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Valuation and capital budgeting

for levered firm


Group 2 :
Lativa Yuswanita 1710246060
Nia Azura Sari 1710246063
Ria Eka Yuliana 1712406067
Yosi Hermita 1710246089
Pendekatan adjusted present value
APV  NPV  NPVF
Nilai dari proyek kepada  Ada empat efek samping (NPVF)
perusahaan dapat dianggap dari pendanaan:
sebagai nilai dari proyek ke  Subsidi pajak terhadap hutang
perusahaan tanpa leverage
 Biaya penerbitan sekuritas baru
(NPV), ditambah dengan
present value dari efek  Biaya Financial Distress

samping pendanaan.  Subsidi pada pendanaan


hutang.

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Contoh apv
Misalkan proyek dari Pearson Company, waktu dan besarnya arus
kas incremental setelah pajak untuk perusahaan dengan 100%
ekuitas denganCost of equity tanpa leverage: r0 = 10% :

-$1,000 $125 $250 $375 $500

0 1 2 3 4

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$125 $250 $375 $500
NPV10%  $1,000    
(1.10) (1.10) 2 (1.10) 3 (1.10) 4
NPV10%  $56.50

+ Proyek akan ditolak oleh perusahaan dengan


100% ekuitas karena NPV < 0.

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Contoh APV (Cont’d)
+ Sekarang, misalkan perusahaan mendanai peroyek dengan $600 hutang
dengan rB = 8%.
+ Tax rate perusahaan adalah 40%, jadi mereka mendapatkan interest tax
shield sebesar TCBrB = 0.40×$600×0.08 = $19.20 tiap tahun.
+ NPV proyek dengan leverage :
APV  NPV  NPVF
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$19.20
APV  $56.50   t
t 1 (1.08)
APV  $56.50  63.59  $7.09
+ Jadi, perusahaan harus menerima proyek dengan leverage.

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Transition headline
Let’s start with the first set of slides

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Quotations are commonly printed as a
means of inspiration and to invoke
philosophical thoughts from the reader.

7
This is a slide title
+ Here you have a list of items
+ And some text
+ But remember not to overload your slides with
content
Your audience will listen to you or read the
content, but won’t do both.

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BIG CONCEPT
Bring the attention of your audience over a key concept
using icons or illustrations

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You can also split your content
White Black
Is the color of milk and fresh Is the color of coal, ebony,
snow, the color produced by and of outer space. It is the
the combination of all the darkest color, the result of
colors of the visible the absence of or complete
spectrum. absorption of light.

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In two or three columns
Yellow Blue Red
Is the color of gold, Is the colour of the Is the color of blood,
butter and ripe clear sky and the deep and because of this it
lemons. In the sea. It is located has historically been
spectrum of visible between violet and associated with
light, yellow is found green on the optical sacrifice, danger and
between green and spectrum. courage.
orange.

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A picture is worth a
thousand words
A complex idea can be conveyed
with just a single still image,
namely making it possible to
absorb large amounts of data
quickly.

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Want big impact? Use big image.

13
Use charts to explain your ideas

White Gray Black

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And tables to compare data
A B C

Yellow 10 20 7

Blue 30 15 10

Orange 5 24 16

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Maps
our office

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89,526,124
Whoa! That’s a big number, aren’t you proud?

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89,526,124$
That’s a lot of money

185,244 users
And a lot of users

100%
Total success!

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Our process is easy

first second last

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Let’s review some concepts
Yellow Blue Red
Is the color of gold, butter and Is the colour of the clear sky Is the color of blood, and
ripe lemons. In the spectrum and the deep sea. It is located because of this it has
of visible light, yellow is found between violet and green on historically been associated
between green and orange. the optical spectrum. with sacrifice, danger and
courage.

Yellow Blue Red


Is the color of gold, butter and Is the colour of the clear sky Is the color of blood, and
ripe lemons. In the spectrum and the deep sea. It is located because of this it has
of visible light, yellow is found between violet and green on historically been associated
between green and orange. the optical spectrum. with sacrifice, danger and
courage.

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Credits
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