PT Kimia Farma Tbk

Tahun Laba Bersih Setelah Dikurangi Pajak Total Modal yang Diinvestasikan ROIC
2011 1,522,956,820,292 8,274,554,112,840 18%
2012 1,775,098,847,932 9,417,957,180,958 19%
2013 1,970,452,449,686 11,315,061,275,026 17%
2014 2,121,090,581,630 12,425,032,367,729 17%
2015 2,057,694,281,873 13,696,417,381,439 15%
2016 2,350,884,933,551 15,226,009,210,657 15%
2017 2,453,251,410,604 16,616,239,416,335 15%
2018 2,497,261,964,757 18,146,206,145,369 14%
2019 2,537,601,823,645 20,264,726,862,584 13%
2020 2,799,622,515,814 22,564,300,317,374 12%
 PT Kimia Farma Tbk
Tahun Price per Share Earning per Share Rasio P/E
2011 3,400 158 21.52
2012 1,060 37 28.65
2013 1,250 41 30.49
2014 1,830 44 41.59
2015 1,320 42.76 30.87
2016 1,515 49.06 30.88
2017 1,690 51.28 32.96
2018 1,520 52.42 29.00
2019 1,620 53.48 30.29
2020 1,480 58.31 25.38
Tahun Laba Kotor Beban Usaha Laba Usaha EBIT
2011 5,551,173,334,941 3,666,577,686,350 1,987,259,361,668 3,871,855,010,259
2012 6,533,433,806,831 4,338,537,481,153 2,308,017,092,492 4,502,913,418,170
2013 7,679,113,456,058 5,213,088,161,762 2,572,522,717,231 5,038,548,011,527
2014 8,475,795,157,827 5,866,758,380,061 2,763,700,548,048 5,372,737,325,814
2015 8,591,576,935,970 6,076,525,174,846 2,720,881,244,459 5,235,933,005,583
2016 9,487,968,305,032 6,575,089,238,403 3,091,188,460,230 6,004,067,526,859
2017 9,812,283,473,000 6,748,126,609,858 3,241,186,725,992 6,305,343,589,134
2018 9,847,925,793,543 6,742,795,339,890 3,306,399,669,021 6,411,530,122,674
2019 10,243,467,770,842 7,050,177,835,128 3,402,616,824,533 6,595,906,760,247
2020 10,246,322,493,771 6,936,737,055,868 3,627,632,574,744 6,937,218,012,647
Tahun Net Income Aset Tahun Ini
2011 1,522,956,820,292 8,274,554,112,840
2012 1,775,098,847,932 9,417,957,180,958
2013 1,970,452,449,686 11,315,061,275,026
2014 2,121,090,581,630 12,425,032,367,729
2015 2,057,694,281,873 13,696,417,381,439
2016 2,350,884,933,551 15,226,009,210,657
2017 2,453,251,410,604 16,616,239,416,335
2018 2,497,261,964,757 18,146,206,145,369
2019 2,537,601,823,645 20,264,726,862,584
2020 2,799,622,515,814 22,564,300,317,374
Aset Tahun Sebelumnya Average Total Aset
7,032,496,663,288 7,653,525,388,064
8,274,554,112,840 8,846,255,646,899
9,417,957,180,958 10,366,509,227,992
11,315,061,275,026 11,870,046,821,378
12,425,032,367,729 13,060,724,874,584
13,696,417,381,439 14,461,213,296,048
15,226,009,210,657 15,921,124,313,496
16,616,239,416,335 17,381,222,780,852
18,146,206,145,369 19,205,466,503,977
20,264,726,862,584 21,414,513,589,979
ROA
20%
20%
19%
18%
16%
16%
15%
14%
13%
13%
Cost of Debt Calculation
Interest expense Rp 13,172,498,498.00 17,513,612,249 28,642,082,811
ST Debt Rp 1,630,588,528,518.00 1,891,617,853,724 2,640,590,023,748
LT Debt Rp 128,030,525,896.00 154,695,712,337 174,513,285,703
Cost of Debt 0.75% 0.86% 1.02%
Income Tax Expense 1,522,956,820,292 1,775,098,847,932 1,970,452,449,686
Income Before Tax 1,987,259,361,668 2,308,017,092,492 2,572,522,717,231
Effective Tax rate 76.64% 76.91% 76.60%
Cost of Debt*(1-T) 0.18% 0.20% 0.24%

Cost of Equity Calculation

Risk-free rate 6.019 5.167 8.44
Beta 3,400 1,060 1,250
Market Return 7.1% 7.1% 7.1%
Cost of Equity -20217.181
 52,009,056,900 23,918,010,816 28,148,525,280 36,391,625,753 29,738,266,966
2,385,920,172,489 2,365,880,490,863 2,317,161,787,100 2,227,336,011,715 2,286,167,471,594
221,636,516,794 392,250,905,307 445,000,282,472 494,871,621,931 565,443,877,421
1.99% 0.87% 1.02% 1.34% 1.04%
2,121,090,581,630 2,057,694,281,873 2,350,884,933,551 2,453,251,410,604 2,497,261,964,757
2,763,700,548,048 2,720,881,244,459 3,091,188,460,230 3,241,186,725,992 3,306,399,669,021
76.75% 75.63% 76.05% 75.69% 75.53%
0.46% 0.21% 0.24% 0.32% 0.26%

