PERHITUNGAN TINGKAT DISKON

CAPM
Proporsi Modal
1 Modal Sendiri
2 Hutang
Total
Cost of Equity
Risk Free (Rf)
Beta
RM-RF = RMP

Cost of Debt

WACC

30.00%
70.00%
100.00%

9.04%
94.00%
2.560%
11.45%
10.91%

11.07%

TAX

1.6E+012

25%

Tahun
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Cash Flow (Rp000)

(286,468,164)
(846,765,816)
(644,099,060)
144,251,594
218,396,812
298,433,146
295,965,579
292,885,209
284,010,552
367,252,506
395,289,145
386,598,358
313,694,103
377,742,228
361,946,980
353,377,224
344,100,648
415,794,995
403,502,386
389,655,825
374,540,685
456,120,814
436,391,509
414,210,640
389,851,670
480,794,132
449,346,248
414,041,215
375,099,642
473,376,799
NPV
Discount Rate
IRR
PP

Net Present Value (Rp000)

(257,914,640)
(686,376,774)
(470,058,119)
94,780,532
129,194,626
158,944,258
141,918,372
126,442,911
110,390,361
128,517,147
124,540,564
109,661,852
80,112,734
86,854,109
74,927,186
65,861,656
57,740,324
62,816,338
54,883,158
47,717,072
41,294,408
45,276,388
39,000,287
33,328,241
28,241,657
31,358,087
26,385,854
21,889,369
17,854,017
20,285,975
545,867,951
11.07%
14.79%

Akumulasi NPV (Rp000)

(257,914,640)
(944,291,414)
(1,414,349,533)
(1,319,569,000)
(1,190,374,374)
(1,031,430,116)
(889,511,744)
(763,068,833)
(652,678,472)
(524,161,325)
(399,620,761)
(289,958,909)
(209,846,175)
(122,992,065)
(48,064,880)
17,796,776
75,537,100
138,353,438
193,236,596
240,953,668
282,248,077
327,524,464
366,524,751
399,852,992
428,094,649
459,452,736
485,838,590
507,727,959
525,581,976
545,867,951

NPV 12%

NPV 12.5%

(255,775,146)
(675,036,524)
(458,456,989)
91,674,496
123,924,216
151,195,519
133,879,797
118,291,424
102,417,052
118,245,478
113,636,183
99,230,169
71,890,592
77,293,544
66,126,360
57,643,480
50,116,312
54,069,811
46,849,362
40,394,359
34,667,340
37,694,969
32,200,437
27,289,068
22,932,364
25,251,697
21,071,454
17,335,602
14,022,453
15,800,335

(254,638,368)
(669,049,534)
(452,371,356)
90,055,560
121,194,715
147,208,173
129,769,774
114,150,353
98,392,450
113,093,994
108,202,462
94,065,363
67,845,893
72,620,665
61,852,480
53,678,231
46,461,434
49,903,827
43,047,524
36,951,385
31,571,559
34,176,249
29,064,863
24,522,272
20,515,700
22,490,213
18,683,706
15,302,872
12,323,200
13,823,923

375,875,216
12.00%

294,909,584

NPV 13%

NPV 14%

NPV 15%

(253,511,650)
(663,141,840)
(446,392,958)
88,472,204
118,537,040
143,342,969
125,803,320
110,171,660
94,542,805
108,188,309
103,050,952
89,190,517
64,045,200
68,249,163
57,871,975
50,001,549
43,087,565
46,075,205
39,569,055
33,815,227
28,764,159
30,999,460
26,246,542
22,046,447
18,362,775
20,041,011
16,575,367
13,515,968
10,836,070
12,101,903

(251,287,863)
(651,558,800)
(434,748,519)
85,408,524
113,428,461
135,962,127
118,278,892
102,673,562
87,335,501
99,064,090
93,532,281
80,242,008
57,114,093
60,329,207
50,707,499
43,427,110
37,093,944
39,318,047
33,469,863
28,352,029
23,905,461
25,537,193
21,432,099
17,844,518
14,732,557
15,937,971
13,066,225
10,561,066
8,392,782
9,290,978

(249,102,751)
(640,276,609)
(423,505,587)
82,476,317
108,581,814
129,020,885
111,264,424
95,744,694
80,733,525
90,779,203
84,964,723
72,257,997
50,984,062
53,385,802
44,481,288
37,763,576
31,975,858
33,598,364
28,352,225
23,808,080
19,899,600
21,073,050
17,531,778
14,470,152
11,842,773
12,700,339
10,321,420
8,269,972
6,514,923
7,149,436

