Cost of Capital Chapter 12 Jakarta, 27 Juni 2015 Tujuan Pembelajaran: Menjelaskan konsep Cost of CapitaL Menghitung Cost of CapitaL Menggunakan Cost of CapitaL untuk penilaian Investasi

Main Topic Konsep Cost of CapitaL IndividuaL CoC WCC-WACC Chapter 12 – Cost of Capital Konsep Cost of CapitaL IndividuaL CoC WCC-WACC FLotation Cost Main Topic “Tell them what you’re going to tell them” Once I paint them a picture of the success they’ll achieve, using the opening story and slide, I next outline no more than 3 to 5 key “how to’s” for achieving this success, color-coded to each upcoming section of the presentation.   For growing companies I have them focus on four key decisions they must get right: People, Strategy, Execution, and Cash. These four words are placed one per color-coded box. And I’ll share a growth company example for each key point.

Liabilities (Debt) & Equity Balance Sheet (Aset = LiabiLity + Equity) Financing Decision Assets Liabilities (Debt) & Equity Current Assets Fixed Assets Other Assets Current Liabilities Long-Term Liabilities Equity Preferred Stock Common Stock Investment decision Capital Structure

Konsep Cost of CapitaL Rate of return Cost of CapitaL FOR investor >> merupakan benefit investasi FOR financial manager >> merupakan cost untuk mendapatkan modal operasi perusahaan Rate of return cost untuk mendapatkan modal operasi perusahaan Modal operasi perusahaan >> capital structure: Long Term Debt Preferred Stock Common STock Cost of CapitaL Going into detail Each key point is anchored with a question. I find posing a question to the audience relative to each key point engages them to proactively think and apply the ideas to their own situation vs. just listen to what I have to say.   Slide Notes: Place the title of the first key point where it says “People” and also in the box in the upper right. This may seem redundant, but the repetition is important. The “subline” in the upper right hand box is for a one or two word anchor to the first key point. In my case, the subline for “People” is “Happiness” – it’s the people you surround yourself with in business who impact your happiness. I’ll then carry the “box” in the upper right hand corner, color-coded to that section, to additional content slides in that section.

Kd = kd (1 – T) Cost of Debt Cost of Debt Rate of return required by investor Adjusted for flotation costs (any cost associated) Adjusted for taxes Cost of Debt Persamaan: Kd = kd (1 – T) Kd = after tax % cost of debt kd = before tax % cost of debt T = tax rate Going into detail Each key point is anchored with a question. I find posing a question to the audience relative to each key point engages them to proactively think and apply the ideas to their own situation vs. just listen to what I have to say.   Slide Notes: Place the title of the first key point where it says “People” and also in the box in the upper right. This may seem redundant, but the repetition is important. The “subline” in the upper right hand box is for a one or two word anchor to the first key point. In my case, the subline for “People” is “Happiness” – it’s the people you surround yourself with in business who impact your happiness. I’ll then carry the “box” in the upper right hand corner, color-coded to that section, to additional content slides in that section. Note: kd = Yield to Maturity (YTM) = kb Vb = $It (PVIFA kb, n) + $M (PVIF kb, n)

K K D = V D1 = + g V ps cs Cost of Preferred Stock Persamaan: K = D V ps Vps = nilai saham preferen/ price D = Dividen kps = required return/ cost of Preferred Stock Cost of Common Stock Persamaan: K = D1 cs V Going into detail Each key point is anchored with a question. I find posing a question to the audience relative to each key point engages them to proactively think and apply the ideas to their own situation vs. just listen to what I have to say.   Slide Notes: Place the title of the first key point where it says “People” and also in the box in the upper right. This may seem redundant, but the repetition is important. The “subline” in the upper right hand box is for a one or two word anchor to the first key point. In my case, the subline for “People” is “Happiness” – it’s the people you surround yourself with in business who impact your happiness. I’ll then carry the “box” in the upper right hand corner, color-coded to that section, to additional content slides in that section. Vcs = nilai saham biasa/ price D 1 = Dividen kcs = required return/ cost of Common Stock g = growth rate + g

kj = krf + bj(km - krf ) Cost of InternaL Equity Note: Persamaan: Gunakanlah CAPM kj = krf + bj(km - krf ) kj = tingkat pengembalian diinginkan untuk surat berharga ke-j krf = tingkat pengembalian bebas risiko km = tingkat pengembalian pasar yg diinginkan (systematic risk) bm = beta untuk surat berharga ke-j Going into detail Each key point is anchored with a question. I find posing a question to the audience relative to each key point engages them to proactively think and apply the ideas to their own situation vs. just listen to what I have to say.   Slide Notes: Place the title of the first key point where it says “People” and also in the box in the upper right. This may seem redundant, but the repetition is important. The “subline” in the upper right hand box is for a one or two word anchor to the first key point. In my case, the subline for “People” is “Happiness” – it’s the people you surround yourself with in business who impact your happiness. I’ll then carry the “box” in the upper right hand corner, color-coded to that section, to additional content slides in that section. Note: Cost of C/S merupakan cost of internal equity dengan pendekatan dividen growth model

