1.

Pengaruh pada Nilai Saham

Pra Rekapitalisasi Nilai

ekuitas dari perusahaan
APV = +
yang tidak memiliki
leverage
Nilai saham sebelum +
= keputusan pendanaan
= 56.37 +
= 5.16

Nilai saham sebelum keputusan pendanaan 56.37

Tax rate 40%
Debt untuk pajak 3,000,000,000.00
Outstanding per share 232,440,000.00
Nilai Ekuitas Pasca Rekapitalisasi Perusahaan 61.53

Informasi tambahan untuk kasus Voting

Harga saham 61.53
Tambahan hutang 3,000,000,000
Jumlah saham dibeli kembali 48,754,625.96
Jumlah saham sebelum dibeli kembali 232,440,000.00
Outstanding setelah buyback 183,685,374.04
The PV of Debt
Tax Shield per
share

(tax rate x debt)/jumlah outstanding share

(40% x 3.000.000.000.000) / 234,44 juta

Stock Price Common Shares Outstanding Market Value

MV Pre Debt Rp 56.37 232.44 13,103

Stock Price Common Shares Outstanding Market Value

MV after Debt 61.53 184 11,303
 Sebelum

Shared ownership %
Wrigley Lain2 Total
Class B common stock 58 42 100 Class B common stock
Common stock 21 79 100 Common stock

Shares in mio
Wrigley Lain2 Total
Class B common stock 24.7 17.9 42.6 Class B common stock
Common stock 39.9 149.9 189.8 Common stock
Total 64.6 167.8 232.4 Total

Votes in mio

Votes per
Wrigley Lain2 Total
share

Class B common stock 10 247.1 178.9 426.0 Class B common stock

Common stock 1 39.9 149.9 189.8 Common stock
Total 286.9 328.9 615.8 Total

% Vote
Wrigley All others Total

Class B common stock 40.1% 29.1% 69.2% Class B common stock

Common stock 6.5% 24.3% 30.8% Common stock
Total 46.6% 53.4% 100% Total
 Sesudah

Shared ownership %
Wrigley Lain2 Total
Class B common stock 58% 42% 100%
Common stock 28% 72% 100%

Shares in mio
Wrigley Lain2 Total
Class B common stock 24.7 17.9 42.6
Common stock 39.9 101.1 141 141.0 101.1
64.6 119.0 183.6

Votes in mio

Wrigley All others Total

Class B common stock 247.1 178.9 426.0

Common stock 39.9 101.1 141.0
286.9 280.1 567.0

%Vote
Wrigley All others Total

Class B common stock 43.6% 31.6% 75.1%

Common stock 7.0% 17.8% 24.9%
50.6% 49.4% 100%
WACC (pre-recapitalization)

CAPM Model
Expected return = Risk free rate + Beta (Market risk premium)

Expected
Beta 20 yr. Rf MRP
return
0.75 5.65% 7% 10.90%

WACC (after-recapitalization)

Levered Beta = Unlevered Beta x (1 + ((1-Tax rate) x (Debt/Equity)))

Beta Tax Rate Debt Equity Beta Levered
0.75 40% $ 3,000 $ 11,303 0.87
Cost
of Equity
re = Rf + B(Rf – Rm)
= Rf + Beta*(MRP)
Rf Beta levered MRP rKe (cost of equity)
5.65% 0.87 7% 11.74%

E=
D=
𝑊𝐴𝐶𝐶=𝑊𝑒.(𝑟𝑒)+𝑊𝑑.(𝑟𝑑)(1−𝑡)
re=
𝑊𝐴𝐶𝐶=𝐸/(𝐷+𝐸)(𝑟𝑒)+𝐷/(𝐷+𝐸)(𝑟𝑑) rd=
(1−𝑡) t=

Equity Debt Cost of equity Cost of debt Tax rate

$ 11,303 $ 3,000 11.74% 13% 40%

Equity $ 11,303
Debt $ 3,000
Cost of equ 11.74%
Cost of deb 13%
Tax rate 0.4

WACC

10.91%
 Key Industrial Financial Ratios Calculation
Operating income/ KD x
EBIT interest coverage (x) 513.356/(13%x3.
total debt 362.986/3.000.0
Funds from operations/total debt (%) Net income/ total debt (362.986-
00
(Net income - ▲NWC 77.345-
Free operating cash flow/total debt (%)
- capex)/ total debt 41.104)/3.000.0
(Op. income + invest.
Return on capital (%) 00
(513.356 +18.553
income)/ total debt
513.356/2.429.6
Operating income/sales (%) Operating income/ sales 3.000.000/
46
LTD/ (total debt + (3.000.000+157
(3.000.000+
Long-term debt/capital, book (%)
equity) 157.127+
.127)/
Total debt/ (total debt +
Total debt/capital, book (%) 1.276.287)
(3.000.000+
equity)
157.127+
1.276.287)

