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Catatan Untuk UAS

1) The document discusses concepts related to time value of money including future value, present value, and net present value calculations. It also covers the internal rate of return method. 2) Theories around cost of capital, weighted average cost of capital, and return on equity are explained. Cost of equity, cost of debt, and optimal capital structure are also defined. 3) Dividend policy and its implications for share price are analyzed. Formulas for calculating share price under different dividend payout assumptions are provided.

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51 views

Catatan Untuk UAS

1) The document discusses concepts related to time value of money including future value, present value, and net present value calculations. It also covers the internal rate of return method. 2) Theories around cost of capital, weighted average cost of capital, and return on equity are explained. Cost of equity, cost of debt, and optimal capital structure are also defined. 3) Dividend policy and its implications for share price are analyzed. Formulas for calculating share price under different dividend payout assumptions are provided.

Uploaded by

Nabila Rrc
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Pengertian Uang

Konsep Time Value Of Money

Future Value
𝐹1 = 10.000.000 × (1 + 0,18)
𝐹1 = 11.800.000
𝐹1

𝐹1 = 10.000.000 × (1 + 0,18)2
𝐹1 = 13.924.000

𝐹𝑛 = 𝑃𝑜 (1 + 𝑟)𝑛

𝐹𝑛

𝑃𝑜

𝐹𝑛 = 𝑃𝑜 (1 + 𝑟⁄𝑚)𝑛.𝑚

𝐹𝑛 = 𝑃𝑜 (1 + 𝑟⁄𝑚)𝑛.𝑚
1×4
𝐹1 = 10.000.000 (1 + 0,18⁄4)

𝐹1 = 11.925.186
Present Value

𝐶 1
𝑃0 = (1+𝑟)𝑛 𝑃0 = 𝑐 × (1+𝑟)𝑛

1
(1+𝑟)𝑛

𝐶 11.800.000
𝑃0 = 𝑃0 =
(1 + 𝑟)𝑛 1,18
11.800.000 = 10.000.000
𝑃0 =
(1 + 0,18)1
11.800.000
𝑃0 =
(1,18)1
Net Present Value
150 250 300 400
𝑁𝑃𝑉 = [ 1
]+[ 2
]+[ 3
]+[ ] − 600
(1 + 0,21) (1 + 0,21) (1 + 0,21) (1 + 0,21)4
150 250 300 400
𝑁𝑃𝑉 = [ 1 ]+[ 2 ]+[ 3 ]+[ ] − 600
(1,21) (1,21) (1,21) (1,21)4
150 250 300 400
𝑁𝑃𝑉 = [ ]+[ ]+[ ]+[ ] − 600
1,21 1,46 1,77 2,14
𝑁𝑃𝑉 = 123.966.942,15 + 171.232.876,71 + 169.491.525,42
+ 186.915.887,85 − 600.000.000
𝑁𝑃𝑉 = 651.607.232,13 − 600.000.000
𝑁𝑃𝑉 = 51.607.232,13
Internal Rate of Return (IRR)

𝑁𝑃𝑉 𝑟𝑟
𝐼𝑅𝑅 = 𝑟𝑟 + × (𝑟𝑡 − 𝑟𝑟) = 23,39%
𝑇𝑃𝑉𝑟𝑟 − 𝑇𝑃𝑉 𝑟𝑡
26.500
𝐼𝑅𝑅 = 20% + × (24% − 20%) = 23,39%
526.500 − 495.750

26.500
𝐼𝑅𝑅 = 20% + × 4% = 23,39%
31.250
Teori

300 𝑗𝑢𝑡𝑎
𝑀𝑜𝑑𝑎𝑙 𝑆𝑒𝑛𝑑𝑖𝑟𝑖 = = 60%
500 𝑗𝑢𝑡𝑎

200 𝑗𝑢𝑡𝑎
𝑀𝑜𝑑𝑎𝑙 𝐻𝑢𝑡𝑎𝑛𝑔 = = 40%
500 𝑗𝑢𝑡𝑎





𝐸
𝐾𝑒 = 𝑆

𝐵𝑖𝑎𝑦𝑎 𝑚𝑜𝑑𝑎𝑙 𝐻𝑢𝑡𝑎𝑛𝑔


𝐹
𝐾𝑑 = 𝑅

𝑂
𝐾𝑜 = 𝑉

:
𝑂 25.000.000
𝐾𝑜 = = = 0,2
𝑉 125.000.000

𝑂 25.000.000
𝐾𝑜 = = = 0,19
𝑉 130.680.000
125.000.000
𝐻𝑎𝑟𝑔𝑎 𝑠𝑎ℎ𝑎𝑚/𝑙𝑒𝑚𝑏𝑎𝑟 = = 25.000/𝑙𝑒𝑚𝑏𝑎𝑟
5.000

