1 Pertemuan 03 Analisis Rasio Keuangan Matakuliah: F0392/Simulasi Perdagangan di Bursa Efek Tahun: 2005 Versi: 1/3
2 Learning Outcomes Pada akhir pertemuan ini, diharapkan mahasiswa akan mampu : Mampu menerapkan analisis rasio keuangan dari laporan keuangan
3 Outline Materi Rasio Likuiditas Rasio Profitabilitas Manajemen Aset dan Hutang
4 Financial Statement Analysis Historical ==> Analyst ==> Future Accounting v. Economic Earnings Economic earnings maintains productive capacity ROE & Leverage: ROE = (1 - t)[ROA + (ROA - i) D/E] ROE increases with D if ROA > i
5 Decomposition of ROE Net Profit / Pretax profit (tax burden) x Pretax Profit / EBIT(interest burden) x EBIT / Sales(profit margin) x Sales / Assets(asset turnover) x Assets / Equity(equity multiplier)
6 ROE analysis ROE = tax burden x ROA x Leverage factor Leverage factor = Interest burden x leverage ROA = EBIT/Assets (= ROS x ATO) Meaningful for same industry only Ex: Utility & supermarket chain Can differ within industry Ex: Wal-Mart and Neiman Marcus ( Low ROS, High ATO; High ROS, low ATO)
7 Ratio Analysis Turnover ratios: Use average B/S amount Comparability Accounting v. Economic Earnings FIFO v. LIFO Economic v. Acctg. Depreciation International Practices Reserving & Intangibles Depreciation
8 Tugas Kerjakan dan kumpulkan pada Pert 04 Tugas 03-1 Tugas 03-2 Tugas 03-3