Tugas Kelompok Mata Kuliah Manajemen Keuangan

1. LATIHAN SOAL-SOAL
STOCK VALUATION
A. A. SAGUNG ISTRI PRADNYA INDRASWARI
ELISA NUR CHOLIS
PINANDHITO ISAIASSADEWA AVISIENNA
YOHANA POLMAULI SIHOMBING
Kelas 3-03
D III KEBENDAHARAAN NEGARA
POLITEKNIK KEUANGAN NEGARA STAN

2. Valuing Common Stock
1. AA Inc.’s outstandiing common stock is currently in the market for $35. Dividend of $2.5 per
share were paid last year, retur non equity is 25 percent, and its retention rate is 20 percent.
What is the value of the stock to you, given a 15% required rate of return?
JAWAB :
Rate of Growth
g = Retention Rasio ×
Rate of Return
In Dividends, On Equity (ROE)
= 0,2 × 0,25
= 0,05 = 5%
Vcs =
D0 (1 + g)
rcs – g
= $2,5 (1 + 0,05) = $26,25
0,15 – 0,05
2. The common stock of ENC paid $1,65 in dividends last year. Dividends are expected to grow
at an 10 percent annual rate for an indefinite number of years .
a. If your required rate of return is 13 percent, what is the value of the stock?
b. Should you make the investment?
JAWAB :
a.
b. If the investor’s expected value of the stock is greater than the current market price, the
investor should buy more shares of stock because the stock would be underpriced.
Vcs =
D0 (1 + g)
rcs – g
= $1,65 (1 + 0,10) = $60,5
0,13 – 0,10
c.

3. 3. Blabla Motor Inc. Paid a $5,75 dividend last year. If Blabla’s return on equity is 24 percent
and its retention rate is 30 percent, what is the value of the common stock if the investor
require a 18 percent rate of return?
JAWAB :
Rate of Growth
g = Retention Rasio ×
Rate of Return
In Dividends, On Equity (ROE)
= 30% × 24%
= 0,072 = 7,2%
Vcs =
D0 (1 + g)
rcs – g
= $5,75 (1 + 7,2%) = $57,074
0,18 – 0,072

4. Measuring Growth
1. If La La Pand Inc.’s return on equity is 20 percent and the management plans to retain 75
percent of earnings for investment purpose, what will bet he firm’s growth rate?
JAWAB :
Rate of Growth
g = Retention Rasio ×
Rate of Return
In Dividends, On Equity (ROE)
= 0,75 × 0,20
= 0,15 = 15%
2. If the Cholis Corp.’s net income in $300 million, its common equity is $833 million, and
management plants to retain 70 percent of the firm’s earning to finance new investments,
what will be the firm’s growth rate?
JAWAB :
Return on
ROE =
Net Income
Equity, Common Equity
= $300 Million
$833 Million
= 0,3601
= 36,01%
Rate of Growth
g = Retention Rasio ×
Rate of Return
In Dividends, On Equity (ROE)
= 70% × 36,01%
= 0,2507 = 25,07%
3. Avisie Inc.’s retur non equity is 12 percent and management has plans to return 20 percent
of earnings for investment in the company.
a. What will bet he company’s growth rate?
b. How would the growth change if management :
i. Increased retained earnings to 40%
ii. Decreased retention to 15%
JAWAB :
a.
Rate of Growth
g = Retention Rasio ×
Rate of Return
In Dividends, On Equity (ROE)
= 20% × 12%
= 0,024 = 2,4%

5. b.
c.
Rate of Growth
g = Retention Rasio ×
Rate of Return
In Dividends, On Equity (ROE)
= 20% × 40%
= 0,048 = 4,8%
Rate of Growth
g = Retention Rasio ×
Rate of Return
In Dividends, On Equity (ROE)
= 20% × 15%
= 0,018 = 1,8%

6. Valuing Preferred Stock
1. What is the value of a preferred stock when the dividend rate is 15 percent and par value
$120 and the market’s required yield on similar shares is 12 percent?
JAWAB :
Value of
Vps =
Annial Preferred Stock Dividend
Preferred Stock, Market’s Required Yield on Preferred Stock
= 15% × 120
12%
= $150
2. You own 350 shares of Jefft Inc. Preferred stock, which currently sells for $65 per share and
pays annual dividends of $4 per share. If the market’s required yield on similar share is 15
percent, should you sell your share or buy more?
JAWAB :
Value of
Vps =
Annial Preferred Stock Dividend
Preferred Stock, Market’s Required Yield on Preferred Stock
= $4
15%
= $26,67
The investor should sell the shares of the stock because it is currently overpriced in the
market.
3. Calculate the value of a preferred stock that pays a dividend of $10 per share when the
market’s required yield on similar shares is 10 percent!
JAWAB :
Value of
Vps =
Annial Preferred Stock Dividend
Preferred Stock, Market’s Required Yield on Preferred Stock
= $10
10%
= $100