{"id":131289,"date":"2024-01-11T08:03:14","date_gmt":"2024-01-11T08:03:14","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=131289"},"modified":"2024-01-11T08:03:16","modified_gmt":"2024-01-11T08:03:16","slug":"adventis-financial-modeling-certification-fmc-level-2-exam-review-latest-2023-2024-update-questions-and-verified-answers-100-correct","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2024\/01\/11\/adventis-financial-modeling-certification-fmc-level-2-exam-review-latest-2023-2024-update-questions-and-verified-answers-100-correct\/","title":{"rendered":"Adventis Financial Modeling Certification (FMC) Level 2 Exam Review (Latest 2023\/ 2024 Update) Questions and Verified Answers| 100% Correct"},"content":{"rendered":"\n<p>Adventis Financial Modeling Certification (FMC) Level 2 Exam Review (Latest 2023\/ 2024 Update) Questions and Verified Answers| 100% Correct<\/p>\n\n\n\n<p>Adventis Financial Modeling Certification<br>(FMC) Level 2 Exam Review (Latest 2023\/<br>2024 Update) Questions and Verified<br>Answers| 100% Correct<br>Q: a company sold for $100M and the company being bought had $15M of debt and $2M of<br>cash, what happens and what is the transaction value and purchase price<br>Answer:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the $2M would be used by shareholders of the acquired company to pay down existing $15M in<br>debt to make $13M in debt now (15 &#8211; 2 = 13)<\/li>\n\n\n\n<li>the proceeds from the deal would then be used to pay down the remaining debt (EV = CS + PS<\/li>\n\n\n\n<li>Debt &#8211; Cash)<\/li>\n\n\n\n<li>Result is 100 &#8211; 13 = 87<\/li>\n\n\n\n<li>TV = $100M<\/li>\n\n\n\n<li>Purchase price = $87 (check to shareholders of acquired company)<br>Q: 2 primary types of relative valuation<br>Answer:<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li>comparable company analysis<\/li>\n\n\n\n<li>acquisition comparables analysis<br>Q: comparable companies analyses (public trading comparables analyses)<br>Answer:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>most common types of relative valuation<\/li>\n\n\n\n<li>these methods allow investors to compare valuation of similar companies by comparing similar<br>ratios<br>Q: most common public trading comparable ratios<\/li>\n<\/ul>\n\n\n\n<p>Answer:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>EV\/EBITDA &#8211; compares the total value of a business to its operating profits<\/li>\n\n\n\n<li>EV\/Revenue &#8211; Generally good EV\/Sales multiples are between 1x and 3x. Since EV\/Sales is a<br>valuation metric, from investor perspective higher value of EV\/Sales can be indicative of the<br>&#8220;expensiveness&#8221; of the valuation of the company.<\/li>\n\n\n\n<li>P\/E (share price\/earnings per share) Difference between 1 and 3 is that P\/E doesn&#8217;t account for<br>Debt. EV\/EBITDA may show a more accurate picture since it can determine if a company has a<br>lot of debt that may hinder earnings. Some drawbacks for EV\/EBITDA is that it doesn&#8217;t account<br>for CAPEX<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ex: P\/E 20x ( another name is &#8220;Earnings Multiple&#8221; &amp; &#8220;multiple&#8221;<\/li>\n\n\n\n<li>Ex: Bill Bike Shop &#8211; Price = $60, EPS = $3<br>P\/E = 60\/3 = 20x<br>Sam Scooter Shop &#8211; Price = $75, EPS = $5<br>P\/E = 75\/5 = 15<br><em>This is telling us that the market is currently<\/em> valuing the shares of Bill&#8217;s bike shop at 20 times<br>the amount of their yearly profit so if you were to buy shares in bill&#8217;s bike shop you would be<br>paying 20 times the amount that they generate in profit<br>Even though sam scooters have a higher price per share they are also generating more earnings<br>for the shares outstanding. What we see is that when we compare the two companies and in<br>apples