Kelompok A

Soal 1
Cost of Firm 9.75%
Cost of Equity 12.25%
Growth 0.00%
Pajak 30%

DIANXI, Corp
0 1 2
OI 1,742.15676 4,264.44529 4,276.88699
OI(1-T) 1,219.50973 2,985.11170 2,993.82089
NOA 13,321.70200 17,530.91241 19,146.79917
REOI 1,353.20321 846.28412
CV
PV REOI 1,205.52624 671.65073
PV CV
VONOA 109,273.65359
NFO 6,385.80953
VOCSE 102,887.84406
LBR SAHAM 18.26875
VOCSE/LBR 5,631.90388
SARAN SELL
ENTERPRISE P/B 8.20268
LAYAK INVESTASI

0 1 2
OI (1-T) 1,219.50973 2,985.11170 2,993.82089
NOA 13,321.70200 17,530.91241 19,146.79917
FCF -1,224.09871 1,377.93413
REINVESTED FCF -149.95209
CUM DIV OI 2,843.86880
NORMAL OI 3,350.78789
AOIG -506.91909
CV
PV AOIG -451.59829
PV CV
VONOA 699,982.22831
NFO 6,385.80953
VOCSE 693,596.41878
Lembar Saham 18.26875
VOCSE PER LBR 37,966.27677
SARAN BUY
Enterprise forward P/E 234.49113
NORMAL ENTERPRISR
FORWARD P/E 8.16327 Ekspetasi investor terhadap pertumbuhan future OI bagus
Enterprise Training P/E 573.98659
NORMAL ENTERPRISE
TRAINING P/E 9.16327 Ekspetasi investor terhadap pertumbuhan current OI bagus

Soal 2
SOAL A

Rumus Current Assets

Financial Asset
Notes Receivable
Securities available for sale
Investment in bonds
Financing Asset
Total Asset
FA-TA Operating Asset

Current Liabilities
Short Term Bank Loen
Htg jangka panjang yang akan JT
Accrued Expenses
Trade Payables
Preferred Stocks
Financial Operating

C/S Equity
Dividend Payable
Common Stocks
Paid in Capital - Common
Retaines Earnings
Total CSE

Total Asset

TA-FO-CSE Operating Liability

OA-OL NOA
 FO-FA NFO

SOAL B

Kf = WACC = 15%
-1 0
OI (1-tax) - 1,096,000
NOA 4,278,000 5,128,000
NFO 392,500 532,500
CSE 3,885,500 4,595,500

Asumsi (GROWTH)
RNOA 0
OI1 1,313,765
REOI1 544,565
REOI0 454,300
GROWTH 0
VONOA (R1) - 6,056,111
NFO0 532,500
VOE (R1) - 6,588,611
Lembar saham 1.000
VOE per lembar - 6,588,611

Kelompok B
Pilihan Ganda
1. E 11. B 21. D
2. B 12. B 22. A
3. A 13. E 23. D
4. B 14. A 24. C
5. D 15. A 25. A
6. A 16. A
7. D 17. A
8. B 18. C
9. A 19. C
10. E 20. D

Pernyataan Benar - Salah

1. Salah
2. Benar
3. Benar
4. Benar
5. Salah
6. Benar
7. Salah
8. Benar
9.Salah
10. Benar
 3 4
9,347.69738 26,354.39648 --> Dari soal bagian laba operasi di tabel comprehensive income
6,543.38817 18,448.07754 --> OI 0*(1-tax)
21,739.13912 40,810.59732 --> Dari soal bagian NOA reformulasi
4,197.90527 15,785.03299 -->OI(1-T) 1-(ke*NOA 0)
128,857.41219 --> REOIt4 *1,01/ (ke-0,01)
2,968.06621 9,942.60292 --> REOI 1 (1 + ke)^tahun
81,164.10548 --> CV/(1+ ke )^tahun terakhir
--> NOA 0+(PV REOI tahun 1 - 4)+PV CV 4
--> Dari soal (NFO tahun 0)
--> VONOA - NFO
--> Dari soal / 1.000.000.000
--> VOCSE/lbr Saham

--> VONOA / NOA tahun 0

3 4
6,543.38817 18,448.07754 --> Dari soal
21,739.13912 40,810.59732 --> Dari soal bagian NOA reformulasi
3,951.04822 -623.38066 --> OI (1-T) tahun 1-(NOA tahun 1 - NOA tahun 0)
168.79693 484.00341 --> FCF tahun 1 * ke
6,712.18510 18,932.08094 --> OI (1-T) + REINVESTED FCF
2,993.82089 6,543.38817 --> (OI (1-T) tahun 1)* 1 + ke
3,718.36420 12,388.69278 --> CUM DIV OI - NORMAL OI
101,132.18593 --> (AOIG tahun 4*(1+growth))/(ke-growth)
2,951.06806 8,759.24016 --> AOIG/(1+ke)^1
71,504.00133 --> AOIG/(1+ke)^3
--> (1/ke)*(OI (1-T) tahun 1 + semua present value
--> Dari soal (NFO tahun 1)
--> VONOA - NFO
--> Dari soal / 1.000.000.000
--> VOCSE/lbr Saham
 --> VONOA/OI (1-T) tahun 1

