Stock Valuation (Penilaian Saham) - Gitman

Chapter 7
Stock Valuation
Learning Goals
LG1 Differentiate between debt and equity.
LG2 Discuss the features of both common and

preferred stock.
LG3 Describe the process of issuing common stock,

including venture capital, going public, and the
investment banker.
© Pearson Education Limited, 2015. 7-2

Learning Goals
LG1 Bedakan antara utang dan ekuitas.
LG2 Diskusikan fitur saham biasa dan saham

preferen.
LG3 Jelaskan proses penerbitan saham biasa,

termasuk modal ventura, go public, dan bankir
investasi.

Learning Goals (cont.)
LG4 Understand the concept of market efficiency

and basic stock valuation using zero-growth,
constant-growth, and variable-growth models.
LG5 Discuss the free cash flow valuation model and

the book value, liquidation value, and
price/earnings (P/E) multiple approaches.
LG6 Explain the relationships among financial

decisions, return, risk, and the firm’s value.

Learning Goals (cont.)
LG4 Memahami konsep efisiensi pasar dan penilaian

saham dasar menggunakan model
pertumbuhan nol, pertumbuhan konstan, dan
pertumbuhan variabel.
LG5 Diskusikan model penilaian arus kas bebas dan

beberapa pendekatan nilai buku, nilai likuidasi,
dan harga/pendapatan (P/E).
LG6 Jelaskan hubungan antara keputusan keuangan,

pengembalian, risiko, dan nilai perusahaan.

Differences Between Debt and Equity
• Debt includes all borrowing incurred by a firm,

including bonds, and is repaid according to a fixed
schedule of payments.
• Equity consists of funds provided by the firm’s
owners (investors or stockholders) that are repaid
subject to the firm’s performance.

Perbedaan Antara Utang dan Ekuitas
• Hutang mencakup semua pinjaman yang

dikeluarkan oleh perusahaan, termasuk obligasi,
dan dilunasi sesuai dengan jadwal pembayaran
yang tetap.
• Ekuitas terdiri dari dana yang disediakan oleh
pemilik perusahaan (investor atau pemegang
saham) yang dibayar kembali sesuai dengan kinerja
perusahaan.

Table 7.1 Key Differences between Debt
and Equity
Debt = Obligasi = Utang

Equity = Saham = Bukti Pemilik

Differences Between Debt and Equity:
Voice in Management
• Unlike creditors, holders of equity (stockholders)
are owners of the firm.
• Stockholders generally have voting rights that
permit them to select the firm’s directors and vote
on special issues.
• In contrast, debtholders do not receive voting
privileges but instead rely on the firm’s contractual
obligations to them to be their voice.

Perbedaan Antara Utang dan Ekuitas:
Suara dalam Manajemen
• Tidak seperti kreditur, pemegang ekuitas
(pemegang saham) adalah pemilik perusahaan.
• Pemegang saham umumnya memiliki hak suara
yang memungkinkan mereka untuk memilih
direktur perusahaan dan memberikan suara pada
isu-isu khusus.
• Sebaliknya, debtholders tidak menerima hak suara
melainkan mengandalkan kewajiban kontrak
perusahaan kepada mereka untuk menjadi suara
mereka.

Claims on Income and Assets
• Equityholders’ claims on income and assets are
secondary to the claims of creditors.
– Their claims on income cannot be paid until the claims of
all creditors, including both interest and scheduled
principal payments, have been satisfied.
• Because equity holders are the last to receive
distributions, they expect greater returns to
compensate them for the additional risk they bear.

Klaim atas Penghasilan dan Aset
• Klaim pemegang saham atas pendapatan dan aset
adalah sekunder dari klaim kreditur.
– Klaim mereka atas pendapatan tidak dapat dibayar sampai
klaim semua kreditur, termasuk pembayaran bunga dan
pokok terjadwal, telah dipenuhi.
• Karena pemegang ekuitas adalah yang terakhir
menerima distribusi, mereka mengharapkan
pengembalian yang lebih besar untuk mengimbangi
risiko tambahan yang mereka tanggung.

Maturity
• Unlike debt, equity capital is a permanent

form of financing.
• Equity has no maturity date and never has
to be repaid by the firm.

