Analisis leverage

Break event point

Break event point  menunjukkan jumlah penjualan
tanpa ada kerugian dan keuntungan.
Pembagian biaya ada 2 :
1. Variable cost  biaya yang tetap per unit output
namun berubah ketika total outputnya berubah.
Contoh : upah tenaga kerja langsung, bahan baku,
komisi penjualan, kemasan, biaya angkut produk
2. Fixed cost biaya yang tidak berubah total dolarnya
ketika volume penjualan atau kuantitas output
berubah
contoh : depresiasi, asuransi, pajak properti
 Break event point
Tujuan : mengetahui hubungan antara struktur
biaya, volume output, laba perusahaan
Kegunaan :
1. Menentukan kuantitas output yang harus
dijual agar menutupi biaya operasinya
2. Menghitung EBIT pada berbagai tingkatan
output
 Break event point
Pendekatan penerapan metode break event
point :
1. Analisis pengeluaran modal
2. Kebijakan penentu harga
3. Negosisasi kontrak kerja
4. Struktur harga
5. Keputusan pendanaan
 Break event point
Rumus Break event point :
Biaya tetap = FC
Harga jual - biaya variabel P-V
Jika adanya biaya depresiasi
Biaya tetap - depresiasi = FC - D
Harga jual - biaya variabel P-V
 Break event point
Keterbatasan :
1. Hubungan biaya, volume, laba, diasumsikan
bersifat linear
2. Kurva total pemasukan diasumsikan naik
secara linear sesuai volume output
3. Diasumsikan campuran produksi dan
penjualan tetap
4. Diagram dan perhitungan Break event
bentuk analisis statis
 Leverage
 Penggunaan aktiva( asset) dan sumber pembiayaan (source
of funds) oleh perusahaan yang memiiki biaya tetap,
dengan tujuan untuk meningkatkan keuntungan yang
potensial bagi para pemegang saham.
 Tujuan leverage :
- Perusahaan mendapatkan keuntungan lebih besar dari
biaya yang ditimbulkan dari kepemilikan sebuah aktiva
- Pemilihan dan penggunaan sumber pembiayaan untuk
mendanai kegiatan usaha perusahaan agar dapat lebih
menguntungkan perusahaan
- Dapat mempelajari dan memahami trade off yang terjadi
diantara tingkat keuntungan dan resiko dari berbagai tipe
keputusan pendanaan
 Resiko
Resiko : variabilitas yang berhubungan dengan
tingkat keuntungan yang dihasilkan. Atau
variabilitas dari aliran kas perusahaan
Jenis resiko :
1. Resiko bisnis  variabilitas EBIT perusahaan
yang diharapkan. Hasil langsung dari keputusan
investasi yang dilakukan perusahaan
2. Resiko keuangan  resiko yang berhubungan
dengan keputusan pendanaan. Disebababkan
keputusan pembiayaan yang digunakan oleh
perusahaan.
 Leverage
Jenis leverage :
1. Leverage operasi  penilaian dari resiko
operasi yang terjadi akibat biaya tetap
operasi
2. Leverage keuangan menilai resiko
keuangan yang terjadi akibat biaya tetap
pembiayaan.
3. Leverage total  menilai resiko total
 Operating leverage
Operating leverage dengan jumlah penjualan
yang telah ditentukan =
%perubahan EBIT = (P-V) X
% perubahan penjualan (P-V)X - FC
 Financial leverage
Financial leverage dengan jumlah penjualan
yang telah ditentukan =
% perubahan pada EPS = (P-V)X – FC
% perubahan pada EBIT (P-V)X – FC- IC
IC = Beban bunga + dividen saham preferen
(1-t)
T= pajak
 Total leverage
Total leverage dengan level penjualan
= %perubahan pada EPS = (P-V)X
% perubahan pada penjualan (P-V)X – FC-IC
Cost Of Capital

(BIAYA MODAL)
 introduction
1. Biaya modal ( cost of capital)
2. Individual cost of capital
3. istilah
4. Biaya hutang
5. Biaya saham biasa
6. Biaya saham preferen
7. CAPM
8. WACC
08/02/2020
 1. Biaya modal (cost of capital )
• capital: dana yang digunakan untuk
membiayai pengadaan aktivitas dan operasi
perusahaan
• biaya modal: biaya yang ditanggung
perusahaan karena penggunaan sumber
pendanaan tertentu.
• konsep ini bertujuan menentukan besarnya
biaya yang secara riil harus ditanggung
perusahaan untuk memperoleh atau karena
menggunakan sumber dana tertentu

