a. Laba per saham dan P/E Ratio sebelum kebijakan pembelian kembali saham.

EPS = EAT = Rp 770,000,000

Outstanding share 1,100,000
PER = P saham = Rp 3,550
EPS Rp 700

b. Laba per saham setelah kebijakan pembelian kembali saham.

EAT untuk treasury stock = Payout ratio*EAT = 50%*Rp770,000,000
Jumlah saham yang dapat ditarik kembali = EAT untuk treasury stock = Rp 385,000,000
P treasury stock Rp 3,850
EPS = EAT = Rp 770,000,000
1juta 1,000,000

c. Harga saham setelah kebijakan pembelian kembali saham dengan asumsi P/E Ratio konstan.
P saham = PER*EPS = 5.07*Rp770

d. Harga saham setelah kebijakan pembelian kembali saham menrut pandangan Walter.
Po = (D+(EPS-D)*(r/k)/k) = (Rp300+(Rp770-Rp300)*(12/10)/10)

d. Harga saham setelah kebijakan pembelian kembali saham menrut pandangan Gordon.
Po = ((Yo*(1-b))/(k-((b)*(r))) = ((Rp770*(1-50%))/(10%-((50%)*(12%))))
 = Rp 700 /lembar
lembar
/lembar = 5.07
/lembar

= Rp 385,000,000
= 100,000 lembar
/lembar
= Rp 770

stan.
= Rp 3,903.90

= Rp 8,640

= Rp 9,625
Berapa jumlah lembar saham yang harus dibeli agar tujuan peningkatan harga tersebut dapat dicapai?
EPS = EAT = Rp 5,000,000 = Rp 5
Outstanding share 1,000,000 lembar
PER = P saham sekarang = Rp 30 /lembar = 6
EPS Rp 5 /lembar
EPS = P saham yang diharapkan = Rp 37.50 /lembar = Rp 6.25
PER 6
Outstanding share = EAT = Rp 5,000,000 = 800,000
EPS Rp 6.25 /lembar
Treasury stock = Outstanding share-Outstanding share = 1,000,000 lembar
800,000 lembar -
200,000 lembar
?
/lembar

/lembar

lembar