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NIM : 19/453613/EE/07420
EXERCISE 8 -1
FIT Corporation’s return on net operating assets (RNOA) is 10% and its tax rate is 40%. Its
net operating assets ($4 million) are financed entirely by common shareholders’ equity.
Management is considering its options to finance an expansion costing $2 million. It expects
return on net operating assets to remain unchanged. There are two alternatives to finance the
expansion: 1. Issue $1 million bonds with 12% coupon, and $1 million common stock. 2. Issue
$2 million bonds with 12% coupon. Required: a. Determine net operating income after tax
(NOPAT) and net income for each alternative. b. Compute return on common shareholders’
equity for each alternative (use ending equity). c. Calculate the assets-to-equity ratio for each
alternative. d. Compute return on net operating assets and explain how the level of leverage
interacts with it in helping determine which alternative management should pursue.
Jawab:
a. Net operating profit after tax (NOPAT) adalah laba setelah pajak yang diperoleh dari
aset operasi bersih. Item yang dikecualikan dari NOPAT adalah penghasilan bunga dan
biaya, penghasilan dividen, keuntungan dan kerugian investasi non-operasi, dan
pendapatan atau kerugian dari discontinued operations. Sehingga formula dari NOPAT
adalah:
Skenario 1
NOPAT = ($4.000.000 + $2.000.000) x 10% = $600.000
Laba Bersih = $600.000 – ($1.000.000 x 12%) (1 - 0,4) = $528.000
Skenario 2
NOPAT = ($4.000.000 + $2.000.000) X 10% = $600.000
Laba Bersih = $600.000 – {$2.000.000 X 12%) (1 - 0,4) = $456.000
b. Return on common shareholders’ equity (ROCE) adalah laba rugi dikurangi dengan
dividen preferen yang dibagi dengan ekuitas biasa rata-rata. Ekuitas biasa adalah total
ekuitas pemegang saham dikurangi dengan saham preferen.
Skenario 1
ROCE
= $528.000 / $5.000.000 = 10,56%
Skenario 2
ROCE
= $456.000 / $4.000.000 = 11,4%
NAMA: ESSA ADITHA RACHMAWATI 8 April 2020
NIM : 19/453613/EE/07420
Skenario 1
Aset terhadap ekuitas
= $6.000.000/$5.000.000 = 1,2
Skenario 2
Aset terhadap ekuitas
= $6.000.000 / $4.000.000 = 1,5
𝐍𝐎𝐏𝐀𝐓
𝐑𝐍𝐎𝐀 =
𝐍𝐎𝐀 𝐑𝐚𝐭𝐚 − 𝐫𝐚𝐭𝐚
Skenario 1
RNOA
= $600.000/$6.000.000 = 10%
Skenario 2
RNOA
= $600.000 / $6.000.000 = 10%
EXERCISE 8 - 3
Selected financial information from Syntex Corporation is reproduced below: 1. NOA turnover
(average NOA equals ending NOA) is 2. 2. NOPAT margin equals 5%. 3. Leverage ratio
(average NFO/average common equity) is 1.786, and the spread is 4.4%. Required: a.
Compute return on net operating assets (RNOA). b. Compute return on common equity using
its three major components. c. Analyze the disaggregation of return on common equity. What
is the “leverage advantage (in percent return) accruing to common equity”?
Jawab:
a. RNOA = 2 X 5% = 10%
b. ROCE = 10% + 1.786 x 4,4% = 17,86%
c. RNOA 10%
Leverage 7,86% +
ROE 17,86%
NAMA: ESSA ADITHA RACHMAWATI 8 April 2020
NIM : 19/453613/EE/07420
EXERCISE 8-7
Which of the following situations best correspond with a ratio of “sales to average net tangible
assets” exceeding the industry norm? (Choose one answer.) a. A company expanding plant
and equipment during the past three years. b. A company inefficiently using its assets. c. A
company with a large proportion of aged plant and equipment. d. A company using straight-
line depreciation. 2. A measure of asset utilization (turnover) is (choose one answer): a. Sales
divided by average long-term operating assets. b. Return on net operating assets. c. Return on
common equity. d. NOPAT divided by sales. 3. Return on net operating assets depends on the
(choose one answer): a. Interest rates and pretax profits. c. After-tax operating profit margin
and NOA turnover. b. Debt-to-equity ratio. d. Sales and total assets.
Jawab:
a. C Sebuah perusahaan dengan proporsi besar atas pabrik dan peralatan yang usang
b. A Penjualan dibagi dengan rata-rata aset operasi jangka panjang
c. C Profit margin operasi setelah pajak dan perputaran NOA