08/02/2020
 1. Biaya modal (cost of capital )
alasan pentingnya perhitungan COC :
maksimalisasi nilai perusahaan mengharuskan
semua biaya diminimalisasi
keputusan capital budgeting memerlukan
estimasi biaya modal
keputusan lain seperti leasing dan modal kerja
memerlukan estimasi biaya

08/02/2020
 2. istilah
• biaya modal yang tepat untuk semua keputusan
adalah WACC
• komponen modal: hutang, saham preferen, saham
biasa
• semua komponen modal memiliki kriteria yang
sama: investor memiliki harapan mendapatkan
return dari investasinya
• Struktur modal : campuran beberapa sumber dana
jangka panjang yang digunakan perusahaan.
• Proporsi struktur modal target : campuran sumber-
sumber pendanaan yang direncanakan digunakan
perusahaan dalam perjalanan waktunya
08/02/2020
 2. istilah
• Required rate of return (tingkat pengembalian yang
diinginkan oleh investor)  tingkat pengembalian
minimum yang diperlukan untuk menarik investor
agar mau membeli atau memegang sekuritas.
• flotation cost  berbagai biaya transaksi yang timbul
ketika perusahaan menggalang dana dengan
menerbitkan jenis sekuritas tertentu.
• Kebijakan keuangang  kebijakan perusahaan yang
menyangkut sumber-sumber pendanaa dan
campuran khusus penggunaannya.
08/02/2020
 3. Individual Cost Of Capital
• Cost Of Debt
tingkat keuntungan yg dinikmati oleh
pemegang/pembeli obligasi
n
$It $M
Pd   
t 1 (1  $k d ) 1  k d 
n
 4. Cost Of debt
• Flotation cost
n
$It $M
NPd   
t 1 (1  $k d ) 1  k d 
n

NPd  $ I t ( PVIFAkd ,n )  $M ( PVIFkd ,n )

(The interest payment are the same)
Cost of debt after tax= Kd (1-T)
 5. The cost of Preferred Stock
• Biaya saham preferen = tingkat keuntungan yg
dinikmati pembeli saham preferen (Kp)
D ps
k ps 
NPps

Dps =dividen saham preferen tahunan

NPps=harga saham preferen bersih yg diterima perusahaan
penerbit (setelah dikurangi biaya peluncuran saham atau
flotation cost)

• Dividen saham preferen tidak tax deductible, perusahaan

menanggung semua beban biaya. Tidak ada
penyesuaian/penghematan pajak seperti biaya hutang.
 6. Cost of Common Equity

= Tingkat pengembalian yang diinginkan

investor
= Nilai saham biasa
= Dividen yang diharapkan diterima oleh
pemegang saham biasa selama satu tahun.
g=Tingkat pertumbuhan deviden yang
diharapkan
 6. Cost of Common Equity
Ekuitas saham biasa unik karena :
1. Biaya saham biasa lebih suulit untuk
diestimasi dibanding hutang atau saham
preferen karena tingkat pengembalaian yang
diinginkan oleh pemegang saham biasa tidak
dapat diamati.
2. Ekuitas saham biasa dapat diperoleh dari
laba ditahan perusahaan atau dari penjualan
saham baru.
08/02/2020
 7. CAPM
• CAPM model
Kc = Krf + β(Km-Krf)
Kc = tingkat keuntungan yg disyaratkan pada saham
perusahaan i.
Krf = risk free rate/ bunga bebas risiko
Km = tingkat keuntungan portfolio pasar
β = beta saham perusahaan I
 8. WACC
Weighted average cost of capital ( biaya modal
rata-rata tertimbang)  rata-rata biaya setelah
pajak dari masing-masing sumber modal yang
digunakan oleh perusahaan untuk mendanai
suatu proyek
Biaya modal biaya modal proporsi biaya proporsi
Rata-rata = setelah pajak x pendanaan + ekuitas x pendanaan
Tertimbang hutang ekuitas

08/02/2020
 Faktor yang mempengaruhi WACC
• faktor yang tidak dapat dikendalika
perusahaan:
 tingkat bunga
 market risk premium
 tingkat pajak
• faktor yang dapat dikendalikan oleh
perusahaan:
 kebijakan struktur modal
 Kebijaka dividend
 kebijakan investasi
Dividends Policy and Internal
Financing
 What are Dividends?

