RASIO UNTUK

INVESTOR
Made Gitanadya, SE., MSM.
WHY?
• Karena investor spesifik hanya butuh melihat potensi keuntungan
dari membeli saham suatu perusahaan

KEUNTUNGAN Capital
Dividen
INVESTOR Gain
Degree of Financial Leverage
• Bisa lihat di buku IMS bab 12
• Why it matters for investors?
• Karena semakin tinggi DFL, semakin volatile laba perusahaan
• 2 peran pinjaman dan bunganya bagi perusahaan
DOWELL COMPANY (Exhibit 9-1)
Financial Leverage
Partial Income Statement to Illustrate Magnification Effects

20% Decrease 10% Increase

in Earnings in Earnings
Base Year Before Interest Before Interest
Figures and Tax and Tax

Earnings before interest and tax $1,000,000 $ 800,000 $1,100,000

Interest (200,000) (200,000) (200,000)
Earnings before tax 800,000 600,000 900,000
Income tax (40%) (320,000) (240,000) (360,000)
Net income $ 480,000 $ 360,000 $ 540,000

Percentage change in net income [A] 25.0% 12.5%

Percentage change in earnings before
Interest and tax [B] 20.0% 10.0%
Degree of financial leverage [A ÷ B] 1.25 1.25

Net income increase [A] is greater than change in EBIT [B] due
to the fixed nature of interest expense
Degree of Financial Leverage
(DFL)
The degree of financial leverage is the
% Change Net Income multiplication factor by which the net
% Change EBIT income changes in respect to changes
in EBIT

Earnings Before A more simple formula for degree of

Interest and Tax financial leverage
Earnings Before Tax
EARNINGS PER SHARE (EPS)
• Rasio wajib bagi investor
• Menunjukkan berapa bagian dari laba bersih perusahaan yang
diterima per lembar saham >> the higher, the better!
• ADA di bagian laporan laba rugi paling bawah

EPS = Laba bersih / jumlah lembar saham beredar

Dari lapkeu
ASII yang
dishare
kemarin...
Dari CALK ASII poin 34
PRICE TO EARNING RATIO (PER)
• Imbal hasil yang diterima investor
• Terlalu tinggi = overvalued
• Rule of thumb, PER = 10

PER = HARGA PER LEMBAR SAHAM / EPS

PER ASII
ASII 2017 2018
HARGA SAHAM 8300 8225
EPS 466 535
PER 17.81 15.37
PLOWBACK RATIO
• Berapa persentase laba yang dijadikan retained earning

PLOWBACK RATIO = (LABA BERSIH – LABA DITAHAN) / LABA BERSIH

• Lihat di laporan perubahan ekuitas atau dividen yang dibagikan di

laporan arus kas
• Why it matters for investor?
Plowback ratio
2017
= (21.850 –
7.692) / 21.850
= 64.79%
 Karena dividen
dibayarkan di tahun
BERIKUTNYA
Dividend Ratios
• Dividend per share (DPS)
• Berapa dividen yang diterima per lembar saham
• Cari di berita atau CALK bagian dividen (perhatikan tahunnya!)
• Dividend payout ratio
• (1 – plowback ratio) atau DPS / EPS
• Dividend yield
• Dividen per lembar saham / harga per lembar saham
DIVIDEND RATIOS ASII
2017 2018
Dividend Per Share 185 214
EPS 466 535
Dividend Payout Ratio 39.69% 40%
Harga saham 31 Des 8.300 8.225
Dividend Yield 2.22% 2.6%
PRICE TO BOOK VALUE
• Berapa nilai buku ekuitas per lembar saham >> hak investor jika
perusahaan mendadak kolaps

Book Value Per Share = Total Ekuitas / Jumlah Saham Beredar

• Price to book value >> perbandingan harga dengan nilai

sesungguhnya dari saham >> semakin tinggi semakin overvalued

Price To Book Value = Market Price / Book Value

2018 2017
NILAI ASII
2017 2018
Nilai Ekuitas (triliun) 156,505 174.363
Lembar Saham beredar (milyar) 40,484 40.484
BOOK VALUE PER SHARE 3.865 4.306

Harga saham 31 Des 8.300 8.225

PRICE TO BOOK VALUE 2.14 1.91