◦ 2. cost of equity =
◦ 3. untuk selanjutnya kita harus mencari esrimasi growth rate dengan cara historical growth rate atau hisa memakai forecast
future growth rate
THE DIVIDEND GROWTH MODEL
APPROACH
◦ Ilustrasi data rate selama 5 tahun
Kekurangan metode ini berlaku untuk perusahaan yang membagikan deviden yang yang konstan sedangkan tidak semua
perusahaan persentase nominalnya sama bahkan belum tentu membayar deviden tersebut.
Metode ini tidak secara langsung melihan resiko yang ada
THE SML APPROACH
◦ Metode ini bertujuan untuk ekspektasi pengembalian dari resiko investasi yang tergantung ddari 3 hal
◦ The risk-free rate, R f .
◦ The market risk premium, E ( R M ) - R f .
◦ Resiko sitematis dari asset relative rata, dimana disebut Beta
◦ Ex : if the total market value of a company’s stock were calculated as $200 million and the total market value of the
company’s debt were calculated as $50 million, then the combined value would be $250 million. Of this total, E/V = $200
million=250 million = 80%, so 80 percent of the firm’s financing would be equity and the remaining 20 percent would be
debt.
◦ divisi berisiko akan cenderung memiliki pengembalian yang lebih besar (mengabaikan risiko yang lebih besar), sehingga akan
cenderung menjadi "pemenang." Operasi yang kurang glamor mungkin memiliki potensi profi t besar yang akhirnya akan
diabaikan. Perusahaan-perusahaan besar di Amerika Serikat menyadari masalah ini, dan banyak yang bekerja untuk
mengembangkan divisi terpisah biaya modal
Divisional and Project Costs of Capital
◦ THE SUBJECTIVE APPROACH
Because of the diffi culties that exist in objectively establishing discount rates for individual projects, fi rms often adopt an
approach that involves making subjective adjustments to the overall WACC.
The effect of this crude partitioning is to assume that all projects either fall into one of three risk classes or else are mandatory. In
the last case, the cost of capital is irrelevant because the project must be taken. With the subjective approach, the fi rm’s WACC
may change through time as economic conditions change. As this happens, the discount rates for the different types of projects
will also change
Divisional and Project Costs of Capital
Flotation Costs and the Weighted Average
Cost of Capital
◦ The Spatt Company, an all-equity fi rm, has a cost of equity of 20 percent.
Because this fi rm is 100 percent equity, its WACC and its cost of equity are
the same. Spatt is contemplating a large-scale, $100 million expansion of its
existing operations. The expansion would be funded by selling new stock.
Based on conversations with its investment banker, Spatt believes its fl otation
costs will run 10 percent of the amount issued. This means that Spatt’s
proceeds from the equity sale will be only 90 percent of the amount sold.
When fl otation costs are considered, what is the cost of the expansion?
Flotation Costs and the Weighted Average
Cost of Capital
◦ $100 million = (1 - 0.10) * Amount raised Amount raised = $100
million/0.90 = $111.11 million
◦ Spatt’s flotation costs are thus $11.11 million, and the true cost of
the expansion is $111.11 million once we include flotation costs.
Flotation Costs and the Weighted Average
Cost of Capital
◦ We can calculate a weighted average fl otation cost, f A , by multiplying the equity fl otation cost,
f E , by the percentage of equity ( E/V ) and the debt flotation cost, f D , by the percentage of debt
( D/V ) and then adding the two together:
◦ The weighted average fl otation cost is thus 8 percent. What this tells us is that for every dollar in
outside fi nancing needed for new projects, the fi rm must actually raise $1y(1 - 0.08) = $1.087.
In our example, the project cost is $100 million when we ignore fl otation costs. If we include
them, then the true cost is $100 milliony(1 - f A ) 5 $100 milliony.92 = $108.7 million.
CONCLUSION
◦ Konsep yang paling penting adalah biaya modal rata-rata tertimbang, atau WACC, yang kami tafsirkan sebagai tingkat
pengembalian yang diperlukan atas perusahaan secara keseluruhan. Ini juga merupakan tingkat diskon yang sesuai untuk arus
kas yang memiliki risiko serupa dengan perusahaan secara keseluruhan, WACC dapat dihitung, dan bisa diilustrasika
bagaimana WACC dapat digunakan dalam jenis analisis tertentu.
◦ Tidak tepat menggunakan WACC sebagai tingkat diskon. Untuk menangani kasus tersebut, kami menjelaskan beberapa
pendekatan alternatif untuk mengembangkan tingkat diskon, seperti pure play approach. Kami juga membahas bagaimana
flotation costs yang terkait dengan peningkatan modal baru dapat dimasukkan dalam analisis NPV.
◦Terimakasih