to apple even though sam&#8217;s scooter shares are 15 more expensive they actually give you<br>the right to more profits than bill&#8217;s bike shop does you have the right to five dollars per share<br>with a profit instead of only the three dollars per<br>share in profit the bills bike shop<br>Q: assume a company has $5M of EBITDA and two public companies most similar to the<br>company trade at 6.0x and 7.0x EBITDA, what might you conclude<br>Answer:<\/li>\n\n\n\n<li>Ex: 7.0 = x\/5 ; 6.0 = x\/5<\/li>\n\n\n\n<li>can conclude that EV for the company should be between 30-35 million<br>Q: what happens when a company trades at a multiple that is a premium or a discount to the<br>industry average<br>Answer:<br>investors will dig in to understand the rationale<\/li>\n<\/ul>\n\n\n\n<p>Q: assume that a company trades at 7.0x EBITDA but the average of comparable companies is<br>9.0x, what can we conclude<br>Answer:<br>the company is being undervalued and the investor will look to buy shares because he realizes<br>that the share price will increase Wall St. begins to value the company in-line with its peers<br>Q: acquisition comparables analysis (transaction comparables analysis)<br>Answer:<br>represent comparable acquisitions that have taken place and have been publicly announced<br>Q: are multiples for acquisition comparables higher or lower than mulitples for comparable<br>companies<br>Answer:<br>higher because acquirers need to pay a premium to the current share price to gain control of the<br>company<br>Q: most common type of intrinsic valuation<br>Answer:<br>DCF analysis<br>Q: what is DCF analysis<br>Answer:<br>it is the process of projecting future cash flows and discounting them to their PVs by using TVM<br>get pdf at ;<a href=\"https:\/\/learnexams.com\/search\/study?query=\" target=\"_blank\" rel=\"noopener\">https:\/\/learnexams.com\/search\/study?query=<\/a><\/p>\n\n\n\n<p>what is value<br>what people are willing to pay for (what the buyer pays)<\/p>\n\n\n\n<p>who said, &#8220;Value is what people are willing to pay for&#8221;<br>John Naisbitt<\/p>\n\n\n\n<p>2 primary types of valuation<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>relative valuation<\/li>\n\n\n\n<li>intrinsic valuation<\/li>\n<\/ol>\n\n\n\n<p>relative valuation refers to what<br>methods that compare the price of a company to the market value of similar assets<\/p>\n\n\n\n<p>intrinsic value refers to what<br>the value of a company through fundamental analysis without reference to its market value but instead around its ability to generate cash flow<\/p>\n\n\n\n<p>in an M&amp;A context, what is EV<br>transaction value<\/p>\n\n\n\n<p>in an M&amp;A context, what is equity value<br>purchase price<\/p>\n\n\n\n<p>a company sold for $100M and the company being bought had $15M of debt and $2M of cash, what happens and what is the transaction value and purchase price<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the $2M would be used by shareholders of the acquired company to pay down existing $15M in debt to make $13M in debt now (15 &#8211; 2 = 13)<\/li>\n\n\n\n<li>the proceeds from the deal would then be used to pay down the remaining debt (EV = CS + PS + Debt &#8211; Cash)<\/li>\n\n\n\n<li>Result is 100 &#8211; 13 = 87<\/li>\n\n\n\n<li>TV = $100M<\/li>\n\n\n\n<li>Purchase price = $87 (check to shareholders of acquired company)<\/li>\n<\/ul>\n\n\n\n<p>2 primary types of relative valuation<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>comparable company analysis<\/li>\n\n\n\n<li>acquisition comparables analysis<\/li>\n<\/ol>\n\n\n\n<p>comparable companies analyses (public trading comparables analyses)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>most common types of relative valuation<\/li>\n\n\n\n<li>these methods allow investors to compare valuation of similar