• Dividends are distribution from the firm's assets

to the shareholders.
• Firms are not obligated to pay dividends or
maintain a consistent policy with regard to
dividends.
• Dividends can be paid in cash or stocks.

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 Dividend Policy

• A firm’s dividend policy includes two

components:
1. Dividend Payout ratio
• Indicates amount of dividend paid relative to the company’s
earnings.
• Example: If dividend per share is $1 and earnings per share
is $2, the payout ratio is 50% (1/2)

2. Stability of dividends over time

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 Dividend Policies Vary
• General Electric (GE) has paid dividends continuously
since 1899.
• Microsoft (MSFT) went public in 1986 but did not
pay dividends until June, 2003.
• Berkshire Hathaway (BRK) has not yet paid dividends.

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 Dividend Policy Trade-offs
• If management has decided how much to invest and
has chosen the debt-equity mix, decision to pay a
large dividend means retaining less of the firm’s
profits. This means the firm will have to rely more on
external equity financing.
• Similarly, a smaller dividend payment will lead to less
reliance on external financing.

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 Dividend Policy and
Shareholder’s Wealth
 Dividend Policy and
Share Prices
• Dividend policy is considered as a puzzle with no
clear answers. As Fischer Black concluded more than
30 years ago:
– "What should the individual investor do about dividends in
the portfolio? We don't know!
– What should the corporation do about dividend policy?
We don't know!”

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 Three Views
• There are three basic views with regard to
the impact of dividend policy on share prices:
1. Dividend policy is irrelevant.
2. High dividends will increase share prices.
3. Low dividends will increase share prices.

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 View #1

 Dividend policy is irrelevant –

– Irrelevance implies shareholder wealth is not affected by
dividend policy (whether the firm pays 0% or 100% of its
earnings as dividends).
– This view is based on two assumptions:
(a) Perfect capital markets exist; and
(b) The firm’s investment and borrowing decisions have been
made and will not be altered by dividend payment.

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 View #2
• High dividends increase stock value –
– This position in based on “bird-in-the-hand theory”, which
argues that investors may prefer “dividend today” as it is
less risky compared to “uncertain future capital gains”.
– Thus shareholders will demand a relatively higher rate of
return for stocks that do not pay low or no dividends.

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 View #3

• Low dividends increases stock value –

– In 2003, the tax rates on capital gains and dividends were made
equal to 15 percent.
– However, current dividends are taxed immediately while the tax
on capital gains can be deferred until the stock is actually sold.
Thus, using present value of money, capital gains have definite
financial advantages for shareholders.
– Thus stocks that allow tax deferral (low dividends-high capital
gains) will possibly sell at a premium relative to stocks that
require current taxation (high dividends – low capital gains).

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 Some other explanations
1. Residual Dividend theory
2. Clientele effect
3. Information effect
4. Agency costs
5. Expectations theory

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 Residual Dividend Theory

1. Determine the optimal capital budget.

2. Determine the amount of equity needed for financing.
3. First, use retained earnings to supply this equity.
4. If RE still left, pay out dividends.

 Dividend Policy will be influenced by:

(a) investment opportunities or capital budgeting needs, and
(b) availability of internally generated capital.

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 The Clientele Effect

• Different groups of investors have varying preferences

towards dividends.
• For example, some investors may prefer a fixed income
stream so would prefer firms with high dividends while
some investors, such as wealthy investors, would prefer
to defer taxes and will be drawn to firms that have low
dividend payout. Thus there will be a clientele effect.

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 The Information Effect
• Evidence shows that large, unexpected change in dividends
can have a significant impact on the stock prices.
• A firm’s dividend policy may be seen as a signal about firm’s
financial condition. Thus, high dividend could signal
expectations of high earnings in the future and vice versa.

