AKRA
2013
ASET
ASET LANCAR
Kas dan setara kas 820,064,736
Wesel tagih 28,589,750
Dana yang terbatas penggunaannya 477,895
Piutang usaha pihak ketiga- setelah dikurangi cadangan
kerugian penurunan nilai 4,265,335,163
Piutang lain-lain
Pihak berelasi 5,537,055
Pihak Ketiga 80,900,992
Persediaan - setelah dikurangi penyisihan penurunan nilai
persediaan 1,823,246,457
Uang muka pembelian persediaan 25,164,422
Persedian tanah kawasan industri
Pajak dibayar di muka 505,726,118
Biaya dibayar di muka 28,723,711
Uang muka 47,893,824
EKUITAS
- 28,388,990 7,540,177
2013 2014
Penjualan dan Pendapatan 22,337,928,480 22,468,327,501
Beban Pokok Penjualan dan Pendapatan -20,970,287,583 - 20,736,407,247
Beban Usaha
Beban umum dan administrasi -440,356,920 - 575,140,348
Beban penjualan -89,913,163 - 120,796,217
Pendapatan ( beban ) usaha lainnya
Laba (rugi) atas penghapusan dan penjualan aset tetap,
neto 1,827,500 - 200,474
Rugi selisih kurs, neto -54,855,286 16,362,884
Lain-lain, neto -16,760,931
Pendapatan usaha lainnya 69,840,001
Beban usaha lainnya -7,915,790 -58,816,418
7,359,844 40,052,410
- 43,767,446 -53977455 - 21,771,992
2013 2014
ARUS KAS DARI AKTIVASI OPERASI
Kas yang diterima dari pelanggan 23,864,514,824 25,361,287,334
Pembayaran kas kepada pemasok dan untuk beban usaha -24,100,551,185 - 22,243,353,399
Kas yang diperoleh dari (digunakan Untuk ) aktivasi operasi -236,036,361 3,117,933,935
Penerimaan dari (pembayaran untuk) :
Akusisi persediaan tanah kawasan industri, termasuk uang
muka ke kontraktor -1,114,116,646 - 847,547,987
Pembayaran uang jaminan terkait dengan aktivitas
pengembangan tanah kawasan industri -40,472,000 - 22,534,000
Penghasilan keuangan 71,345,387 51,694,198
Beban keuangan -217,551,140 - 139,832,962
Pajak penghasilan dan pajak lainnya, neto terhadap
pengembalian pajak -388,360,664 - 77,283,565
Kas Neto yang Digunakan untuk Aktivasi Operasi -1,925,193,424 2,082,429,619
- - -
80,528,738 55,481,271 39,928,726
- 122,133,189 - 72,731,773 -89,278,801
- - -
- 1,045,780 - 81,623,400 -3,163,580
- - 200,198,929
8,077,686 5,873,037 4,843,459
- - -
- 15,025,032 - 7,277,964 -103,271,456
- - 623,000,000
- 156,578,818 - -1,111,421,217
544,636,707 43,251,445 404,256,577
- 151,418,199 33,882,917 -17,660,876
896,590,624 1,289,809,132 1,366,943,494
1,289,809,132 1,336,943,494 1,771,229,012
Ratio Formula
Liquidity
Current Ratio Current Assets/ Current Liabilities
Quick Ratio Current Assets-Inventories / Current Liabilities
Assets Management
Total Assets Turnover Sales/Total Assets
Fixed Assets Turnover Sales/Fixed Assets
Days Sales Outstanding Receivable/Annual Sales/365
Inventory Turnover COGS/Inventory
Debt Management
Debt-to-Assets Ratio Total Debt/Total Assets
Times-interest-earned (TIE) EBIT/Interest charges
Profitability
Profit margin on sales Net income avaible to commons stakeholder/sales
Basic Earning Power EBIT/Total Assets
Return-on Total Assets Net income avaible to commons stakeholder/Total Assets
Return-on Total Common Equity Net income avaible to commons stakeholder/Total Common Equity
Market Value
Price/Earnings Price per share/Earnings per share
Market/Book Market price per share/ Book value Per share
*) Untuk TIE, PT AKR Tidak melampirkan jumlah beban bunga, maka TIE Ratio tidak bisa dihitung
2013 2014 2015 2016 2017
Score
2.FORMULA: = PV(1+I)ⁿ = =
INPUT
3. FINANCIAL CALCULATOR N I/YR PV PMT
OUTPUT
INPUTS
Future Payment = = FV=
Interest rate = I=
No. Of periods = N =
Time Line
Cash Flow: PV = ?