companies by comparing similar ratios<\/li>\n<\/ul>\n\n\n\n<p>most common public trading comparable ratios<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>EV\/EBITDA<\/li>\n\n\n\n<li>EV\/Revenue<\/li>\n\n\n\n<li>Net income\/Earnings (share price\/earnings per share)<\/li>\n<\/ol>\n\n\n\n<p>assume a company has $5M of EBITDA and two public companies most similar to the company trade at 6.0x and 7.0x EBITDA, what might you conclude<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ex: 7.0 = x\/5 ; 6.0 = x\/5<\/li>\n\n\n\n<li>can conclude that EV for the company should be between 30-35 million<\/li>\n<\/ul>\n\n\n\n<p>what happens when a company trades at a multiple that is a premium or a discount to the industry average<br>investors will dig in to understand the rationale<\/p>\n\n\n\n<p>assume that a company trades at 7.0x EBITDA but the average of comparable companies is 9.0x, what can we conclude<br>the company is being undervalued and the investor will look to buy shares because he realizes that the share price will increase Wall St. begins to value the company in-line with its peers<\/p>\n\n\n\n<p>acquisition comparables analysis (transaction comparables analysis)<br>represent comparable acquisitions that have taken place and have been publicly announced<\/p>\n\n\n\n<p>are multiples for acquisition comparables higher or lower than mulitples for comparable companies<br>higher because acquirers need to pay a premium to the current share price to gain control of the company<\/p>\n\n\n\n<p>most common type of intrinsic valuation<br>DCF analysis<\/p>\n\n\n\n<p>what is DCF analysis<br>it is the process of projecting future cash flows and discounting them to their PVs by using TVM<\/p>\n\n\n\n<p>steps for DCF<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>project future cash flows<\/li>\n\n\n\n<li>discount future cash flows to their PV&#8217;s<\/li>\n\n\n\n<li>Find the PV of all cash flows beyond the projection period (terminal value)<\/li>\n<\/ol>\n\n\n\n<p>cash flow metric used for DCF analysis<br>unlevered FCF<\/p>\n\n\n\n<p>unlevered FCF<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>cash flow available to all stakeholders<\/li>\n\n\n\n<li>not affected by capital structure<\/li>\n\n\n\n<li>doesn&#8217;t include interest expense<\/li>\n<\/ul>\n\n\n\n<p>why is tax-effected EBIT used rather than net income<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the valuation should not depend on capital structure<\/li>\n\n\n\n<li>applying the tax-rate directly to EBIT without subtracting interest expense eliminates the impact of capital structure to cash flow<\/li>\n<\/ul>\n\n\n\n<p>cash flow is projected out in the projection period which is typically\u2026<br>5 years but could be 10 years for startups<\/p>\n\n\n\n<p>the analyst should end the model with a financial year representative of a\u2026<br>steady state to ensure the analysis does not over or understate total valuation<\/p>\n\n\n\n<p>first component of determining the present value of a company is<br>calculate each unlevered FCF&#8217;s PV by discounting them using the discount rate (cost of capital)<\/p>\n\n\n\n<p>two methods for determining terminal value<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>perpetuity method<\/li>\n\n\n\n<li>EBITDA exit multiple method<\/li>\n<\/ol>\n\n\n\n<p>perpetuity method assumes that the<br>FCF in the last year of the projection period\u2026<br>will grow into perpetuity at an annual rate of growth (2-3%)<\/p>\n\n\n\n<p>in practice, you would typically expect to see perpetuity growth do what when a company matures<br>decline<\/p>\n\n\n\n<p>to calculate the terminal value under the perpetuity growth method, what model is used<br>Gordon-Growth Model<\/p>\n\n\n\n<p>the Gordon-Growth Model rests on the assumption that\u2026<br>CF of the last period