Jatuh Tempo
• Tidak seperti hutang, modal ekuitas adalah

bentuk pembiayaan permanen.
• Ekuitas tidak memiliki tanggal jatuh tempo
dan tidak pernah harus dilunasi oleh
perusahaan.

Differences Between Debt and Equity: Tax
Treatment
• Interest payments to debtholders are treated as
tax-deductible expenses by the issuing firm.
• Dividend payments to a firm’s stockholders are not
tax-deductible.
• The tax deductibility of interest lowers the
corporation’s cost of debt financing, further causing
it to be lower than the cost of equity financing.

Perlakuan Pajak
• Pembayaran bunga kepada debtholders
diperlakukan sebagai biaya yang dapat dikurangkan
dari pajak oleh perusahaan penerbit.
• Pembayaran dividen kepada pemegang saham
perusahaan tidak dapat dikurangkan dari pajak.
• Pengurangan pajak atas bunga menurunkan biaya
pembiayaan utang perusahaan, yang selanjutnya
menyebabkannya lebih rendah daripada biaya
pembiayaan ekuitas.

Common and Preferred Stock:
Common Stock
• Common stockholders, who are sometimes referred
to as residual owners or residual claimants, are the
true owners of the firm.
• As residual owners, common stockholders receive
what is left—the residual—after all other claims on
the firms income and assets have been satisfied.
• They are assured of only one thing: that they
cannot lose any more than they have invested in
the firm.
• Because of this uncertain position, common
stockholders expect to be compensated with
adequate dividends and ultimately, capital gains.

Saham Biasa dan Preferen: Saham Biasa
• Pemegang saham biasa, yang kadang-kadang disebut

sebagai pemilik sisa atau penuntut sisa, adalah pemilik
sebenarnya dari perusahaan.
• Sebagai pemilik residual, pemegang saham biasa
menerima apa yang tersisa—sisa—setelah semua klaim
lain atas pendapatan dan aset perusahaan telah
dipenuhi.
• Mereka diyakinkan hanya satu hal: bahwa mereka tidak
dapat kehilangan lebih dari yang telah mereka
investasikan di perusahaan.
• Karena posisi yang tidak pasti ini, pemegang saham
biasa mengharapkan kompensasi dengan dividen yang
memadai dan pada akhirnya, keuntungan modala.

Common Stock: Ownership
• The common stock of a firm can be privately owned

by an private investors, closely owned by an
individual investor or a small group of investors, or
publicly owned by a broad group of investors.
• The shares of privately owned firms, which are
typically small corporations, are generally not
traded; if the shares are traded, the transactions
are among private investors and often require the
firm’s consent.
• Large corporations are publicly owned, and their
shares are generally actively traded in the broker or
dealer markets.

Saham Biasa: Kepemilikan
• Saham biasa suatu perusahaan dapat dimiliki secara

pribadi oleh investor swasta, dimiliki secara dekat oleh
investor individu atau sekelompok kecil investor, atau
dimiliki secara publik oleh sekelompok investor yang
luas.
• Saham perusahaan swasta, yang biasanya perusahaan
kecil, umumnya tidak diperdagangkan; jika saham
diperdagangkan, transaksinya adalah di antara
investor swasta dan seringkali memerlukan
persetujuan perusahaan.
• Perusahaan besar dimiliki oleh publik, dan saham
mereka umumnya aktif diperdagangkan di pasar
pialang atau dealer.

Common Stock: Par Value
• The par value of common stock is an arbitrary

value established for legal purposes in the firm’s
corporate charter, and can be used to find the total
number of shares outstanding by dividing it into the
book value of common stock.
• When a firm sells news shares of common stock,
the par value of the shares sold is recorded in the
capital section of the balance sheet as part of
common stock.
• At any time the total number of shares of common
stock outstanding can be found by dividing the
book value of common stock by the par value.

