Nama Kelompok : INCO.

JK

Ketua Kelompok : Elita Natalia S 19.G4.0005

Anggota Kelompok : Aulia Talitha Kirana 18.G1.0222

Jessica Aurelia S 19.G4.0001

Fransisca Romana R.M.A 19.G4.0011

Verdiana Ayustika 19.G4.0015

(dalam juta rupiah) 2014
Aset
Aset Lancar
Kas dan Setara Kas Rp4,330,905.321
Investasi Jangka Pendek -
Kas yang dibatasi penggunaanya Rp234,831.425
Piutang usaha
Pihak-pihak berelasi Rp1,328,347.191
Persediaan, bersih Rp1,995,787.708
Pajak dibayar dimuka
Pajak penghasilan badan Rp142,039.411
Pajak lainnya Rp728,480.352
Biaya dibayar dimuka dan uang muka Rp82,317.807
Aset keuangan lancar lainnya Rp61,569.994
Jumlah Aset Lancar Rp8,904,279.209
Aset Tidak Lancar
Kas yang dibatasi penggunaanya -
Pajak dibayar dimuka
Pajak penghasilan badan Rp9,270.60
Pajak lainnya Rp1,254,082.06
Piutang non-usaha
Pihak-pihak berelasi Rp3,023.33
Aset tetap, bersih Rp23,047,882.66
Aset keuangan tidak lancar lainnya Rp227,136.97
Jumlah aset tidak lancar Rp24,541,395.62
Jumlah aset Rp33,445,674.83

LIABILITAS
LIABILITAS JANGKA PENDEK
Utang usaha
Pihak-pihak berelasi Rp88,077.90
Pihak Ketiga Rp975,304.82
Akrual Rp458,945.06
Liabilitas imbalan kerja jangka pendek Rp299,611.03
Utang pajak Rp599,580.27
Bagian jangka pendek atas pinjaman bank jangka panjang Rp515,528.70
Liabilitas atas pembayaran berbasis saham Rp4,957.70
Liabilitas keuangan jangka pendek lainnya Rp43,931.49
Jumlah liabilitas jangka pendek Rp2,985,936.95
LIABILITAS JANGKA PANJANG
Pinjaman bank jangka panjang Rp2,100,816.35
Liabilitas imbalan pascakerja jangka panjang Rp156,310.70
Liabilitas pajak tangguhan, bersih Rp1,914,931.42
Provisi atas penghentian pengoperasian aset Rp706,070.42
Jumlah liabilitas jangka panjang Rp4,878,128.88
JUMLAH LIABILITAS Rp7,864,065.84
EKUITAS
Modal saham
Modal dasar
Modal ditempatkan dan disetor Rp1,954,607.31
Tambahan modal disetor Rp3,979,911.94
Saldo laba
Dicadangkan Rp652,438.47
Belum dicadangkan Rp18,994,651.28
JUMLAH EKUITAS Rp25,581,608.99

JUMLAH LIABILITAS DAN EKUITAS Rp33,445,674.83

 2015 2016 2017 2018

Rp2,760,735.327 Rp2,640,518.800 Rp2,760,735.32700 Rp4,264,627.633

Rp1,277,978.027 - - -
Rp465,849.4565 Rp422,986.750 Rp225,018.29000 Rp221,010.727

Rp1,108,524.1 Rp2,086.346 Rp2,344,735.89700 Rp1,759,475.928

Rp1,475,187.583 Rp1,846,997.080 Rp1,667,117.88600 Rp1,866,122.419

Rp411,545.83 Rp354,255.85000 Rp130,989.25

Rp1,291,912.5435 Rp1,017,914.59 Rp600,936.19600 Rp588,361.228
Rp71,515.3975 Rp56,066.20 Rp80,533.60700 Rp69,204.807
Rp53,044.721 Rp43,586.49 Rp44,550.50600 Rp35,770.686
Rp8,504,747.1555 Rp8,525,961.42 Rp8,454,910.01600 Rp8,935,562.678

- Rp90,573.95 Rp203,139.54500 Rp203,139.545

Rp410,749.288 Rp322,039.13 Rp139,669.94300 -

Rp617,739.939 Rp768,960.74 Rp874,540.87700 Rp1,646,655.241

Rp3,728.1565 Rp1,992.20 Rp1,005.43100 Rp254.898

Rp22,727,607.501 Rp21,809,652.19 Rp21,153,546.02900 Rp203,140,975.261
Rp185,429.7155 Rp149,571.53000 Rp108,728.15800 Rp89,214.3
Rp23,945,254.6 Rp23,142,789.74000 Rp22,480,629.98300 Rp22,253,360.094
Rp32,450,001.8 Rp31,668,751.2 Rp30,935,540.0 Rp31,188,922.8

Rp123,496.96 Rp93,021.51 Rp41,250.99300 Rp22,940.82

Rp1,090,436.162 Rp821,597.51 Rp821,720.34700 Rp1,268,273.321
Rp238,176.751 Rp235,392.66 Rp208,478.24200 Rp362,507.439
Rp79,382.8 Rp152,261.00 Rp175,284.85800 Rp224,069.503
Rp25,600.953 Rp21,202.70 Rp21,779.61800 Rp41,066.9
Rp513,422.435 Rp518,854.26 Rp520,317.62300 Rp517,145.559
Rp2,494.888 Rp18,114.79 Rp18,989.90100 Rp28,916.762
Rp32,036.63 Rp17,759.04 Rp23,195.71800 Rp18,069.436
Rp2,105,047.5745 Rp1,878,203.47 Rp1,831,017.30000 Rp2,482,989.74

Rp1,557,292.079 Rp1,040,141.85000 Rp513,973.49500 -

Rp203,886.2165 Rp252,283.67000 Rp273,151.52900 Rp210,687.358
Rp1,768,818.89 Rp1,650,167.72000 Rp1,492,456.11200 Rp1,284,034.514
Rp817,699.542 Rp741,752.98000 Rp1,060,885.47600 Rp535,753.113
Rp4,347,696.7275 Rp3,684,346.22000 Rp3,340,466.61200 Rp2,030,474.985
Rp6,452,744.302 Rp5,562,549.69000 Rp5,171,483.91200 Rp4,513,464.725
 Rp1,933,722.4815 Rp1,941,156.99 Rp1,931,744.49300 Rp1,931,744.493
Rp3,937,386.88 Rp3,952,524.80000 Rp3,933,359.36000 Rp3,933,359.36

Rp386,750.1665 Rp388,237.09000 Rp386,354.56300 Rp386,354.563

Rp19,739,397.9255 Rp19,824,282.59000 Rp19,512,597.67100 Rp20,423,999.631
Rp25,997,257.5 Rp26,106,201.5 Rp25,764,056.1 Rp26,675,458.0

Rp32,450,001.8 Rp31,668,751.2 Rp30,935,540.0 Rp31,188,922.8

 Increase/Decrease
2015-2014 2016-2015 2017-2016 2018-2017

-36.26% -4.35% 4.55% 54.47%

100% -100% 0% 0%
98.38% -9.20% -46.80% -1.78%

-16.55% -99.81% 112284.82% -24.96%

-26.08% 25.20% -9.74% 11.94%

-100% 100% -13.92% -63.02%

77.34% -21.21% -40.96% -2.09%
-13.12% -21.60% 43.64% -14.07%
-13.85% -17.83% 2.21% -19.71%
-4.49% 0.25% -0.83% 5.68%

0% 0% 124.28% 0.00%

4330.66% -21.60% -56.63% -100%

-50.74% 24.48% 13.73% 88.29%

23.31% -46.56% -49.53% -74.65%

-1.39% -4.04% -3.01% 860.32%
-18.36% -19.34% -27.31% -17.95%
-2.43% -3.35% -2.86% -1.01%
-2.98% -2.41% -2.32% 0.82%

40.21% -24.68% -55.65% -44.39%

11.80% -24.65% 0.01% 54.34%
-48.10% -1.17% -11.43% 73.88%
-73.50% 91.81% 15.12% 27.83%
-95.73% -17.18% 2.72% 88.56%
-0.41% 1.06% 0.28% -0.61%
-49.68% 626.08% 4.83% 52.27%
-27.08% -44.57% 30.61% -22.10%
-29.50% -10.78% -2.51% 35.61%

