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Exam (elaborations)

CFA Final Exam Q&A 2022/2023

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Leverage Ratio - ANSWER total debt/normalized EBITDA Interest Coverage - ANSWER normalized operating income/interest expense Debt to Market Capital - ANSWER total debt/(total debt+market cap) Unlevered Beta - ANSWER Beta/(1+(1-tax rate)*(debt/market rate) Re-levering beta - ANSWER unlevered beta*(1+(1-tax rate)*(debt/market cap) PV Factor - ANSWER 1/(1+WACC)^half year convention Debt of post-acquisition company - ANSWER last year debt+value of new company (after prem)*% debt used in acquisition

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CFA








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Uploaded on
September 10, 2022
Number of pages
1
Written in
2022/2023
Type
Exam (elaborations)
Contains
Questions & answers

Subjects

  • cfa final exam
  • leverage ratio
  • interest coverage
  • debt to market capital
  • unlevered beta
  • cfa
  • cfa final exam qampa 20222023

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CFA Final Exam Q&A 2022/2023
Leverage Ratio - ANSWER total debt/normalized EBITDA

Interest Coverage - ANSWER normalized operating income/interest expense

Debt to Market Capital - ANSWER total debt/(total debt+market cap)

Unlevered Beta - ANSWER Beta/(1+(1-tax rate)*(debt/market rate)

Re-levering beta - ANSWER unlevered beta*(1+(1-tax rate)*(debt/market cap)

PV Factor - ANSWER 1/(1+WACC)^half year convention

Debt of post-acquisition company - ANSWER last year debt+value of new company
(after prem)*% debt used in acquisition

Market Cap of post-acquisition company - ANSWER last years market cap+ value of
new company (after prem)*% equity used in acquisition

Free Cash Flows - ANSWER Operating income*(1-tax rate)

Terminal Value - ANSWER (most recent year free cash flowsx(B401+terminal
growth)/(WACC-Terminal growth)*PV factor

Intrinsic Equity Value - ANSWER Operating value - net debt

Premium - ANSWER (total value-mkt cap)/mkt cap

Rev. Multiple - ANSWER (net debt+market cap)/Sales

EBITDA Multiple - ANSWER (Net debt+merket cap)/EBITDA

EBITDA % - ANSWER EBITDA/Sales
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