Saham Biasa: Nilai Par
• Nilai nominal saham biasa adalah nilai arbitrer yang

ditetapkan untuk tujuan hukum dalam piagam
perusahaan perusahaan, dan dapat digunakan untuk
menemukan jumlah total saham yang beredar dengan
membaginya ke dalam nilai buku saham biasa.
• Ketika sebuah perusahaan menjual saham berita
saham biasa, nilai nominal saham yang dijual dicatat
di bagian modal neraca sebagai bagian dari saham
biasa.
• Setiap saat jumlah total saham biasa yang beredar
dapat ditemukan dengan membagi nilai buku saham
biasa dengan nilai nominal.

Common Stock: Preemptive Rights
• A preemptive right allows common stockholders

to maintain their proportionate ownership in the
corporation when new shares are issued, thus
protecting them from dilution of their ownership.
• Dilution of ownership is a reduction in each
previous shareholder’s fractional ownership
resulting from the issuance of additional shares of
common stock.
• Dilution of earnings is a reduction in each
previous shareholder’s fractional claim on the firm’s
earnings resulting from the issuance of additional
shares of common stock.

Saham Biasa: Hak Memesan Efek Terlebih
Dahulu
• Hak memesan efek terlebih dahulu memungkinkan
pemegang saham biasa untuk mempertahankan
kepemilikan proporsional mereka di perusahaan ketika
saham baru diterbitkan, sehingga melindungi mereka
dari dilusi kepemilikan mereka.
• Dilusi kepemilikan adalah pengurangan kepemilikan
fraksional setiap pemegang saham sebelumnya
sebagai akibat dari penerbitan tambahan saham biasa.
• Dilusi pendapatan adalah pengurangan klaim
pecahan setiap pemegang saham sebelumnya atas
pendapatan perusahaan yang dihasilkan dari
penerbitan tambahan saham biasa.

Common Stock: Preemptive Rights (cont.)
• Rights are financial instruments that allow

stockholders to purchase additional shares at a
price below the market price, in direct proportion to
their number of owned shares.
• Rights are an important financing tool without
which shareholders would run the risk of losing
their proportionate control of the corporation.
• From the firm’s viewpoint, the use of rights
offerings to raise new equity capital may be less
costly than a public offering of stock.

Saham Biasa: Hak Memesan Efek Terlebih
Dahulu (lanjutan)
• Hak adalah instrumen keuangan yang
memungkinkan pemegang saham untuk membeli
saham tambahan dengan harga di bawah harga
pasar, sebanding dengan jumlah saham yang
mereka miliki.
• Hak adalah alat pembiayaan penting yang tanpanya
pemegang saham akan menghadapi risiko
kehilangan kendali proporsional mereka atas
korporasi.
• Dari sudut pandang perusahaan, penggunaan
penawaran hak untuk meningkatkan modal ekuitas
baru mungkin lebih murah daripada penawaran
umum saham.

Common Stock: Authorized, Outstanding,
and Issued Shares
• Authorized shares are the shares of common
stock that a firm’s corporate charter allows it to
issue.
• Outstanding shares are issued shares of common
stock held by investors, this includes private and
public investors.
• Treasury stock are issued shares of common stock
held by the firm; often these shares have been
repurchased by the firm.
• Issued shares are shares of common stock that
have been put into circulation.
Issued shares = outstanding shares + treasury stock

Saham Biasa: Saham Resmi, Beredar, dan
Diterbitkan
• Saham resmi adalah saham biasa yang diizinkan
oleh piagam perusahaan perusahaan untuk
diterbitkan.
• Saham beredar adalah saham yang diterbitkan dari
saham biasa yang dimiliki oleh investor, ini termasuk
investor swasta dan publik.
• Saham treasury adalah saham yang diterbitkan dari
saham biasa yang dimiliki oleh perusahaan; seringkali
saham ini telah dibeli kembali oleh perusahaan.
• Saham yang diterbitkan adalah saham biasa yang
telah diedarkan.
Saham yang diterbitkan = saham beredar + saham treasury

Common Stock: Authorized, Outstanding,
and Issued Shares (cont.)
Golden Enterprises, a producer of medical pumps, has
the following stockholder’s equity account on
December 31st.

Saham Biasa: Saham Resmi, Beredar, dan
Diterbitkan (lanjutan)
Golden Enterprises, produsen pompa medis, memiliki
akun ekuitas pemegang saham berikut pada tanggal
31 Desember.