Credit Rating
AAA AA
Key Industrial Financial Ratios Investment
(Three-year medians 2000–2002) Grade

EBIT interest coverage (x) 23.4 13.3

Funds from operations/total debt (%) 214.2 65.7
Free operating cash flow/total debt (%) 156.6 33.6
Return on capital (%) 35.0 26.6
Operating income/sales (%) 23.4 24.0
Long-term debt/capital, book (%) (1.1) 21.1
Total debt/capital, book (%) 5.0 35.9

EBIT = Operating income/ KD x total debt Before

Operating income USD 513,356
Kd 0.093
Total debt USD 113,921
48.45

Fund operation/total debt (%) = net inc Before

Net income USD 362,986
Total debt USD 113,921
3.2

Free operating cash flow/total debt (%) =(Net income - ▲NWC - capex)/ total debt
NWC = Selisih antara Current asset - current liabilities tahun ini dan sebelumnya
Capex = selisih PPE tahun ini dan tahun sebelumnya
Net income USD 362,986
Total current asset 2001 USD 913,843.00
Total current asset 2000 USD 828,715.00
Total current liabilities 2001 USD 332,234.00
Total current liabilities 2000 USD 288,210.00
Total other current liabilities USD 113,921
Net, property plant and equipment 2001 USD 684,379
Net, property plant and equipment 2000 USD 607,034
▲NWC USD 41,104.00
CAPEX USD 77,345
Total debt 2001 USD 3,000,000
Total debt 2000 Other non-current liabilitUSD 113,921
Before
214.65

Return on Capital = (Op. income + invest. income)/ total debt

Operating income USD 513,356
Investment income $ 18,553
Other non-current liabilities $ 113,921
RoC 4.7

Operating income/ sales

Operating income USD 513,356
Sales USD 2,429,646
21.13

LTD/ (total debt + equity)

Long term debt USD -
Total debt USD -
Deferred income taxes - non-current USD -
Other non-current liabilities
Total stockholders' equity

Total debt/ (total debt + equity)

Total debt USD -
Other non-current liabilities USD -
Equity USD -
 % Rate
1.32 B
0.12 B
8 BB
18 A
21 A
68 B
71 B

Credit Rating
A BBB BB B
Investment Noninvestment Wrigley
Grade Grade Prerecap ost-recap

6.3 3.9 2.2 1.0 48.4542532917312 1.3162974

42.2 30.6 19.7 10.4 3.18629576636441 0.1209953
22.3 12.8 7.3 1.5 2.14654892425453 0.0815123
18.1 13.1 11.5 8.0 0.391117611244937 0.177303
18.1 15.5 15.4 14.7 0.211288393453203 0.2112884
33.8 40.3 53.6 72.6 0 0.6766794
42.6 47.0 57.7 75.1 0.109617319211337 0.712121

After
USD 513,356
0.130
USD 3,000,000
1.32

After
USD 362,986,000
USD 3,000,000
1.2

)/ total debt
After
8.15

USD 513,356
$ 18,553
USD 3,000
1.8

USD 513,356
USD 2,429,646
21.13

USD 3,000,000
USD 3,000,000
USD 43,206
USD 113,921.00
USD 1,276,287
0.68

USD 3,000,000
USD 113,921.00
USD 1,276,287
USD 0.71
 Indicated Rating, Post-Recap

Calculation

= Operating income/ KD x total debt B

= Net income/ total debt B
= (Net income - ▲NWC - capex)/ total debt BB
= (Op. income + invest. income)/ total debt A
= Operating income/ sales A
= LTD/ (total debt + equity) B
= Total debt/ (total debt + equity) B
Sebelum
Asumsi
Interest rate hutang 0%
Debt 0
Tax rate 40%

Worst Case (-
($ in 000, exc EPS) Most Likely Best Case (+10%)
10%)
Operating Income USD 462.020 USD 513.356 USD 564.692
Interest Expense USD - USD - USD -
Taxable income USD 462.020 USD 513.356 USD 564.692
Taxes USD 184.808 USD 205.342 USD 225.877
Net income USD 277.212 USD 308.014 USD 338.815
Shares outstanding (mio) USD 232.440 USD 232.440 USD 232.440
Earnings per share (EPS) 1.19 1.33 1.46

Before Recapitalization
Earnings per share (EPS) USD 1.19 USD 1.36 USD 1.50
After Recapitalization with dividend payout
Earnings per share (EPS) USD 0.19 USD 0.36 USD 0.49
After Recapitalization with share purchase
Earnings per share (EPS) USD 0.24 USD 0.45 USD 0.62
Sesudah rekapitalisasi dengan dividen
Asumsi
Interest rate hutang 13%
Debt 3,000
Tax rate 40%