WACC = (Kd x Wd) + (Kps x Wps) + (Kcs x Wcs) Weighted Cost CapitaL (WCC) Merupakan Weighted Average Cost of Capital (WACC) that include in capital structure WCC WACC = (Kd x Wd) + (Kps x Wps) + (Kcs x Wcs) kd = cost of debt kps = cost of preferred stock kcs = cost of common stock Wd = % long term debt Wps = % preferred stock Wcs = % common stock Going into detail Each key point is anchored with a question. I find posing a question to the audience relative to each key point engages them to proactively think and apply the ideas to their own situation vs. just listen to what I have to say.   Slide Notes: Place the title of the first key point where it says “People” and also in the box in the upper right. This may seem redundant, but the repetition is important. The “subline” in the upper right hand box is for a one or two word anchor to the first key point. In my case, the subline for “People” is “Happiness” – it’s the people you surround yourself with in business who impact your happiness. I’ll then carry the “box” in the upper right hand corner, color-coded to that section, to additional content slides in that section.

Contoh Perhitungan Individual CoC Terdapat obligasi dengan jatuh tempo 10 tahun dan YTM 8.54% Harga saham preferen sebesar $91 per share dan dividen per tahun $8 Harga saham biasa di pasar sebesar $75 per share dengan dividen tahun pertama $4.5 dan tingkat pertumbuhan 5% Tingkat pengembalian bebas risiko sebesar 5.5% dan tingkat pengembalian pasar 10.5 dengan beta coefficience 1.25 Tax rate 34% Hitung individual cost of capital dari aktivitas financing di atas! Cost of Debt: Kd = kd (1 – T) = 8.54% (1 – 0.34) = 5.64% Cost of C/S Kcs = (D1/Vcs) + g = (4.5/75) + 0.05 = 11% Cost of P/S Kps = D/Vps = 8/91 = 8.79% Cost of Internal Equity Kj = krf + bj(km - krf ) = 5.5% + 1.25 (10.5% - 5.5%) = 11.75%

Contoh WCC - WACC Terdapat obligasi dengan jatuh tempo 10 tahun dan YTM 8.54% Harga saham preferen sebesar $91 per share dan dividen per tahun $8 Harga saham biasa di pasar sebesar $75 per share dengan dividen tahun pertama $4.5 dan tingkat pertumbuhan 5% Total obligasi adalah $500, saham preferen $750 dan saham biasa $1.250 Hitung individual cost of capital & WACC jika Tax rate 34%! CoC (A) Bonds P/S C/S 5.64% 8.79% 11.0% Capital Structure W (B) 500 750 1.250 0.2 0.3 0.5 2.500 1.0 Capital Structure W (B) 500 750 1.250 2.500 X (B) 1.13% 2.63% 5.50% 9.26% WACC

Flotation cost = ----------------------- (1 - %flotation) Biaya cadangan agar financing needs tetap terpenuhi Flotation Cost Financing Needs Flotation cost = ----------------------- (1 - %flotation) Exp: Perusahaan memerlukan pembiayaan sebesar 30 juta. Berapa jumlah pembiayaan yang harus didapatkan jika ternyata inflasi 2% Going into detail Each key point is anchored with a question. I find posing a question to the audience relative to each key point engages them to proactively think and apply the ideas to their own situation vs. just listen to what I have to say.   Slide Notes: Place the title of the first key point where it says “People” and also in the box in the upper right. This may seem redundant, but the repetition is important. The “subline” in the upper right hand box is for a one or two word anchor to the first key point. In my case, the subline for “People” is “Happiness” – it’s the people you surround yourself with in business who impact your happiness. I’ll then carry the “box” in the upper right hand corner, color-coded to that section, to additional content slides in that section. Financing Needs 30.000.000 Flotation cost = ----------------------- = ---------------- = 30.612.245 (1 - %flotation) (1 – 0.02)

PT OCIRUTH memiliki Struktur modal (Capital Structure) sebagai berikut: Utang (Debts) 25% Preferred Stocks 15% Common Stocks 60% Total 100% Informasi: Perusahaan mengharapkan keuntungan bersih sebesar Rp.17.142.860,00 tahun ini Dividen Payout Ratio 30% Tarif Pajak 40% Investor mengharapkan pendapatan dan dividen bertumbuh 9% dimasa yang akan dating Tahun lalu perusahaan membayar dividen sebesar Rp.3.600,- Saham perusahaan saat ini terjual dengan harga Rp.60.000,- per lembar Suku bunga bebas risiko (Risk Free Rate) 11% Suatu saham rata-rata memberikan rate of return yang diharapkan sebesar 14% Beta saham perusahaan adalah 1,51 Saham biasa yang baru akan diluncurkan memiliki flotation cost sebesar 10% Preferred Stocks yang baru akan diluncurkan dapat dijual ke publik dengan harga Rp.100.000,00 per lembar dengan dividen Rp.11.000,-, dan flotation cost sebesar Rp.5.000,00 per lembar Utang dapat dijual dengan membayar bunga sebesar 12% Hitunglah Cost of Debts, Cost of Preferred Stocks, Cost of Internal Financing (R/E), dan Cost of Common Stock apabila perusahaan menerbitkan saham baru WACC??

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