Common Stock: Voting Rights
• Generally, each share of common stock entitles its

holder to one vote in the election of directors and on
special issues.
• Votes are generally assignable and may be cast at
the annual stockholders’ meeting.
• A proxy statement is a statement transferring the
votes of a stockholder to another party.
– Because most small stockholders do not attend the annual
meeting to vote, they may sign a proxy statement
transferring their votes to another party.
– Existing management generally receives the stockholders’
proxies, because it is able to solicit them at company
expense.

Saham Biasa: Hak Suara
• Umumnya, setiap lembar saham biasa memberikan hak

kepada pemegangnya untuk satu suara dalam pemilihan
direktur dan dalam isu-isu khusus.
• Suara umumnya dapat dialihkan dan dapat diberikan pada
rapat pemegang saham tahunan.
• Pernyataan proxy adalah pernyataan yang mengalihkan
suara pemegang saham ke pihak lain.
– Karena sebagian besar pemegang saham kecil tidak
menghadiri rapat tahunan untuk memberikan suara,
mereka dapat menandatangani surat kuasa untuk
mentransfer suara mereka ke pihak lain.
– Manajemen yang ada umumnya menerima kuasa
pemegang saham, karena dapat meminta mereka dengan
biaya perusahaan.

Common Stock: Voting Rights (cont.)
• A proxy battle is an attempt by a nonmanagement

group to gain control of the management of a firm
by soliciting a sufficient number of proxy votes.
• Supervoting shares is stock that carries with it
multiple votes per share rather than the single vote
per share typically given on regular shares of
common stock.
• Nonvoting common stock is common stock that
carries no voting rights; issued when the firm
wishes to raise capital through the sale of common
stock but does not want to give up its voting
control.

Saham Biasa: Hak Suara (lanjutan)
• Pertarungan proksi adalah upaya kelompok

nonmanajemen untuk mendapatkan kendali atas
manajemen perusahaan dengan meminta jumlah suara
proksi yang cukup.
• Saham supervoting adalah saham yang membawa
beberapa suara per saham daripada satu suara per
saham yang biasanya diberikan pada saham biasa dari
saham biasa.
• Saham biasa tanpa hak suara adalah saham biasa
yang tidak memiliki hak suara; diterbitkan ketika
perusahaan ingin meningkatkan modal melalui
penjualan saham biasa tetapi tidak ingin melepaskan
kendali suaranya.

Common Stock: Dividends
• The payment of dividends to the firm’s shareholders

is at the discretion of the company’s board of
directors.
• Dividends may be paid in cash, stock, or
merchandise.
• Common stockholders are not promised a dividend,
but they come to expect certain payments on the
basis of the historical dividend pattern of the firm.
• Before dividends are paid to common stockholders
any past due dividends owed to preferred
stockholders must be paid.

Saham Biasa: Dividen
• Pembayaran dividen kepada pemegang saham

perusahaan adalah atas kebijaksanaan dewan
direksi perusahaan.
• Dividen dapat dibayarkan dalam bentuk tunai,
saham, atau barang dagangan.
• Pemegang saham biasa tidak dijanjikan dividen,
tetapi mereka mengharapkan pembayaran tertentu
berdasarkan pola dividen historis perusahaan.
• Sebelum dividen dibayarkan kepada pemegang
saham biasa, dividen yang telah jatuh tempo
kepada pemegang saham preferen harus
dibayarkan.

Preferred Stock
• Preferred stock gives its holders certain privileges

that make them senior to common stockholders.
• Preferred stockholders are promised a fixed periodic
dividend, which is stated either as a percentage or
as a dollar amount.
• Par-value preferred stock is preferred stock with
a stated face value that is used with the specified
dividend percentage to determine the annual dollar
dividend.
• No-par preferred stock is preferred stock with no
stated face value but with a stated annual dollar
dividend.