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 Agency Costs
• Dividend policy may be perceived as a tool to minimize
agency costs.
• Dividend payment may require managers to issue stock to
finance new investments. New investors will be attracted only
if they are convinced that the capital will be used profitably.
Thus, payment of dividends indirectly monitors
management’s investment activities and helps reduce agency
costs, and may enhance the value of the firm.

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 Expectations Theory

• Expectation theory suggests that the market reaction does

not only reflect response to the firm’s actions; it also
indicates investors’ expectations about the ultimate
decision to be made by management.
• Thus if the amount of dividend paid is equal to the
dividend expected by shareholders, the market price of
stock will remain unchanged. However, market will react
if dividend payment is not consistent with shareholders
expectations.

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Conclusions on Dividend Policy
 What are we to conclude?

• Here are some conclusions about the

relevance of dividend policy:
1. As a firm’s investment opportunities increase,
its dividend payout ratio should decrease.
2. Investors use the dividend payment as a
source of information of expected earnings.

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 What are we to conclude?

3. Relationship between stock prices and

dividends may exist due to implications of
dividends for taxes and agency costs.
4. Based on expectations theory, firms should
avoid surprising investors with regard to
dividend policy.
5. The firm’s dividend policy should effectively be
treated as a long-term residual.
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Dividend Decision in Practice
 Dividend Decision in Practice
• Legal Restrictions
– Statutory restrictions may prevent a company from paying
dividends
– Debt and preferred stock contracts may impose
constraints on dividend policy

• Liquidity Constraints
– A firm may show earnings but it must have cash to pay
dividends.

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Dividend Decision in Practice

• Earnings Predictability
– A firm with stable and predictable earnings is more
likely to pay larger dividends.

• Maintaining Ownership Control

– Ownership of common stock gives voting rights. If
existing stockholders are unable to participate in a new
offering, control of current stockholders is diluted and
issuing new stock will be considered unattractive.

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Alternative Dividend Policies
• Constant dividend payout ratio
– The % of earnings paid out in dividends is held
constant.
– Since earnings are not constant, the dollar amount of
dividend will vary every year.
• Stable dollar dividend per share
– This policy maintains a constant dollar every year.
– Management will increase the dollar amount only if
they are convinced that such increase can be
maintained.

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Alternative Dividend Policies

• A small regular dividend plus a year-end

extra.
– The company follows the policy of paying a small,
regular dividend plus a year-end extra dividend
in prosperous years.

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 Dividend Payment Procedures
• Generally, companies pay dividend on a
quarterly basis. The final approval of a
dividend payment comes from the firm’s
board of directors.
• For example, GE pays $6.72 per share in
annual dividend in four equal installments of
$1.68 each.

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 Important Dates

• Declaration date – The date when the dividend is formally

declared by the board of directors. (Ex. February 7)
• Date of Record – Investors shown to own stocks on this date
receive the dividend. (Ex. February 17)
• Ex-Dividend date – Two working days prior to date of record
(Ex. February 15). Shareholders buying stock on or after ex-
dividend date will not receive dividends.
• Payment date – The date when dividend checks are mailed. (ex.
March 10)

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Stock Dividends, Stock Splits and
Stock Repurchase
 Stock Dividends
• A stock dividend entails the distribution of
additional shares of stock in lieu of cash
payment.
• While the number of common stock
outstanding increases, the firm’s investments
and future earnings prospects do not change.

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 Stock Split
• A stock split involves exchanging more (or less in the case of
“reverse” split) shares of stock for firm’s outstanding shares.
• While the number of common stock outstanding increases (or
decreases in the case of reverse split), the firm’s investments
and future earnings prospects do not change.
• Stock splits and stock dividends are far less frequent than
cash dividends.

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 Stock Repurchase
• A stock repurchase (stock buyback) occurs
when a firm repurchases its own stock. This
results in a reduction in the number of shares
outstanding.
• From shareholder’s perspective, a stock
repurchase has potential tax advantages as
opposed to cash dividends.

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 Stock Repurchase - Benefits
1. A means of providing an internal investment opportunity
2. An approach for modifying the firm’s capital structure
3. A favorable impact on earnings per share
4. The elimination of a minority ownership group of
stockholders
5. The minimization of the dilution of earnings per share
associated with mergers
6. The reduction in the firm’s costs associated with servicing
small stockholders

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 Stock Repurchase Procedure
1. Open Market – Shares are acquired from a
stockbroker at the current market price.
2. Tender Offer – An offer made by the company to
buy a specified number of shares at a
predetermined price, set above the current market
price.
3. Purchase from one or more major stockholders.