Worst Case (- Best Case

($ in 000, exc EPS) Most Likely
10%) (+10%)
Operating Income USD 462.02 USD 513.356 USD 564.69
Interest Expense USD 390.00 USD 390.00 USD 390.00
Taxable income USD 72.02 USD 123.36 USD 174.69
Taxes USD 28.81 USD 49.34 USD 69.88
Net income USD 43.21 USD 74.01 USD 104.81
Shares outstanding (mio) USD 232.44 USD 232.44 USD 232.44
Earnings per share (EPS) 0.19 0.32 0.45

USD 616.03
USD 51.336
USD 564.69 10%
481.74 528
480
10%
Setelah rekapitalisasi dengan buyback
Asumsi
Interest rate hutang 13%
Debt 3,000
Tax rate 40%

Worst Case (- Best Case

($ in 000, exc EPS)
Operating Income
Interest Expense
Taxable income
Taxes
Net income
Shares outstanding (mio)
Earnings per share (EPS)
Most Likely
10%) (+10%)
USD 462.02 USD 513.36 USD 564.69
USD 390.00 USD 390.00 USD 390.00
USD 72.02 USD 123.36 USD 174.69
USD 28.81 USD 49.34 USD 69.88
USD 43.21 USD 74.01 USD 104.81
USD 183.69 USD 183.69 USD 183.69
0.24 0.40 0.57
 Key Industrial Financial Ratios
EBIT interest coverage (x)
Funds from operations/total debt (%)
Free operating cash flow/total debt (%)
Return on capital (%)
Operating income/sales (%)
Long-term debt/capital, book (%)
Total debt/capital, book (%)
 Calculation
Operating income/ KD x total debt
Net income/ total debt
(Net income - ▲NWC - capex)/ total debt
(Op. income + invest. income)/ total debt
Operating income/ sales
LTD/ (total debt + equity)
Total debt/ (total debt + equity)
 Calculation % Rate
513.356/(13%x3.000.000) 1.32 B
362.986/3.000.000 0.12 B
(362.986-77.345-41.104)/3.000.000 8 BB
(513.356 +18.553) / 3.000.000 18 A
513.356/2.429.646 21 A
3.000.000/(3.000.000+ 157.127+ 1.276.287) 68 B
(3.000.000+157.127)/(3.000.000+ 157.127+ 1.276.287) 71 B
 Item Sumber
MV Equity (E)
MV Debt (D) Info kasus
Weight Debt (Wd) D/(D+E)
Weight Equity (We) E/(D+E)
Cost of Debt (kd) Asumsi Dobrynin
Tax Rate (tc) Asumsi Chandler
Beta Unlevered Exhibit 5
Equity MRP Info kasus
Risk-free rate (rf) Exhibit 7
Cost of Equity (ke) (CAPM) Rf + Beta x MRP

WACC Wd x kd(1-tc) + We x ke

WACC Sebelum Rekapitulasi

 $11.303
0
0%
100%
13%
40%
0.75
7%
5.65%
10.90%
0% x 13% x (1-40%) + 100% x 10,90%
0.109
10.9
6 Pengaruh pada Voting Control
Unlevered Recapitalized
Harga saham USD 56.37 USD 61.53
Jumlah saham 232,441,000.00 232,441,000.00
Saham yang dibeli lagi
Jumlah saham o/s 232,441,000.00 232,441,000.00

Keluarga Wrigley memiliki saham

Unlevered Recapitalized
21% Class A 1 vote 48,812,610.00 48,812,610.00
58% Class B 10 vote 134,815,780.00 134,815,780.00

Total saham A 59,051,081

Total saham B 163,093,463

Keluarga Wrigley memiliki saham

Unlevered Recapitalized
21% Class A 1 vote 48,812,610.00 48,812,610.00
58% Class B 10 vote 134,815,780.00 134,815,780.00

Total saham if buyback o/s buyback Persentase kepemilikan

A 59,051,081.45 183,686,374.04 32.15
B 163,093,463.06 183,686,374.04 88.79

Total saham no buyback O/s buyback Persentase kepemilikan

A 48,812,610.00 183,686,374.04 26.57
B 134,815,780.00 183,686,374.04 73.39
Recapitalized buyback Market Value of Equity Unlevered Reca
USD 61.53 Harga saham 56.37
232,441,000.00 Saham(jutaan) 232,441 2
48,754,625.96 Harga saham repurchase
183,686,374.04 Saham yang dibeli lagi
Jml saham beredar 232,441

Add Recapitalized buyback

10,238,471.45
28,277,683.06 10,238,471.45

Recapitalized buyback
10,238,471.45
28,277,683.06
Unlevered Recapitalized Recapitalized buyback
56.37 61.53 61.53
232,441 232,441 232,441
61.53
48,812
232,441 183,629