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Jawaban

Market Value
Hutang lancar
Hutang Obligasi (10%)
Ekuitas (10 juta lbr)
Laba di tahan

EAT
Depresiasi (+)
Depresiasi (+)
Capital Expenditure (-)
Debt repayment (-)
New debt (+)
Free Cashflow to Eq

ROE
COE
ROC
COC=WACC

10,000,000,000
80,000,000,000
50,000,000,000
10,000,000,000
150,000,000,000
14,400,000,000
4,000,000,000
3,000,000,000
15,000,000,000
5,000,000,000
3,480,000,000
4,880,000,000.000
Free C t Equity
18.00%
10%
9.00%
8%

5000

10,000,000

Ditahan
11,520,000,000 15 M
New debt
3,480,000,000

>

dividen
2,880,000,000
Dividen
ROE>COE
ROC>COC

Keputusan: beri kesempatan manajer untuk menentukan dividen

100%
7,000

80,000,000,000
70,000,000,000
10,000,000,000
160,000,000,000

0.50
0.50