130.680.000
𝐻𝑎𝑟𝑔𝑎 𝑠𝑎ℎ𝑎𝑚/𝑙𝑒𝑚𝑏𝑎𝑟 = = 26.136/𝑙𝑒𝑚𝑏𝑎𝑟
5.000
3 𝑗𝑢𝑡𝑎
𝑃𝑉 𝑃𝑒𝑛𝑔ℎ𝑒𝑚𝑎𝑡𝑎𝑛 𝑝𝑎𝑗𝑎𝑘 = ∑
(1 + 𝑟)𝑡

𝑡 = 𝜃, 𝑚𝑎𝑘𝑎

𝑃𝑒𝑛𝑔ℎ𝑒𝑚𝑎𝑡𝑎𝑛 𝑃𝑎𝑗𝑎𝑘
𝑃𝑉 𝑝𝑒𝑛𝑔ℎ𝑒𝑚𝑎𝑡𝑎𝑛 𝑝𝑎𝑗𝑎𝑘 =
𝑘𝑑

𝐸𝐴𝑇 17.500.000
𝑉𝑢 = = = 87.500.000
𝐾𝑒 0,2
3.000.000
= = 18.750.000
0,16
𝐸𝐵𝐼𝑇(1−𝑡)
𝐾0 = 𝑉

25.000.000(1−30%)
𝐾0 = 106.250.000

𝐾0 = 0,16 = 16%


 

 

 



𝐷𝑡
𝑃𝑜 = ∑
(1 + 𝑘)𝑡
𝑡=1

𝐷𝑡
𝑃𝑜 = ∑
(1 + 𝑘)𝑡
𝑡=1
800 800
= = 4.000
20% 0,2

𝐷𝑖 𝐷𝑖(1 + 𝑔)
𝑃𝑜 = 𝑃𝑜 =
𝐾−𝑔 𝐾−𝑔
Di
Po =
K−g
1000(1 + 5%)
Po =
15% − 5%
1000(1,05)
0,10


𝐿𝑎𝑏𝑎 𝐵𝑒𝑟𝑠𝑖ℎ
𝑅𝑂𝐸 = 𝐸𝑘𝑢𝑖𝑡𝑎𝑠

200
𝐷𝑖𝑣𝑖𝑑𝑒𝑛 𝑃𝑎𝑦𝑜𝑢𝑡 = 500





2𝑛
𝐶𝑖 /2 𝑃𝑝
𝑃 =∑ 𝑟 𝑡+ 𝑟
𝑡=1 (1 + 2) (1 + )2𝑛
2
𝑃𝑝

2𝑛
𝐶𝑖 /2 𝑃𝑝
𝑃 =∑ 𝑟 𝑡+ 𝑟
𝑡=1 (1 + 2) (1 + 2)2𝑛
2.20
160 /2 1000
𝑃 =∑ +
0,16 𝑡 0,16
𝑡=1 (1 + 2 ) (1 + 2 )2.20
40
160 /2 1000
𝑃 =∑ +
0,16 𝑡 0,16
𝑡=1 (1 + 2 ) (1 + 2 )40
40
80 1000
𝑃 =∑ 𝑡
+
(1,08) (1,08)40
𝑡=1
40
80 1000
𝑃 =∑ 𝑡
+
(1,08) 21,72
𝑡=1
𝐽𝑢𝑚𝑙𝑎ℎ 𝑑𝑖𝑣𝑖𝑑𝑒𝑛 𝑦𝑎𝑛𝑔
𝑎𝑘𝑎𝑛 𝑑𝑖𝑏𝑎𝑦𝑎𝑟𝑘𝑎𝑛
𝐷𝑒𝑣𝑖𝑑𝑒𝑛 𝑝𝑒𝑟 𝑙𝑒𝑚𝑏𝑎𝑟 𝑠𝑎ℎ𝑎𝑚 =
𝑗𝑢𝑚𝑙𝑎ℎ 𝑙𝑒𝑚𝑏𝑎𝑟 𝑠𝑎ℎ𝑎𝑚 𝑏𝑒𝑟𝑒𝑑𝑎𝑟
𝑅𝑝 600 𝑗𝑢𝑡𝑎
Deviden = = Rp 60/lembar
10 𝑗𝑢𝑡𝑎 𝑙𝑒𝑚𝑏𝑎𝑟
,