--> 1/ke
--> VONOA/ OI (1-T) tahun 0

--> (1+ke)/ke

2021 2022

500 500
150,000 150,000
600,000 600,000
750,500 750,500
6,200,500 6,221,500
5,450,000 5,471,000

20,000 200,000
750,000 700,000
30,000 30,000
340,000 350,000
3,000 3,000
1,143,000.00 1,283,000.00

60,000 700,000
350,000 350,000
3,000 3,000
3,472,500 3,542,500
3,885,500 4,595,500

6,200,500 6,221,500

1,172,000 343,000
4,278,000 5,128,000
 392,500 532,500

(-)
 Nama :
Student Id :
ACC 212 Seksi B (Bu Sumani)

--> Dari soal bagian laba operasi di tabel comprehensive income

--> OI 0*(1-tax)
--> Dari soal bagian NOA reformulasi
-->OI(1-T) 1-(ke*NOA 0)
--> REOIt4 *1,01/ (ke-0,01)
--> REOI 1 (1 + ke)^tahun
--> CV/(1+ ke )^tahun terakhir
--> NOA 0+(PV REOI tahun 1 - 4)+PV CV 4
--> Dari soal (NFO tahun 0)
--> VONOA - NFO
--> Dari soal / 1.000.000.000
--> VOCSE/lbr Saham

--> VONOA / NOA tahun 0

--> Dari soal

--> Dari soal bagian NOA reformulasi
--> OI (1-T) tahun 1-(NOA tahun 1 - NOA tahun 0)
--> FCF tahun 1 * ke
--> OI (1-T) + REINVESTED FCF
--> (OI (1-T) tahun 1)* 1 + ke
--> CUM DIV OI - NORMAL OI
--> (AOIG tahun 4*(1+growth))/(ke-growth)
--> AOIG/(1+ke)^1
--> AOIG/(1+ke)^3
--> (1/ke)*(OI (1-T) tahun 1 + semua present value
--> Dari soal (NFO tahun 1)
--> VONOA - NFO
--> Dari soal / 1.000.000.000
--> VOCSE/lbr Saham
--> VONOA/OI (1-T) tahun 1

--> VONOA/ OI (1-T) tahun 0

--> (1+ke)/ke

Rumus
OA-OL NOA
FO-FA NFO

(OAt + OAt+1) / 2 Avg OA

(OLt + OLt+1) / 2 Avg OL
(NOAt + NOAt+1) / 2 Avg NOA
(NFOt + NFOt+1) / 2 Avg NFO
(CSEt + CSEt+1) / 2 Avg CSE

OI
OI (1-tax)
Biaya bunga - Pendapatan bunga NFE (1-tax)
Sales

OI (1-tax) / Avg NOA RNOA

Avg NFO / Avg CSE FLEV

NFE (1-tax) / Avg NFO NBC

RNOA - NBC Operating Spread
RNOA + FLEV (RNOA- NBC) ROCE

FLEV ( RNOA - NBC ) / ROCE Dampak FLEV thp ROCE

Avg OL x I std x (1-tax)

(OI (1-tax) + (Avg OL x I std x (1-tax))) / Avg OA ROOA
Avg OL / Avg NOA OLLEV
ROOA - (I std x (1-tax)) Operating Lia Spread
ROOA + OLLEV (ROOA - I std (1-tax)) RNOA

OLLEV (ROOA - Istd (1-tax)) / RNOA Dampak OLLEV thp RNOA

SOAL C

Keterangan/Rumus
CA - CL

Laba ditahan

Laba Operasi

MV x (Lbr saham/1milyar)
CL + NCL

Penjualan bersih
 Agnes Anantasya
202001020211 / 12020002452
212 Seksi B (Bu Sumani)
%Pajak = Pajak/EBT 20% (format in %)
Istd 4%

2021 2022

4,278,000 5,128,000
392,500 532,500

5,460,500
757,500
4,703,000
462,500
4,240,500

1,370,000
1,096,000
2,400
2,570,000

0.23304
0.10907

0.00519
0.22785
0.25789

0.09636 --- DAMPAK FINANCIAL LEVERAGE

24,240.00000
0.20515
0.16107
0.17315
 0.23304 --- DAMPAK OPERATING LIA LEVERAGE

2021
Working Capital = 3,061,500
TA = 6,221,500

Retained Earning = 3,524,500

TA = 6,221,500

EBIT = 1,370,000
TA = 6,221,500

Market Value Equity = 3,500

Book Value Debt = 568,000

Sales = 2,570,000.0
TA = 6,221,500.0

Kesimpulan
G LIA LEVERAGE

0.49208 0.59050 Current Assets (CA)

Kas
Notes Receivable
0.56650 0.79310 Securities available for sale
Trade Receivable
Merchandise Inventory
0.22020 0.72667

Current Lia (CL)

0.00616 0.00370 Short Term Bank Loen
Trade Payables
Dividend Payables
0.41308 0.41308 Notes Payable
Accrued Expenses
Z-score 2.52706
Z-score berada diantara 1.9 - 2.9
artinya perusahaan berada di Non Current Lia (NCL)
GRAY AREA (bisa default/aman) Notes Payable
Accrued Expenses
Employee Benefits Liabilities
 1,250,000
500
available for sale 150,000
950,000
se Inventory 1,200,000
3,550,500

20,000
350,000
70,000
19,000
30,000
489,000

19,000
30,000
Benefits Liabilities 30,000

79,000