-25.87% -33.21% -50.59% -100%

30.44% 23.74% 8.27% -22.87%
-7.63% -6.71% -9.56% -13.97%
15.81% -9.29% 43.02% -49.50%
-10.87% -15.26% -9.33% -39.22%
-17.95% -13.80% -7.03% -12.72%
 -1.07% 0.38% -0.48% 0%
-1.07% 0.38% -0.48% 0%

-40.72% 0.38% -0.48% 0%

3.92% 0.43% -1.57% 4.67%
1.62% 0.42% -1.31% 3.54%

-2.98% -2.41% -2.32% 0.82%

(dalam juta rupiah)
Pendapatan
Beban pokok pendapatan
LABA BRUTO

Pendapatan lainnya
Beban usaha
Beban lainnya
LABA USAHA

Pendapatan keuangan
Biaya keuangan
BIAYA KEUANGAN, BERSIH

LABA/(RUGI) SEBELUM PAJAK PENGHASILAN

(Beban)/manfaat pajak penghasilan

LABA Tahun Berjalan

PENGHASILAN / RUGI KOMPREHENSIF LAIN

Pos yang tidak akan direklasifikasi ke laba rugi :
Perubahan yang timbul dari pengukuran ulang aktuaria dari liabilitas imbalan pascakerja
Pajak penghasilan terkait penghasilan / rugi komprehensif lain

TOTAL RUGI KOMPREHENSIF LAIN

JUMLAH LABA KOMPREHENSIF TAHUN BERJALAN

LABA PER SAHAM

Dasar dan dilusian
 2014 2015 2016 2017
Rp14,874,261.75 Rp11,195,030.2475 Rp8,273,217.31 Rp8,911,998.774
-Rp10,480,224.61 -Rp9,517,274.7695 -Rp7,789,904.930 -Rp8,819,187.580
Rp4,394,037.133 Rp1,677,755.478 Rp483,312.380 Rp92,811.194

Rp13,082.01 Rp19,236.1535 Rp26,938.030 Rp44,125.676

-Rp207,248.87 -Rp163,897.131 -Rp171,811.350 -Rp160,571.579
-Rp625,672.65 -Rp402,584.2 -Rp135,935.470 -Rp191,824.906
Rp3,574,197.627 Rp1,130,510.301 Rp202,503.590 -Rp215,459.615

- - - -
-Rp179,308.10 -Rp140,663.4865 -Rp129,350.679 -Rp110,526.605
-Rp179,308,100.40 -Rp140,663.4865 -Rp129,350.679 -Rp110,526.605

Rp3,394,889.527 Rp989,846.814 Rp73,152.911 -Rp325,986.220

-Rp926,487.28 -Rp273,969.8885 -Rp46,157.217 Rp109,733.589

Rp2,468,402.25 Rp715,876.9255 Rp26,994.678 -Rp216,252.631

-Rp21,492.90 -Rp35,864.015 -Rp24,062.937 Rp920.465

Rp5,373.23 Rp8,973.0915 Rp6,061.764 -Rp226.576

-Rp16,119.675 -Rp26,890.924 -Rp18,001.173 Rp693.889

Rp2,452,282.576 Rp688,986.002 Rp8,993.505 -Rp215,558.742

Rp248.42 Rp72.53 Rp0.00 -Rp21.76

 Increase/Decrease
2018 2015-2014 2016-2015 2017-2016 2018-2017
Rp11,001,680.9 -24.74% -26.10% 7.72% 23.45%
-Rp9,528,922.739 -9.19% -18.15% 13.21% 8.05%
Rp1,472,758.161 -61.82% -71.19% -80.80% 1486.83%

Rp79,882.201 47.04% 40.04% 63.80% 81.03%

-Rp163,956.058 -20.92% 4.83% -6.54% 2.11%
-Rp187,066.81 -35.66% -66.23% 41.11% -2.48%
Rp1,201,617.494 -68.37% -82.09% -206.40% -657.70%

Rp64,460.872 0% 0% 0% 100%
-Rp96,139.029 -21.55% -8.04% -14.55% -13.02%
-Rp31,678.157 -99.92% -8.04% -14.55% -71.34%

Rp1,169,939.337 -70.84% -92.61% -545.62% -458.89%

-Rp313,028.905 -70.43% -83.15% -337.74% -385.26%

Rp856,910.432 -71% -96.23% -901.09% -496.25%

Rp72,660.091 66.86% -32.91% -103.83% 7793.85%

-Rp18,168.56300 67% -32.45% -103.74% 7918.75%

Rp54,491.528 66.82% -33.06% -103.85% 7753.06%

Rp911,401.960 -71.9% -98.69% -2496.83% -522.81%

Rp88.49 -70.8% -100.00% -100.0% -506.66%

(dalam juta rupiah) 2014
ARUS KAS DARI AKTIVITAS OPERASI
Penerimaan kas dari pelanggan Rp14,519,474.4
Pembayaran kas ke pemasok -Rp7,923,314.47
Pembayaran pajak penghasilan badan -Rp579,915.80
(Pembayaran)/pengembalian pajak, bersih Rp146,648.0
Pembayaran ke karyawan -Rp1,248,604.34
Penempatan jaminan keuangan -
Penempatan jaminan reklamasi -
Penarikan jaminan keuangan -
Penerimaan lainnya Rp13,108.44
Pembayaran lainnya -Rp285,198.4
Arus kas bersih dari aktivitas operasi Rp4,642,197.926

ARUS KAS DARI AKTIVITAS INVESTASI

Pembayaran untuk pembelian aset tetap -Rp1,103,320,287.0
Penempatan Investasi Jangka Pendek -
Arus kas bersih digunakan untuk aktivitas investasi -Rp1,103,320,287.0

ARUS KAS DARI AKTIVITAS PENDANAAN

Pembayaran Dividen -Rp1,429,322.8
Penempatan kas yang dibatasi penggunaannya -Rp591,933.1
Penggunaan kas yang dibatasi penggunaannya Rp596,714.14
Pembayaran pinjaman jangka panjang -Rp538,408
Pembayaran beban keuangan -Rp105,255.20
Arus kas bersih digunakan untuk aktivitas pendanaan -Rp2,068,205.077

(Penurunan)/Kenaikan bersih kas dan setara kas Rp1,470,672.6

Kas dan setara kas pada awal tahun Rp2,871,797
Dampak perubahan selisih kurs terhadap kas dan setara kas -Rp2,814.1
Kas dan setara kas pada akhir tahun Rp4,339,655.6
 2015 2016 2017 2018

Rp11,400,660.0505 Rp7,304,241.50100 Rp8,643,492.05300 Rp11,586,940.869

-Rp7,079,202.1735 -Rp5,183,077.317 -Rp5,336,955.19700 -Rp5,905,802.567
-Rp799,880.9385 -Rp479,162.61600 -Rp211,933.52600 -Rp514,724.028
Rp89,620.540 Rp481,429.3600 Rp644,098.92400 -Rp519,751.183
-Rp1,079,705.3085 -Rp1,130,235.72600 -Rp1,266,630.64500 -Rp1,307,655.062
- -Rp46,482.96600 -Rp126,386.92500 -Rp1,812.60800
-Rp235,483.406
- - Rp204,782.22100 Rp1,812.60800
Rp19,236.1535 Rp26,938.02600 Rp39,126.84300 Rp64,460.872
-Rp416,858.9285 -Rp350,392.62000 -Rp429,177.42700 -Rp509,541.10200
Rp1,898,385.989 Rp190,067.46000 Rp2,160,416.32100 Rp2,893,927.79900

-Rp1,508,131.445 -Rp994,780.79400 -Rp1,056,608.85400 -Rp1,186,465.22400

-Rp1,277,978.027 Rp1,276,851.102
-Rp2,786,109.472 Rp282,070.30800 -Rp1,056,608.85400 -Rp1,186,465.22400