𝑗𝑢𝑚𝑙𝑎ℎ 𝑙𝑒𝑚𝑏𝑎𝑟 𝑑𝑖𝑣𝑖𝑑𝑒𝑛


𝑠𝑎ℎ𝑎𝑚 𝑦𝑎𝑛𝑔 𝑎𝑘𝑎𝑛 𝑑𝑖𝑏𝑎𝑔𝑖𝑘𝑎𝑛
𝐷𝑒𝑣𝑖𝑑𝑒𝑛 𝑠𝑎ℎ𝑎𝑚 𝑝𝑒𝑟 𝑙𝑒𝑚𝑏𝑎𝑟 𝑠𝑎ℎ𝑎𝑚 =
𝑗𝑢𝑚𝑙𝑎ℎ 𝑙𝑒𝑚𝑏𝑎𝑟 𝑠𝑎ℎ𝑎𝑚 𝑏𝑒𝑟𝑒𝑑𝑎𝑟

600.000 𝑙𝑒𝑚𝑏𝑎𝑟 𝑠𝑎ℎ𝑎𝑚


Deviden saham per lembar saham =
10 𝑗𝑢𝑡𝑎 𝑙𝑒𝑚𝑏𝑎𝑟

= 0,06 lembar/lembar saham


.

•

•

•


 n.

𝑗𝑢𝑚𝑙𝑎ℎ 𝑑𝑖𝑣𝑖𝑑𝑒𝑛
𝑦𝑎𝑛𝑔 𝑎𝑘𝑎𝑛 𝑑𝑖𝑏𝑎𝑔𝑖𝑘𝑎𝑛
𝐽𝑢𝑚𝑙𝑎ℎ 𝑎𝑡𝑎𝑢 𝑛𝑖𝑙𝑎𝑖 𝑎𝑠𝑒𝑡 𝑦𝑎𝑛𝑔 𝑎𝑘𝑎𝑛 𝑑𝑖𝑏𝑎𝑔𝑖𝑘𝑎𝑛 =
ℎ𝑎𝑟𝑔𝑎 𝑝𝑎𝑠𝑎𝑟 𝑝𝑒𝑟 𝑢𝑛𝑖𝑡 𝑎𝑠𝑒𝑡
𝑦𝑎𝑛𝑔 𝑎𝑘𝑎𝑛 𝑑𝑖𝑏𝑎𝑔𝑖𝑘𝑎𝑛
3.

𝑗𝑢𝑚𝑙𝑎ℎ 𝑙𝑒𝑚𝑏𝑎𝑟 𝑑𝑖𝑣𝑖𝑑𝑒𝑛


𝑠𝑎ℎ𝑎𝑚 𝑦𝑎𝑛𝑔 𝑎𝑘𝑎𝑛 𝑑𝑖𝑏𝑎𝑔𝑖𝑘𝑎𝑛
𝐷𝑒𝑣𝑖𝑑𝑒𝑛 𝑠𝑎ℎ𝑎𝑚 𝑝𝑒𝑟 𝑙𝑒𝑚𝑏𝑎𝑟 𝑠𝑎ℎ𝑎𝑚 =
𝑗𝑢𝑚𝑙𝑎ℎ 𝑙𝑒𝑚𝑏𝑎𝑟 𝑠𝑎ℎ𝑎𝑚 𝑏𝑒𝑟𝑒𝑑𝑎𝑟
𝑅𝑝 600 𝑗𝑢𝑡𝑎
= Rp 60/lembar
10 𝑗𝑢𝑡𝑎 𝑙𝑒𝑚𝑏𝑎𝑟

𝐽𝑢𝑚𝑙𝑎ℎ 𝑑𝑖𝑣𝑖𝑑𝑒𝑛
𝐷𝑒𝑣𝑖𝑑𝑒𝑛𝑑 𝑃𝑎𝑦𝑜𝑢𝑡 𝑅𝑎𝑡𝑖𝑜 = × 100 %
𝐽𝑢𝑚𝑙𝑎ℎ 𝐾𝑒𝑢𝑛𝑡𝑢𝑛𝑔𝑎𝑛

𝑅𝑝 600 𝑗𝑢𝑡𝑎
𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑝𝑎𝑦𝑜𝑢𝑡 𝑟𝑎𝑡𝑖𝑜 = × 100% = 60%
𝑅𝑝 1 𝑚𝑖𝑙𝑦𝑎𝑟

𝐷𝑖𝑣𝑖𝑑𝑒𝑛 𝑝𝑒𝑟 𝑙𝑒𝑚𝑏𝑎𝑟 𝑠𝑎ℎ𝑎𝑚


𝐷𝑒𝑣𝑖𝑑𝑒𝑛𝑑 𝑌𝑖𝑒𝑙𝑑 = × 100 %
𝐻𝑎𝑟𝑔𝑎 𝑝𝑒𝑟 𝑙𝑒𝑚𝑏𝑎𝑟 𝑠𝑎ℎ𝑎𝑚
𝑅𝑝 60
𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑦𝑖𝑒𝑙𝑑 = × 100% = 6%
𝑅𝑝 1.000

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