Proyeksi Kinerja Mendatang

Pendekatan Income
Valuasi Bisnis
I.K. Gunarta
Departemen Manajemen Bisnis
Institut Teknologi Sepuluh Nopember
2020
Nilai Usaha
• Jumlah manfaat ekonomi mendatang (the future economic
benefits or economic returns) – biasanya dalam bentuk
pendapatan atau arus kas yang dihasilkan oleh sebuah
usaha.
• Konsep dasar:
– Suatu benda mempunyai nilai karena
memiliki kegunaan (utility) atau manfaat.
– Suatu usaha memiliki nilai karena
kemampuannya dalam memberikan
manfaat atau “imbal balik” (return)
terhadap mereka yang melakukan
penanaman dana dalam usaha tersebut.
Model dalam Pendekatan Income
• Model Discounted Cash Flow

• Model Economic Value Added
• Model Real Option
Valuasi Bisnis
MODEL
DISCOUNTED CASH FLOW
Konsep Dasar
• Model yang mendiskontokan arus kas
bebas perusahaan (free cash flow firm),
arus kas bebas ekuitas (free cash flow
equity), atau arus dividend (dividend flow)
masa datang dengan biaya modal terkait.
• Filosofi dasar dari model DCF berangkat
dari anggapan bahwa semua aset
mempunyai nilai intrinsik yang bisa
diestimasi atau ditaksir berdasarkan
karakteristiknya, dengan memperhatikan
cash flow, growth dan risk.
Kelebihan Model DCF
• Menekankan pada free cash flow
perusahaan dengan asumsi going
concern.
• Menggunakan analisis fundamental atas
aset, hal ini berbeda dengan pendekatan
relatif/pasar yang lebih menekankan pada
trend, mood pasar, dan persepsinya.
• Menganalisis dan mengukur masing-
masing karakteristik yang membentuk
dan mendukung keberadaan perusahaan.
Kelebihan Model DCF
• Menentukan dan menganalisis semua
komponen fundamental yang dipakai untuk
membangun value perusahaan, sehingga
tidak sekedar pada harga perdagangan
saham yang dijadikan acuan.
• Disusun berdasarkan proyeksi manajemen
yang dibangun dengan pengetahuan
manajemen yang mendalam mengenai bisnis
dan operasi perusahaan; proyeksi
manajemen ditelaah untuk menentukan
potensi free cash flow yang wajar.
Kelemahan
• Memerlukan variabel-variabel input
dan informasi pendukung yang lebih
banyak dan rinci agar dapat
menjalankan model ini dengan baik.
– Kadang tidak tersedia sehingga
memerlukan penaksiran dengan
justifikasi-justifikasi tertentu.
• Arus kas yang dihitung adalah
terkait dengan arus kas proyeksi
yang akan datang.
Kelemahan
• Dalam kasus-kasus tertentu, variabel-
variabel input yang dipakai dapat
dimanipulasi dan/atau disembunyikan
untuk menghasilkan kesimpulan yang
lebih menguntungkan.
• Memerlukan persiapan dan waktu
penyelesaian yang lama.
• Model ini bergantung dengan judgement,
asumsi dan persepsi dari manajemen dan
penilai dalam proses valuasinya.
Kelemahan
• Sebagai suatu model intrinsik, tidak ada
jaminan bahwa hal-hal atau kejadian-
kejadian yang muncul nantinya akan
menjadi under atau over value, sehingga
model ini kurang sesuai untuk referensi
analisis di pasar modal yang
pergerakannya dinamis.
Tahapan Penilaian DCF
1. Menganalisis kinerja historis ✔

2. Melakukan proyeksi terhadap
kinerja mendatang.
3. Menentukan cost of capital sebagai
discount rate.
4. Menentukan terminal value
5. Menghitung dan melakukan
interpretasi atas hasil penilaian.
6. Melakukan analisis investasi.
MELAKUKAN PROYEKSI TERHADAP
KINERJA MENDATANG
Estimate Future Value
a detailed plan,
expressed in
quantitative terms,
that specifies how
resources will be
acquired and used
during a specified
period of time.
I.K. Gunarta – Jurusan Teknik Industri ITS 13

Exh.
9-1
Sales of Services or Goods
Ending
Inventory
Budget Production
Work in Process Budget
and Finished
Goods