-Rp510.318 -Rp11,330.40000
-Rp576,999.552 -Rp575,286.89700 -Rp567,771.13400 -Rp557,858.434
Rp578,969.9465 Rp575,881.74300 Rp572,288.49300 Rp561,865.997
-Rp531,581.25 -Rp531,112.50000 -Rp531,037.50000 -Rp531,037.50000
-Rp85,676.722 -Rp75,885.35400 -Rp64,390.06700 -Rp45,485.132
-Rp615,797.896 -Rp617,733.408 -Rp590,910.208 -Rp572,515.069

-Rp1,503,864.6195 -Rp134,378.54400 Rp512,897.25900 Rp1,134,947.506

Rp4,284,629.928 Rp2,758,300.90200 Rp2,627,715.16000 Rp3,139,479.539
-Rp20,029.9815 Rp4,163.92200 -Rp1,132.88000 -Rp9,799.412
Rp2,760,735.327 Rp2,628,086.28000 Rp3,139,479.53900 Rp42,646,304.652
 Increase/Decrease
2015-2014 2016-2015 2017-2016 2018-2017

-21.48% -35.93% 18.34% 34.05%

-10.65% -26.78% 2.97% 10.66%
37.93% -40.10% -55.77% 142.87%
-38.89% 437.19% 33.79% -180.69%
-13.53% 4.68% 12.07% 3.24%
0% -100% 171.90% -98.57%
-100% 100% 0.00% 0.00%
0% 0% 0% -99.11%
46.75% 40.04% 45.25% 64.75%
46.16% -15.94% 22.48% 18.73%
-59.11% -89.99% 1036.66% 33.95%

-99.86% -34.04% 6.22% 12.29%

-100% -100.00% 0.00%
-99.75% -110.12% -474.59% 12.29%

-99.96% 2120.26% -100.00% 0.00%

-2.52% -0.30% -1.31% -1.75%
-2.97% -0.53% -0.62% -1.82%
-1.27% -0.09% -0.01% 0.00%
-18.60% -11.43% -15.15% -29.36%
-70.23% 0.31% -4.34% -3.11%

-202.26% -91.06% -481.68% 121.28%

49.20% -35.62% -4.73% 19.48%
611.78% -120.79% -127.21% 765.00%
-36.38% -4.80% 19.46% 1258.39%
 Ratio

Liquidity
Current
Quick

Asset Management
Total assets turnover
Fixed assets turnover
Days sales outstanding (DSO)
Inventory turnover

Debt Management
Debt-to-assets ratio
Times-interest-earned (TIE)
Fixed Charge Coverage Ratio
Profitability
Profit margin on sales
Basic earning power (BEP)
Return on total assets (ROA)
Return on common equity (ROE)

Market Value
Price/earnings (P/E)
Book Value Per Share
Market/book (M/B)
 Formula Calculation R
2014 2015

Current assets / Current liabilities 2.98 4.04

(Current asset-Inventoris ) / Current liabilities 2.31 3.34

Sales / Total assets 0.44 0.34

Sales / Net fixed assets 0.61 0.47
Receivables /(Annual sales/365) 32.60 36.14
COGS / Inventories 7.45 7.59

Total debt / Total assets 23.5% 19.9%

Earnings before interest and taxes (EBIT) / Interest charges 0 0
EBITDA + lease payment / interest + principal payments + lease payment 0 0

Net income available to common stockholders / Sales 16.49% 6.15%

Earnings before interest and taxes (EBIT) / Total assets 10.15% 3.05%
Net income available to common stockholders/ Total assets 7.33% 2.12%
Net income available to common stockholders / Common equity 9.59% 2.65%

Price per share / Earnings per share 0.99 1

Total common equity/ shares outstanding 2.57 2.62
Market price per share / Book value per share 0.00 0.00

Kesimpulan

Perusahaan mampu membayar hutang jangka pendeknya dengan baik.

Selain itu, perusahaan dapat mengelola persediaan, aset tetap,
mengumpulkan piutang, dan menghasilkan penjualan dengan baik dan
efisien. Rasio hutang perusahaan yang tinggi terhadap ekutias yang tinggi
dapat mempersulit peminjaman untuk penambahan modal dari pihak lain.
Namun disisi lain, apabila terjadi hal yang sebaliknya maka hal tersebut
menandakan kurangnya pemanfaatan peningkatan laba secara maksimal.
Perusahaam belum efektif dan efesien untuk mendapat laba dari penjualan,
aset dan ekuitas dan juga perusahaan memiliki pertumbuhan prosepek yang
kurang baik sehingga kurang mendukung masa depan ekonomi. Namun saat
aset perusahaan dijual sebesar nilai bukunya, maka perusahaan dapat
membayar ke pemegang saham saat likuidasi
Calculation Ratio Increase / Decrease
2016 2017 2018 2015-2014 2016-2015 2017-2016 2018-2017

4.54 4.62 3.60 1.0581 0.4993 0.0782 -1.0189

3.56 3.71 2.85 1.0257 0.2167 0.1511 -0.8600

0.26 0.29 0.35 -0.0997 -0.0838 0.0268 0.0647

0.36 0.40 0.49 -0.1386 -0.1100 0.0389 0.0980
92.05 96.03 58.37 3.5457 55.9039 3.9851 -37.6574
4.48 5.35 5.90 0.1361 -3.1096 0.8665 0.5497

17.6% 16.7% 14.5% -3.6% -2.3% -0.8% -2.2%

0 0 0 0 0 0 0
0 0 0 0 0 0 0

0.11% -2.42% 8.28% -10.3% -6.0% -2.5% 10.7%

0.23% -1.05% 3.75% -7.1% -2.8% -1.3% 4.8%
0.03% -0.70% 2.92% -5.2% -2.1% -0.7% 3.6%
0.03% -0.84% 3.42% -6.9% -2.6% -0.9% 4.3%

0 -1 1 0.010 -1 -1 2
2.63 2.59 2.68 0.04183 0.01096 -0.03443 0.09172
0.00 0.00 0.00 0 0 0 0
 Persentase Comment
Tertinggi Terendah

1.0581 -1.0189 Good

1.0257 -0.8600 Good

0.0647 -0.0997 Good

0.0980 -0.1386 Good
55.9039 -37.6574 Good
0.8665 -3.1096 Good

-0.8% -3.6% Poor

10.7% -10.3% Bad

4.8% -7.1% Bad
3.6% -5.2% Bad
4.3% -6.9% Bad

2 -1 Medium
0.09172 0.04183 Good
 Kesimpulan

Perusahaan mampu membayar hutang jangka pendeknya

Perusahaan mampu membayar hutang jangka pendeknya tanpa memperhitungkan persediaanya

Perusahaan mampu menggunakan asetnya untuk menghasilkan penjualan secara efis

Perusahaan mampu untuk mengelola aset tetapnya secara efisien dan efektif
Perusahaan mampu mengumpulkan piutang usaha dengan cepat
Perusahaan mampu mengelola persediaan barang dagangnya secara efektif

Jumlah aset perusahaan yang dibiayai utang semakin sedikit

Perusahaan belum mengoperasikan perusahaannya dengan baik

Aset perusahaan belum mampu menghasilkan laba operasi dengan baik
Perusahaan belum efisien dalam pengembalian atas aset
Perusahaan belum mampu menghasilkan laba dari pemegang saham

Rasio perusahaan kurang mendukung masa depan perekonomian

Saat aset perusahaan dapat dijual sebesar bukunya, maka perusahaan mampu membayarkannya kepada pemegang s
 Tabel 4-1
INPUTS:
Invesment = PV = $ (100.00)
Interest rate = I = 5%
No. Of period = N = 3

Time Line Periods: 0 1

Cash Flow: $ (100.00) 0

1. Step by Step: Multiply by (1+I) each Step $100.00 -> $105.00 ->
2. Formula: FVN = PV (1+I)ᶰ FV3 = $100(1.05)³
Input 3 5% -100
N I/YR PV
3. Excel Spreadsheet FV Function FVN = FV(I,N,O,PV)
Fixed Inputs FVN = FV(0.05,3.0,-100) =
Cell References FVN = FV(D12,C12,0,E12) =
In the excel formula, the terms are entered in this sequence: interest, periods, 0 to indicate no periodic cash flo
and then FV. The data can be entered as fixed number or, bettet yet, as cell refereces.

