ANALISIS EKUITAS: INDUSTRY ANALYSIS Pertemuan 10 -mupo- Mata kuliah : F0922 - Pengantar Analisis Pendapatan Tetap Dan Ekuitas Tahun : 2010 ANALISIS EKUITAS: INDUSTRY ANALYSIS Pertemuan 10 -mupo-
ANALISIS EKUITAS: INDUSTRY ANALYSIS Materi: Review : INDUSTRY ANALYSIS Kasus : mengenai Industry Analysis Bina Nusantara University
1. INDUSTRY ANALYSIS 1.1 Sensitivity to business cycles 1.2 Factors affecting sensitivity of earnings to business cycles: Sensitivity of sales of the firm’s product to the business cycles Operating leverage Financial leverage 1.3 Industry life cycles
Returns on Equity, 2005
Rate of Return, 2005
Industry Cyclicality
Operating Leverage of Firms A and B Throughout the Business Cycle
A stylized Depiction of the Business Cycle
1.3 Industry life cycles Stage Sales Growth Start-up Rapid & Increasing Consolidation Stable Maturity Slowing Relative Decline Minimal or Negative
The Industry Life Cycle
2. Kasus : Dibawah ini adalah data rasio keuangan sebuah perusahaan berbanding dengan rata-rata industrinya pada periode yang sama. Berikan analisa anda dari sisi: kemampuan membayar hutang jangka pendek analisa investasi analisa profitabilitas kesimpulan analisa solvabilitias Rasio Perusahaan Rata-rata industri Quick Ratio 0,7 times 1,5 times Inventory Turn over 4,3 times 4,0 times Days’ Sales in Receivable 25,1 days 28,6 days Operating Profit Margin 19,7 % 15% Net Profit Margin 6,7% 18,3% Debt Ratio 57.6% 32,8% Times Interest Earned 19,2 times 31,8 times Return on Equity 2,4% 5.1% Dividend Payout Ratio 35% 25% Price Earning Ratio 4,3 x 5,6 x