1.

MVA = Harga pasar saham – ekuitas pemegang saham

MVA = (15.000 × 40.000) – 500.000
MVA = 600.000.000 – 500.000.000
MVA = 100.000.000

EVA = Laba bersih setelah pajak – biaya modal oeprasis etelah pajak
EVA = (15 % × 750.000.000) – (11% × 750.000.000)
EVA = 112.500.000 – 82.500.000
EVA = 30.000.000
c1 c2 c3 c4
2. a. NPV = + 2 + 3 + - C0
1+ r (1+r ) (1+r ) (1+r )4
20.000.000 20.000.000 20.000.000 20.000.000
NPV = + 2 + 3 + 4 –
1+17 % (1+17 %) (1+17 %) (1+17 %)
160.000.000
20.000.000 20.000.000 20.000.000 20.000.000
NPV = + 2 + 3 + –
117 % (117%) (117%) (117 %)4
160.000.000
NPV = 117.647.058 + 692.041.522 + 4.070.832.485 + 23.946.073.442 –
160.000.000
NPV = 28.666.594.507
Pv
b. Pi = Pv : nilai dari kas masuk . I = investasi nilai keluar
i
20.000.000
Pi = = 0,125
160.000.000
c. Cah inflow = 20.000.000
biaya investasi = 160.000.000
usia ekonomis = 4
Depresi pertahun = (160.0000.000/4) = 40.000.000
20.000.000−40.000 .000
ARR = = -0,125
160.000 .000
12.500 .000 12.500.000
3. a. = = 11, 1111
4.250 .000−3.125 .000 1.125.000
nilai ekuitas
b. PBV =
jumlah lembar saham
 12.500 .000
1.2 =
jumlahlembar saham
12.500.000
Jumlah lembar saham = = 10. 416.666
1,2
c. 16.750.000 – 12.500.000 = 4.250.000

( RSL ×kurs akhir )+(RSB × HP)

4. a. Harga teoritis =
RSL+ RSB

( 2× 12.000 )+(1 ×13.000)

=
3

37.000
= = 12.3333
3

500.000.000
b. = 13.513
37.000