PERTEMUAN 12 PENILAIAN OBLIGASI (1) dikutip dari bahan materi ajar FE-UNTAR (2011) S1- ANALISIS KEUANGAN

Two Methods of Long-Term Financing Resources = Sources Liabilities Debt Financing: Bondholders Assets Stockholders’ Equity Equity Financing: Stockholders

Two Methods of Long-Term Financing Bondholders Stockholders Why issue bonds rather than stock? Bonds (debt)—Beban bunga akan mengurangi laba kena pajak. Stock (equity)—Dividen dibayarkan dari laba setelah pajak dan retained earnings (laba ditahan) Earnings per share on common stock meningkat bila mengeluarkan bonds dibanding menambah stock.

Alternative Financing Plans – $800,000 Earnings Plan 1 Plan 2 Plan 3 12 % bonds — — $2,000,000 Preferred 9% stock, $50 par — $2,000,000 1,000,000 Common stock, $10 par $4,000,000 2,000,000 1,000,000 Total $4,000,000 $4,000,000 $4,000,000 Earnings before interest and income tax $ 800,000 $ 800,000 $ 800,000 Deduct interest on bonds — — 240,000 Income before income tax $ 800,000 $ 800,000 $ 560,000 Deduct income tax 320,000 320,000 224,000 Net income $ 480,000 $ 480,000 $ 336,000 Dividends on preferred stock — 180,000 90,000 Available for dividends $ 480,000 $ 300,000 $ 246,000 Shares of common stock ÷400,000 ÷200,000 ÷100,000 Earnings per share $ 1.20 $ 1.50 $ 2.46

Characteristics of Bonds Payable A bond contract is called a bond indenture or trust indenture. Long-term debt—repayable 10, 20, or 30 years after date of issuance. Issued in face (principal) amounts of $1,000, or multiples of $1,000. Contract interest rate is fixed for term (life) of the bond. Face amount of bond repayable at maturity date.

Characteristics of Bonds Payable Semua obligasi yg jatuh tempo satu tanggal disebut term bonds. Apabila jatuh tempo berseri disebut serial bonds (obligasi berseri) Obligasi yg ditukar dengan surat berharga lain (securities) disebut convertible bonds. Obligasi dapat ditebus kembali sebelum jth tempo : callable bonds. Obligasi/Bonds sebagai kredit perusahaan yg bersifat umum disebut debenture bonds.

The Present-Value Concept and Bonds Payable Harga obligasi yang ditawarkan tergantung beberapa faktor: 1. The face amount of the bonds (N.Nominal), jumlah yg dibayarkan saat jatuh tempo 2. Tanggal bunga obligasi = the contract rate or the coupon rate. 3. Bunga Efektif = The market or effective rate of interest.

HARGA OBLIGASI 1 - 1 (1+SBE)n (SBN x NN) ( ) +NN x ( 1 ) SBE (1+SBE)n Adalah nilai tunai (present value) dari bunga yg dibayar selama jangka waktu obligasi ditambah nilai nominalnya. Faktor bunga untuk menilai tunaikan jumlah bunga + jumlah nominal = suku bunga efektif Rumus nilai obligasi tahun 0 SBN x NN + SBN x NN ….. SBN x NN + NN (1+SBE)¹ (1+SBE)² (1+SBE)n Atau 1 - 1 (1+SBE)n (SBN x NN) ( ) +NN x ( 1 ) SBE (1+SBE)n

MARKET RATE = CONTRACT RATE The Present-Value Concept and Bonds Payable MARKET RATE = CONTRACT RATE Sell price of bond = $1,000 $1,000 10% payable annually

– The Present-Value Concept and Bonds Payable $1,000 MARKET RATE > CONTRACT RATE Sell price of bond < $1,000 $1,000 10% payable annually Discount/Disagio –

+ The Present-Value Concept and Bonds Payable $1,000 MARKET < CONTRACT RATE Sell price of bond > $1,000 $1,000 10% payable annually Premium/Agio +

A $1,000, 10% bond is purchased. It pays interest annually and will mature in two years. Interest payment $100 $1,000 10% payable annually Interest payment $100 Today End of Year 1 End of Year 2 $90.91 $100 x 0.90909 $82.65 $100 x 0.82645 $1,000 x 0.82645 $826.45 $1,000.00 (rounded)

Kegiatan dan Forum SCL Discovery Learning: Dosen menjelaskan secara rinci bagian 1 penilaian obligasi. Mahasiswa diminta untuk terjun ke dunia riil memahami secara rinci bagian 1 penilaian obligasi. Dosen memberikan evaluasi, sebagai guide adalah bahan ajar dalam hybrid learning.