1. Step by step
INPUTS :
Payment amount = PMT =
Interest rate = I =
No. of periods = N =
1. Step-by-Step: Periods: 1 2 3
Cash flow:
Find
2. Formula:
Inputs:
3. Financial Calculator N I/YR PV
Output:
INPUTS:
Payment amount = PMT =
Interest rate = I =
No. Of periods = N =
1. Step-By-Step: Periods: 0 1 2 3
Cash flow:
2. Formula:
: PMT x ( - )
Inputs:
3. Financial Calculator: N I PV PMT
Outputs:
FV
PAGE 140
FV
PAGE 145
4 5
PMT FV
PAGE 151
4 5
FV
PAGE 155
Date Close HARTUP AKRA R_AKRA Varian
12/31/2012 3,875,000,000 3,875
1/31/2013 4,475,000,000 4,475 0.1548 0.0202
2/28/2013 5,000,000,000 5,000 0.1173 0.0109
3/31/2013 5,150,000,000 5,150 0.0300 0.0003
4/30/2013 5,350,000,000 5,350 0.0388 0.0007
5/31/2013 5,300,000,000 5,300 -0.0093 0.0005
6/30/2013 4,325,000,000 4,325 -0.1840 0.0387
7/31/2013 3,975,000,000 3,975 -0.0809 0.0088
8/31/2013 4,000,000,000 4,000 0.0063 0.0000
9/30/2013 4,850,000,000 4,850 0.2125 0.0399
10/31/2013 4,675,000,000 4,675 -0.0361 0.0024
11/30/2013 4,375,000,000 4,375 -0.0642 0.0059
12/31/2013 4,400,000,000 4,400 0.0057 0.0000
1/31/2014 4,560,000,000 4,560 0.0364 0.0006
2/28/2014 4,835,000,000 4,835 0.0603 0.0023
3/31/2014 4,770,000,000 4,770 -0.0134 0.0007
4/30/2014 4,125,000,000 4,125 -0.1352 0.0219
5/31/2014 4,330,000,000 4,330 0.0497 0.0014
6/30/2014 4,400,000,000 4,400 0.0162 0.0000
7/31/2014 5,250,000,000 5,250 0.1932 0.0325
8/31/2014 5,450,000,000 5,450 0.0381 0.0006
9/30/2014 4,925,000,000 4,925 -0.0963 0.0119
10/31/2014 4,650,000,000 4,650 -0.0558 0.0047
11/30/2014 4,120,000,000 4,120 -0.1140 0.0161
12/31/2014 4,695,000,000 4,695 0.1396 0.0161
1/31/2015 4,870,000,000 4,870 0.0373 0.0006
2/28/2015 5,125,000,000 5,125 0.0524 0.0016
3/31/2015 5,200,000,000 5,200 0.0146 0.0000
4/30/2015 5,475,000,000 5,475 0.0529 0.0016
5/31/2015 5,925,000,000 5,925 0.0822 0.0048
6/30/2015 5,750,000,000 5,750 -0.0295 0.0018
7/31/2015 5,725,000,000 5,725 -0.0043 0.0003
8/31/2015 5,850,000,000 5,850 0.0218 0.0001
9/30/2015 5,900,000,000 5,900 0.0085 0.0000
10/31/2015 6,100,000,000 6,100 0.0339 0.0004
11/30/2015 7,175,000,000 7,175 0.1762 0.0267
12/31/2015 7,350,000,000 7,350 0.0244 0.0001
1/31/2016 7,775,000,000 7,775 0.0578 0.0020
2/29/2016 7,125,000,000 7,125 -0.0836 0.0093
3/31/2016 6,650,000,000 6,650 -0.0667 0.0063
4/30/2016 6,400,000,000 6,400 -0.0376 0.0025
5/31/2016 6,350,000,000 6,350 -0.0078 0.0004
6/30/2016 6,750,000,000 6,750 0.0630 0.0025
7/31/2016 6,675,000,000 6,675 -0.0111 0.0006
8/31/2016 6,450,000,000 6,450 -0.0337 0.0022
9/30/2016 7,100,000,000 7,100 0.1008 0.0077
10/31/2016 6,675,000,000 6,675 -0.0599 0.0053
11/30/2016 6,000,000,000 6,000 -0.1011 0.0130
Rata rata 0.0128
Varian 0.3270
Standar Deviasi 57%
VALUASI SAHAM AKRA
INPUTS:
DO= 50
rs= 8.60%
g0,1= 0%
g1,2= 100%
g2,3= -30%
g3,4= 43%
gL= 43%
GROWTH 0% 100%
YEAR 0 1 2
DIVIDENS 50 50 100
50.3244154521762 290.697674418605
D4/(RS-G)
181.154094372573 226.961441781825
IDR 408.116
hun keberapa )
AKRA COC
PROPORSI 2017 % 2016 %
Hutang 7,756,420,389 95.09% 7,756,420,389 95.11%
Saham Biasa 400,632,942 4.91% 399,178,117 4.89%
8,157,053,331 100.00% 8,155,598,506 100.00%
rd
Suku bunga utang jangka panjang 1.20% 3.30%
suku bunga utang jangka pendek 0.40% 1.10%
Pajak 2.65% 3.25%
rs
Dividen 100 70
Harga Saham 6350 6000
Growth Dividen 43% -30%
BIAYA MODAL:
Kd 1.17% 3.19%
Ke 44.43% -28.83%
Kstd 0.39% 1.06%
WACC 45.99% -24.58%
2015 % 2014 %
7,916,954,220 95.25% 8,824,408,103 95.75%
394,903,024 4.75% 391,363,767 4.25%
8,311,857,244 100.00% 9,215,771,870 100.00%
3.80% 5.23%
2.38% 2.23%
1.91% 1.08%
100 50
7175 4120
100% 0%
3.73% 5.17%
101.39% 1.21%
2.33% 2.21%
107.46% 8.59%
2017 2016 2015 2014
Beban Bunga 23,257,279 63961680 115829561 137997675
Rumus:
Kd(1-t)
Ke= (Dividen / P0) + Pertumbuhan dividen