Annual Semiannual

Diketahui :

Par or face value = 1,000 Bebas diisi

Annual interest rate = 10.00% Drop list
Payment period = Annual Jangan dirubah
Number of payment, times per year = 1
Interest payment = 100 Hasil perhitungan
Payment period to maturity, years = 20
Expected return = 7.0%
Bond value = 960.0

Bond Valuation

1. Mencari nilai Bond Value dengan Expected Return tertentu

Bond value = $1,317.8

Bond status = Premium

2. Mencari Yield to Maturity (YTM) dengan diketahui Bond Value tertentu

Yield to maturity = 10.49% 0.06815577

 Bebas diisi
Drop list
Jangan dirubah

Hasil perhitungan

1. Common Stock Valuation: The Zero Growth Model

Diketahui :

Dividend per share = 3.0

Period = Indefinitely
Expected return = 15.0%

Stock Value = 20

2. Common Stock Valuation: Constant Growth Model

Diketahui :

Dividend per share = 1.5

Period = Indefinitely
Expected return = 15.0%
Dividend growth rate = 7.0%

Stock Value = 18.75

3. Common Stock Valuation: Variable Growth Model

Diketahui :

Data untuk initial growth period

Dividend per share, awal initial growth period = 1.5 t
Period = 3 1
Expected return = 15.0% 2
Dividend growth rate = 10.0% 3
Data untuk initial growth period 4
Period = Indefinitely 5
Expected return = 15.0% 6
Dividend growth rate = 5.0% 7
8
PV of dividens during initial growth period = 4.12 9
Dividend per share, akhir initial growth period = 2.10 10
PV of dividens saat akhir initial growth period = 21.0
Stock Value = 17.90

4. Common Stock Valuation: Free Cash Flow (FCF) Model

Free cash flow (FCF), initial period = 200,000.00 t

FCF growth rate = 3.0% 1
Weighted average cost of capital = 11.0% 2
Debt market value, Vd = 1,500,000.00 3
Preferred stock market value, Vp = 400,000.00 4
Number of common stock shares = 300,000 5
6
Menghitung valuasi jika diberikan tabel Free cash flow 7
8
FCF di awal constant growth rate = 390,000.0 9
PV of FCF di awal constant growth rate = 5,021,250.0 10
PV of company value, Vc = 4,051,624.5
Stock Value, Vs = 2,151,624.5
Common stock value per share = 7.17

Menghitung valuasi jika constant growth cash flow sejak awal

PV of company value, Vc = 2,500,000.0

Stock Value, Vs = 600,000.0
Common stock value per share = 2.00

5. Common Stock Valuation: Book Value per Share

Total Assets = 6,000,000.00

Total Debt = 4,500,000.00
Total Preferred Stocks = 0.00
Number of common stock shares = 100,000

Total Liabilities = 4,500,000.0

Net Book Value = 1,500,000.0
Book value per share, BVPS = 15.00

6. Common Stock Valuation: Liquidation Value per Share

Total Assets Liquidation Value = 5,250,000.00

Total Debt = 4,500,000.00
Total Preferred Stocks = 0.00
Number of common stock shares = 100,000

Total Liabilities = 4,500,000.0

Net Liquidation Value = 750,000.0
Liquidation value per share = 7.50

7. Common Stock Valuation: Price Earning Ratio

Earning per share = 2.60

Prie earning ratio = 7.00

Stock Value = 18.2

D0 Dt PV
1.5 1.65 1.43
1.5 1.82 1.37
1.5 2.00 1.31
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
4.12
 FCF PV
200,000 180,180 0.901 180200
250,000 202,906 0.812 203000
310,000 226,669 0.731 226610
350,000 230,556 0.669 234150
390,000 231,446 0.593 3208871
0 6 4052831
0 7
0 8 2152831
0 9 10.76416
0 10
1,071,757 6
 Bebas diisi
Drop list
Jangan dirubah

Hasil perhitungan

1. Menghitung rate of return untuk 1 periode tertentu

Diketahui :

Cash di tahun t, Ct = 5.3

Price di tahun t, Pt = 532.2
Price di tahun t-1, Pt-1 = 411.2

Rate of return di tahun t, rt = 30.7%

2. Menghitung coefficient of variation untuk mengukur resiko single asset

Menghitung expected rate of return single asset

Possible outcome Probability Return Weighted Value

Pessimistic 25.0% 13% 3.25%
Most likely 50.0% 15% 7.50%
Optimistic 25.0% 17% 4.25%
Total 100.0% Expected return, r 15.00%

Menghitung standar deviasi

j ri r (ri-r)^2 Prj
1 13.0% 15.0% 0.04% 25.0%
2 15.0% 15.0% 0.00% 50.0%
3 17.0% 15.0% 0.04% 25.0%
Total

Standar deviasi = 1.4%

Coefficient of variation, CV = 0.0943

3. Menghitung coefficient of variation untuk mengukur resiko protofolio

Menghitung expected rate of return portofolio

Bobot Expected Return

Year Asset A Asset B Asset A Asset B
2014 50% 50% 8% 16%
2015 50% 50% 10% 14%
2016 50% 50% 12% 12%
2017 50% 50% 14% 10%
2018 50% 50% 16% 8%
Expected return, rp