will stabilize and continue at the same rate of growth forever<\/p>\n\n\n\n<p>perpetuity growth rate represents<br>an average growth rate<\/p>\n\n\n\n<p>perpetuity growth rate can&#8217;t exceed what<br>local inflation rate because that would signify that the company would eventually grow to be larger than the entire domestic economy<\/p>\n\n\n\n<p>EBITDA exit multiple assumes\u2026<br>that the company is sold in the last year of the projection period at a multiple of EBITDA<\/p>\n\n\n\n<p>what will investors do with these two methods<br>use one method and back into an implied value for the other method as a check<\/p>\n\n\n\n<p>if a 12.0x EBITDA exit multiple implies a 5% perpetuity growth rate, what can be said<br>the exit multiple could be considered unrealistic<\/p>\n\n\n\n<p>formula for PV of projection period<br>PV = FV\/(1+r)^N<\/p>\n\n\n\n<p>formula for PV of terminal value<br>PV = TV\/(1+r)^N<\/p>\n\n\n\n<p>formula for terminal value using perpetuity method<br>TV = Terminal year FCF (1 + g) \/ (r &#8211; g)<\/p>\n\n\n\n<p>formula for terminal value using EBITDA exit multiple method<br>Terminal year EBITDA X EBITDA multiple<\/p>\n\n\n\n<p>the discount rate used in a DCF analysis should be\u2026<br>the cost of capital for the business being valued<\/p>\n\n\n\n<p>Weighted average cost of capital (WACC) is used to\u2026<br>determine the discount rate or a range of discount rates to be used in a DCF analysis<\/p>\n\n\n\n<p>often companies add a premium to the WACC to determine\u2026<br>a hurdle rate which will then be used as the discount rate<\/p>\n\n\n\n<p>what is the WACC<br>minimum return that a company must earn on an existing asset base to satisfy all capital providers<\/p>\n\n\n\n<p>WACC represents\u2026<br>the blended cost to debt holders and equity holders based on the cost of debt and cost of equity<\/p>\n\n\n\n<p>WACC formula<br>WACC = (%equity X cost of equity) + (%debt X cost of debt) X (1-T)<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>E<\/li>\n\n\n\n<li>D<\/li>\n\n\n\n<li>V<\/li>\n\n\n\n<li>E\/V<\/li>\n\n\n\n<li>D\/V<\/li>\n\n\n\n<li>Re<\/li>\n\n\n\n<li>Rd<\/li>\n\n\n\n<li>T<\/li>\n\n\n\n<li>market value of equity<\/li>\n\n\n\n<li>market value of debt<\/li>\n\n\n\n<li>total enterprise value (E+D)<\/li>\n\n\n\n<li>% of financing that is equity<\/li>\n\n\n\n<li>% of financing that is debt<\/li>\n\n\n\n<li>cost of equity<\/li>\n\n\n\n<li>cost of debt<\/li>\n\n\n\n<li>corporate tax rate<\/li>\n<\/ol>\n\n\n\n<p>Capital assets pricing model (CAPM)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>used to calculate cost of equity<\/li>\n\n\n\n<li>rate of return equity owners expect<\/li>\n<\/ul>\n\n\n\n<p>CAPM formula<br>Re = Rf + B (Rm &#8211; Rf)<\/p>\n\n\n\n<p>Rf<br>risk free rate (10 year bond)<\/p>\n\n\n\n<p>B<br>Beta (how volatile the stock is in comparison to the market)<\/p>\n\n\n\n<p>Rm-Rf<br>market risk premium (expected return on the market &#8211; risk free rate)<\/p>\n\n\n\n<p>what does a leveraged buyout analysis tell you<br>how much a private equity firm could afford to pay for a business<\/p>\n\n\n\n<p>private equity firms target a higher or lower return?<br>higher which means they use higher leverage<\/p>\n\n\n\n<p>for publicly traded companies, the purchase price assumes what?