Exh.
9-1
Ending
Inventory
Budget Production
and Finished
Goods
Direct Direct Selling and

Overhead
Materials Labor Administrative
Budget Budget Budget
Budget
Ending
Inventory
Budget
Direct Materials

Exh.
9-1
Ending
Inventory
Budget Production
and Finished
Goods
Direct Direct Selling and

Overhead
Materials Labor Administrative
Budget Budget Budget
Budget
Cash Budget
Ending
Inventory
Budget
Direct Materials Budgeted Financial Statements
Sales Budget
Breakers, Inc. is preparing budgets for the
quarter ending June 30.
Budgeted sales for the next five months are:
April 20,000 units
May 50,000 units
June 30,000 units
July 25,000 units
August 15,000 units.
The selling price is $10 per unit.
Sales Budget
April May June Quarter
Budgeted
sales (units) 20,000 50,000 30,000 100,000
Selling price
per unit $ 10 $ 10 $ 10 $ 10
Total
Revenue $200,000 $500,000 $300,000 $1,000,000

Production Budget
Sales Production
Budget Budget
Production must be adequate to meet budgeted

sales and provide for sufficient ending inventory.

Production Budget
The management of Breakers, Inc. wants
ending inventory to be equal to 20% of the
following month’s budgeted sales in units.
On March 31, 4,000 units were on hand.
Let’s prepare the production

budget.

Production Budget
Sales in units 20,000
Add: desired
end. inventory
Total needed
Less: beg.
inventory
Units to be
started
From sales
budget

Production Budget
Add: desired May sales 50,000 units
end. inventory 10,000 Desired percent 20%
Total needed 30,000 Desired inventory 10,000 units
Less: beg.
inventory
Units to be
started

Production Budget
Add: desired
end. inventory 10,000
Total needed 30,000
Less: beg.
inventory 4,000
Units to be
started 26,000
March 31
ending inventory

Production Budget
Sales in units 20,000 50,000
Add: desired
end. inventory 10,000
Total needed 30,000
Less: beg.
inventory 4,000
Units to be
started 26,000

Production Budget
Add: desired
end. inventory 10,000 6,000
Total needed 30,000 56,000
Less: beg.
inventory 4,000
Units to be
started 26,000

Production Budget
Add: desired
end. inventory 10,000 6,000
Total needed 30,000 56,000
Less: beg.
inventory 4,000 10,000
Units to be
started 26,000 46,000

Production Budget
Sales in units 20,000 50,000 30,000 100,000
Add: desired
end. inventory 10,000 6,000 5,000 5,000
Total needed 30,000 56,000 35,000 105,000
Less: beg.
inventory 4,000 10,000 6,000 4,000
Units to be
started 26,000 46,000 29,000 101,000

Production Budget
Sales in units 20,000 50,000 30,000 100,000
Add: desired
end. inventory 10,000 6,000 5,000 5,000
Total needed 30,000 56,000 35,000 105,000
Less: beg.
inventory 4,000 10,000 6,000 4,000
Units to be
started 26,000 46,000 29,000 101,000

Direct-Material Budget
❖At Breakers, five pounds of material are
required per unit of product.
❖Management wants materials on hand at the
end of each month equal to 10% of the
following month’s production.
❖On March 31, 13,000 pounds of material are on
hand. Material cost $.40 per pound.
Let’s prepare the direct materials budget.

Production in units 26,000 46,000 29,000 101,000
Materials per unit
Production needs
Add: desired
ending inventory
Total needed
Less: beginning
inventory
Materials to be
purchased
From our
production
budget
Materials per unit 5 5 5 5
Production needs 130,000 230,000 145,000 505,000
Add: desired
ending inventory
Total needed
Less: beginning
inventory
Materials to be
purchased

Production in units 26,000 46,000
Materials per unit 5 5
Production needs 130,000 230,000
Add: desired
ending inventory 23,000
Total needed 153,000
Less: beginning
inventory
Materials to be
purchased
10% of the following

month’s production
Add: desired
ending inventory 23,000
Total needed 153,000
Less: beginning
inventory 13,000
Materials to be
purchased 140,000
March 31
inventory
Add: desired
ending inventory 23,000 14,500 11,500 11,500
Total needed 153,000 244,500 156,500 516,500
Less: beginning
inventory 13,000 23,000 14,500 13,000
Materials to be
purchased 140,000 221,500 142,000 503,500