Menghitung standar deviasi

i ri r (ri-r)^2
1 12.0% 12.0% 0.00%
2 12.0% 12.0% 0.00%
3 12.0% 12.0% 0.00%
4 12.0% 12.0% 0.00%
5 12.0% 12.0% 0.00%
Total 0.00%

Standar deviasi = 0.0%

Coefficient of variation, CV = 0.0000

4. Menghitung beta coefficient suatu portofolio

Portofolio A Portofolio B
Asset Proportion Beta Proportion Beta
Asset 1 0.10 1.65 0.10 0.80
Asset 2 0.30 1.00 0.10 1.00
Asset 3 0.20 1.30 0.20 0.65
Asset 4 0.20 1.10 0.10 0.75
Asset 5 0.20 1.25 0.50 1.05
 Portofolio beta coefficient 1.20 0.91

5. Menghitung required return menggunakan capital asset pricing model (CAPM)

Diketahui :

Risk free return, Rf = 7.0%

Beta coefficient, bj = 1.5
Market return, Rm = 11.0%

Required return, Rj = 13.0%

(ri-r)^2 x Prj
0.01%
0.00%
0.01%
0.02%
Portofolio
return
12%
12%
12%
12%
12%
12%
 Bebas diisi
Drop list
Jangan dirubah

Hasil perhitungan

1. Menghitung cost of long term debt

Diketahui :

Par or face value = 1,000

Coupon bond = 9.00%
Payment period = Annual
Number of payment, times per year = 1
Interest payment (I) = 90
Payment period to maturity, years (n) = 20
Bond value = 980.0
Floatation cost = 2%
Net proceed from the sales of debt, Nd = 960.0
Tax rate = 40%

Cost of long term debt, rd (excel formula) = 9.45%

Cost of long term debt, rd (book formula) = 9.39%
After tax cost of debt, ri (from excel formula) = 5.67%
After tax cost of debt, ri (from book formula) = 5.63%

2. Menghitung cost of preferred stock

Diketahui :

Preferred stock dividend = 10.0%

Sales price of preferred stock = 87.0
Cost of issuing stock = 5.0
Net proceed from the sales of stock, Nd = 82.0
Dividend value = 8.7

Cost of preferred stock, rd = 10.61%

3. Menghitung cost of common stock

Diketahui :

Dividend per share, D1 = 4.0

Period = Indefinitely
Stock Price, P0 = 50.0
Dividend growth, g = 5.0%

Cost of common stock, rs = 13.00%

4. Menghitung cost of common stock menggunakan capital asset pricing model (CAPM)

Diketahui :

Risk free return, Rf = 7.0%

Beta coefficient, b = 1.5
Market return, rm = 11.0%

Required return, rs = 13.0%

5. Menghitung cost of issued new stock

Diketahui :

Dividend per share, D1 = 4.0

Period = Indefinitely
Stock Price, P0 = 50.0
Cost of issuing stock (underpricing from market) = 3.0
Issued stock sales price = 47.0
Floatation cost = 2.5
Net proceed from the issue of stock, Nn = 44.5
Dividend growth, g = 5.0%

Cost of common stock, rs = 13.99%

6. Menghitung weighted average of cost capital (WACC)

Diketahui :

Proportion of long term debt, wi = 0.4

Proportion of preferred stock, wp = 0.1
Proportion of common stock, ws = 0.5
Proportion of issued new stock, ws = 0.0
Cost of debt, ri = 5.6%
Cost of preferred stock, rp = 10.6%
Cost of retained earnings, rs = 13.0%
Cost of issued new stock, rn = 14.0%

Source of Capital Weight Cost

Long term debt 0.4 5.6%
Preferred stock 0.1 10.6%
Commons tock equity 0.5 13.0%
Issued new stock 0.0 14.0%
Total 1.0 WACC
Bebas diisi

Jangan dirubah

Hasil perhitungan
Weighted Cost
2.2%
1.1%
6.5%
0.0%
9.80%
 Bebas diisi
Drop list
Jangan dirubah

Hasil perhitungan

1. Investment evaluation berdasarkan projected cashflow

Diketahui :

Cost of capital, r = 10%

Project A
Initial Investment 42,000
Year Operating cashflow
0 -42,000 -42,000
1 14,000 -28,000
2 14,000 -14,000
3 14,000 0
4 14,000 14,000
5 14,000 28,000
Pay back period 3.0
NPV 11,071
PI 1.26
IRR 19.9%
 Bebas diisi

Jangan dirubah

Hasil perhitungan

Project B
45,000
perating cashflow
-45,000 -45,000
28,000 -17,000
12,000 -5,000
10,000 5,000
10,000 15,000
10,000 25,000
2.5
10,924
1.24
21.7%
 Percentage by recovery year
Recovery Year 3 years 5 years 7 years 10 years
1 33% 20% 14% 10%
2 45% 32% 25% 18%
3 15% 19% 18% 14%
4 7% 12% 12% 12%
5 12% 9% 9%
6 5% 9% 8%
7 9% 7%
8 4% 6%
9 6%
10 6%
11 4%
Total 100% 100% 100% 100%
 Bebas diisi
Drop list
Jangan dirubah

