Diket Rm = 16%

Rf = 7%
Beta saham = 0.8

D1
P0 = =
re - g

P0 actual = $2,800
D0 = $250
Re = 14.20% = cost of equity
g = 6%
10,000 lembar saham
D1 = $250 x 106% = $265.00
D0 x (1+g)

D1 $265.00 $265.00
Exp P0 = = = =
re - g re - g 8.20%

lembar shm x Exp P0

Total Fair Value = 10,000 x $3,231.71 = $ 32,317,073

Act Ri = 15.46% Act Value = $ 28,000,000

D1/P0 act+g P0 act x lbr shm
Saham dinilai = undervalue
 $3,231.71 Fair Return

Act Value < Fair Value=Undervalued // Act Value > Fair Value=Overvalued
SOAL 1 Common Stock $ 50,000.00 $ 50,000.00 $ 50,000.00
Paid In Cap $ 10,000.00 $ 10,000.00 $ 10,000.00
RE $ 25,000.00 $ 37,800.00 $ 52,200.00
$ 85,000.00 $ 97,800.00 $ 112,200.00

NI1 - re x BV0 NI2 - re x BV1

Equity Value = BEV0 + + +
(1- re) (1- re)2

= $ 717,564.00

Year Book Value Earning Capital Charge 12%

0 $ 80,000
1 $ 92,800 $ 16,000 $ 9,600
2 $ 107,200 $ 18,000 $ 11,136
3 $ 124,400 $ 21,500 $ 12,864
4 $ 144,400 $ 25,000 $ 14,928
5 $ 168,400 $ 30,000 $ 17,328
6 $ 196,400 $ 35,000 $ 20,208
7 $ 231,401 $ 35,001 $ -

Dividen
DPR 20% $ 3,200
$ 3,600
$ 4,300
$ 5,000
$ 6,000
$ 7,000

SOAL 2 Ke = 15%
NI/BV= ROE 25.0%
BV0 = $ 40,000
NI0 = $ 10,000
Growth = 17.5%
DPR = 30%

Year Net Income Book Value Capital Charge

NIt-1*(1+g 1 $ 11,750 $ 48,225 $ 7,234
2 $ 13,806 $ 57,889 $ 8,683
 3 $ 16,222 $ 69,245 $ 10,387
4 $ 19,061 $ 82,588 $ 12,388
5 $ 22,397 $ 98,266 $ 14,740
6 $ 26,316 $ 116,687 $ 17,503
7 $ 30,922 $ 138,333 $ 20,750

Jml lbr saham 2,500 lbr

BV of Equity = $ 16.00 per lembar
$ 50,000.00 $ 50,000.00 $ 50,000.00
$ 10,000.00 $ 10,000.00 $ 10,000.00
$ 69,400.00 $ 82,264.00 $ 90,900.00
$ 129,400.00 $ 142,264.00 $ 150,900.00

NI3 - re x BV2 NI3 - re x BV3 NI3 - re x BV4

+ +
(1- re)3 (1- re)4 (1- re)5

Abnormal Earn PV Factor 12% PV Abn Earn

1.000
$ 6,400 0.893 $ 5,714
$ 6,864 0.797 $ 5,472
$ 8,636 0.712 $ 6,147
$ 10,072 0.636 $ 6,401
$ 12,672 0.567 $ 7,190
$ 14,792 0.507 $ 7,494
$ 35,001 0.452 $ 15,833
$ 38,419
BV0 = $ 80,000
$ 118,419

Year Book Value Earning

0 $ 80,000.00
1 $ 16,000.00
2 $ 18,000.00
3 $ 21,500.00
4 $ 25,000.00

Ke
Abnormal Earn 15% PV Abn Earn
$ 4,516 0.870 $ 3,927
$ 5,123 0.756 $ 3,874
$ 5,836 0.658 $ 3,837
$ 6,673 0.572 $ 3,815
$ 7,657 0.497 $ 3,807
$ 8,813 0.432 $ 3,810
$ 10,172 0.376 $ 3,824

PV Abn Earning $ 26,894

BV0 = $ 40,000
Value of Equity $ 66,894

Expected Price/share $ 26.76

 jika negative book value, yg dilihat asetnya
yg dihitung total aset sehingga yang digunakan WACC (Weighted Average Cost of Capital) bulan Ke
NOPAT1 - WACC x BVA0 NOPAT2 - WACC x BVA1
Assets Value = BVA0 +
(1- WACC) (1- WACC)2
Book Value of Assets Th 0

Beta Shm 1.25 Keterangan: NOPAT EBIT x (1-Tax)

Rm 16.0% Net Income + Interest (1-Tax)
Net Operating
Rf 7.5% Profit After Tax
Ke 18.13% Rf+Beta(Rm-Rf)
Interest Rate 12.00%
Income Tax 25%
Kd 9.00% (1-Income Tax)*Interest Rate

