TUGAS

ACCOUNTING AND FINANCE

CHAPTER 15
Capital Structure and Leverage

Kelas 71-D

Kelompok 1
Disusun oleh :

1. Astari Nesti 17REG71011

2. Ria Fasyah Fatmawati 17REG71091
3. Tri Wulunggani 17REG71107
4. Vriesia Tissa Florika 17REG71108
5. Yosephin Devi Astari 17REG71118

PROGRAM STUDI MAGISTER MANAJEMEN

FAKULTAS EKONOMI DAN BISNIS
UNIVERSITAS GADJAH MADA
YOGYAKARTA
2017
15-5 .
FINANCIAL LEVERAGE EFFECTS
Pacific Dana and MAAKL are identical except for their financial leverage ratios and the interest rates
they pay on debt. Each has $20 million in invested capital, has $4 million of EBIT, and is in the 40%
corporate tax bracket. Pacific Dana, however, has a debt-to-capital ratio of 50% and pays 12% interest
on its debt, whereas MAAKL has a 30% debt-to-capital ratio and pays only 10% interest on this debt.
Neither firm uses preferred stock in its capital structure.

a. Calculate the return on invested capital (ROIC) for each firm.

b. Calculate the return on equity (ROE) for each firm.
c. Observing that Pacific Dana has a higher ROE, MAAKL’s treasurer is thinking of raising the
debt-to-capital ratio form 30% to 60% even though that would increase MAAKL’s interest
rate on all debt to 15%. Calculate the new ROE for MAAKL.

Jawaban:

Diketahui pada kondisi awal, komposisi modal (capital) antara Pacific Dana dan MAAKL adalah sebagai
berikut:

Pacific Dana MAAKL

Debt / Capital 50% Debt / Capital 30%
Tax Rate 40% Tax Rate 40%
Invested Capital $20,000,000 Invested Capital $20,000,000
Debt $10,000,000 Debt $ 6,000,000
Interest Rate 12% Interest Rate 10%
Equity $10,000,000 Equity $14,000,000
EBIT $ 4,000,000 EBIT $ 4,000,000

Pada kondisi selanjutnya, MAAKL mengubah komposisi menjadi:

Pacific Dana MAAKL

Debt / Capital 50% Debt / Capital 60%
Tax Rate 40% Tax Rate 40%
Invested Capital $20,000,000 Invested Capital $20,000,000
Debt $10,000,000 Debt $12,000,000
Interest Rate 12% Interest Rate 15%
Equity $10,000,000 Equity $ 8,000,000
EBIT $ 4,000,000 EBIT $ 4,000,000

Perubahan komposisi Capital MAAKL

a. Nilai ROIC untuk tiap-tiap perusahaan:

𝐸𝐵𝐼𝑇(1 − 𝑇) $4,000,000(1 − 0.4)

𝑅𝑂𝐼𝐶𝑃𝑎𝑐𝑖𝑓𝑖𝑐 𝐷𝑎𝑛𝑎 = =
𝐼𝑛𝑣𝑒𝑠𝑡𝑒𝑑 𝑐𝑎𝑝𝑖𝑡𝑎𝑙 $20,000,000

𝑹𝑶𝑰𝑪𝑷𝒂𝒄𝒊𝒇𝒊𝒄 𝑫𝒂𝒏𝒂 = 𝟎. 𝟏𝟐 = 𝟏𝟐%

𝐸𝐵𝐼𝑇(1 − 𝑇) $4,000,000(1 − 0.4)

𝑅𝑂𝐼𝐶𝑀𝐴𝐴𝐾𝐿 = =
𝐼𝑛𝑣𝑒𝑠𝑡𝑒𝑑 𝑐𝑎𝑝𝑖𝑡𝑎𝑙 $20,000,000

𝑹𝑶𝑰𝑪𝑴𝑨𝑨𝑲𝑳 = 𝟎. 𝟏𝟐 = 𝟏𝟐%

b. Nilai ROE untuk tiap-tiap perusahaan:

Untuk Pacific Dana

𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 = 0.12 ∗ 𝐷𝑒𝑏𝑡 = 0.12 ∗ $10,000,000 = $1,200,000

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 = (𝐸𝐵𝐼𝑇 − 𝐼)𝑥(1 − 𝑇)

