METODE ANALISIS

BISNIS
Sumber: Business Analysis and Valuation
5th Edition Krishna G. Palepu, Paul M. Healy & Erik Peek

M. Indra Yudha Kusuma

NPM. 5121220023
 Kemampuan Akhir yang Bahan Kajian
diharapkan
Lingkup Tugas
Mampu memahami dan -analisis strategi bersaing
menguasai metode -analisis akuntansi.
-analisis keuangan.
analisis bisnis -analisis prospek bisnis.
  -analisis penilaian bisnis
 
#1 Analisis Strategy
Bersaing
(Competitive Strategy
Analysis)

• Pengaruh pilihan strategis

terhadap profitabilitas
perusahaan/industri
• Tindakan strategis yang bertujuan
untuk mengubah struktur industri
dan potensi keuntungan
• Dasar pilihan dimana perusahaan
akan bersaing
 Identification of the Assessment of
firm’s key accounting management’s
#2 Analisis Akuntansi policies. accounting flexibility.
(Accounting Analysis)

• Tujuan analisis akuntansi Evaluation of Evaluation of the quality

adalah untuk management’s reporting of management’s
mengevaluasi kualitas strategy. disclosures
akuntansi dengan menilai
kebijakan dan estimasi
akuntansi perusahaan.

Identification of potential
Recast financial
red flags or indicators of
statements and undo
questionable accounting
accounting distortions.
quality.
 Analysis Ratio

#3 Analisis Keuangan
(Financial Analysis)

• untuk menilai/
mengevaluasi kinerja
perusahaan menggunakan
: analisis rasio dan analisis
arus kas

1. Membandingkan Ratio dengan tahun-tahun sebelumnya (Time Series)

2. Membandingkan dengan perusahaan sejenis dalam industri yang sama
3. Membandingkan dengan benchmark
#3 Analisis Keuangan
(Financial Analysis)

• Analysis Ratio

#3 Analisis Keuangan
(Financial Analysis)
• Analis bisa mendapatkan
pemahaman lebih lanjut tentang
kebijakan operasi, investasi, dan
pembiayaan perusahaan dengan
memeriksa arus kasnya.
• Analisis arus kas juga
memberikan indikasi kualitas
informasi dalam laporan laba rugi
dan neraca perusahaan
Arus Kas (Cash Flow)
Are there significant differences between a firm’s profit or
loss and its operating cash flow? Is it possible to clearly
identify the sources of this difference? Which accounting
policies contribute to this difference? Are there any one-
time events contributing to this difference?
Is the relationship between cash flow and profit or loss
changing over time? Why? Is it because of changes in
business conditions or because of changes in the firm’s
accounting policies and estimates?
What is the time lag between the recognition of revenues
and expenses and the receipt and disbursement of cash
flows? What type of uncertainties need to be resolved in
between?
Are the changes in receivables, inventories, and payables
normal? If not, is there adequate explanation for the
changes?

#4 Analisis Prospek
(Prospective Analysis)
• Prospective analysis includes two
tasks – forecasting and valuation –
that together represent approaches
to explicitly summarizing the
analyst’s forward-looking views
Forecasting
Step 1: Predict changes in environmental and
firm-specific factors
- Macroeconomic analysis
- Industry and business analysis
- Accounting analysis
Step 2: Assess the relationship between step 1
factors and financial performance
(how such future changes will translate into financial performance trends?)
Step 3: Forecast condensed financial
statements

#5 Analisis
Penilaian
(Valuation Analysis)
• Valuation is the process of
converting a forecast into
an estimate of the value
of the firm’s assets or
equity
Discounted dividends. This approach expresses the value of the firm’s
equity as the present value of forecasted future dividends.
Discounted cash flow (DCF) analysis. This approach involves the
production of detailed, multiple-year forecasts of cash flows. The
forecasts are then discounted at the firm’s estimated cost of capital to
arrive at an estimated present value.
Discounted abnormal profit. Under this approach the value of the firm’s
equity is expressed as the sum of its book value and the present value of
forecasted abnormal profits (or losses).
Discounted abnormal profit growth. This approach defines the value of
the firm’s equity as the sum of its capitalized next-period profit or loss
forecast and the present value of forecasted abnormal profit growth
beyond the next period.
Valuation based on price multiples. Under this approach a current measure of performance or
single forecast of performance is converted into a value by applying an appropriate price
multiple derived from the value of comparable firms. For example, firm value can be estimated
by applying a price-to-earnings ratio to a forecast of the firm’s profit (earnings) for the coming
year. Other commonly used multiples include price-to-book ratios and price-to-revenue ratios.
Terima Kasih