Tabel 4-3
INPUTS:
Fiture Payment = CF = FV = $ 115.76
Interest rate = I = 5%
No. Of period = N = 3

Time Line Periods: 0 1

Cash Flow: PV = ? 0

1. Step by Step: $ 100.00 <- $105.00

2. Formula: PVN = FV / (1+I)ᶰ PV = $115.76/(1.05)³
Input 3 5%
N I/YR PV
3. Excel Spreadsheet FV Function PV = PV(I,N,O,PV)
Fixed Inputs PV = PV(0.05,3.0,-100) =
Cell References PV = PV(D32,C32,F32,G32) =
In the excel formula, the terms are entered in this sequence: interest, periods, 0 to indicate no periodic cash flo
and then FV. The data can be entered as fixed number or, bettet yet, as cell refereces.

Tabel 4-5
INPUTS:
Payment Amout = PMT = $ (100.00)
Interest rate = I = 5%
No. Of period = N = 3

1. Step by Step: Periods: 0 1

Cash Flow: -$100
 Multipy each payment by
(1+I)ᶰ‫־‬ᵗ and sum these FVs to
Find FVAN:
2. Formula:
(((1+𝐼)ᶰ)/𝐼 − 1/𝐼)
FVAN = PMT X =

Input 3 5% 0
N I/YR PV
3. Excel Spreadsheet FV Function FVAN = FV (I,N,PMT,PV) =
Fixed Inputs FVAN = FV (0.05,3.0,-100,0) =
Cell References FVAN = FV(D58,C58,F58,E58) =

Tabel 4-6
INPUTS:
Payment Amout = PMT = -$100
Interest rate = I = 5%
No. Of period = N = 3

1. Step by Step: Periods: 0 1

Cash Flow: -$100

$ 95.24
Devide each payment by $ 90.70
(1+I)ᵗ and sum these PVs to $ 86.38
Find PVAN: $ 272.32
2. Formula:
(1/𝐼 −1/(𝐼(1+𝐼)ᶰ))
PVAN = PMT X =

Input 3 5%
N I PV
3. Excel Spreadsheet FV Function PVAN = PV (I,N,PMT,FV) =
Fixed Inputs PVAN = PV (0.05,3.0,-100,0) =
Cell References PVAN = PV(D89,C89,F89,G89) =

Tabel 4-7
INPUTS:
Interest rate = I = 12%

1. Step by Step:
Periods: 0 1 2 3
 Cash Flow: $0 $100 $300 $300
PVs of the CFs $89.29 $239.16 $213.53

PV of the Irregular CF Stream = Sum of the Individual PVs = $ 1,016.35

2. Excel Spreadsheet NPV Function NPV = NPV (I,CFs)
Fixed Inputs NPV = NPV(0.12,100,300,300,300,500)
Cell References NPV = NPV(C89,B93:G93)

Figure 4-8
INPUTS:
Interest rate = I = 12%

1. Step by Step:
Periods: 0 1 2 3
Cash Flow: $0 $100 $300 $300
PVs of the CFs $157.35 $421.48 $376.32

PV of the Irregular CF Stream = Sum of the Individual PVs = $ 1,791.15

2. Excel Spreadsheet Step 1. Find NPV : =NPV(C103,C107:G107)
Step 2. Compound NPV to find NFV : =FV(C103,G106,0,-G111

Figure 4-9
Periods: 0 1 2 3
Cash Flow: -$1,000 $100 $300 $300
Excel IRR Function Cell References: IRR= IRR(B116:G116)

Figure 4-10

Number of Periodic
Frequency of Nominal Annual Rate Periods per Year Interest Rate Effective Annual
Compounding (IPER) Rate (EFF%)
(M)
Annual 12% 1 12.0000% 12.0000%
Semiannual 12% 2 6.0000% 12.3600%
Quarterly 12% 4 3.0000% 12.5509%
Monthly 12% 12 1.0000% 12.6825%
Daily 12% 365 0.0329% 12.7475%
 2 3
0 FV = ?

$110.25 -> $ 115.76

= $ 115.76
0
PMT FV
FV(I,N,O,PV)
FV(0.05,3.0,-100) = $ 115.76
FV(D12,C12,0,E12) = $ 115.76
s, 0 to indicate no periodic cash flows,

2 3
0 $ 115.76

<- 110.25 <- $115.76

= $ 100.00
0 115.76
PMT FV
PV(I,N,O,PV)
PV(0.05,3.0,-100) = $ (100.00)
PV(D32,C32,F32,G32) = $ (100.00)
s, 0 to indicate no periodic cash flows,