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Risk management
What is corporate risk management?

Corporate risk management relates to the

management of unpredictable events that
would have adverse consequences for the
firm.
Why is corporate risk management
important to all firms?

All firms face risks, but the lower those risks

can be made, the more valuable the firm,
other things held constant. Of course, risk
reduction has a cost.
What are the three steps of
corporate risk management?

Step 1. Identify the risks faced by the firm.

Step 2. Measure the potential impact of
the identified risks.
Step 3. Decide how each relevant risk
should be handled.
What are some actions that
companies can take to minimize
or reduce risk exposure?

• Transfer risk to an insurance company by

paying periodic premiums.
• Transfer functions that produce risk to
third parties.
• Purchase derivative contracts to reduce
input and financial risks.
(More...)
• Take actions to reduce the probability
of occurrence of adverse events.
• Take actions to reduce the magnitude
of the loss associated with adverse
events.
• Avoid the activities that give rise to
risk.
What is a financial risk exposure?

• Financial risk exposure refers to the risk

inherent in the financial markets due to
price fluctuations.
• Example: A firm holds a portfolio of
bonds, interest rates rise, and the value
of the bonds falls.
 Financial Risk Management Concepts

• Derivative: Security whose value stems or is

derived from the values of other assets. Swaps,
options, and futures are used to manage financial
risk exposures.
• Futures: Contracts that call for the purchase or sale
of a financial (or real) asset at some future date, but
at a price determined today. Futures (and other
derivatives) can be used either as highly leveraged
speculations or to hedge and thus reduce risk.
(More...)
• Hedging: Generally conducted where a price
change could negatively affect a firm’s profits.
– Long hedge: involves the purchase of a
futures contract to guard against a price
increase.
– Short hedge: involves the sale of a futures
contract to protect against a price decline in
commodities or financial securities.

(More...)
• Swaps: Involve the exchange of cash
payment obligations between two parties,
usually because each party prefers the terms
of the other’s debt contract. Swaps can
reduce each party’s financial risk.
How can commodity futures markets
be used to reduce input price risk?

The purchase of a commodity futures

contract will allow a firm to make a future
purchase of the input at today’s price, even
if the market price on the item has risen
substantially in the interim.
 FUTURE
Contract to buy or sell a stated commodity or financial claim
at a specified price at some futures, specified times
• A contract to make or take delivery of a product in the
future, at a price set in the present
• In formalized futures and options trading on exchanges,
standardized agreements specify price, quantity, and
month of delivery
• Started in agriculture, but have expanded to a wide range
of products
 OPTION
• Sebuah hak untuk membeli atau menjual produk turunan
di waktu tertentu dengan harga yang telah disepakati
dimuka. Karena sifatnya ini adalah hak, maka
pemilik (pembeli) opsi berhak untuk menggunakannya
atau tidak. Sementara bagi penjual opsi terikat kewajiban
untuk melaksanakan transaksi dalam hal pemilik opsi ingin
menggunakan haknya dimaksud. Pemilik opsi biasanya
hanya akan menggunakan haknya dalam kondisi yang
menguntungnya.
What is an option?

An option is a contract that gives its holder

the right, but not the obligation, to buy (or
sell) an asset at some predetermined price
within a specified period of time.
What is the single most important
characteristic of an option?

• It does not obligate its owner to take any

action. It merely gives the owner the
right to buy or sell an asset.
Option Terminology

• Call option: An option to buy a specified

number of shares of a security within some
future period.
• Put option: An option to sell a specified
number of shares of a security within some
future period.
• Exercise (or strike) price: The price stated in
the option contract at which the security
can be bought or sold.
• Option price: The market price of the
option contract.
• Expiration date: The date the option
matures.
• Exercise value: The value of a call option
if it were exercised today = Current stock
price - Strike price.
• Covered option: A call option written
against stock held in an investor’s
portfolio.
• Naked (uncovered) option: An option
sold without the stock to back it up.
• In-the-money call: A call option whose
exercise price is less than the current
price of the under-lying stock.