BAB

8
PENILAIAN INVESTASI

Nama: Hari/Tanggal:

NIM/No. Presensi: Nilai/Korektor:

Soal 8 – 1: Penilaian Investasi dari Data Estimasi Penjualan

PT Bisi International (BISI) Tbk pada tahun 2022 mengajukan proposal proyek untuk
dianalisa. Kebutuhan investasi Rp30.000.000,00, nilai residu Rp6.000.000,00, umur
ekonomis empat tahun dan biaya modal 15%. Biaya tetap per tahun Rp12.000.000,00
sudah termasuk biaya penyusutan, biaya variabel 50% dari penjualan, tarif pajak
sebesar 30%. Pola penjualan untuk lima tahun mendatang diprediksi sebagai berikut:

Tabel 8 – 1: Pola Penjualan PT Bahtera Adimina Samudra Tbk

Tahun Penjualan
Tahun 2023 Rp63.000.000,00
Tahun 2024 Rp48.000.000,00
Tahun 2025 Rp66.000.000,00
Tahun 2026 Rp54.000.000,00

Diminta:
1. Tentukanlah EAT selama 4 tahun, berilah keputusan investasi pada PT BISI Tbk!
2. Hitunglah Payback Periode dan berilah keputusan mengenai investasi PT BISI Tbk
tersebut jika manajemen menginginkan payback periode 2,5 tahun!
3. Hitunglah NPV (discount rate 15%) dan berilah keputusan investasi PT BISI Tbk!
4. Hitung Profitability Indeks dan berilah keputusan mengenai investasi PT BISI Tbk!

Manajemen Keuangan * Bab Delapan * Penilaian Investasi * Kusumawati, Widawati, 35

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Kertas Kerja 8 – 1: Penilaian Investasi dari Estimasi Penjualan

1. Tabel 8 – 2: Perhitungan EAT PT Bisi International Tbk (Jutaan Rupiah)

Penjualan FC VC TC EBT Pajak EAT
Tahun
a b c d=b+c e = a – d f = 30% x e g = e – f

Interpretasi:......................................................................................................................

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2. Tabel 8 – 3: Perhitungan Proceeds PT Bisi International Tbk

Tahun EAT Depresiasi Proceeds

Tahun

Perhitungan Payback Period =

Manajemen Keuangan * Bab Delapan * Penilaian Investasi * Kusumawati, Widawati, 36

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 Interpretasi:......................................................................................................................

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3. Tabel 8 – 4: Perhitungan Net Present Value PT Bisi International Tbk

Tahun Proceeds DF = ........… PV Proceeds

Interpretasi:......................................................................................................................

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4. Profitability Index (PI) =

Manajemen Keuangan * Bab Delapan * Penilaian Investasi * Kusumawati, Widawati, 37

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 Interpretasi:......................................................................................................................

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Soal 8 – 2: Kebijakan Pemilihan Dua Usulan Proyek

Dua usulan proyek memproyeksikan cashflow sebagai berikut:

Tabel 8 – 5: Estimasi Cashflow Dua Alternatif Proyek
Periode Proyek A Proyek B
2022 (Rp30.000.000,00) (Rp30.000.000,00)
2023 Rp15.000.000,00 0
2024 Rp15.000.000,00 0
2025 Rp15.000.000,00 0
2026 Rp15.000.000,00 Rp90.000.000,00

Diminta:
1. Jika diharapkan rate of return 15%, tentukan net present value kedua proyek tersebut!
2. Hitunglah Internal Rate of Return masing-masing proyek! (Dengan DF 15% dan 35%)
3. Hitunglah MIRR masing-masing proyek!
4. Proyek yang mana sebaiknya dipilih berdasarkan masing-masing metode diatas?

Kertas Kerja 8 – 2: Kebijakan Pemilihan Dua Usulan Proyek

1. Perhitungan Net Present Value

Tabel 8 – 6: Perhitungan NPV Proyek A dan B (dalam Ribuan Rupiah)

Tahun Proceeds Proceeds DF = ….% PV Proceeds PV Proceeds
Proyek A Proyek B Proyek A Proyek B

Manajemen Keuangan * Bab Delapan * Penilaian Investasi * Kusumawati, Widawati, 38

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 Interpretasi:......................................................................................................................

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2. Perhitungan Internal Rate of Return (dalam ribuan rupiah)

Tabel 8 – 7: Perhitungan IRR Proyek A dengan DF = …..............…% dan ……............%

Tahun Proceeds DF =…....% PV Proceeds DF =….....% PV Proceeds

IRR = i1 – C1

Dimana:
IRR = Internal Rate of Return; C1 = NPV ke-1; C2 = NPV ke-2

Manajemen Keuangan * Bab Delapan * Penilaian Investasi * Kusumawati, Widawati, 39

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 i1 = Tingkat bunga ke-1; i2 = Tingkat bunga ke-2

i1 = ….......%; i2 = .....….%; C1 = ………......................……; C2 = …….............…...........………

IRR =

Tabel 8 – 8: Perhitungan IRR Proyek B (dalam Ribuan Rupiah)

Tahun Proceeds DF =…....% PV Proceeds DF =….....% PV Proceeds

Net Present Value (NPV)

i1 = ….......%; i2 = .....….%; C1 = ………......................……; C2 = …….............…...........………

IRR =

Interpretasi:......................................................................................................................

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Manajemen Keuangan * Bab Delapan * Penilaian Investasi * Kusumawati, Widawati, 40

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3. MIRR Proyek A

PV Biaya = =

MIRR Proyek B

PV Biaya = =

Interpretasi:......................................................................................................................

............................................................................................................................... ............

Manajemen Keuangan * Bab Delapan * Penilaian Investasi * Kusumawati, Widawati, 41

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4. Simpulan:......................................................................................................................

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Manajemen Keuangan * Bab Delapan * Penilaian Investasi * Kusumawati, Widawati, 42

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