WACC = 12.65% [LTD/(Total LTD+E)*Kd]+[RE/(Total LTD+E)*Ke]

misal ada tambahan tahun
Year 0 Year 1 Year 2 Year 3 Year 4
Short-term Debt $ 15,000 $ 17,500 $ 20,000 $ 22,500 $ 25,000
Long-term Debt $ 75,000 $ 70,000 $ 65,000 $ 60,000 $ 55,000
Equity:
Common Stock $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000
Paid In Cap $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000
Laba ditahan RE $ 25,000 $ 36,025 $ 49,990 $ 66,895 $ 86,740
Total Equity $ 50,000 $ 61,025 $ 74,990 $ 91,895 $ 111,740

Total LTD + E $ 125,000 $ 131,025 $ 139,990 $ 151,895 $ 166,740

Total D + E $ 140,000 $ 148,525 $ 159,990 $ 174,395 $ 191,740

Year 1 Year 2 Year 3 Year 4

EBIT $ 30,000 $ 35,000 $ 40,000 $ 45,000
Interest $ 9,000 $ 8,400 $ 7,800 $ 7,200
EBT $ 21,000 $ 26,600 $ 32,200 $ 37,800
Tax 25% $ 5,250 $ 6,650 $ 8,050 $ 9,450
Net Income $ 15,750 $ 19,950 $ 24,150 $ 28,350

EBIT*(1-Tax) NOPAT $ 22,500 $ 26,250 $ 30,000 $ 33,750

Note:

Year 0 Year 1 Year 2 Year 3 Year 4

BVA $ 140,000 $ 148,525 $ 159,990 $ 174,395 $ 191,740

NOPAT1 - r BVA0 $ 4,252

(1+r)
NOPAT2 - r BVA1 $ 5,880
(1+r)
2

NOPAT3 - r BVA2 $ 6,828

(1+r)3
NOPAT3 - r BVA3 $ 7,259
(1+r)4
NOPAT3 - r BVA4 $ 7,301
(1+r)
5

$ 171,520 Asset Value = $ 171,520

Year 1 Year 2 Year 3 Year 4 Year 5

Net Income $ 15,750 $ 19,950 $ 24,150 $ 28,350 $ 32,550
Interest (1-25%) $ 6,750 $ 6,300 $ 5,850 $ 5,400 $ 4,950
NOPAT $ 22,500 $ 26,250 $ 30,000 $ 33,750 $ 37,500
tal) bulan Ke
NOPAT 3 - WACC x BVA2
(1- WACC)3

Income + Interest (1-Tax)

l ada tambahan tahun

Year 5
$ 27,500
$ 50,000

$ 10,000
$ 15,000
$ 109,525
$ 134,525

$ 184,525
$ 212,025

Year 5
$ 50,000
$ 6,600
$ 43,400
$ 10,850
$ 32,550

$ 37,500

Year 5
$ 212,025
 (ROA 1 - WACC) (ROA 2 - WACC)(
(Debt + Equity Value) to Book Ratio = 1 + ------------------------ + ---------------------------------
(1 + WACC) (1+WACC

Beta Shm 1.25

Rm 16.0%
Rf 7.5%
Ke 18.13%
Interest Rate 12.00%
Income Tax 25%
Kd 9.00%
debt/equity D/E 233.33% diketahui / ambil dr neraca
WACC 11.74%

BVA0 = 1.0000

(ROA 1 - WACC)
-0.00436
(1 + WACC)
(ROA 2 - WACC)(1 + gbva1)
0.01440
(1+WACC)2
(ROA3 - WACC)(1 + gbva1)(1-gbva2)
0.02750
(1+WACC)3
(ROA4 - WACC)(1 + gbva1)(1-gbva2)(1-gbva3)
0.03611
(1+WACC)4
(ROA5 - WACC)(1 + gbva1)(1-gbva2)(1-gbva3)(1-gbva4)
0.04119
(1+WACC)5
Asset Value to Book Value = 1.1148 x

hitung dari ROA 1 11.25% Net Income/Total D+E

data sheet ROA 2 13.43%
asset value ROA 3 15.09%
ROA 4 16.26%
ROA 5 16.98%

growth book value gbva1 6.09% didapat dari sheet asset value (ner
of assets
gbva2 7.72% total D+e tahun sekarang dibagi ta
gbva3 9.00%
gbva4 9.95%
 (ROA 2 - WACC)(1 + gbva1) (ROA3 - WACC)(1 + gbva1)(1+gbva2)
-------------------------------------------- + -------------------------------------------------------------------
(1+WACC)2 (1+WACC)3

/ ambil dr neraca

total LTD+E tahun ke 0 yang ditanyakan!!

$ 125,000 $ 139,354.75 Value of Assets

me/Total D+E

gbva= (total D+E th ini / total D+E th sebelumnya) -1

ari sheet asset value (neraca) pake year 1 dan year 0

tahun sekarang dibagi tahun sebelumnpake year 2 dan year 1
pake year 3 dan year 2
pake year 4 dan year 3