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 = ($4,000,000 − $1,200,000)𝑥(1 − 0.4) = $1,680,000

𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆 $𝟏, 𝟔𝟖𝟎, 𝟎𝟎𝟎

𝑹𝑶𝑬 = = = 𝟏𝟔. 𝟖𝟎%
𝑬𝒒𝒖𝒊𝒕𝒚 $𝟏𝟎, 𝟎𝟎𝟎, 𝟎𝟎𝟎

Untuk MAAKL
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 = 0.10 ∗ 𝐷𝑒𝑏𝑡 = 0.10 ∗ $6,000,000 = $600,000

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 = (𝐸𝐵𝐼𝑇 − 𝐼)𝑥(1 − 𝑇)

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 = ($4,000,000 − $600,000)𝑥(1 − 0.4) = $2,040,000

𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆 $𝟐, 𝟎𝟒𝟎, 𝟎𝟎𝟎

𝑹𝑶𝑬 = = = 𝟏𝟒. 𝟓𝟕%
𝑬𝒒𝒖𝒊𝒕𝒚 $𝟏𝟒, 𝟎𝟎𝟎, 𝟎𝟎𝟎

Nilai-nilai tersebut dapat dilihat dari rangkuman di bawah ini:

EBIT EBIT(1-T) ROIC Interest Net Income ROE

Pacific Dana $ 4,000,000 $ 2,400,000 12% $ 1,200,000 $ 1,680,000 16.80%
MAAKL $ 4,000,000 $ 2,400,000 12% $ 600,000 $ 2,040,000 14.57%
 c. Nilai ROE yang baru untuk MAAKL:

Untuk MAAKL (setelah perubahan komposisi capital)

𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 = 0.15 ∗ 𝐷𝑒𝑏𝑡 = 0.15 ∗ $12,000,000 = $1,800,000

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 = (𝐸𝐵𝐼𝑇 − 𝐼)𝑥(1 − 𝑇)

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 = ($4,000,000 − $1,800,000)𝑥(1 − 0.4) = $1,320,000

𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆 $𝟏, 𝟑𝟐𝟎, 𝟎𝟎𝟎

𝑹𝑶𝑬 = = = 𝟏𝟔. 𝟓𝟎%
𝑬𝒒𝒖𝒊𝒕𝒚 $𝟖, 𝟎𝟎𝟎, 𝟎𝟎𝟎

Nilai-nilai tersebut dapat dilihat dari rangkuman di bawah ini:

EBIT EBIT(1-T) ROIC Interest Net Income ROE
Pacific Dana $ 4,000,000 $ 2,400,000 12% $ 1,200,000 $ 1,680,000 16.80%
MAAKL $ 4,000,000 $ 2,400,000 12% $ 1,800,000 $ 1,320,000 16.50%

Parameter yang berubah setelah pembaharuan pada komposisi capital MAAKL

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%

Capital structure 2: 50% debt dan 50% equity

Cost of Equity = ?

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

Beta jika strukturnya 50% Debt:

bL
bv 
1  (1  T )( D / E )
bL
1,25 
1  (1  0,4)(0,5 / 0,5)
bL  2

Cost of Equity jika 50% Debt:

Rs = rRF + (RPm)bi
Rs= 0,05 + (0,06)2
Rs = 0,17 atau 17%

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

b. Langkah 1: menghitung EBIT sebelum rekapitalisasi:

EBIT = $1.000.000/(1 – T) = $1.000.000/0,6 = $1.666.667
Perusahaan 100% menggunakan biaya sendiri (equity 100%), jadi tidak ada beban pajak

Langkah 2: menghitung net income setelah the rekapitalisasi:

[$1.666.667 – 0,11($1.000.000)]0,6 = $934.000

Langkah 3: menghitung jumlah saham beredar setelah recapitalisasi:

200.000 – ($1.000.000/$25) = 160.000 lembar saham

Langkah 4: menghitung D1 setelah recapitalisasi:

D0 = 0,4($934.000/160.000) = $2,335
D1 = $2,335(1,05) = $2,45175

Langkah 5: menghitung P0 setelah recapitalisasi:

P0 = D1/(rs – g) = $2,45175/(0,145 – 0.05) = $25,8079 atau apabila dibulatkan $25,81