220,457,970
13.00%

88,842,904
13.00%

(22,938,672)
13.00%

NPV 16%
(246,955,314)
(629,284,941)
(412,647,005)
79,668,871
103,981,565
122,489,573
104,721,362
89,337,445
74,681,421
83,250,121
77,246,179
65,127,459
45,556,725
47,291,565
39,063,857
32,878,404
27,599,402
28,749,841
24,051,619
20,022,642
16,591,331
17,418,234
14,366,221
11,755,186
9,537,832
10,140,315
8,169,875
6,489,629
5,068,331
5,514,007
(118,118,247)
13.00%

Tahun ke(1)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Nilai Tanah

% Kontribusi Tetap

(2)
219,471,288,000
228,557,399,323
238,019,675,655
247,873,690,227
258,135,661,003
268,822,477,368
279,951,727,931
291,541,729,468
303,611,557,068
316,181,075,530
329,270,972,057
342,902,790,300
357,098,965,819
371,882,863,004
387,278,813,532
403,312,156,412
420,009,279,688
437,397,663,867
455,505,927,151
474,363,872,535
494,002,536,858
514,454,241,884
535,752,647,498
557,932,807,104
581,031,225,318
605,085,918,046
630,136,475,054
656,224,125,121
683,391,803,901
711,684,224,582
Jumlah

(3)
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%

Kontribusi Tetap (Rp)

(4) = (2)*(3)
1,316,827,728
1,371,344,396
1,428,118,054
1,487,242,141
1,548,813,966
1,612,934,864
1,679,710,368
1,749,250,377
1,821,669,342
1,897,086,453
1,975,625,832
2,057,416,742
2,142,593,795
2,231,297,178
2,323,672,881
2,419,872,938
2,520,055,678
2,624,385,983
2,733,035,563
2,846,183,235
2,964,015,221
3,086,725,451
3,214,515,885
3,347,596,843
3,486,187,352
3,630,515,508
3,780,818,850
3,937,344,751
4,100,350,823
4,270,105,347
75,605,313,548

Tahun
ke(1)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Cash Flow
(2)
(286,468,164,000)
(846,765,816,000)
(644,099,060,000)
144,251,594,000
218,396,812,000
298,433,146,000
295,965,579,000
292,885,209,000
284,010,552,000
367,252,506,000
395,289,145,000
386,598,358,000
313,694,103,000
377,742,228,000
361,946,980,000
353,377,224,000
344,100,648,000
415,794,995,000
403,502,386,000
389,655,825,000
374,540,685,000
456,120,814,000
436,391,509,000
414,210,640,000
389,851,670,000
480,794,132,000
449,346,248,000
414,041,215,000
375,099,642,000
473,376,799,000

Kontribusi Tetap

Net Cash Flow

(3)
(4) = (2) - (3)
1,316,827,728
(287,784,991,728)
1,371,344,396
(848,137,160,396)
1,428,118,054
(645,527,178,054)
1,487,242,141
142,764,351,859
1,548,813,966
216,847,998,034
1,612,934,864
296,820,211,136
1,679,710,368
294,285,868,632
1,749,250,377
291,135,958,623
1,821,669,342
282,188,882,658
1,897,086,453
365,355,419,547
1,975,625,832
393,313,519,168
2,057,416,742
384,540,941,258
2,142,593,795
311,551,509,205
2,231,297,178
375,510,930,822
2,323,672,881
359,623,307,119
2,419,872,938
350,957,351,062
2,520,055,678
341,580,592,322
2,624,385,983
413,170,609,017
2,733,035,563
400,769,350,437
2,846,183,235
386,809,641,765
2,964,015,221
371,576,669,779
3,086,725,451
453,034,088,549
3,214,515,885
433,176,993,115
3,347,596,843
410,863,043,157
3,486,187,352
386,365,482,648
3,630,515,508
477,163,616,492
3,780,818,850
445,565,429,150
3,937,344,751
410,103,870,249
4,100,350,823
370,999,291,177
4,270,105,347
469,106,693,653
Jumlah

% Pembagian
Keuntungan
(5)
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%
12.29%

Pembagian
Keuntungan
(6) = (4) x (5)
17,545,738,843
26,650,618,958
36,479,203,949
36,167,733,255
35,780,609,315
34,681,013,679
44,902,181,062
48,338,231,506
47,260,081,681
38,289,680,481
46,150,293,398
44,197,704,445
43,132,658,445
41,980,254,796
50,778,667,848
49,254,553,169
47,538,904,973
45,666,772,716
55,677,889,483
53,237,452,454
50,495,068,004
47,484,317,817
58,643,408,467
54,759,991,242
50,401,765,654
45,595,812,886
57,653,212,650
1,208,743,821,175