July Production
Add: desired ending inventory 3,000
Total units needed 28,000
Less: beginning inventory 5,000
Add: desired
Production in units 23,000
Total needed 153,000 244,500 156,500 516,500
Less: beginning
inventory 13,000 23,000 14,500 13,000
Materials to be
purchased 140,000 221,500 142,000 503,500

ProductionJune
in units
Ending26,000
Inventory 46,000 29,000 101,000
July production
Materials in units
per unit 5 23,000 5 5 5
Materials perneeds
Production unit 130,000 5
230,000 145,000 505,000
Total units needed 115,000
Add: desired
Inventory percentage 10%
June desired ending inventory 11,500
Total needed 153,000 244,500 156,500 516,500
Less: beginning
inventory 13,000 23,000 14,500 13,000
Materials to be
purchased 140,000 221,500 142,000 503,500

Direct-Labor Budget
❖ At Breakers, each unit of product requires 0.1
hours of direct labor.
❖ The Company has a “no layoff” policy so all
employees will be paid for 40 hours of work each
week.
❖ In exchange for the “no layoff” policy, workers
agreed to a wage rate of $8 per hour regardless of
the hours worked (No overtime pay).
❖ For the next three months, the direct-labor
workforce will be paid for a minimum of 3,000
hours per month.
Let’s prepare the direct-labor budget.
Direct-Labor Budget
Direct-labor hours
Labor hours required
Guaranteed labor
hours
Labor hours paid
Wage rate
Total direct-labor cost
From our
production
budget

Direct-Labor Budget
Direct-labor hours 0.10 0.10 0.10 0.10
Labor hours required 2,600 4,600 2,900 10,100
Guaranteed labor
hours
Labor hours paid
Wage rate

Direct-Labor Budget
Guaranteed labor
hours 3,000 3,000 3,000
Labor hours paid
Wage rate

Direct-Labor Budget
Guaranteed labor
hours 3,000 3,000 3,000
Labor hours paid 3,000 4,600 3,000 10,600
Wage rate
This is the greater of

labor hours required or
labor hours guaranteed.
Direct-Labor Budget
Guaranteed labor
hours 3,000 3,000 3,000
Labor hours paid 3,000 4,600 3,000 10,600
Wage rate $ 8 $ 8 $ 8 $ 8
Total direct-labor cost $ 24,000 $ 36,800 $ 24,000 $ 84,800

Overhead Budget
Here is Breakers’ Overhead Budget for the quarter.
Indirect labor $ 17,500 $ 26,500 $ 17,900 $ 61,900
Indirect material 7,000 12,600 8,600 28,200
Utilities 4,200 8,400 5,200 17,800
Rent 13,300 13,300 13,300 39,900
Insurance 5,800 5,800 5,800 17,400
Depreciation 8,200 9,400 8,200 25,800
$ 56,000 $ 76,000 $ 59,000 $191,000

Selling and Administrative
Expense Budget
❖At Breakers, variable selling and
administrative expenses are $0.50 per unit
sold.
❖Fixed selling and administrative expenses
are $70,000 per month.
❖The $70,000 fixed expenses include
$10,000 in depreciation expense that does
not require a cash outflow for the month.

Expense Budget
Sales in units 20,000 50,000 30,000 100,000
Variable S&A rate
Variable expense
Fixed S&A
expense
Total expense
Less: noncash
expenses
Cash
disbursements
From our
Sales budget
Expense Budget
Sales in units 20,000 50,000 30,000 100,000
Variable S&A rate $ 0.50 $ 0.50 $ 0.50 $ 0.50
Variable expense $10,000 $25,000 $15,000 $ 50,000
Fixed S&A
expense
Total expense
Less: noncash
expenses
Cash
disbursements

Expense Budget
Sales in units 20,000 50,000 30,000 100,000
Variable S&A rate $ 0.50 $ 0.50 $ 0.50 $ 0.50
Fixed S&A
expense 70,000 70,000 70,000 210,000
Total expense $80,000 $95,000 $85,000 $260,000
Less: noncash
expenses
Cash
disbursements

Expense Budget
Sales in units 20,000 50,000 30,000 100,000
Variable S&A rate $ 0.50 $ 0.50 $ 0.50 $ 0.50
Fixed S&A
expense 70,000 70,000 70,000 210,000
Total expense $80,000 $95,000 $85,000 $260,000
Less: noncash
expenses 10,000 10,000 10,000 30,000
Cash
disbursements $70,000 $85,000 $75,000 $230,000

Cash Receipts Budget
❖At Breakers, all sales are on account.
❖The company’s collection pattern is:
70% collected in the month of sale,
25% collected in the month following sale,
5% is uncollected.
❖The March 31 accounts receivable
balance of $30,000 will be collected in full.

