1.

LEVERAGE
Dik: Unit = 10.000 unit
EBIT = 8.000.000
DOL = 2x
Aktivitas Tahun ini = Penjualan turun 20%
Dit: A. EBIT Tahun Depan?
B. Jika DFL 2x, Berapa persen EAT akan menurun?
Jawab:
Penjualan Turun  10.000 x 20% = 2000 ; 10.000- 2.000 = 8.000
A. EBIT thn Depan
DOL = Percentage change EBIT/ Percentage change Sales
2X = x / 20%
X= 40%
EBIT = 40% x 8.000.000 =3.200.000
B. Jika DFL 2x, Berapa persen EAT akan menurun?
DFL = Percentange change in EPS / Percentage change in EBIT
2x = X / 40%
X= 80%
2. LEVERAGE
Dik: Penjualan Barang: 150.000 unit
Biaya Variable/unit : 5.000
Biaya Tetap : 100.000.000
Harga Jual/ unit : 8.000
Saham Beredar : 100.000 lembar
Pajak : 40%
Bunga : 20.000.000
Kenaikan EPS : 40%
Dit: EBIT Yang harus ditingkatkan?
Jwb:

Sales (150.000 x 8.000) 1.200.000.000

Variable Cost ( 150.000 x 5.000) 750.000.000
Fixed Cost 100.000.000
EBIT ( SALES – VC-FC ) 350.000.000
Interest 20.000.000
EBT ( EBIT-INTEREST) 330.000.000
Tax(40%X330.000.000) 132.000.000
EAT (EBT-TAX) 198.000.000
Saham Beredar 100.000
EPS ( EAT/ SB) 1.980

DFL = % EPS / % EBIT

1,06 = 0,4 / % EBIT
1,06 EBIT = 0,4
EBIT = 37,73%
DFL = EBIT/ EBT
 = 350.000.000 / 330.000.000 = 1,06
3. Dik: EBIT : 450.000
Harga Jual Produk/ Unit : 90
Biaya Variabel/ unit : 2.925.000
Bunga : 40%
Pajak : 50%
DOL : 2,5
Dit: A. Nilai Penjualan, Biaya Variabel/unit, total biaya tetap
B.EAT & DFL

Jwb:

DOL = Gross Profit / EBIT

2,5 = X – 2.925.000 / 450.000

2,5 x 450.000 = X – 2.925.000

1.125.000 = X – 2.925.000

X = 1.125.000 + 2.925.000

X = 4.050.000 (Sales)

Sales 4.050.000
Variable Cost 2.925.000
Fixed Cost( sales –vc-ebit) 675.000
EBIT 450.000
Interest(40%) 180.000
EBT 270.000
Tax(50%) 135.000
EAT 135.000

B.EAT= 135.000

DFL: EBIT/EBT

; 450.000/270.000

: 1,67

4. COC
Dik: - Obligasi
Dik= Nnominal: 100.000; Nbersih: 92.500 ; n: 3 thn ; Coupun Rate: 30% ;
i = 30%x100.000= 30.000 ; Pajak= 40%
-Saham Preferen
Dik: Dividen: 1250 ; Harga pasar: 4.750
Dit: Sumber dana yang lebih baik?
Jwb:
 -Obligasi: i + (Nnominal-Nbersih/n) / (Nnominal+Nbersih/2)

Obligasi: 30.000+(100.000-92.500/3) / (100.000+92.500/2)

: 32.500/96.250
: 33,76%
Saham Preferen: dividen/Harga pasar
: 1250:4750
: 26,31%
5. A.
Dik= D0: $2 ; Growth: 15% ; Nominal saham: $ 35 ; Harga Pasar: $50 ; Floation: 5 (50x10%)
Dit: A. Cost Of Internal (Retairned Earning)
B.External Common Equity ( Menerbitkan saham baru)

Jwb:


Retairned Earning
D1= D0 ( 1+g)
= 2 ( 1+ 0,15)
= 2,3
 D1/Po + g
 2,3/50 +15% = 19,6%
 External Common Equity
 D1/P-f +g
 2,3/ 50-5 +15% = 20,11%
B.
Dik: Harga jual: 100 ; Yang diakui oleh pasar: 91 ; Nominal Saham: 75 ; Tingkat Pembayaran
deviden: 15% ; Pajak: 40%
Dit: Dividen? Floatation cost? Biaya saham preferen?
Jwb:
- Dividen : 75 x 15% = 11,25%
- Floatation Cost : 100 – 91 = 9
- Biaya Saham Prefen
Dividen/harga pasar = 11,25/91 = 12,36%

 I + (Nnominal – Nbersih)/n / Nnominal+Nbersih/2

= 100.000 + (1.000.000-875.000)/15 / 1.000.000 + 875.000/2
= 100.000 + 8.333,33 / 937.500
= 11,55%
 D1= 750 (1 + 0,1)

= 825

 D1/P +g = 825/ 7000 + 10% = 11,79% + 10% = 21,79%

 D1/ P-F + g = 825/ 7000-500 + 10% = 12,69% + 10% = 22,69%
WACC= (0,35 X 11,55%) + (0.5 x 21,79)
WMCC: ( 0,35 X 11,55%) + ( 0,5 x 22,69)