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# Biaya modal (cost of capital)

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### Biaya modal (cost of capital)

1. 1. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram BIAYA MODAL (COST OF CAPITAL) Biaya modal penerbitan obligasi Biaya modal penerbitan saham preferen Biaya modal penerbitan saham biasa dan saldo laba
2. 2. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram rd = r (1-T) kd = cost of debt r = required rate of return T = tax
3. 3. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram The Heuser Company’s currently outstanding 10% coupon bonds have a yield to maturity of 12%. Heuser believes it could issue at par new bonds that would provide a similar yield to maturity. If its marginal tax rate is 35%, what is Heuser’s after tax cost of debt?
4. 4. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram rps = Dps/Pn rps = cost of preferred stock Dps = Dividend of preferred stock Pn = price the firm receives after deductinf flotation costs
5. 5. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram Trivoli Industries plans to issue \$100 par preferred stock with an 11 percent dividend. The stock is selling on the market for \$97.00, and Trivoli must pay flotation costs of 5% of the market price. What is the cost of the preferred stock?
6. 6. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram rs = (D1/Po) +g rs = (D0 (1 + g)/Po) + g g = ROE (1-payout ratio)
7. 7. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram rM = rf + (rM-rf) b
8. 8. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram rs = Bond yield + Risk Premium
9. 9. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram The earnings, dividends, and stock price of Carpetto Technologies Inc. Are expected to grow at 7% per year in future. Carpetto’s common stock sells for \$23 per share, its last dividend was \$2.00 and the company will pay a dividend of \$2.14 at the end of current year. a.Using DCF approach, what is the cost of equity? b.If the firm’s beta is 1.6, the risk-free rate is 9%, and the expected return on the market is 13%, what will be the firm’s cost of equity using the CAPM approach? c.If the firm’s bonds earn a return of 12%, what will the cost of equity be using the-bond-yield-plus-risk premium approach?
10. 10. Tahun lalu PT.PACKERS membayar dividen sebesar Rp 3600,-perlembar saham dan sahamnya saat ini terjual dengan harga Rp 60.000per lembar. Suku bunga bebas risiko adalah 11% dan suatu sahamrata-rata memberikan rate of return yang diharapkan sebesar 14%.Beta saham PT. PACKERS adalah 1,51. Saham preferen dapat dijual kepublik dengan harga Rp 100.000 per lembar dengan dividen Rp11.000. Flotation cost adalah Rp 5.000 per lembar. Pajak ditetapkan40% dan hutang dapat dijual dengan membayar bunga 12%. Investormengharapkan pendapatan dan dividen bertumbuh 9% per tahunPertanyaan:Hitunglah komponen biaya hutang, biaya saham preferen dan biayaekuitas !
11. 11. Tahun lalu PT.PACKERS membayar dividen sebesar Rp 3600,-per lembar saham dan sahamnya saat ini terjual dengan hargaRp 60.000 per lembar. Suku bunga bebas risiko adalah 11%dan suatu saham rata-rata memberikan rate of return yangdiharapkan sebesar 14%. Beta saham PT. PACKERS adalah 1,51. Saham preferen dapat dijual ke publik dengan harga Rp100.000 per lembar dengan dividen Rp 11.000. Flotation costadalah Rp 5.000 per lembar. Pajak ditetapkan 40% dan hutangdapat dijual dengan membayar bunga 12%.Pertanyaan:Hitunglah komponen biaya hutang, biaya saham preferen danbiaya ekuitas !
12. 12. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram WACC = wd.rd(1-T) + wps.rps + ws.rs
13. 13. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram David Ortiz Motors has a target capital structure of 40% debt and 60% equity. The yield to maturity on the company’s outstanding bonds is 9% and the company’s tax rate is 40%. Ortiz’s CFO has calculated the company’s WACC as 9.96%. What is the company’s cost of equity capital
14. 14. Rahmasari Fahria Fakultas Ekonomi Universitas Mataram Faktor-faktor yang mempengaruhi WACC