7.793 8.872 7.941 6.298 7.997

1,830 1,320 1,515 1,690 1,520
7.1% 7.1% 7.1% 7.1% 7.1%
 40,420,271,275 89,580,314,845
2,577,108,805,851 3,176,726,211,674
982,035,580,702 1,111,491,961,620
1.14% 2.09%
2,537,601,823,645 2,799,622,515,814
3,402,616,824,533 3,627,632,574,744
74.58% 77.17%
0.29% 0.48%

7.047 5.942
1,620 1,480
7.1% 7.1%
 PT Kimia Farma Tbk
Tahun Dividen Laba Bersih Target Payout Ratio
2011 549,527,564,394 1,522,956,820,292 36%
2012 890,627,320,090 1,775,098,847,932 50%
2013 890,627,320,090 1,970,452,449,686 45%
2014 796,877,075,870 2,121,090,581,630 38%
2015 890,627,320,090 2,057,694,281,873 43%
2016 890,627,320,090 2,350,884,933,551 38%
2017 1,031,252,686,420 2,453,251,410,604 42%
2018 1,171,878,052,750 2,497,261,964,757 47%
2019 1,218,753,174,860 2,537,601,823,645 48%
2020 1,218,709,674,860 2,799,622,515,814 44%
 2011 2012 2013
WACC 2337221251.18272 2939651386.19834 3261544379.33218
Wd 0.01927020 0.02055391 0.02011803
Wp 0.00000000 0.00000000 0.00000000
Ws 0.00306982 0.00200996 0.00082760
kd 128030525896.00000000 154695712337.00000000 174513285703.00000000
kp 0.00000000 0.00000000 0.00000000
ks 20064328029.00000000 14846567653.00000000 7040421261.00000000
T 0.07763785 0.08485076 0.07267330

2016 2017 2018

WACC
Wd 3.45% 3.44% 3.57%
Wp 0 0 0
Ws 0.26% 0.26% 0.27%
kd 445,000,282,472 494,871,621,931 565,443,877,421
kp 0 0 0
ks 32,825,755,156 36,878,429,914 42,056,395,763
T 5.85% 5.89% 5.69%
 2014 2015 2016 2017
4575424021.31715 12595867324.1599 14528430240.2483 16115661957.2206
0.02207730 0.03461892 0.03447250 0.03439259
0.00000000 0.00000000 0.00000000 0.00000000
0.00096258 0.00043184 0.00262676 0.00264724
221636516794.00000000 392250905307.00000000 445000282472.00000000 494871621931.00000000
0.00000000 0.00000000 0.00000000 0.00000000
9459173195.00000000 4725655162.00000000 32825755156.00000000 36878429914.00000000
0.06679102 0.07257182 0.05854320 0.05886514

2019 2020

5.55% 5.73%
0 0
0.33% 0.21%
982,035,580,702 1,111,491,961,620
0 0
56,006,158,259 39,111,334,939
6.66% 11.82%
 2018 2019 2020
19127610639.3882 51081087032.0433 56271943533.5175
0.03565211 0.05552108 0.05733012
0.00000000 0.00000000 0.00000000
0.00274222 0.00334134 0.00213546
565443877421.00000000 982035580702.00000000 1111491961620.00000000
0.00000000 0.00000000 0.00000000
42056395763.00000000 56006158259.00000000 39111334939.00000000
0.05689619 0.06657146 0.11822525
 2011 2012
WACC
Wd 128030525896 86.5% 154695712337
Wps 0 0
Wcs 20064328029 13.5% 14846567653
148094853925 169542279990

kd 128030525896 154695712337
kp 0 0
ks 20064328029 14846567653
T 0 0
 2013 2014

91.2% 174513285703 96.1% 221636516794

0 0
8.8% 7040421261 3.9% 9459173195
181553706964 231095689989

174513285703 221636516794
0 0
7040421261 9459173195
0 0
 2015 2016

95.9% 392250905307 98.8% 445000282472

0 0
4.1% 4725655162 1.2% 32825755156
396976560469 477826037628

392250905307 445000282472
0 0
4725655162 32825755156
0 0
 2017 2018

93.1% 494871621931 93.1% 565443877421

0 0
6.9% 36878429914 6.9% 4205639576300
531750051845 4771083453721

494871621931 565443877421
0 0
36878429914 42056395763
0 0
 2019 2020

11.9% 982035580702 94.6% 1111491961620

0 0
88.1% 56006158259 5.4% 39111334939
1038041738961 1150603296559

982035580702 1111491961620
0 0
56006158259 39111334939
0 0
96.6%

3.4%