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Kelompok 3 - Tugas Sesi 15-16

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19 views14 pages

Kelompok 3 - Tugas Sesi 15-16

Uploaded by

natasya angel
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 XLSX, PDF, TXT or read online on Scribd
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Identitas

NIM Nama
2602116094 Marvin Clarensius Kurniawan
2602122235 Viriyani Djohan
2602115551 Taniya Vanessa Ken
2602123080 Gracia Hillary Pattiselanno
Bond Quotation
Consider a 6% coupon bond with face falue ### maturing tomorrow
A. Price at which the bond is quoted
Coupon payment = $1,000
Bond prices are usually quoted as a percentage of face value $1,000

B. Bond's flat price


Price at which the bond is quot $1,000
Flat Price / clean price $1,000
we conclude that the maturing tomorrow is 1 period, thus the Because the bond maturing tomorrow, in this ca

C. Accrued interest if the bond pays a coupon semi annually


Annually $60 1 day
Semi-annually $30 divided by 2 half a day
If the bond paid its coupon semi-annually, the coupon payment would be $30 every half of day

D. Bond's invoice price (is equal to flat price + accrued interest)


= Clean Price + Accrued Interest
= $1,000 + $30
= $1,030
The invoice price (full price, dirty price) that the bond buyer pays the bond seller consists of the clean price (flat p
aturing tomorrow

he bond maturing tomorrow, in this case there is no coupon payment.

be $30 every half of day

seller consists of the clean price (flat price) of $1.000 plus $30 of accrued interest (semi annually)
Known.
FCF Growing % 15% first 2 years
10% next 3 years
5% then annually CONSTANT GROWTH
Last year CF $11,200,000
Cash $40,000,000
Debt $100,000,000
Outstanding shar 100,000,000
Cost of Capital 8% WACC

Asked.
Stock Price?

StepAnswer.
1 Enterprise Value = FCF
(1+WACC)^n
= $12,880,000 + $14,812,000 + $16,293,200 +
1.08 1.1664 1.259712
= $11,925,926 + $12,698,903 + $12,934,067 +
= $547,852,435

2 TV6 = FCF6 = $20,700,511 = $690,017,020


WACC-g6 3%

3 Equity Value = EV + Cash - Debt


= $547,852,435 + $40,000,000 - $100,000,000
= $487,852,435

4 Stock Price = Equity Value


Outstanding
Shares
= $487,852,435
100,000,000
= $4.879
FCF 6
5% X 19714772 + $19,714,772
985738.6
$20,700,511

$17,922,520 + $19,714,772 + $710,717,531


1.36048896 1.469328077 1.469328077
$13,173,587 + $13,417,543 + $483,702,409
comparable
Characteristics GDC companies
Sales ### ###
EBITDA
Cash flow to equity $390,000,000 $580,000,000
holders $102,000,000 $180,000,000
Net profits $168,000,000 $280,000,000
Book value of equity ### ###
Market Capitalization unknown ###
Enterprise
Net value
debt (debt less unknown ###
cash) $856,000,000 Not Available

PBR Market Capitalization ### 1.2600


Book Value ###

PER Market Capitalization ### 9.4500


Net Profit $280,000,000

EV/EBITDA EV ### 6.1793


EBITDA $580,000,000

PCF Market Capitalization ### 14.7000


Cash Flow to Equity Hol $180,000,000

Price to SalesMarket Capitalization ### 0.4000


Sales ###

Overall
company than Ebitda. GDC has a higher net profit margin, ROE, book value of equity, and
lower net debt-to-equity ratio.
limited amount of information. It is important to conduct a more thorough analysis before
making any investment decisions.

Profit Margin Net Profit 4.12% 4.23%


Sales
ROE Net Profit 13.04% 13.33%
Book value of Equity

Profitability
(ROE) (13.1%) than Ebitda (13.3%). This means that GDC is generating more profit for its
shareholders.

Financial strengthratio is not available). This suggests that GDC is less levered than
(although Ebitda's
Ebitda and is therefore more financially stable.
GDC
###

###

###

###

###

E, book value of equity, and

e thorough analysis before

Based on the profit margin, it shows that the GDC profitability is lower than the average of other comparable compa

Based on the ROE, we can see that GDC has lower ROE than the average of comparable companies. This may be
enerating more profit for its

C is less levered than


f other comparable companies. It means the GDC has lower capacity to generate more profit.

e companies. This may be cause from the profit generated by the GDC is lower than the average of the comparable companies
he comparable companies.

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