<br>a premium to the stock price to incent a change in ownership<\/p>\n\n\n\n<p>premium typically ranges between\u2026<br>20-40%<\/p>\n\n\n\n<p>transaction value determined by\u2026<br>adding net debt to the purchase price<\/p>\n\n\n\n<p>transaction value represents\u2026<br>total value that must be financed to acquire the company<\/p>\n\n\n\n<p>sources and uses reflect what<br>sources and uses of capital to finance the acquisition<\/p>\n\n\n\n<p>sources include<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>debt<\/li>\n\n\n\n<li>equity<\/li>\n<\/ol>\n\n\n\n<p>debt sources<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>bank debt<\/li>\n\n\n\n<li>high yield debt<\/li>\n<\/ol>\n\n\n\n<p>bank debt<br>amortized over a period of time<\/p>\n\n\n\n<p>high yield debt<br>interest only with the ability to pay down principal based on cash flow<\/p>\n\n\n\n<p>uses include<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>transaction value<\/li>\n\n\n\n<li>beginning balance of cash<\/li>\n\n\n\n<li>deal fees<\/li>\n<\/ol>\n\n\n\n<p>how are sources and uses related to each other<br>they are always equal<\/p>\n\n\n\n<p>amount and types of debt are determined by\u2026<br>lenders with any remaining capital necessary to finance the acquisition coming from the financial sponsor as their initial equity investment<\/p>\n\n\n\n<p>amount of debt varies due to<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>industry the company operates in<\/li>\n\n\n\n<li>predictability of cash flow<\/li>\n<\/ol>\n\n\n\n<p>debt typically split across which tranches<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>senior debt<\/li>\n\n\n\n<li>subordinated debt<\/li>\n<\/ol>\n\n\n\n<p>senior debt<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>has first claim in bankruptcy<\/li>\n\n\n\n<li>amortized (paid back) over the life of the loan causing it to have lower interest rates<\/li>\n<\/ul>\n\n\n\n<p>subordinated debt<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>requires interest payments only with the ability to voluntarily pay down principal with any excess cash flow<\/li>\n\n\n\n<li>higher interest rates due to additional default risk<\/li>\n<\/ul>\n\n\n\n<p>typical debt\/EBITDA<br>2.0x-4.0x<\/p>\n\n\n\n<p>typical total debt\/EBITDA<br>4.0x-6.0x<\/p>\n\n\n\n<p>the financial sponsor&#8217;s equity investment makes up<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>any remaining capital needed to finance the transaction value<\/li>\n\n\n\n<li>20-40% of total sources<\/li>\n<\/ul>\n\n\n\n<p>most commonly used measures of return<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>cash-on-cash return<\/li>\n\n\n\n<li>internal rate of return (IRR)<\/li>\n<\/ol>\n\n\n\n<p>both measures take into account<br>the relationship of capital invested by the financial sponsor vs. capital returned over the life of the investment<\/p>\n\n\n\n<p>the IRR unlike the cash-on-cash take into account<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>TVM<\/li>\n\n\n\n<li>produces annualized rate or return<\/li>\n<\/ul>\n\n\n\n<p>target IRR&#8217;s range from<br>20-30%<\/p>\n\n\n\n<p>IRR<br>annualized effective compounded return rate that makes NPV = 0<\/p>\n\n\n\n<p>IRR formula<br>IRR = (cash returned to sponsor\/initial equity invested)^1\/N &#8211; 1<\/p>\n\n\n\n<p>if an investor receives a 15% IRR over the life of an investment\u2026<br>investment increased on avg 15% per year<\/p>\n\n\n\n<p>cash-on-cash multiple<br>how much an investor receives in proceeds upon exiting the investment compared to its initial investment (doesn&#8217;t matter when the exit actually occurs)<\/p>\n\n\n\n<p>cash-on-cash formula<br>cash returned to sponsor\/initial equity invested<\/p>\n\n\n\n<p>if an investor gets a cash-on-cash multiple of 2.5x\u2026<br>they received $2.50 for every $1 invested<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adventis Financial Modeling Certification (FMC) Level 2 Exam Review (Latest 2023\/ 2024 Update) Questions and Verified Answers| 100% Correct Adventis Financial Modeling Certification(FMC) Level 2 Exam Review (Latest 2023\/2024 Update) Questions and VerifiedAnswers| 100% CorrectQ: a company sold for $100M and the company being bought had $15M of debt and $2M ofcash, what happens and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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