2 3
-$100 -$100
 $ 100.00
$ 105.00
$ 110.25
$ 315.25

$ 315.25

-100
PMT FV
FV (I,N,PMT,PV) =
FV (0.05,3.0,-100,0) = $ 315.25
FV(D58,C58,F58,E58) = $ 315.25

2 3
-$100 -$100

$ 272.32

-100 0
PMT FV
PV (I,N,PMT,FV) =
PV (0.05,3.0,-100,0) = $ 272.32
PV(D89,C89,F89,G89) = $ 272.32

4 5
 $300 $500
$190.66 $283.71

NPV (I,CFs)
(0.12,100,300,300,300,500) $ 1,016.35
NPV(C89,B93:G93) $ 1,016.35

4 5
$300 $500
$336.00 $500.00

NPV(C103,C107:G107) $ 1,016.35
C103,G106,0,-G111 $ 1,791.15

4 5
$300 $500
116:G116) 12.55%

Future Value Percentage

Increase in FV

$112.00
$112.36 0.32%
$112.55 0.17%
$112.68 0.12%
$112.75 0.06%
 ARITMATIKA MEAN
NO Date HARTUP INDF HARTUP INCO HARTUP IHSG
R_INDF R_INCO
1/1/2014 6,975.00 2,305.00 4,418.76
1 2/1/2014 7,175.00 2,390.00 4,620.22 0.029 0.037
2 3/1/2014 7,300.00 2,820.00 4,768.28 0.017 0.180
3 4/1/2014 7,050.00 3,550.00 4,840.15 -0.034 0.259
4 5/1/2014 6,825.00 3,915.00 4,893.91 -0.032 0.103
5 6/1/2014 6,700.00 3,555.00 4,878.58 -0.018 -0.092
6 7/1/2014 7,075.00 4,025.00 5,088.80 0.056 0.132
7 8/1/2014 6,875.00 4,180.00 5,136.86 -0.028 0.039
8 9/1/2014 7,000.00 3,750.00 5,137.58 0.018 -0.103
9 10/1/2014 6,825.00 3,790.00 5,089.55 -0.025 0.011
10 11/1/2014 6,700.00 3,985.00 5,149.89 -0.018 0.051
11 12/1/2014 6,750.00 3,625.00 5,226.95 0.007 -0.090
12 1/1/2015 7,550.00 3,450.00 5,289.40 0.119 -0.048
13 2/1/2015 7,400.00 3,525.00 5,450.29 -0.020 0.022
14 3/1/2015 7,450.00 3,235.00 5,518.67 0.007 -0.082
15 4/1/2015 6,750.00 2,795.00 5,086.42 -0.094 -0.136
16 5/1/2015 7,300.00 3,120.00 5,216.38 0.081 0.116
17 6/1/2015 6,575.00 2,710.00 4,910.66 -0.099 -0.131
18 7/1/2015 6,100.00 1,960.00 4,802.53 -0.072 -0.277
19 8/1/2015 5,300.00 1,545.00 4,509.61 -0.131 -0.212
20 9/1/2015 5,500.00 2,185.00 4,223.91 0.038 0.414
21 10/1/2015 5,525.00 2,235.00 4,455.18 0.005 0.023
22 11/1/2015 4,875.00 1,645.00 4,446.46 -0.118 -0.264
23 12/1/2015 5,175.00 1,635.00 4,593.01 0.062 -0.006
24 1/1/2016 6,200.00 1,445.00 4,615.16 0.198 -0.116
25 2/1/2016 7,050.00 1,535.00 4,770.96 0.137 0.062
26 3/1/2016 7,225.00 1,750.00 4,845.37 0.025 0.140
27 4/1/2016 7,125.00 1,860.00 4,838.58 -0.014 0.063
28 5/1/2016 6,925.00 1,655.00 4,796.87 -0.028 -0.110
29 6/1/2016 7,250.00 1,820.00 5,016.65 0.047 0.100
30 7/1/2016 8,325.00 2,560.00 5,215.99 0.148 0.407
31 8/1/2016 7,925.00 2,640.00 5,386.08 -0.048 0.031
32 9/1/2016 8,700.00 2,950.00 5,364.80 0.098 0.117
33 10/1/2016 8,500.00 2,720.00 5,422.54 -0.023 -0.078
34 11/1/2016 7,575.00 3,380.00 5,148.91 -0.109 0.243
35 12/1/2016 7,925.00 2,820.00 5,296.71 0.046 -0.166
36 1/1/2017 7,925.00 2,370.00 5,294.10 0.000 -0.160
37 2/1/2017 8,125.00 2,550.00 5,386.69 0.025 0.076
38 3/1/2017 8,000.00 2,390.00 5,568.11 -0.015 -0.063
39 4/1/2017 8,375.00 2,220.00 5,685.30 0.047 -0.071
40 5/1/2017 8,750.00 1,905.00 5,738.15 0.045 -0.142
41 6/1/2017 8,600.00 1,850.00 5,829.71 -0.017 -0.029
42 7/1/2017 8,375.00 2,420.00 5,840.94 -0.026 0.308
43 8/1/2017 8,375.00 2,970.00 5,864.06 0.000 0.227
44 9/1/2017 8,425.00 2,590.00 5,900.85 0.006 -0.128
45 10/1/2017 8,200.00 2,940.00 6,005.78 -0.027 0.135
46 11/1/2017 7,325.00 3,040.00 5,952.14 -0.107 0.034
47 12/1/2017 7,625.00 2,890.00 6,355.65 0.041 -0.049
48 1/1/2018 7,750.00 3,750.00 6,605.63 0.016 0.298
49 2/1/2018 7,575.00 3,390.00 6,597.22 -0.023 -0.096
50 3/1/2018 7,200.00 2,790.00 6,188.99 -0.050 -0.177
51 4/1/2018 6,975.00 3,160.00 5,994.60 -0.031 0.133
52 5/1/2018 7,075.00 3,860.00 5,983.59 0.014 0.222
53 6/1/2018 6,650.00 4,040.00 5,799.24 -0.060 0.047
54 7/1/2018 6,350.00 4,370.00 5,936.44 -0.045 0.082
55 8/1/2018 6,375.00 3,800.00 6,018.46 0.004 -0.130
56 9/1/2018 5,900.00 3,710.00 5,976.55 -0.075 -0.024
57 10/1/2018 5,975.00 2,920.00 5,831.65 0.013 -0.213
58 11/1/2018 6,600.00 3,030.00 6,056.12 0.105 0.038
59 12/1/2018 7,450.00 3,260.00 6,194.50 0.129 0.076
Return (Aritmatik Mean) 0.003 0.017

Return (Geometric Mean)

EKSPEKTASI RETURN (ARITMATIK MEAN)

EKSPEKTASI RETURN (GEOMETRIC MEAN)
Varian Return
Standar Deviasi

Kondisi
Probabilitas Pro_Bln
Ekonomi

Baik 45% 0.0375

Sedang 35% 0.0146
Buruk 20% 0.0083
100%
Risiko Stand
Arimatik Geometrik
Alone
INDF 0.0556 0.0859
INCO 0.1360 0.1411
IHSG 0.0257 0.0648
 Aritmatik Geometrik
KORELASI Standar Return yang Koefisien Standar Return yang
Deviasi Return Diharapkan Variasi Deviasi Return Diharapkan

INDF 0.0070 0.0045 0.0097 0.0091

INCO 0.0336 0.0241 0.0321 0.0270
INDF & INCO 0.0261 0.0143 0.5472 0.0252 0.0181

Cek: INDF INCO 0.2385 INDF INCO

Aritmatik Geometrik
Beta Standar KORELASI dgn Standar KORELASI dgn
BETA
Deviasi Return MARKET Deviasi Return MARKET

INDF 0.0070 0.1639 0.7639 0.0097 0.6166

INCO 0.0336 0.2699 5.9938 0.0321 0.4299
IHSG 0.0015 0.0050

ARITMATIK GEOMETRIK
IHSG IHSG
MARKET INDF INCO MARKET INDF
(PASAR) (PASAR)
Standar Deviasi 0.15% 0.70% 3.36% 0.50% 0.97%

Korelasi dengan
0.1639 0.2699 0.6166
Pasar
BETA 0.7639 5.9938 1.1948

ARITMATIK GEOMETRIK
INDF INCO INDF INCO
EXPECTED 0.0045 0.0241 0.0091 0.0270
RETURN
σi 0.0070 0.0336 0.0097 0.0321

PORTOFOLIO ARITMATIK
σct (covar) 0.004%
ρct (correl) 16.77%

ARITMATIK
W-INDF W-INCO σct(covar) E(Rp)
0.00 1.00 0.0336 0.0241
0.05 0.95 0.0319 0.0231
0.10 0.90 0.0303 0.0221
0.15 0.85 0.0287 0.0211
0.2 0.8 0.0271 0.0202
0.25 0.75 0.0255 0.0192
0.30 0.70 0.0239 0.0182
0.35 0.65 0.0224 0.0172
0.40 0.60 0.0208 0.0162
0.45 0.55 0.0192 0.0152
0.5 0.5 0.0177 0.0143
0.55 0.45 0.0162 0.0133
0.60 0.40 0.0147 0.0123
0.65 0.35 0.0133 0.0113
0.70 0.30 0.0119 0.0103
0.75 0.25 0.0106 0.0094
0.8 0.2 0.0095 0.0084
0.85 0.15 0.0084 0.0074
0.90 0.10 0.0077 0.0064
0.95 0.05 0.0072 0.0054
1.00 0.00 0.0070 0.0045
MATIKA MEAN GEOMETRIC MEAN ARITMATIKA MEAN
R_IHSG R_INDF R_INCO R_IHSG E(R)_INDF E(R)_INCO E(R)_IHSG