Accounts rec. - 3/31 $ 30,000 $ 30,000

Accounts rec. - 3/31 $ 30,000 $ 30,000
April sales
70% x $200,000 140,000 140,000
25% x $200,000 $ 50,000 50,000
Total cash collections $ 170,000

Accounts rec. - 3/31 $ 30,000 $ 30,000
April sales
70% x $200,000 140,000 140,000
25% x $200,000 $ 50,000 50,000
May sales
70% x $500,000 350,000 350,000
25% x $500,000 $ 125,000 125,000
Total cash collections $ 170,000 $ 400,000

Accounts rec. - 3/31 $ 30,000 $ 30,000
April sales
70% x $200,000 140,000 140,000
25% x $200,000 $ 50,000 50,000
May sales
70% x $500,000 350,000 350,000
25% x $500,000 $ 125,000 125,000
June sales
70% x $300,000 210,000 210,000
Total cash collections $ 170,000 $ 400,000 $ 335,000 $ 905,000

Cash Disbursements Budget
❖Breakers pays $0.40 per pound for its
materials.
❖One-half of a month’s purchases are paid for in
the month of purchase; the other half is paid in
the following month.
❖No discounts are available.
❖The March 31 accounts payable balance is
$12,000.

Accounts pay. 3/31 $ 12,000 $ 12,000

Accounts pay. 3/31 $ 12,000 $ 12,000
April purchases
50% x $56,000 28,000 28,000
50% x $56,000 $ 28,000 28,000
Total cash payments

for materials $ 40,000
140,000 lbs. × $.40/lb. = $56,000

Accounts pay. 3/31 $ 12,000 $ 12,000
April purchases
50% x $56,000 28,000 28,000
50% x $56,000 $ 28,000 28,000
May purchases
50% x $88,600 44,300 44,300
50% x $88,600 $ 44,300 44,300
Total cash payments

for materials $ 40,000 $ 72,300

Accounts pay. 3/31 $ 12,000 $ 12,000
April purchases
50% x $56,000 28,000 28,000
50% x $56,000 $ 28,000 28,000
May purchases
50% x $88,600 44,300 44,300
50% x $88,600 $ 44,300 44,300
June purchases
50% x $56,800 28,400 28,400
Total cash payments
for materials $ 40,000 $ 72,300 $ 72,700 $ 185,000

Continued
Breakers:
⚫ Maintains a 12% open line of credit for $75,000.
⚫ Maintains a minimum cash balance of $30,000.
⚫ Borrows on the first day of the month and repays
loans on the last day of the month.
⚫ Pays a cash dividend of $25,000 in April.
⚫ Purchases $143,700 of equipment in May and
$48,300 in June paid in cash.
⚫ Has an April 1 cash balance of $40,000.
Continued
Beginning cash balance $ 40,000
Add: cash collections 170,000
Total cash available 210,000
Less: disbursements
Materials
Direct labor
Mfg. overhead From our Cash
Selling and admin. Receipts Budget
Equipment purchase
Dividends
Total disbursements
Excess (deficiency) of
Cash available over
disbursements
Continued
Less: disbursements
Materials 40,000
Direct labor
Mfg. overhead
Selling and admin.
Equipment purchase
Dividends
Total disbursements From our Cash
Excess (deficiency) of Disbursements
Cash available over Budget
disbursements
Continued
Less: disbursements
Materials 40,000
Direct labor 24,000
Mfg. overhead
Selling and admin.
Equipment purchase
Dividends
Total disbursements From our Direct
Excess (deficiency) of Labor Budget
Cash available over
disbursements
Continued
Less: disbursements
Materials 40,000
Direct labor 24,000
From our
Mfg. overhead 56,000
Overhead Budget
Selling and admin.
Equipment purchase
Dividends
Total disbursements
Cash available over
disbursements
Continued
Less: disbursements
Materials 40,000
Direct labor 24,000
Mfg. overhead 56,000 From our
Selling and admin. 70,000 Selling and Administrative
Equipment purchase Expense Budget
Dividends
Total disbursements
Cash available over
disbursements
Continued
Less: disbursements
Materials 40,000
Direct labor 24,000 To maintain a cash
Mfg. overhead 56,000 balance of $30,000,
Selling and admin. 70,000
Breakers must borrow
Equipment purchase -
Dividends 25,000
$35,000 on its line of credit.
Total disbursements 215,000
Cash available over
disbursements $ (5,000)
Financing and Repayment
Cash available over
Financing:
Borrowing 35,000 Ending cash balance for April
Repayments -
is the beginning May balance.
Interest -
Total financing 35,000
Ending cash balance $ 30,000

