NIM : 34209002

NAMA MAHASISWA : KEREN WIJAYA

MATA KULIAH : MANAJEMEN KEUANGAN II – MKB – 414 S
KELAS : EKSEKUTIF-AKUNTANSI
NAMA DOSEN : DRS SUGENG RIJADI MM

Jawab
A. Harga Wajar Obligasi
Bunga Obligasi = 400
VB = I(PVIFA5%;20) + M(PVIF5%;20)
VB = 200(12.4622) + 5000(0.3769)
VB = 4,376.94

NPV Obligasi
Bunga Obligasi = 400
NPV = VB - P
NPV = 4,376.94 - 4,800 = -423.06 <0 tidak layak dibeli

B. Bunga Obligasi = 1000

VB = I(PVIFA12%;8) + M(PVIF12%;8)
VB = 1000(4.9676) + 10000(0.4039)
VB = 9,006.60

NPV Obligasi
Bunga Obligasi = 1000
NPV = 9,006.60 - 9,700 = -693.40 <0 tidak layak dibeli

Misal YTM 2 = 10%

NPV = 1000 (PVIFA10%;8) + 10000 (PVIF10%;8)
 NPV2 = 1000(5.33) + 10000(0.47) – 9,700
NPV2 = 10,000 – 9,700
NPV2 = 300

YTM = YTM1 – NPV1 (YTM2 – YTM1) / (NPV2 – NPV1)

YTM = 12% - (-693.53) (10%-12%)/(300-(-693.53)
YTM = 12% - 0.014 = 10.60%

Jawab
A. V= D0(1+g) : ( KS – g )
400(1+12%) : (18%-12%)
7,466.67

B. Bunga 15%
EPS 40%
18% - 12%
6.67

Bunga 10%
EPS 40%
18% - 10%
5.00

Bunga 6%
EPS 40%
18% - 6%
20.00

C. PERaktual = P : EPS = Rp 400 : Rp 4,000 = 0.10

D. Karena PERaktual (0,10) < PERnormal (6.67 Untuk bunga 15%, 5.00 untuk bunga 10%, dan
20.00 untuk bunga 6%) maka saham layak untuk dibeli.
Jawab
A. Biaya hutang = YTM obligasi = 20%

Biaya hutang setelah pajak (Ki) = Kd (1-T)=20%(1-40%)=12%

Biaya saham preferen

𝐷𝑝 𝑅𝑝 15,000
𝐾𝑝 = = = 17,24%
𝑃𝑝 𝑅𝑝 90.000 − 𝑅𝑝 3.000

Biaya laba ditahan

𝐷𝑜 (1 + 𝑔) 𝑅𝑝 5,000 (1 + 9%)
𝐾𝑠 = +𝑔 = + 9% = 16,27%
𝑃𝑜 𝑅𝑝 75.000

Biaya saham biasa baru

𝐷𝑜 (1 + 𝑔) 𝑅𝑝 5,000 (1 + 9%)
𝐾𝑒 = +𝑔 = + 9% = 17,26%
𝑃𝑜 (1 − 𝐹) 𝑅𝑝 75.000 (1 − 12%)

B. Retained earning break point

𝐷𝑝 𝐽𝑢𝑚𝑙𝑎ℎ 𝐿𝑎𝑏𝑎 𝐷𝑖𝑡𝑎ℎ𝑎𝑛
𝐵𝑟𝑒𝑎𝑘 𝑃𝑜𝑖𝑛𝑡 = =
𝑃𝑝 𝐵𝑎𝑔𝑖𝑎𝑛 𝑀𝑜𝑑𝑎𝑙 𝑆𝑒𝑛𝑑𝑖𝑟𝑖 𝑑𝑎𝑙𝑎𝑚 𝑆𝑡𝑟𝑢𝑘𝑡𝑢𝑟 𝑀𝑜𝑑𝑎𝑙
Break Point = (1 - 30%) x 20,000,000,000 / 60% = 23,333,333,333
 C. WACC dengan laba ditahan
𝑊𝐴𝐶𝐶 = 𝑊𝑑𝐾𝑑 (1 − 𝑇) + 𝑊𝑝𝐾𝑝 + 𝑊𝑠𝐾𝑠
WACC = (0.25)(20%)(1-0.40)+(0.15)(17.24%)+(0.60)(16.27%)
WACC = 15.35%

WACC dengan saham baru

𝑊𝐴𝐶𝐶 = 𝑊𝑑𝐾𝑑 (1 − 𝑇) + 𝑊𝑝𝐾𝑝 + 𝑊𝑠𝐾𝑒
WACC = (0.25)(20%)(1-0.40)+(0.15)(17.24%)+(0,60)(17.26%)
WACC = 15.94%

D. Gambar skedul MCC

WACC (%)
MCC

WACC=15.94%
WACC=15.35%

Modal Baru
Break Point

Jawab
A. Lembar per saham (EPS)
Keterangan Alternatif 1 Alternatif 2
Penjualan 240,000,000 240,000,000
Biaya Variabel 160,000,000 160,000,000
Margin Kontribusi 80,000,000 80,000,000
Biaya Tetap 6,000,000 6,000,000
EBIT 74,000,000 74,000,000
Beban Bunga 30,000,000
EBT 44,000,000 74,000,000
Pajak 50% 22,000,000 37,000,000
EAT 22,000,000 37,000,000
 Dividen Saham Preferen
Laba yg tersedia bagi para 22,000,000 37,000,000
pemegang saham biasa
Jumlah lembar saham 50,000 80,000
EPS 440.00 462.50

B. DOL, DFL, dan DCL

Alternatif 1 Alternatif 2
DOL 1.08 1.08
DFL 1.68 1.00
DCL 1.82 1.08

C. EBIT Indifference
(𝐸𝐵𝐼𝑇 ∗ −30.000)(1 − 50%) = (𝐸𝐵𝐼𝑇 ∗)(1 − 50%)
50 80

(0.50 EBIT - 15,000) (80) = 0.50EBIT (50)

40EBIT - 120,000 = 25EBIT
40EBIT - 25EBIT = 120,000
15EBIT = 120,000
EBIT = 8,000

EPS = (8,000,000 - 30,000,000) (1/50%) / 50,000

EPS = -880