0.046 1.029 1.037 1.046 0.0006 0.0004 0.0016

0.032 1.017 1.180 1.032 0.0002 0.0264 0.0007
0.015 0.966 1.259 1.015 0.0014 0.0583 0.0001
0.011 0.968 1.103 1.011 0.0012 0.0073 0.0000
-0.003 0.982 0.908 0.997 0.0005 0.0120 0.0001
0.043 1.056 1.132 1.043 0.0028 0.0132 0.0014
0.009 0.972 1.039 1.009 0.0010 0.0004 0.0000
0.000 1.018 0.897 1.000 0.0002 0.0145 0.0000
-0.009 0.975 1.011 0.991 0.0008 0.0000 0.0002
0.012 0.982 1.051 1.012 0.0005 0.0012 0.0000
0.015 1.007 0.910 1.015 0.0000 0.0116 0.0001
0.012 1.119 0.952 1.012 0.0133 0.0043 0.0000
0.030 0.980 1.022 1.030 0.0005 0.0000 0.0006
0.013 1.007 0.918 1.013 0.0000 0.0099 0.0000
-0.078 0.906 0.864 0.922 0.0095 0.0236 0.0071
0.026 1.081 1.116 1.026 0.0061 0.0098 0.0004
-0.059 0.901 0.869 0.941 0.0105 0.0222 0.0042
-0.022 0.928 0.723 0.978 0.0057 0.0866 0.0008
-0.061 0.869 0.788 0.939 0.0181 0.0525 0.0045
-0.063 1.038 1.414 0.937 0.0012 0.1574 0.0048
0.055 1.005 1.023 1.055 0.0000 0.0000 0.0024
-0.002 0.882 0.736 0.998 0.0146 0.0792 0.0001
0.033 1.062 0.994 1.033 0.0034 0.0006 0.0007
0.005 1.198 0.884 1.005 0.0379 0.0179 0.0000
0.034 1.137 1.062 1.034 0.0179 0.0020 0.0008
0.016 1.025 1.140 1.016 0.0005 0.0150 0.0001
-0.001 0.986 1.063 0.999 0.0003 0.0021 0.0001
-0.009 0.972 0.890 0.991 0.0010 0.0163 0.0002
0.046 1.047 1.100 1.046 0.0019 0.0068 0.0016
0.040 1.148 1.407 1.040 0.0210 0.1514 0.0011
0.033 0.952 1.031 1.033 0.0026 0.0002 0.0007
-0.004 1.098 1.117 0.996 0.0089 0.0100 0.0001
0.011 0.977 0.922 1.011 0.0007 0.0091 0.0000
-0.050 0.891 1.243 0.950 0.0126 0.0507 0.0032
0.029 1.046 0.834 1.029 0.0018 0.0335 0.0005
0.000 1.000 0.840 1.000 0.0000 0.0313 0.0000
0.017 1.025 1.076 1.017 0.0005 0.0034 0.0001
0.034 0.985 0.937 1.034 0.0003 0.0064 0.0008
0.021 1.047 0.929 1.021 0.0019 0.0078 0.0002
 0.009 1.045 0.858 1.009 0.0017 0.0254 0.0000
0.016 0.983 0.971 1.016 0.0004 0.0021 0.0001
0.002 0.974 1.308 1.002 0.0009 0.0845 0.0000
0.004 1.000 1.227 1.004 0.0000 0.0440 0.0000
0.006 1.006 0.872 1.006 0.0000 0.0211 0.0000
0.018 0.973 1.135 1.018 0.0009 0.0138 0.0001
-0.009 0.893 1.034 0.991 0.0121 0.0003 0.0002
0.068 1.041 0.951 1.068 0.0014 0.0045 0.0038
0.039 1.016 1.298 1.039 0.0002 0.0785 0.0011
-0.001 0.977 0.904 0.999 0.0007 0.0129 0.0001
-0.062 0.950 0.823 0.938 0.0028 0.0378 0.0046
-0.031 0.969 1.133 0.969 0.0012 0.0133 0.0014
-0.002 1.014 1.222 0.998 0.0001 0.0416 0.0001
-0.031 0.940 1.047 0.969 0.0040 0.0009 0.0014
0.024 0.955 1.082 1.024 0.0023 0.0041 0.0003
0.014 1.004 0.870 1.014 0.0000 0.0219 0.0001
-0.007 0.925 0.976 0.993 0.0061 0.0017 0.0002
-0.024 1.013 0.787 0.976 0.0001 0.0531 0.0009
0.038 1.105 1.038 1.038 0.0103 0.0004 0.0010
0.023 1.129 1.076 1.023 0.0157 0.0034 0.0003
0.006
59.195 60.030 59.367
1.072 1.072 1.072
0.2630 1.4206 0.0550

Ekspektasi Return Portofolio:

Kondisi ER_INDF ER_INCO ER_INDF ER_INCO
Probabilitas Erp Aritmatik
Ekonomi Aritmatik Aritmatik Geometrik Geometrik
Baik 45% 0.009 0.145 0.069 0.141 0.0695
Sedang 35% 0.151 0.584 0.209 0.598 0.2573
Buruk 20% 0.103 0.691 0.258 0.853 0.1588

100%
eometrik

Koefisien
Variasi

0.72

0.2385

eometrik

BETA

1.19
2.76

OMETRIK

INCO

3.21%

0.4299

2.7612

 p  [ W A2 A
2
 WB2 B2  2( W A ) ( WB ) (  AB )  A B ]1 / 2
 n
E(R p )   Wi E(R i )
i 1
 GEOMETRIC MEAN ARITMATIK MEAN
PROBABI
R_INDF R_INCO R_IHSG LITAS Var_INDF

0.0018 0.0012 0.0007 0.0375 2.41367017103583E-05

0.0029 0.0117 0.0016 0.0375 7.47435307835805E-06
0.0112 0.0350 0.0032 0.0375 5.28757791226236E-05
0.0107 0.0010 0.0037 0.0375 4.65130156425802E-05
0.0081 0.0268 0.0056 0.0375 1.75262849574408E-05
0.0002 0.0036 0.0008 0.0375 0.000104015934207
0.0100 0.0011 0.0039 0.0375 3.73801885805808E-05
0.0029 0.0305 0.0051 0.0375 8.30097570857022E-06
0.0093 0.0037 0.0066 0.0375 3.0041160877636E-05
0.0081 0.0004 0.0036 0.0375 1.75262849574408E-05
0.0041 0.0263 0.0032 0.0375 6.48653822741997E-07
0.0022 0.0144 0.0036 0.0083 0.000110620514794
0.0084 0.0025 0.0017 0.0083 4.47421107666102E-06
0.0042 0.0238 0.0035 0.0083 9.93651818484255E-08
0.0274 0.0432 0.0225 0.0083 7.88347407894375E-05
0.0001 0.0020 0.0021 0.0083 5.09314209797544E-05
0.0292 0.0413 0.0170 0.0083 8.77550423634834E-05
0.0207 0.1215 0.0088 0.0083 4.75612610711095E-05
0.0411 0.0804 0.0176 0.0083 0.000150642730022
0.0011 0.1172 0.0182 0.0083 9.87979242430386E-06
0.0045 0.0024 0.0003 0.0083 1.28502814503614E-08
0.0358 0.1128 0.0054 0.0083 0.000121908986034
0.0001 0.0061 0.0015 0.0083 2.82607598008529E-05
0.0160 0.0354 0.0045 0.0125 0.000474162524953
0.0043 0.0001 0.0014 0.0125 0.000223757440744
0.0022 0.0047 0.0031 0.0125 5.78835654598775E-06
0.0073 0.0001 0.0053 0.0125 3.67417284740441E-06
0.0099 0.0332 0.0064 0.0125 1.23039756672956E-05
0.0006 0.0008 0.0007 0.0125 2.37922461336983E-05
0.0059 0.1120 0.0010 0.0125 0.000262711713091
0.0143 0.0016 0.0015 0.0125 3.29624842895591E-05
0.0007 0.0021 0.0057 0.0125 0.000111600084092
0.0089 0.0225 0.0037 0.0125 8.64098001771002E-06
0.0326 0.0292 0.0149 0.0125 0.00015715635505
0.0006 0.0564 0.0018 0.0125 2.30061465051069E-05
0.0051 0.0536 0.0052 0.0083 9.09518532365412E-08
0.0022 0.0000 0.0029 0.0083 4.00877667328433E-06
0.0076 0.0181 0.0014 0.0083 2.91043280518847E-06
0.0006 0.0204 0.0026 0.0083 1.58205080873734E-05
 0.0007 0.0457 0.0039 0.0083 1.43330351974065E-05
0.0079 0.0101 0.0031 0.0083 3.4838365937318E-06
0.0096 0.0558 0.0049 0.0083 7.23560157815314E-06
0.0051 0.0242 0.0046 0.0083 9.09518532365412E-08
0.0043 0.0399 0.0043 0.0083 5.92510180684641E-08
0.0097 0.0040 0.0029 0.0083 7.50495055381866E-06
0.0318 0.0014 0.0065 0.0083 0.000100853473677
0.0009 0.0147 0.0000 0.0083 1.18139195524542E-05
0.0030 0.0509 0.0010 0.0125 2.14177748935094E-06
0.0089 0.0282 0.0053 0.0125 8.37497086103627E-06
0.0147 0.0619 0.0178 0.0125 3.48593773687528E-05
0.0106 0.0037 0.0106 0.0125 1.4924449670718E-05
0.0033 0.0224 0.0054 0.0125 1.52165744331616E-06
0.0173 0.0006 0.0105 0.0125 5.02038361772897E-05
0.0136 0.0001 0.0023 0.0125 2.93019078525034E-05
0.0046 0.0409 0.0033 0.0125 5.01399212873183E-09
0.0214 0.0091 0.0062 0.0125 7.56867051956091E-05
0.0035 0.0811 0.0092 0.0125 1.10642699058097E-06
0.0011 0.0012 0.0011 0.0125 0.000128268193496
0.0033 0.0000 0.0024 0.0125 0.0001968285894

