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3 Mei 2016

te r 4
C ha p

rm s
a F i
t i ng a nce
Lu a o rm
Eva L Pe r f
nc ia
Fi na
Tujuan Pembelajaran:
1. Menghitung rasio-rasio keuangan untuk mengevaLuasi Keuangan
Perusahaan
2. MeLakukan Analisis Du Pont
Cha
pter
4 E
valu
a
Firm ting
s F
P

c
Topi Rasio
Keuangan
Main

AnaLisis Du
Pont
FinanciaL Statements AnaLysis
ALat untuk mengukur kinerja keuangan dari suatu
perusahaan agar dapat dibandingkan:
Dari tahun ke tahun
Dengan perusahaan sejenis

Informasi yang dapat


diketahui:
Liquidity

Leverage (Financing)

Efficient Use of Assets

ProfitabiLity

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Liquidity Ratios
Do we have enough liquid assets to meet approaching
obligations?
No Ratio Formula Description
current assets Membandingkan aktiva dengan
1 + Current Ratio hutang lancar
current liabilities
current assets Membandingkan aktiva tanpa
Acid-Test inventori dengan hutang lancar
2+ inventory
(Quick) Ratio
current liabilities
Average account receivable Mengukur kemampuan
perusahaan mengkonversi A/R
3 Collection annual credit sales/365 menjadi cash
Period days
annual credit sales Mengukur kemampuan
A/R Turnover
4+ account receivable perusahaan mengkonversi A/R
Ratio menjadi cash

Inventory COGS Mengukur pergantian inventory


5+ selama satu tahun
Turnover Inventories

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CapitaL Structure Ratios
No Ratio Formula Description
total liabilities Menunjukkan banyaknya
1 Debt Ratio total assets hutang untuk membiayai aset
perusahaan

operating income Menunjukkan kemampuan


Times Interest perusahaan menutupi beban
2+ (EBIT)
Earned Ratio bunga
interest expense

Asset Management Efficiency Ratios


No Ratio Formula Description
sales Menunjukkan banyaknya
Total Asset
1+ total assets penjualan yang dihasilkan dari
Turnover (TATO) penggunaan aset

sales Menunjukkan banyaknya


Fixed Asset
2+ net plant & equipment penjualan yang dihasilkan dari
Turnover penggunaan aset tetap

AccountReceiva sales Menunjukkan banyaknya


3+ receivables penjualan yang dihasilkan dari
bles Turnover piutang

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ProfitabiLity Ratios
Has the firm earned adequate returns on its
investments?
No Ratio Formula Description
gross profits Menunjukkan kemampuan
Gross Profit
1+ sales manajemen dalam
Margin meningkatkan laba

operating Menunjukkan kemampuan


Operating Profit manajemen dalam
2+ income(EBIT)
Margin (OPM) meningkatkan laba
sales
net income Menunjukkan kemampuan
Net Profit
3+ sales manajemen dalam
Margin (NPM) meningkatkan laba

Operating OPM x TATO = EBIT Mengukur kemampuan


perusahaan megontrol expense
4 + Return on dan efisiensi penggunaan aset
Assets (OROA) total assets
Return on net income Mengukur tingkat
5+ pengembalian modal investor
Equity (ROE) common equity

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Market VaLue Ratios
No Ratio Formula Description
market price per share Menunjukkan tingkat
Price-Earnings
1+ EPS ketertarikan investor untuk
Ratio setiap yang diinvestasikan

market price per share Menunjukkan perbandingan


Market to Book
2+ BV per share nilai pasar dengan nilai buku
Ratio saham

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Du Pont AnaLysis

Brings together:
Profitability
Efficiency
Leverage
ROE = Profitability x Efficiency x Equity
MuLtiplier
ROE = Net Profit Margin x TATO x Equity
MuLtiplier
Net income Sales
1
ROE = ------------------ x ----------------- x
------------------
Sales Total assets
(1 Debt Ratio)
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Example:
CyberDragon
Corporation
CyberDragons
Balance Sheet ($000)

Assets: Liabilities & Equity:


Cash $2,540 Accounts payable 9,721
Marketable securities 1,800Notes payable 8,500
Accounts receivable 18,320 Accrued taxes payable 3,200
Inventories 27,530 Other current liabilities 4,102
Total current assets 50,190 Total current liabilities
25,523
Plant and equipment 43,100 Long-term debt (bonds) 22,000
less accum deprec. 11,400 Total liabilities 47,523
Net plant & equip. 31,700 Common stock ($10 par) 13,000
Total assets 81,890 Paid in capital 10,000
Retained earnings 11,367
Total stockholders' equity 34,367
Total liabilities & equity 81,890
CyberDragons
Income Statement
Sales (all credit) $112,760
Cost of Goods Sold (85,300)
Gross Profit 27,460
Operating Expenses:
Selling (6,540)
General & Administrative (9,400)
Total Operating Expenses (15,940)
Operating Income (EBIT) 11,520
Interest expenses:
Interest on bank notes: (850)
Interest on bonds: (2,310)
Total Interest expenses (3,160)
Earnings before taxes (EBT) 8,360
Taxes (assume 40%) (3,344)
Net Income 5,016
CyberDragon
Other Information

Dividends paid on common stock $2,800


Earnings retained in the firm 2,216
Shares outstanding (000) 1,300
Market price per share 20
Book value per share 26.44
Earnings per share 3.86
Dividends per share 2.15
Liquidity Ratios
N Ratio Formula Calc. = Peer Des
o group c.
1 current assets 50.190 Wors
Current Ratio 1.97 2.4
+ current liabilities 25.523 e
current assets 50.190 27.530
2 Acid-Test Wors
inventory 25.523 0.89 0.92
+ (Quick) Ratio e
current liabilities
Average account receivable 18.320
3 Wors
Collection annual credit sales/365 112.760/365 59.3 47 days
e
Period days
4 A/R Turnover annual credit sales 112.760 Bette
6.16 5
+ Ratio account receivable 18.320 r
5 Inventory COGS 85.300 Wors
CapitaL Structure Ratios
+ Turnover Inventories 27.530
3.1 3.9
e

N Ratio Formula Calc. = Peer Des


o group c.
1 total liabilities 47.523 Wors
Debt Ratio 0.58 0.47
total assets 81.890 e
Times operating income 11.520
2 Wors
Interest (EBIT) 3.160 3.65 6.7
+ e
Earned Ratio interest expense

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Asset Management Efficiency Ratios
N Ratio Formula Calc. = Peer Des
o group c.
Total Asset sales 112.760
1 Bette
Turnover total assets 81.890 1.38 1.25
+ r
(TATO)
2 Fixed Asset sales 112.760 Wors
3.6 4.6
+ Turnover net plant & equipment 31.700 e
AccountRecei sales 112.760
3 Bette
vables receivables 18.320 6.2 5.6
CapitaL Structure Ratios
+
Turnover
r

N Ratio Formula Calc. = Peer Des


o group c.
1 Gross Profit gross profits 27.460 Wors
0.24 0.30
+ Margin sales 112.760 e
Operating operating 11.520
2 Wors
Profit Margin income(EBIT) 112.760 0.10 0.12
+ e
(OPM) sales
3 Net Profit net income 5.016 Wors
0.04 0.07
+ Margin (NPM) sales 112.760 e
Operating OPM x TATO = EBIT 11.520
4 Return on total 81.890 Wors
0.14 0.15
+ Assets assets e
(OROA) ardhiana.ws@gmail.com
Du Pont AnaLysis

Net income Sales


1
ROE = ------------------ x ----------------- x
------------------
Sales Total assets
5.016
(1 Debt Ratio) 112.760
1
ROE = ------------------ x ----------------- x
------------------
112.760 81.890
Market Value
(1 0.58) Ratios
ROE = 0.15
N Ratio Formula Calc. = Peer Des
o group c.
Price- market price per share 20
1 Wors
Earnings EPS 3.86 5.18 6
+ e
Ratio
2 Market to market price per share 20 Wors
0.76 1.2
+ Book Ratio BV per share 26.44 e

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