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Kelas 71-D
Kelompok 1
Disusun oleh :
Jawaban:
Diketahui pada kondisi awal, komposisi modal (capital) antara Pacific Dana dan MAAKL adalah sebagai
berikut:
𝑹𝑶𝑰𝑪𝑴𝑨𝑨𝑲𝑳 = 𝟎. 𝟏𝟐 = 𝟏𝟐%
Untuk MAAKL
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 = 0.10 ∗ 𝐷𝑒𝑏𝑡 = 0.10 ∗ $6,000,000 = $600,000
15-7.
BREAK-EVEN ANALYSIS
TA Global is considering opening a music store. They want to estimate the number of CDs that must
be sold to break even. The CDs will be sold at $13,98 each, variable operating costs are $10,48 per CD,
and annual fixed operating costs are $73.500.
a. Find the operating break-even point in the number of CDs
b. Calculate the total operating costs at the break-even volume found in Part a
c. If TA Global estimates that at a minimum they can sell 2.000 CDs per month, should they go
into the music business?
d. How much EBIT will TA Global realize if they sell the minimum 2.000 CDs, per month as noted
in Part c?
Jawab
a. F = $73.500
P = $13,98
V = $10,48
Operating break-even point
𝐹
= 𝑃−𝑉
73.500
= 13,98−10,48
= 21.000
b. Total operating cost = Variable costs + Fixed Costs
= 10,48 (21.000) + 73.500
= 220.080 + 73.500
=$ 293.580
c. Ya, karena dalam jangka waktu kurang dari satu tahun, TA Global bisa break even point (modal
kembali) dengan perhitungan bahwa dalam satu tahun TA Global bisa menjual sebanyak 2.000
x 12 = 24.000 keping CD lebih banyak dibandingkan break even pada 21.000.
d. EBIT = Sales – Operating Costs
= (Price x Unit sales) – Operating Costs
= [13,98) (2.000)] – [(10,48x2.000)) + 73.500]
= 27.960 – 94.460
= -$66.500
Dalam jangka waktu satu tahun, maka :
EBIT TA Global = Sales – Operating Costs
= (27.960 x12) – [(10,48 x 2000 x 12) + 73.500]
= 335.520 – 325.020
= $10.500
15-10.
HAMADA EQUATION
Penta Software is trying to establish its optimal capital structure. Its current capital structure consists
of 25% debt and 75% equity; however, the CEO believes the firm should use more debt. The risk-free
rate, rRF, is 5%, the market risk premium, RPM, is 6%, and the firm’s tax rate is 40%. Currently,
O'Day’s cost of equity is 14%, which is determined by the CAPM. What would be Penta’s estimated
cost of equity if it changed its capital structure to 50% debt and 50% equity?
Diketahui:
Capital Structure = 25% debt dan 75% equity
rRF = 5%, RPm = 6%, Tax= 40%
Cost of Equity = 14%
JAWAB:
Rs = rRF + (RPm)bi
14% = 5% + (6%)bi
14%-5% = 6b%
B = 1,5
Unlevered Beta:
bL
bv
1 (1 T )( D / E )
1,5
bv
1 (1 0,4)(0,25 / 0,75)
bv 1,25
Maka perkiraan cost of equitynya jika strukturnya 50% debt dan 50% equity adalah 17%.
15-11.
RECAPITALIZATION
Tambun Rambutan Plantations currently has total capital equal to$5 million, has zero debt, is in the
40% corporate tax bracket , has a net income of $1 million, and distributes 40% of its earnings as
dividends. Net income is expected to grow at a constant rate of 5% per year, 200,000 shares of stock
are outstanding, and the current WACC is 13.40%.
The company is considering a recapitalization where it will issue $1 million in debt and use the
proceeds to reprurchase stock. Investment bankers have estimated that if the company goes
through will the recapitalization, it is before – tax cost of debt will be 11% and its cost of euity will
rise to 14.5%.
a. What is the stocks’s current price per share (before the recapitalization)
What is the stock's current price per share (before the recapitalization)?
b. Assuming that the company maitains the same payout ratio, what will be its stock price
following the recapitalization? Assume that share are repurchased at the price calculated in
part a.
Jawaban :
a. dividend per lembar saham
D0, = $400.000 / 200.000 = $2,00
D1 = $2,00(1,05) = $2,10
Jadi, P0 = D1/(rs – g) = $2,10/(0,134 – 0,05) = $25,00