0.5383 1.5953 0.3078

0.9 0.0031
0.0556

Erp Geometrik n
0.0949 E(R p )   Wi E(R i )
i 1
0.2823
0.2223
 A B ]1 / 2
ARITMATIK MEAN GEOMETRIC MEAN
Var_INCO Var_IHSG Var_INDF Var_INCO Var_IHSG Varians return = [Ri – E(R)]^2 pro

1.4139346E-05 5.8147646E-05 6.9147368E-05 4.5919053E-05 2.5497777E-05

0.0009897191 2.5023992E-05 0.000110134 0.0004377807 5.88687E-05
0.0021853939 2.9425922E-06 0.000420249 0.0013112803 0.0001201127
0.0002732265 8.9798354E-07 0.0004019402 3.5915712E-05 0.0001375313
0.0004489171 3.2753671E-06 0.0003032767 0.0010064284 0.0002098091
0.0004937798 5.0994704E-05 9.178362E-06 0.000136529 3.0624438E-05
1.6617474E-05 3.9133047E-07 0.0003741259 4.1733387E-05 0.0001451887
0.0005429688 1.3837905E-06 0.0001070658 0.0011450294 0.0001918596
1.7298887E-06 9.083071E-06 0.000350041 0.0001404662 0.0002461386
4.3331098E-05 1.1936464E-06 0.0003032767 1.5633767E-05 0.0001341532
0.0004357602 2.8704952E-06 0.0001543312 0.00098668 0.0001205766
3.6008496E-05 2.7408293E-07 1.833296E-05 0.0001202906 2.9719066E-05
1.5269113E-07 4.8816934E-06 6.9741895E-05 2.0941972E-05 1.4179694E-05
8.288079E-05 3.3413958E-07 3.5054757E-05 0.0001979898 2.9127618E-05
0.0001962778 5.9557068E-05 0.0002284578 0.0003601233 0.000187481
8.1379043E-05 3.1153946E-06 8.1125526E-07 1.643521E-05 1.7724107E-05
0.0001846828 3.5015668E-05 0.0002434753 0.0003443549 0.0001414304
0.0007213361 6.6427067E-06 0.0001724598 0.0010128114 7.3143439E-05
0.0004377464 3.7640208E-05 0.0003426049 0.0006702603 0.0001466572
0.0013119589 4.0330223E-05 9.5648831E-06 0.000976811 0.0001519218
2.452276E-07 1.9633627E-05 3.7485853E-05 1.9996928E-05 2.3841338E-06
0.0006600739 5.5648997E-07 0.0002985006 0.0009399682 4.5172263E-05
4.6168327E-06 5.9606597E-06 8.4611154E-07 5.0632884E-05 1.2486348E-05
0.0002233343 2.4164274E-08 0.0001998789 0.0004421633 5.5851096E-05
2.5116161E-05 9.4824991E-06 5.3598548E-05 1.1485443E-06 1.7965253E-05
0.0001879046 1.1006119E-06 2.7368809E-05 5.8133372E-05 3.9297978E-05
2.5762846E-05 7.2485531E-07 9.1283393E-05 1.0152434E-06 6.6737378E-05
0.000203757 2.7510255E-06 0.0001242138 0.000414434 8.0578127E-05
8.4541249E-05 1.9604834E-05 7.6158972E-06 9.6803578E-06 8.3531164E-06
0.0018928237 1.4047446E-05 7.3461406E-05 0.0014005026 1.2744316E-05
2.3775337E-06 8.7085951E-06 0.0001789901 2.0624122E-05 1.906962E-05
0.0001249141 1.2914866E-06 8.5654148E-06 2.5940628E-05 7.1475973E-05
0.0001138234 2.5858328E-07 0.0001118724 0.0002806332 4.6367923E-05
0.000633873 4.0152087E-05 0.0004069751 0.0003645629 0.0001864448
0.000419249 6.3231675E-06 8.0709901E-06 0.0007053738 2.3071879E-05
0.0002611726 3.7480224E-07 4.2739043E-05 0.0004463853 4.3391992E-05
2.8509748E-05 1.0593776E-06 1.7924514E-05 1.3872269E-07 2.4460821E-05
5.3605277E-05 6.2856512E-06 6.3074209E-05 0.0001510087 1.202653E-05
6.5399069E-05 1.8334636E-06 5.100497E-06 0.000170406 2.1353589E-05
 0.0002116048 7.9210275E-08 6.0026406E-06 0.0003807822 3.2417146E-05
1.7887234E-05 7.9074146E-07 6.5649405E-05 8.4572436E-05 2.5865488E-05
0.0007039761 1.5319355E-07 7.9670541E-05 0.000465073 4.0531665E-05
0.0003668497 4.2404639E-08 4.2739043E-05 0.0002012518 3.8204424E-05
0.0001761878 3.0582769E-11 3.5910211E-05 0.0003327185 3.5635154E-05
0.0001153981 1.1151805E-06 8.0558608E-05 3.3354687E-05 2.4196835E-05
2.2839016E-06 1.9117935E-06 0.0002649899 1.1942131E-05 5.4136118E-05
3.7186119E-05 3.1600105E-05 7.8332251E-06 0.0001224351 1.2506961E-07
0.000980835 1.3709506E-05 3.8117533E-05 0.0006368042 1.3070216E-05
0.0001609107 7.0081953E-07 0.0001109099 0.0003522514 6.6505005E-05
0.0004726338 5.7958772E-05 0.000183375 0.0007741442 0.0002229341
0.0001657667 1.7693954E-05 0.0001322647 4.6127718E-05 0.0001328101
0.000520508 8.1012014E-07 4.1009504E-05 0.0002799378 6.7535149E-05
1.0638681E-05 1.7134121E-05 0.0002167634 7.9614553E-06 0.0001312685
5.1559939E-05 3.8042132E-06 0.0001703167 1.2038934E-06 2.8809747E-05
0.0002734057 7.2234086E-07 5.7253611E-05 0.0005115869 4.1835077E-05
2.1159136E-05 2.1704509E-06 0.0002669051 0.000114131 7.7284415E-05
0.0006635325 1.1597165E-05 4.3369505E-05 0.0010139402 0.0001149907
5.1068813E-06 1.3023621E-05 1.3602331E-05 1.4618871E-05 1.3757312E-05
4.2703556E-05 3.4588493E-06 4.0859456E-05 2.0384463E-07 2.979099E-05

0.0185 0.0007 0.0074 0.0199 0.0042

0.1360 0.0257 0.0859 0.1411 0.0648 Deviasi standar = (VARIAN)1/2
Ri – E(R)]^2 pro
Date, 12/1/2014
Dividends 123.81

Value of Stock

D0 = $ 123.81 Last deviden company paid

rs = 5.63% Stockholders' required return

Harga Valuasi Saham 117.2110195967

Harga Pasar 2,510
 PROPORSI 2018 % 2017 %
Hutang 4,513,465 70.03% 5,171,484 72.80%
Saham Biasa 1,931,744 29.97% 1,931,744 27.20%
6,445,209 100% 7,103,228 100%
rd
Suku bunga hutang 4.40% 4.35%
Pajak -36.53% -50.74%
rs
Deviden 0 0
Harga Saham 3,506.67 2,511.25
Growth Deviden 0% 0%

BIAYA MODAL
Kd 6.00% 6.55%
ke 0.00% 0.00%
WACC 4.20% 4.77%
 2016 % 2015 % 2014
5,562,550 74.13% 6,452,744 76.94% 7,864,066
1,941,157 25.87% 1,933,722 23.06% 1,954,607
7,503,707 100% 8,386,467 100% 9,818,673

3.71% 2.15% 1.77%

-170.99% -38.27% -37.53%

0 0 123.81
2,261.25 2,503.33 3490.83
0% 0% -96.45%

10.04% 2.97% 2.43%

0.00% 0.00% -92.91%
7.44% 2.29% -16.55%
 %
80.09%
19.91% Beban Bunga
100% 2018 2017 2016 2015 2014
198,391 224,770 206,131 138,684 139,158

Pajak
2018 2017 2016 2015 2014
(313,029) 109,734 (46,157) (273,970) (926,487)

