Cost of Capital

Laporan Keuangan PT. Dunia Sejahtera per 31 Des 2011

Rp320,000,000,000
asset t1
asset t2
Rp400,000,000,000
Growth
25%

Sumber dana
1. Coupon Ratebunga/tahun Rp. 6.8 M (emisi obligasi)
2. Emisi prefered stock dengan market price Rp. 7,500/lembar, prefered stock devidend 10%/tahun
3. Common stock Rp. 2,500/lembar, Par value Rp 500/lembar, flotation cost 1% dari harga pada saat e
Commont Stock t1
Rp75,000,000,000
Commont Stock t2
Rp25,000,000,000
4. Retained Earning:
20% dari nilai laba
8% devidend pay out ratio
devident growth 5%/tahun
PT Dunia Sejahtera
Balance Sheet
Per 31 Desember 2011
Curren Asset
Cash
Marketable securities
Account receivables
Inventories
Total current assets

40,000,000,000
80,000,000,000
100,000,000,000
60,000,000,000
280,000,000,000

Dit: WACC?

KWACC = kd (1-Tc)wd + kcWcs

KWACC = Wdxud (1-Tc) + Wps x kps + Wcs x kcs x Wncs - kncs

Jawab:

Kps = D/NPps
Kps =
Kps =

Weighted Average Cost of Capital (WACC)

Struktur Modal
Cost to debt

68,000,000,000

Prefered stock
common equity
Retained Earning

75,000,000,000
100,000,000,000
17,000,000,000

embar, prefered stock devidend 10%/tahun

embar, flotation cost 1% dari harga pada saat emisi

T Dunia Sejahtera
Balance Sheet
r 31 Desember 2011
express in rupiah
Liabilities and equity
Current Liabilities
Long term debt
Total liabilities

68,000,000,000
140,000,000,000
208,000,000,000

Preferred stock
Common equity
Retained Earnings
Total common equity

75,000,000,000
100,000,000,000
17,000,000,000
192,000,000,000

Total liabilities & equity

400,000,000,000

Wps x kps + Wcs x kcs x Wncs - kncs

Sumber dana yang ke-2

7,500,000,000
75,000,000,000
10%

10%

6,800,000,000

0.000133%
0.00307%
20%
30.0032%

99,750
3,070,000
3,400,000,000
10,203,169,750

Sumber Pendanaan Ke-3

Common equity
PV (saham)

dt
(1 + ke)

(saham)
(1 + ue)

340,000,000,000
(1 + 18,6%)

25,000,000,000
(1 + 18,6%)

286,677,908,938

21,079,258,010

307,757,166,948

=
=

Cost to debt

=
=

Common Stock =

Rp2,500

Rp500

=
=

Agio saham

=
=

Reatined earning

=
=

Emisi Obligasi (Coupon Rate)

Utang Jangka Pendek
Biaya bunga pertahun 10% (Rp 68 M * 10%)
Biaya hutang jangka pendek

Emisi prefered stock

Prefered stock
Deviden prefered stock (Rp 75 M x 10%)

=
=
=

=
=

Biaya saham preferen

=
=

Common stock

Harga saham pada saat right issue

Kenaikan harga

=
=

Pertumbuhan

Biaya commmon stock

Common stock

Retained earning
Retained earning
Dividen pay out ratio

=
=
=

Laba untuk pemegang saham

=
=

Kc (dt/Po) + g = (Rp 3,4 m/Rp 2500) + 5% = 18,6%

dt = EAT X DPR

 out stering share

dt

dt

dt

Struktur Modal Permanen dan Biaya Modal

Keterangan
Current Liabilities
Long Term Debt
Prefered Stock
Common Equity
Retained Earning

Jumlah
68,000,000,000
140,000,000,000
75,000,000,000
100,000,000,000
17,000,000,000
400,000,000,000
K

2500 (1% + 20%)

P0 =
P0 =

2,500
3,025

21%
per lembar

dt = EAT X DPR
out stering share
(100%/20% x Rp 17000 m)x 80%
(Rp 100000m/Rp 500)
340

per lembar

ke =(dt/P0) + g
340
2,500

5%

13.6%

5%

18.6%

F/B
6,800,000,000
68,000,000,000
10%

per tahun

Rp2,000
Rp20,000,000,000

10,000,000

Rp25,000,000,000
Rp5,000,000,000

###

Rp17,000,000,000
Rp3,400,000,000

20%

Rp68,000,000,000
Rp6,800,000,000
Rp6,800,000,000
Rp68,000,000,000

100%

10%

100%

10%

200,000,000

Rp75,000,000,000
Rp7,500,000,000
Rp7,500,000,000
Rp75,000,000,000

Rp100,000,000,000
Rp100,000,000,000
Rp500
20% x Rp 100,000,000,000
Rp20,000,000,000
1% x Rp 25,000,000,000
Rp250,000,000
Rp20,000,000,000
Rp99,750,000,000
20.05%

Rp17,000,000,000
80% x Rp 17 M
Rp13,600,000,000
20% x Rp 17 M
Rp3,400,000,000

Lembar

(100%/20% x Rp. 17,000,000,000

(Rp. 100,000 / Rp. 500
Rp68,000,000,000
Rp200
340,000,000

Lembar

Biaya Modal
10% (Kb1)
10% (Kb2)
10% (Kps)
20.05% (Kcs)
18.60% (Ke)

Kb1 (1-T) (B1/V) + Kb2 (1-T) (B2/V) + Kps (Ps/V) + Kcs (g/v) + Ke (Re/V)

0.1*(1-0.3)*(68000000000/400000000)+0.1*(1-0.3)*(140000000000/400000000000)+0.1*(75000000
0.0119 + 0.00245 + 0,01875 + 0,051 + 0,007905
0.11
11.406%

000)+0.1*(75000000000/400000000000)+0.205*(100000000000/400000000000)+0.186*(17000000000/40000

(17000000000/400000000000)