1.

Menentuka EPS terbesar :

Diket :
Asset PT Bukaka = 4.774.164.617
Book Value of Asset = Total Asset – Kewajiban
= 2.441.612.577
10% (Book Value of Asset) = 244.161.257,7
Harga saham perlembar = 1011/lembar
I% = 30%
T% = 20%
EBIT = 879.044.110,7
Jumlah saham = 2.640.452 + 244.161.257/1011 =2.881.956.71

Opsi Pendanaan :
1.Menggunakan penerbitan saham baru
2. Menggunakan hutang

Jawab :

Saham Hutang
EBIT 879.044.110,7 879.044.110,7
I (30%) 263.713.233
EBT 615.330.877
T (20%) 175..808.822 123.006.175
EAT 703.235.288 : 2.881.956.71 492.324.702 : 2.640.452
EPS 244.013 186.454

Maka EPS penerbitan sahamm baru lebih dinilai menguntungkan

(EBIT*-C1) (1-T) = (EBIT*-C2) (1-T)

S1 S2

(EBIT-0) (I-0,2) = (EBIT*-263.713.233) (1-0,2)

2.881.956.71 : 2.640.452

EBIT* (0,8) = (EBIT*-263.713.233) (0,8)

2.881.956.71 : 2.640.452

(2.640.452) EBIT* (0,8) = (EBIT*-263.713.233) (0,8) (2.881.956.71)

2.112.361,6 EBIT* = (EBIT*-263.713.233) (2.305.565,37)

2.112.361,6 EBIT* = 2.305.565,37 EBIT* (-263.713.233) (2.305.565,37)

2.112.361,6 EBIT* - 2.305.565,37 EBIT* = (-263.713.233) (2.305.565,37)

-193.203,77 EBIT = (-263.713.233) (2.305.565,37)

EBIT* = (-263.713.233) (2.305.565,37)

-193.203,77