Recorded Exam Training: Managerial Finance and Accounting (Finance) [MFA]

On this page, you can find the recording of the Exam practice for MFA (Finance) [Managerial Finance and Accounting]. Feel free to ask questions in the comment section below, we will answer them 🙂

Recording

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5 thoughts on “Recorded Exam Training: Managerial Finance and Accounting (Finance) [MFA]”

  1. On slides 29 and 31, you used different values for the Debt and D+E than the values provided on the slides.
    Which values should we use then? And if the values on the slides are correct, could you please explain why Debt is only 20 000 and D+E 220 000?

    1. You are totally right, you should always use the net debt –> meaning the 20 000 ( 40 000 – 20 000), was my mistake! I am sorry for the confusion

  2. On testvision there is a question from the first sit:
    Assume a Modigliani and Miller (MM) world with perfect capital markets. VXT Ltd has assets with a market value of €600 million, €100 million of which are cash. It has debt of €300 million, and 15 million shares outstanding.

    If VXT distributes the cash of €100 million as a share repurchase, then the number of shares outstanding after the repurchase will be closest to:

    with the answer:
    Answer: 10 million
    Explanation: BM chapter 17.2 Comparison of Dividends and Share Repurchases
    Explanation: In an MM world with perfect capital markets, the stock price of a firm before and after the share repurchase will be the same. The current stock price is (assets – debt) / shares outstanding = (600 – 100) / 15 = € 20. The firm will therefore repurchase €100 million/€20 = 5 million shares, leaving 15 – 5 = 10 million shares outstanding.

    but why do you need to subtract 100 from the 600? Because the debt is 300 and the net-debt is 200.

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