GREAT LEADER SYNDICATE 2 MBA EXECUTIVE 46 29111311 Haidir Afesina 29111328 Hendra Winata 29111329 Mita Listyatri 29111338 Andek Prabowo 29111344 Aprian Eka Rahadi 29111384 Chairunnisa Mirhelina 29111387 Franciscus Xaverius Kresna P 29111393 Agung Indri Pramantyo
Outline
CASE OVERVIEW
OBJECTIVES
ANALYSIS
CASE OVERVIEW
PT. Krakatau Steel Tbk has been officially listed in BEI (Bursa Efek Indonesia) with stock code KRAS. PT. Krakatau Steel Tbk offers 3.155.000.000 shares to public which is 20 % of the paid-up capital. During the IPO there has been conflicts going on, share price was claimed too low. At first offering 2-4 November 2010, at Rp. 850,0 per share.
This issue triggers Bambang to do a financial performance measurement of Krakatau Steel compare to other local steel companies which were already settled in BEI before PT. Krakatau Steel are PT. Gunawan Dianjaya Steel dan PT. Jayapari Steel. In financial performance measurement Mr. Bambang use several methods: Trend Analysis BUMN Financial Scoring Du Pont Analysis
OBJECTIVES
To measure the financial performance of Krakatau Steel compare to other local companies, PT Gunawan Dianjaya Steel and PT Jayapari Steel using 3 method: 1. Trend Analysis 2. BUMN Financial Scoring 3. Du Pont Analysis
The result then using to help Pak Bambang as investor to decide whether he invest in Krakatau Steel or not.
* This financial performance measurement using data in Exhibit 1, Exhibit 2, and Exhibit 3 on the case Krakatau Steel (A)
Cash Ratio Current Ratio Collection Period Inventory Turnover Total Asset Turnover Total Equity/Total Asset Total Score
5 5 5 5 5 10 70
Cash/Current Liability Current Aset/Current Liability (Account Receivable x 365)/Revenue (Inventoryx365)/Revenue Revenue/Asset Equity/Asset (Total Score is represented as TS)
KEPUTUSAN MENTERI BADAN USAHA MILIK NEGARA NOMOR : KEP-100/MBU/2002 TENTANG PENILAIAN TINGKAT KESEHATAN BADAN USAHA MILIK NEGARA
Scoring TS>95 80<TS<=95 65<TS<=80 50<TS<=65 40<TS<=50 30<TS<=40 20<TS<=30 10<TS<=20 TS<=10
Adjusted Score TS>66.5 56<TS<=66.5 45.5<TS<=56 35<TS<=45.5 28<TS<=35 21<TS<=28 14<TS<=21 7<TS<=14 TS<=7
Classification
Healthy
Less Healthy Unhealthy
Gunawan No Financial Indicators Dianjaya Steel Value 1 Return on Equity (ROE) % 26.50% Score 20
2 Return on Investment (ROI) % 3 Cash Ratio % 4 Curent Ratio % 5 Collection period (days) 6 Inventory Turnover (days) 7 Total Asset Turnover % 8 Total Equity/Total Assets % Total Score Classification
15 0 5 5 4 5 8 62 AA Healthy
Return on Equity
Nama Perusahaan NPM (Net Profit Margin) TATO (Total Asset Turn Over) KRAS 7,2% 84,5% GDST 10,0% 159,1% JPRS 6,6% 104,0%
ROA EM (Equity Multiplier) ROE (npm x tato x em) 6,1% 1,891996968 11,5% 15,9% 1,664160393 26,5% 6,9% 1,370327920 9,5%
CONCLUSION
Method
Rank #1
Rank #2
PT. Krakatau Steel
(Total Score: 56.5 AA, Healthy) PT. Krakatau Stee
Rank #3
PT. Jayapari Steel
(Total Score: 50 A, Healthy) PT. Jayapari Steel
(ROE : 11.5%)
(ROE : 9.5%)
RECOMMENDATION
Thank You
Thank You