificially inflate profits. He cites four reasons for his conclusion: The LIFO reserve is declining. Earnings are much higher in the September quarter than in other quarters. Many nonoperating and nonrecurring gains are being recorded as revenue. Much of Peterson’s earnings come from equity investments not reflected on the cash-flow statement. Jacobs is less concerned about Peterson’s earnings than Marshall is, though she does resolve to check out one of his concerns. Which of Marshall’s observations best supports his conclusion?
A. Equity investment earnings not reflected on the cash-flow statement.
B. Nonoperating and nonrecurring gains recorded as revenue.
C. The declining LIFO reserve.

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