The document summarizes key concepts related to capital budgeting cash flows and techniques. It discusses the capital budgeting decision process and identifying the relevant cash flows, including the initial investment, operating cash flows, and terminal cash flow. It also provides an overview of common capital budgeting techniques such as payback period and net present value (NPV). The document is intended to teach students the process of evaluating investment projects using cash flow analysis and decision methods.

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MANAJEMEN KEUANGAN 2
P9_24 Mei 2021
Dosen: Prof. Dr. Dr. H. Aminullah Assagaf, SE., MS., MM., M.Ak
HP: 08113543409, Email: assagaf29@yahoo.com

4. REFERENCE
Principles of Managerial Finance
14th edition, Pearson, Addison Wesley
Publishing Company. 2015
by : Gitman, Lawrence J. and Zutter,
Chad J.

5. MANAJEMEN KEUANGAN
Bahan bacaan:
1. Financial Management
Theory and Practice
Eugene F. Brigham & Michael C. Ehrhardt
2. Manajemen Keuangan
Teori dan Aplikasi
Agus Sartono

6. Materi Pertemuan 1 s 4
1 1. THE ROLE AND ENVIRONMENT OF MANAGERIAL FINANCE
2. Finance and Business
3. The Managerial Finance Function
4. Goal of the Firm
5. Financial Institutions and Market
6. Business Taxes
2 1. INTEREST RATES AND BOND VALUATION
2. Interest rates and required returns
3. Corporate Bonds
4. Valuation Fundamentals
5. Bond Valuation
3 1. STOCK VALUATION
2. Differences between Debt and Equity Capital
3. Common and Preferred Stock
4. Common Stock Valuation
4 1. STOCK VALUATION
2. Common Stock Valuation
3. Decision Making and Common Stock Value

7. Pertemuan 5 sd 8
5 1. CAPITAL BUDGETING CASH FLOWS
2. The Capital Budgeting Decision Process
3. The Relevant Cash Flows
4. Finding the Initial Investment
5. Finding the Operating Cash Inflows
6. Finding the Terminal Cash Flow
7. Summarizing the Relevant Cash Flows
6 1. CAPITAL BUDGETING TECHNIQUES
2. Overview of Capital Budgeting Techniques
3. Payback period
4. Net Present Value (NPV)
7 1. REVIEW
8 1. U T S

8. Pertemuan 9 sd 15
9 1. CAPITAL BUDGETING TECHNIQUES
2. Internal Rate of Return (IRR)
3. Comparing NPV and IRR Techniques
10 1. THE COST OF CAPITAL
2. An Overview of the Cost of Capital
3. The Cost of Long-term Debt
4. The Cost of Preferred Stock
5. The Cost of Common Stock
11 1. THE COST OF CAPITAL
2. The Cost of Common Stock
3. The Weighted Average Cost of Capital
4. The Marginal Cost & Investment Decisions
12 1. LEVERAGE & CAPITAL STRUCTURE
2. Leverage
3. The Firm's Capital Structure
4. The EBIT_EPS Approach to Capital Structure
13 1. LEVERAGE & CAPITAL STRUCTURE
2. The EBIT_EPS Approach to Capital Structure
3. Choosing the Optimal Capital Structure
14 1. REVIEW
15 1. U A S

9. Manajemen Keuangan 2
 P1: The Role of Managerial Finance = Ch.1 & Ch. 2
 P2: Interest Rates and Bond Valuation = Ch.6
 P3 & P4: Stock Valuation = Ch. 7
 P5: Capital Budgeting Cash Flows = Ch. 11
 P6:Capital Budgeting Techniques = Ch. 10
 P7& P8: Review & UTS
 P9: Capital Budgeting Techniques = Ch. 10
 P10 & P11: The Cost of Capital = Ch. 9
 P12 & P13: Leverage and Capital Structure = Ch. 13
 P14 & P15 : Rewbiew & UAS

20. https://www2.slideshare.net/AminullahAssagaf1/aminullah-assagaf-
p6-mk2manajemen-keuangan-25-apr-2021

22. Capital Budgeting Techniques
• Overview of capital budgeting techniques
• Payback period (PP)
• Net present value (NPV)
• Internal rate of return (IRR)
• Covering NPV and IRR

30. A: CO/CI= 42000/14000= 3 th
B (CI:1,2)= 28000+12000=40.000
CO ………………………: 45.000
Sisa utk Th 3m negative : 5.000
CI: 3:10.000
Sisa th 3 : 5000/10000= ½ th
PP = 2.4 th
 yg disetujui PP=2.75 th
 A diterima (2.5 th), B ditolak (3)

31. Catatan: Investasi 20.000: Receive 4.000 dan 6.000, tax 25%
- Rec. after tax: 0.75x4000=3000, dan 0.75x6000=4500
- PP: 20000/3000=6.67 years dan 20000/4500=4.44 years

33. Project X:
CO =10.000
CI-1 = 5.000
Sisa-1=5.000
CI-2 = 5.000
Sisa = 0
PP = 2th
Project Y:
CO =10.000
CI-1 = 3.000
Sisa-1=7.000
CI-2 = 4.000
Sisa = 3.000
CI-3 =3.000
Sisa = 0
PP = 3th

35. Payback Period
Catatan : Lebih baik Proyek S (2.33 th) dibanding project L (3.33 th)
10% 0 1 2 3 4
Net CF -1000 500 400 300 100
Kumulatif NCF -500 -100 200 300
PP = 2 th + 100/300 = 2 th dan 0.33 years
10% 0 1 2 3 4
Net CF -1000 100 300 400 600
Kumulatif NCF -900 -600 -200 400
PP = 3 th + 200/600 = 3 th dan 0.33 years
Project S
Project L:

36. Payback Period

37. Discounted
Payback Period

38. Discounted Payback Period
10% 0 1 2 3 4
Net CF -1000 500 400 300 100
Discount Factors 1.000 0.909 0.826 0.751 0.683
Discounter Net CF -1000 455 331 225 68
Kumulatif Disc NCF 455 785 1011
Sisa pengembaian 545 215 -11
Discounted PP = 2 th + 215/225 = 2 + 0.95 years = 2 th 11 bulan
10% 0 1 2 3 4
Net CF -1000 100 300 400 600
Discount Factors 1.000 0.909 0.826 0.751 0.683
Discounter Net CF -1000 91 248 301 410
Kumulatif Disc NCF 91 339 639
Sisa pengembaian 909 661 361 -49
Discounted PP = 3 th + 361/410 = 2 + 0.88 years = 3 th + 0.88 years = 3 th 11 bln

39. Discounted Payback Period

41. NPV, PI, IRR

42. ANALISIS CASH FLOW 10%
DF
Th CI CO NCF (1+r)n
1/(1+r)n
PVCI_1 PVCO_1 PVCI_2 PVCO_2 NPV
1 2 3 4=2-3 5 6 7=2/5 8=3/5 9=2x6 10=3x6 11=6-7=8-9
0 100,000 100,000
- 1.000 1.000 - 100,000 - 100,000 100,000
-
1 16,000 16,000 1.100 0.909 14,545 14,545 14,545
2 17,000 17,000 1.210 0.826 14,050 14,050 14,050
3 18,000 18,000 1.331 0.751 13,524 13,524 13,524
4 19,000 19,000 1.464 0.683 12,977 12,977 12,977
5 20,000 20,000 1.611 0.621 12,418 12,418 12,418
6 21,000 21,000 1.772 0.564 11,854 11,854 11,854
7 22,000 22,000 1.949 0.513 11,289 11,289 11,289
8 23,000 23,000 2.144 0.467 10,730 10,730 10,730
9 24,000 24,000 2.358 0.424 10,178 10,178 10,178
10 25,000 25,000 2.594 0.386 9,639 9,639 9,639
Jumlah 205,000 100,000 105,000 - - 121,204 100,000 121,204 100,000 21,204

46. Proyek A
10%
Th CI CO DF PVCI PNCO NPV
1 2 3 4 5=2x4 6=3x4 7=5-6
0 42,000 1.000 - 42,000 -42,000
1 14,000 0.909 12,727 - 12,727
2 14,000 0.826 11,570 - 11,570
3 14,000 0.751 10,518 - 10,518
4 14,000 0.683 9,562 - 9,562
5 14,000 0.621 8,693 - 8,693
70,000 42,000 - 53,071 42,000 11,071
B/C ratio atau PI =PVCI/PVCO= 1.26
Proyek B
10%
Th CI CO DF PVCI PNCO NPV
1 2 3 4 5=2x4 6=3x4 7=5-6
0 45,000 1.000 - 45,000 -45,000
1 28,000 0.909 25,455 - 25,455
2 12,000 0.826 9,917 - 9,917
3 10,000 0.751 7,513 - 7,513
4 10,000 0.683 6,830 - 6,830
5 10,000 0.621 6,209 - 6,209
70,000 45,000 - 55,924 45,000 10,924
B/C ratio atau PI =PVCI/PVCO= 1.24

50. Economic value added (EVA): Cash inflow – (COC x CO)
EVA = 120.000 – 100.000 (10% x 1.000.000 = 20.000

52. Proyek A
IRR==> 19.9%
Th CI CO DF PVCI PNCO NPV
1 2 3 4 5=2x4 6=3x4 7=5-6
0 42,000 1.000 - 42,000 -42,000
1 14,000 0.834 11,681 - 11,681
2 14,000 0.696 9,745 - 9,745
3 14,000 0.581 8,131 - 8,131
4 14,000 0.485 6,784 - 6,784
5 14,000 0.404 5,660 - 5,660
70,000 42,000 - 42,000 42,000 0
B/C ratio atau PI =PVCI/PVCO= 1.00
Proyek B
IRR ==> 21.7%
Th CI CO DF PVCI PNCO NPV
1 2 3 4 5=2x4 6=3x4 7=5-6
0 45,000 1.000 - 45,000 -45,000
1 28,000 0.822 23,017 - 23,017
2 12,000 0.676 8,109 - 8,109
3 10,000 0.555 5,555 - 5,555
4 10,000 0.457 4,566 - 4,566
5 10,000 0.375 3,754 - 3,754
70,000 45,000 - 45,000 45,000 0
B/C ratio atau PI =PVCI/PVCO= 1.00

62. Pertemuan 5 sd 8
5 1. CAPITAL BUDGETING CASH FLOWS
2. The Capital Budgeting Decision Process
3. The Relevant Cash Flows
4. Finding the Initial Investment
5. Finding the Operating Cash Inflows
6. Finding the Terminal Cash Flow
7. Summarizing the Relevant Cash Flows
6 1. CAPITAL BUDGETING TECHNIQUES
2. Overview of Capital Budgeting Techniques
3. Payback period
4. Net Present Value (NPV)
7 1. REVIEW
8 1. U T S

64. Capital Budgeting Cash Flow
1. The capital budgeting decision process
2. The relevant cash flows
3. Finding the initian investment
4. Finding the operating cash flows
5. Finding the terminal cash flow
6. Summary the relevant cash flows

65. The capital budgeting decision process

66. Cash Flow Components

67. The relevant cash flows

69. Finding the initian investment

71. Finding the operating cash flows

72. Finding the terminal cash flow

73. Summary the relevant cash flows