Laba Setelah Pajak

2018 2017 2016 2015 2014
856,910 -216,253 26,995 715,877 2,468,402

Hutang Jangka Panjang

2018 2017 2016 2015 2014
2,030,475 3,340,467 3,684,346 4,347,697 4,878,129

Biaya Bunga Sebelum pajak

2018 2017 2016 2015 2014
(96,139) (110,527) (129,351) (140,663) (179,308)

Harga Saham
2018 2017 2016 2015 2014
3,506.67 2,511.25 2,261.25 2,503.33 3,490.83
FIGURE 10-1
Cash Flows and Selected Evaluation Measures for Projects S and L (Millions of Dollars)
Panel A : Inputs for Project Cash flows and Cost of Capital, r

INPUTS
r = 10%
Initial Cost and Expected Cash Flows
Year 0 1 2 3
Project S -$10,000 $5,300 $4,300 $1,874
Project L -$10,000 $1,900 $2,700 $2,345

Panel B : Summary of Select Evaluation Measureres

Project S Project L
Net present value, NPV $804.38 $1,048.02
Internal rate of return, IRR 14.69% 13.79%
Modified IRR,MIRR 12.15% 12.78%
Proffitability index, IP 1.08 1.10
Payback 2.21 3.39
Discouned Payback 3.21 3.80

FIGURE 10-2
Finding the NPV for Projects S and L (Millions of Dollars)
INPUTS
r = 10%
Initial Cost and Expected Cash Flows
Year 0 1 2 3
Project S -$10,000 $5,300 $4,300 $1,874
$4,818.18
$3,553.72
$1,407.96
$1,024.52
NPVS = $804.38 Long way:
Sum the PVS of the CFs to find NPV
Initial Cost and Expected Cash Flows
Year 0 1 2 3
Project L -$10,000 $1,900 $2,700 $2,345
NPVL = Short way : Use Excel's NPV Function
$1,048.02
= NPV(B22;C34:F34)+B34

FIGURE 10-3
Finding the IRR
INPUTS
Initial Cost and Expected Cash Flows
Year 0 1 2 3
Project S -$10,000 $5,300 $4,300 $1,874
4621.33
 3269.26
1242.34
867.07
Long way: Try a value for r, sum the PVs of the CFs to find NPV.
NPVS = $0.00 If NPV is not zero, try anothe vlue for r,Or use goal seek to find the
value of r that makes the NPV = 0
IRR= r = 14.69% Value of r that makes NPV = 0

Initial Cost and Expected Cash Flows

Year 0 1 2 3
Project L -$10,000 $1,900 $2,700 $2,345
IRRL = 13.79% Short way : Use Excel's IRR Function = IRR (B54:F54)

FIGURE 10-6
Finding the MIRR for Projects S and L
INPUTS
r = 10%
Initial Cost and Expected Cash Flows
Year 0 1 2 3
Project S -$10,000 $5,300 $4,300 $1,874

Present Value of
Negative CF (PV)= -$10,000 Terminal Value O Positive CF (TV)=

Calculator: N = 4, PV = -10000,PMT = 0, FV = 15819. Press I/YR to get :

Excel Rate function - Easier: =RATE(F62;0;B67;F67)
Excel MIRR function - Easier: =MIRR(B63:F63;B60;B60)

Year 0 1 2 3
Project L -$10,000 $1,900 $2,700 $2,345

For Project L, using the MIRR function: =MIRR(B74:F74;B60;B60)

FIGURE 10-7
Profitability Index (PI)
Project S PIS = PV of future cash flows / Initial cost
PIS = $10,804.38 / $10,000
PIS = $1.0804

Project L PIL = PV of future cash flows / Initial cost

PIL = $11,048.02 / $10,000
PIL = $1.1048
FIGURE 10-8
Payback Period
Project S Year 0 1 2
Cash flow -$10,000 $5,300 $4,300
Cumulative cash flow -$10,000 -$4,700 -$400
Intermediate calculation for Payback - - -

Intermediate calculation:
Manual calculation of Payback S = 2 +$400/$1,874 = 2.21 IF(F90>0;E88+ABS(E90/F89);"-
Excel calculation of Payback S = 2.21

Project L Year 0 1 2
Cash flow -$10,000 $1,900 $2,700
Cumulative cash flow -$10,000 -$8,100 -$5,400

Manual calculation of Payback L = 3 + $3,055 / $7,800 = 3.39

Alternative Excel calculation of Payback L =
=PERCENTRANK(C99:G99;0;6)*G97 3.39

FIGURE 10-9
Discounted Payback
Project WACC = 10%
Project S Year 0 1 2
Cash flow -$10,000 $5,300 $4,300
Discounted cash flow -$10,000 $4,818 $3,554
Cumulative discounted CF -$10,000 -$5,182 -$1,628

Discounted Payback S =3 + $220.14 / $1,024.52 = 3.21

Excel calculation of Discounted Payback S =
=PERCENTRANK(C110:G110;0;6)*G107 3.21

Project L Year 0 1 2
Cash flow -$10,000 $1,900 $2,700
Discounted cash flow -$10,000 $1,727 $2,231
Cumulative discounted CF -$10,000 -$8,273 -$6,041

Discounted Payback L =3 + $4,279 / $5,327.50 = 3.80

Excel calculation of Discounted Payback L =
=PERCENTRANK(C119:G119;0;6)*G116 3.80

HITUNG : PROJECT S PROJECT L PROJECT S

NPV $804.38 $ 1,048.02 LAYAK
IRR 14.69% 13.79% LAYAK
MIRR 12.15% 12.78% LAYAK
PI 1.08 1.10 LAYAK
SUM TAHUN 9.600 6.945 n
SISA TAHUN 4.00 3.055 LAYAK
REGULAR PAYBACK 2.21 3.39 TAHUN
2.26 4.70 BULAN
17 21.00 HARI
DISCOUNTED PAYBACK 3.21 3.80 LAYAK

KESIMPULAN
Project S dan L saling mutually exclusive, maka Kriteria NPV akan memilih L, karena lebih besar dari Project S. Karena S dan
Project S dan L saling mutually exclusive, maka Kriteria IRR akan memilih S karena lebih besar dari project L
Project S dan L saling mutually exclusive, maka Kriteria MIRR akan memilih L karena lebih besar dari project S
Project S dan L saling mutually exclusive, maka Kriteria Profitability Index (PI) akan memilih L karena lebih besar dari projec
Project S dan L saling mutually exclusive, maka Kriteria Payback Period akan memilih S karena lebih kecil dari project L, kar
Project S dan L saling mutually exclusive, maka Kriteria Discounted Payback Period akan memilih S karena lebih kecil dari p
karena payback merupakan balik modal dan tanpa mempertimbangkan nilai waktu uang, serta discounted ini juga mengco
ws
4
$1,500
$7,800

ws
4
$1,500

ws
4
$7,800
V Function

ws
4
$1,500
 e CFs to find NPV.
e goal seek to find the

ws
4
$7,800
on = IRR (B54:F54)

ws
4
$1,500
$2,061
$5,203
$7,054
$15,819

MIRRs = 12.15%
MIRRs = 12.15%
MIRRs = 12.15%

4
$7,800

MIRRL = 12.78%
 3 4
$1,874 $1,500
$1,474 $2,974
2.21 3.98

Intermediate calculation:
IF(F90>0;E88+ABS(E90/F89);"---")
2.21

3 4
$2,345 $7,800
-$3,055 $4,745

Payback switches from

negative to positive cash
flow.

3 4
$1,874 $1,500
$1,408 $1,025
-$220 $804

Switches from negative to

positive cash flow

3 4
$2,345 $7,800
$1,762 $5,328
-$4,279 $1,048

Switches from negative to

positive cash flow

PROJECT L
LAYAK
LAYAK
LAYAK
LAYAK
 LAYAK

bih besar dari Project S. Karena S dan L keduanya memiliki NPV positif, terima keduanya jika independen.
h besar dari project L
bih besar dari project S
milih L karena lebih besar dari project S
karena lebih kecil dari project L, karena balik modal
n memilih S karena lebih kecil dari project L,
ng, serta discounted ini juga mengcover kelemahan payback period maka dari itu hasilnya hampir mirip antara project S dan project L
ara project S dan project L