Continued
Beginning cash balance $ 40,000 $ 30,000
Add: cash collections 170,000 400,000
Total cash available 210,000 430,000
Less: disbursements
Materials 40,000
Direct labor 24,000
Mfg. overhead 56,000
Selling and admin. 70,000
Equipment purchase -
Dividends 25,000
Total disbursements 215,000
Cash available over

Continued
Beginning cash balance $ 40,000 $ 30,000
Add: cash collections 170,000 400,000
Total cash available 210,000 430,000
Less: disbursements
Materials 40,000 72,300 Breakers must
Direct labor 24,000 36,800 borrow an
Mfg. overhead 56,000 76,000
additional $13,800
Selling and admin. 70,000 85,000
Equipment purchase - 143,700
to maintain a
Dividends 25,000 - cash balance
Total disbursements 215,000 413,800 of $30,000.
Cash available over
disbursements $ (5,000) $ 16,200

Cash available over
disbursements $ (5,000) $ 16,200
Financing:
Borrowing 35,000 13,800
Repayments - -
Interest - -
Total financing 35,000 13,800
Ending cash balance $ 30,000 $ 30,000

Continued
Beginning cash balance $ 40,000 $ 30,000 $ 30,000
Add: cash collections 170,000 400,000 335,000
Total cash available 210,000 430,000 365,000
Less: disbursements
Materials 40,000 72,300 72,700
Direct labor 24,000 36,800 24,000
Mfg. overhead 56,000 76,000 59,000
Selling and admin. 70,000 85,000 75,000
Equipment purchase - 143,700 48,300
Dividends 25,000 - -
Total disbursements 215,000 413,800 279,000
Cash available over
disbursements $ (5,000) $ 16,200 $ 86,000

Continued
Beginning cash balance $ 40,000 $ 30,000 $ 30,000
Add: cash collections 170,000 400,000 335,000
Total cash available 210,000 430,000 365,000
At the end of June, Breakers has enough cash
Less: disbursements
Materials to repay 40,000
the $48,800 loan plus72,700
72,300 interest at 12%.
Direct labor 24,000 36,800 24,000
Mfg. overhead 56,000 76,000 59,000
Selling and admin. 70,000 85,000 75,000
Equipment purchase - 143,700 48,300
Dividends 25,000 - -
Total disbursements 215,000 413,800 279,000
Cash available over
disbursements $ (5,000) $ 16,200 $ 86,000

Cash available over
disbursements $ (5,000) $ 16,200 $ 86,000
Financing:
Borrowing 35,000 13,800
Repayments - - (48,800)
Interest - - (838)
Total financing 35,000 13,800 (49,638)
Ending cash balance $ 30,000 $ 30,000 $ 36,362
Annual Months Interest
Borrowing Rate Interest Outstanding Expense
$ 35,000 × 12% = $ 4,200 × 2 mths = $ 700
13,800 × 12% = 1,656 × 1 mth. = 138
$ 838
Continued
Beginning cash balance $ 40,000 $ 30,000 $ 30,000 $ 40,000
Add: cash collections 170,000 400,000 335,000 905,000
Total cash available 210,000 430,000 365,000 945,000
Less: disbursements
Materials 40,000 72,300 72,700 185,000
Direct labor 24,000 36,800 24,000 84,800
Mfg. overhead 56,000 76,000 59,000 191,000
Selling and admin. 70,000 85,000 75,000 230,000
Equipment purchase - 143,700 48,300 192,000
Dividends 25,000 - - 25,000
Total disbursements 215,000 413,800 279,000 907,800
Cash available over
disbursements $ (5,000) $ 16,200 $ 86,000 $ 37,200

