WACC = wdrd(1-T) + wprp + wcrs

wd = % of debt = Total Debt/(Total Debt + Equity)

rd = Interest Rate on Debt x (1-T)
wp = % of preffered stock, Unilever tidak mempunyai saham preferen sehingga 0%.
rp = cost of preffered stock = Dividen Per Share / Price Per Share
wc = % of Common Equity = Total Equity / (Total Debt + Equity)
rs = Cost of Common Equity

WACC 2018
Tax Rate = 25%
Interest Rate on Debt = 5,28%
Component after-tax Cost of Debt = 5,28%(1-0.25)= 3,96%
% of Debt= 11.944.837 / (11.944.837 + 7,578,133) = 61,2%
Component of Preffered Stock = Rp915/Rp50.000 = 1,83%
% Preffered Stock = 0
Component Cost of Retained Earnings = Rs=8,28%
% of Common Equity = 7,578,133 / (11.944.837 + 7,578,133)= 38,8%
WACC = (0,612 x 3,96%) + (0 x 1,83%) + (0,388 x 8,28%)
= 0.0563616 = 5,6%
WACC 2017
Tax Rate = 25%
Interest Rate on Debt = 5,66%
Component after-tax Cost of Debt = 5,66%(1-0.25)= 4,25%
% of Debt = 13,733,025/ (13,733,025+ 5,173,388) = 72,6%
Component of Preffered Stock = Rp835/Rp54.400 = 1,53%
% Preffered Stock = 0
Component Cost of Retained Earnings = Rs=6,71%
% of Common Equity = 5,173,388/(13,733,025+ 5,173,388) = 27,4%
WACC = (0,726 x 4,25%) + (0 x 1,53%) + (0,274 x 6,71%)
= 0,0492404 = 4,9%
WACC 2016
Tax Rate = 25%
Interest Rate on Debt = 8,87%
Component after-tax Cost of Debt = 8,87%(1-0.25)= 6,65%
% of Debt = 12,041,437/ (12,041,437 + 4,704,258) = 72%
Component of preffered stok = Rp766/Rp41.200 = 1,86%
% Preffered Stock = 0
Component Cost of Retained Earnings = Rs=8%
% of Common Equity = 4,704,258/(12,041,437 + 4,704,258) = 28%
WACC = (0,72 x 6,65%) + (0 x 1,86%) + (0,28 x 8%)
= 0,07028 = 7,03%
WACC 2015
Tax Rate = 25%
Interest Rate on Debt = 9,63%
Component after-tax Cost of Debt = 9,63%(1-0.25)= 7,22%
% of Debt = 10,902,585/ (10,902,585 + 4,827,360) = 69.3%
Component of Preffered Stock = Rp752/Rp36,700 = 2,05%
% Preffered Stock = 0
Component Cost of Retained Earnings = Rs=8,66%
% of Common Equity = 4,827,360/(10,902,585 + 4,827,360) = 30.7%
WACC = (0,693 x 7,22%) + (0 x 2,05%) + (0,307 x 8,66%)
= 0,0766208 = 7,66%
WACC 2014
Tax Rate = 25%
Interest Rate on Debt = 7,01%
Component after-tax Cost of Debt = 7,01%(1-0.25)= 5,26%
% of Debt = 9,534,156/ (9,534,156+ 4,746,514) = 66,8%
Component of preffered Stock = Rp707/Rp35.825= 1,97%
% Preffered Stock = 0
Component Cost of Retained Earnings = Rs=7,54%
% of Common equity = 4,746,514/( 9,534,156+ 4,746,514) = 33,2%
WACC = (0,668 x 5,26%) + (0 x 1,97%) + (0,332 x 7,54%)
= 0,0601696 = 6,02%
Market Value of Company
HVN = FCF N+1 / (WACC−¿gFCF)
Nilai Intrinsik Per Lembar Saham = HV/Jumlah Saham Yang Beredar
FCF2019 = FCF2018 (1+GFCF)
= 11.866.305 (1+ 0,4287%)
= 11.917.176
HV2018 = 11.917.176 / (5,6% - 0,4287%)
= 230.448.359,2
Nilai Intrinsik per lembar saham = 230.448.359,2/7.630 = 30.203
HV2017 = 11.866.305 / (4,9% - 0,4254%)
= 265.192.531,2
Nilai Intrinsik per lembar saham = 265.192.531,2/7.630 = 34.757
HV2016 = 6.116.593 / 7,03% - 0,1341%
= 88.698.980,55
Nilai Intrinsik per lembar saham = 88.698.980,55/7.630 = 11.625
HV2015 = 5.416.767 / 7,66% - 3,91%
= 144.447.120
Nilai Intrinsik per lembar saham = 144.447.120/7.630 = 18.931
HV2014 = 5.958.200 / 6,02% - 0,1248%
= 101.068.666
Nilai Intrinsik per lembar saham = 101.068.666/7.630 = 13.246