Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

1 cost of capital

1,142 views

Published on

Biaya modal,

Published in: Economy & Finance
  • Be the first to comment

1 cost of capital

  1. 1. Meeting Point 1 Khairunnisa for Telkom University
  2. 2. Khairunnisa for Telkom University INVESTOR PERUSAHAAN BISNIS
  3. 3. Khairunnisa for Telkom University Sales Revenues Operating Cost and Taxes Required Investment in Operations Financing Decisions Interest Rates Firm and Market Risk Free Cash Flows Weighted Average Cost of Capital (WACC)
  4. 4.  Taxes if you raised fund from debt  Any transaction cost incurred when a firm raises funds by issuing a particular type of security called floatation cost Khairunnisa for Telkom University
  5. 5.  Business Risk The risk to the firm of being unable o cover operating costs is assumed to be unchanged  Financial Risk The risk to the firm of being unable to cover required financial obligations is assumed to be unchanged  After tax costs are considered relevant Khairunnisa for Telkom University
  6. 6.  Focusing on  Debt  Preferred Stock  Common Stock  Retained Earnings Khairunnisa for Telkom University
  7. 7. Khairunnisa for Telkom University            PVIFkPVIFAkINP kk I NP kk I P ndndtd n n t t t d n n t t t d M d M d d M d ,, 1 1 $ $ $ $ 1$1 $ 1$1 $           
  8. 8.  Perusahaan menerbitkan obligasi yang membayar bunga 10%, nilai nominal obligasi tersebut sebesar Rp 1.000.-. Obligasi akan jatuh tempo dalam waktu 5 tahun. Obligasi tersebut terjual dengan harga Rp 1.000,-. Berapa biaya hutang dari penerbitan obligasi tersebut? Khairunnisa for Telkom University
  9. 9. Khairunnisa for Telkom University 2 ParValue n ParValue I N N k d d d    
  10. 10. Khairunnisa for Telkom University  Tkd 1
  11. 11.  Belton is issuing a $ 1,000 par value that pays 7 percent annual interest and matures in 15 years. Investors are willing to pay $ 958 for the bond. The company is an 18 percent tax bracket. What will be the firm’s after-tax cost of debt on the bond? Khairunnisa for Telkom University
  12. 12. Khairunnisa for Telkom University NP Div k ps ps ps 
  13. 13.  The preferred stock of Walter Industries sells for $ 36 and pays $ 2.50 in dividends. The net price of the security after issuance costs is $ 32.50. What is the cost of capital for the prefereed stock? Khairunnisa for Telkom University
  14. 14.  Two respect for calculating common equity  The cost of common equity is more difficult to estimate because the stock owners are the residual owners of the firm  Common equity can be obtained from either the retention of firm earnings or through the sale of new shares Khairunnisa for Telkom University
  15. 15.  Using Gordon Model Khairunnisa for Telkom University g g g NP Div k P Div k k Div P cs cs cs cs cs CS     1 1 1
  16. 16.  Using the CAPM Model Khairunnisa for Telkom University  kkkk rfmrfcs  
  17. 17. Khairunnisa for Telkom University kk csre 
  18. 18.  Ross Textile wishes to measure its cost of common equity. The firm’s stock currently selling for $ 57.50. The firm expects to pay a $ 3.40 dividend at the end of the year (2010). The dividends for the past 5 years are shown in the following table. Khairunnisa for Telkom University Year Dividend 2009 $ 3.10 2008 2.92 2007 2.60 2006 2.30 2005 2.12
  19. 19.  After underpricing and floatation costs, the firm expects to net $ 52 per share on a new issue. a. Determine the growth rate of dividends b. Determine the net proceeds c. Using the constants-growth valuation model, determine the cost of retained earnings d. Using the constants-growth valuation model, determine the cost of new stock Khairunnisa for Telkom University
  20. 20.  To determine the overall cost of capital that reflects the expected average futre cost of funds over the long run Khairunnisa for Telkom University      kwkwkw cscspspsdd WACC 
  21. 21.  The capital structure for the Bias Corporation follows. The company plans to maintain its debt structure in the future. If the firm has a 6 percent after-tax cost of debt, a 13.5 percent cost of preferred stock, and a 19 percent cost of common stock, what is the firm’s weighted cost of capital? Khairunnisa for Telkom University Bonds $ 1,100 Preferred Stock 250 Common Stock 3,700 Capital Structure ($ 000)
  22. 22.  Cost of capital is IMPORTANT to EVERY firm and most PUBLICLY TRADED firm  Financial manager uses it to make investment decisions and to determine incentive compensation Khairunnisa for Telkom University
  23. 23.  PT Rakers memiliki struktur modal sebagai berikut (dipertimbangkan sudah optimal) Khairunnisa for Telkom University Hutang 25% Saham Preferen 15% Saham Biasa 60% Total 100%
  24. 24. Perusahaan ini mengharapkan keuntungan bersih Rp 17.142.860,- tahun ini. Dividend Pay Out Ratio adalah 30 %, pajak 40 % dan investor mengharapkan pendapatan dan dividen bertumbuh 9 % di masa mendatang. Tahun lalu , perusahaan membayar dividen (D0) sebesar Rp 3.600,- per lembar saham dan sahamnya saat ini terjual dengan harga Rp 60.000,- per lembar. Suku bunga bebas risiko adalah 11 % dan suatu saham rata-rata memberikan rate of return yang diharapkan sebesar 14 %. Beta saham lama adalah 1,51. Persyaratan ini berlaku untuk penawaran sekuritas lama: Khairunnisa for Telkom University
  25. 25.  Saham biasa : Saham baru memiliki floatation cost sebesar 10 %  Saham preferen : Saham preferen dapat dijual ke publik dengan harga Rp 100.000 per lembar, dengan dividen Rp 11.000,- Floatation cost adalah sebesar Rp 5000,- per lembar  Hutang dapat dijual dengan membayar bunga sebesar 12 % Khairunnisa for Telkom University
  26. 26.  Komponen biaya hutang, biaya saham preferen, biaya laba yang ditahan dan saham biasa baru  Berapa modal baru yang dapat diperoleh sebelum PT Rakers harus menjual modal sendiri baru (new equity)  Berapa Weighted Average Cost of Capital ketika PT Rakers memenuhi kebutuhan akan modal sendiri dengan laba yang ditahan serta ketika akan menerbitkan saham baru Khairunnisa for Telkom University

×