Cash available over
disbursements $ (5,000) $ 16,200 $ 86,000 $ 37,200
Financing:
Borrowing 35,000 13,800 48,800
Repayments - - (48,800) (48,800)
Interest - - (838) (838)
Total financing 35,000 13,800 (49,638) (838)
Ending cash balance $ 30,000 $ 30,000 $ 36,362 $ 36,362

Budgeted Income Statement
Cash Budgeted
Budget Income
Statement
After we complete the cash budget, we can prepare

the budgeted income statement for Breakers.

Budgeted Ending Inventory
Manufacturing overhead is applied on the basis of direct labor hours.
Production costs per unit Quantity Cost Total
Direct materials 5.00 lbs. $ 0.40 $ 2.00
Direct labor 0.10 hrs. $ 8.00 0.80
Manufacturing overhead 0.10 hrs. $18.02 1.80
$ 4.60
Budgeted finished goods inventory
Ending inventory in units 5,000
Unit product cost $ 4.60
Ending finished goods inventory $23,000
Total overhead $191,000

= $18.02 per hr.*
Total labor hours 10,600 hrs.
*rounded
Breakers, Inc.
For the Three Months Ended June 30
Revenue (100,000 × $10) $ 1,000,000
Cost of goods sold (100,000 × $4.60) 460,000
Gross margin $ 540,000
Operating expenses:
Selling and admin. Expenses $ 260,000
Interest expense 838
Total operating expenses 260,838
Net income $ 279,162

Budgeted Balance Sheet
Breakers reports the following account
balances on June 30 prior to preparing its
budgeted financial statements:
⚫ Land - $50,000
⚫ Building (net) - $148,000
⚫ Common stock - $200,000
⚫ Retained earnings - $46,400

Breakers, Inc.
June 30
Current assets
Cash $ 36,362
Accounts receivable 75,000
Raw materials inventory 4,600
Finished goods inventory 23,000
Total current assets $ 138,962
Property and equipment
Land 50,000
Building 148,000
Equipment 192,000
Total property and equipment $ 390,000
Total assets $ 528,962
Accounts payable $ 28,400

Common stock 200,000
Retained earnings 300,562
Total liabilities and equities $ 528,962
Breakers, Inc.
June 30
Current assets
Cash $ 36,362
25%of June Property and equipment
sales of Land 50,000
$300,000 Building 148,000
Equipment 192,000

Breakers, Inc.
June 30
Current assets
Cash $ 36,362
11,500 lbs. at Property and equipment
$.40 per lb. Land 50,000
Building 148,000
Equipment 192,000

Breakers, Inc.
June 30
Current assets
Cash $ 36,362
5,000 units at Property and equipment
$4.60 per unit. Land 50,000
Building 148,000
Equipment 192,000

Breakers, Inc.
June 30
Current assets
Cash $ 36,362
50% of June Land 50,000
purchases Building 148,000
of $56,800 Equipment 192,000

Breakers, Inc.
June 30
Current assets
Cash $ 36,362
Beginning balance
Land $ 46,400 50,000
Add: net incomeBuilding 279,162 148,000
Equipment (25,000)
Deduct: dividends 192,000
Ending balance $300,562

Finish

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Pendekatan Income

• Model Discounted Cash Flow

1. Menganalisis kinerja historis ✔

I.K. Gunarta – Jurusan Teknik Industri ITS 13

I.K. Gunarta – Jurusan Teknik Industri ITS 14

Direct Direct Selling and

I.K. Gunarta – Jurusan Teknik Industri ITS 15

Direct Direct Selling and

I.K. Gunarta – Jurusan Teknik Industri ITS 18

Production must be adequate to meet budgeted

I.K. Gunarta – Jurusan Teknik Industri ITS 19

On March 31, 4,000 units were on hand.

Let’s prepare the production

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Let’s prepare the direct materials budget.

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10% of the following

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This is the greater of

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Total cash collections $ 170,000

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Total cash collections $ 170,000 $ 400,000

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Total cash payments

140,000 lbs. × $.40/lb. = $56,000

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Total cash payments

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After we complete the cash budget, we can prepare

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