Hasil perhitungan

1. Initial Investment

Diketahui :

Cost of new asset = 380,000

New asset installation cost = 20,000
Cost of old asset = 240,000
Old asset installation cost = 0
Sales value of old asset = 280,000
Change in cash = 35,000
Change in account receivable = 0
Change in inventory = 0
Change in account payable = 18,000
Change in accruals = 0
Year to depreciate old asset = 5
Year since purchasing old asset = 3
Tax rate = 40%

Depreciation Table :

Recovery Year % Depreciation Depreciation

1 20% 48,000
2 32% 76,800
3 19% 45,600
4 12% 28,800
5 12% 28,800
6 5% 12,000
7 0% 0
8 0% 0
9 0% 0
10 0% 0
11 0% 0

Old asset book value = 69,600

Gain/Loss from old asset sales = 210,400
Tax on sale = 84,160
Menghitung net change in working capital

Current Account
Cash
Account receivable
Inventory
(1) Current Assets
Account payable
Accruals
(2) Current liabilities
Change in net working capital

Menghitung initial investment

Installed cost of new asset =

Cost of new asset
+ Installation costs
Total cost of new asset
− After-tax proceeds from sale of old asset =
Proceeds from sale of old asset
+ Tax on sale of old asset*
Total proceeds from sale of old asset
+ Change in working capital
Initial investment

2. Operating Cashflow

Diketahui :

Cost of installed new asset = 400,000

Cost of installed old asset = 240,000
Year to depreciate new asset = 5
Year to depreciate old asset = 5
Year since purchasing old asset = 3
Tax Rate = 40%

Depreciation Table :
Old Asset
Recovery Year % Depreciation Depreciation
1 20% 48,000
2 32% 76,800
3 19% 45,600
4 12% 28,800
5 12% 28,800
6 5% 12,000
 7 0% 0
8 0% 0
9 0% 0
10 0% 0
11 0% 0

Year Revenue Expense Profits before Depreciation and Taxes

New Asset
1 2,520,000 2,300,000 220,000
2 2,520,000 2,300,000 220,000
3 2,520,000 2,300,000 220,000
4 2,520,000 2,300,000 220,000
5 2,520,000 2,300,000 220,000
6 0
7 0
8 0
9 0
10 0
11 0

Old Asset
1 2,200,000 1,990,000 210,000
2 2,300,000 2,110,000 190,000
3 2,400,000 2,230,000 170,000
4 2,400,000 2,250,000 150,000
5 2,250,000 2,120,000 130,000
6 0
7 0
8 0
9 0
10 0
11 0

Calculation of Incremental Cash Flows

Year New Asset Old Asset Incremental Operating Cash Flow

1 164,000 137,520 26,480

2 183,200 125,520 57,680
3 162,400 106,800 55,600
4 151,200 90,000 61,200
5 151,200 78,000 73,200
6 8,000 0 8,000
7 0 0 0
 8 0 0 0
9 0 0 0
10 0 0 0
11 0 0 0

3. Terminal Cashflow

Sales value of new asset = 50,000

Sales value of old asset = 10,000
Recovered net working capital = 17,000
Tax rate = 40%

After-tax proceeds from sale of new asset =

Proceeds from sale of new asset
- Tax on sale of new asset*
Total proceedsfrom sale of new asset
− After-tax proceeds from sale of old asset =
Proceeds from sale of old asset
- Tax on sale of old asset*
Total proceeds from sale of old asset
+ Change in working capital
Terminal Cash Flow

4. Summary Cashflow

Year Cashflow
0
1
2
3
4
5
6
7
8
9
10
11
 3 2
5 3
7 4
10 5

Book Value
192,000
115,200
69,600
40,800
12,000
0
0
0
0
0
0
Change in balance
35,000
0
0
35,000
18,000
0
18,000
17,000

380,000
20,000
400,000

280,000
-84,160
195,840
17,000
221,160

New Asset
% Depreciation Depreciation
20% 80,000
32% 128,000
19% 76,000
12% 48,000
12% 48,000
5% 20,000
 0% 0
0% 0
0% 0
0% 0
0% 0

Net Profits Net Profits after Operating

Depreciation
before Taxes Taxes Cash flows

80,000 140,000 84,000 164,000

128,000 92,000 55,200 183,200
76,000 144,000 86,400 162,400
48,000 172,000 103,200 151,200
48,000 172,000 103,200 151,200
20,000 -20,000 -12,000 8,000
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0

28,800 181,200 108,720 137,520

28,800 161,200 96,720 125,520
12,000 158,000 94,800 106,800
0 150,000 90,000 90,000
0 130,000 78,000 78,000
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
50,000
20000
30,000

10,000
4000
6,000
17,000
41,000