Saham preferen
• Saham preferen memberi pemegangnya hak

istimewa tertentu yang membuat mereka lebih
senior dari pemegang saham biasa.
• Pemegang saham preferen dijanjikan dividen
periodik tetap, yang dinyatakan sebagai persentase
atau sebagai jumlah dolar.
• Saham preferen nilai pari adalah saham preferen
dengan nilai nominal yang dinyatakan yang
digunakan dengan persentase dividen tertentu
untuk menentukan dividen dolar tahunan.
• Saham preferen tanpa nilai pari adalah saham
preferen tanpa nilai nominal yang dinyatakan tetapi
dengan dividen dolar tahunan yang dinyatakan.

Preferred Stock: Basic Rights of Preferred
Stockholders
• Preferred stock is often considered quasi-debt
because, much like interest on debt, it specifies a fixed
periodic payment (dividend).
• Preferred stock is unlike debt in that it has no maturity
date.
• Because they have a fixed claim on the firm’s income
that takes precedence over the claim of common
stockholders, preferred stockholders are exposed to
less risk.
• Preferred stockholders are not normally given a voting
right, although preferred stockholders are sometimes
allowed to elect one member of the board of directors.

Saham Preferen: Hak Dasar Pemegang
Saham Preferen
• Saham preferen sering dianggap sebagai hutang kuasi
karena, seperti halnya bunga atas hutang, saham tersebut
menentukan pembayaran periodik yang tetap (dividen).
• Saham preferen tidak seperti hutang karena tidak memiliki
tanggal jatuh tempo.
• Karena mereka memiliki klaim tetap atas pendapatan
perusahaan yang lebih diutamakan daripada klaim
pemegang saham biasa, pemegang saham preferen
terkena risiko yang lebih kecil.
• Pemegang saham preferen biasanya tidak diberikan hak
suara, meskipun pemegang saham preferen terkadang
diizinkan untuk memilih salah satu anggota dewan
direksi..

Preferred Stock:
Features of Preferred Stock
• Restrictive covenants including provisions about
passing dividends, the sale of senior securities,
mergers, sales of assets, minimum liquidity
requirements, and repurchases of common stock.
• Cumulative preferred stock is preferred stock for
which all passed (unpaid) dividends in arrears,
along with the current dividend, must be paid
before dividends can be paid to common
stockholders.
• Noncumulative preferred stock is preferred stock
for which passed (unpaid) dividends do not
accumulate.

Saham Preferen: Fitur Saham Preferen
• Pembatasan pembatasan termasuk ketentuan

tentang pembagian dividen, penjualan sekuritas
senior, merger, penjualan aset, persyaratan
likuiditas minimum, dan pembelian kembali saham
biasa.
• Saham preferen kumulatif adalah saham
preferen yang semua dividen yang telah lewat
(belum dibayar) yang tertunggak, bersama dengan
dividen saat ini, harus dibayar sebelum dividen
dapat dibayarkan kepada pemegang saham biasa.
• Saham preferen nonkumulatif adalah saham
preferen yang dividen yang dibagikan (belum
dibayar) tidak terakumulasi.

Preferred Stock: Features of Preferred
Stock (cont.)
• A callable feature is a feature of callable preferred
stock that allows the issuer to retire the shares
within a certain period time and at a specified price.
• A conversion feature is a feature of convertible
preferred stock that allows holders to change each
share into a stated number of shares of common
stock.

Saham Preferen: Fitur Saham Preferen
(lanjutan)
• Fitur callable adalah fitur saham preferen yang
dapat dipanggil yang memungkinkan penerbit
untuk menarik kembali sahamnya dalam jangka
waktu tertentu dan pada harga tertentu.
• Fitur konversi adalah fitur saham preferen yang
dapat dikonversi yang memungkinkan
pemegangnya mengubah setiap saham menjadi
sejumlah saham biasa yang dinyatakan.

Issuing Common Stock
• Initial financing for most firms typically comes from

a firm’s original founders in the form of a common
stock investment.
• Early stage debt or equity investors are unlikely to
make an investment in a firm unless the founders
also have a personal stake in the business.
• Initial non-founder financing usually comes first
from private equity investors.
• After establishing itself, a firm will often “go public”
by issuing shares of stock to a much broader group.

Menerbitkan Saham Biasa
• Pembiayaan awal untuk sebagian besar perusahaan

biasanya berasal dari pendiri asli perusahaan dalam
bentuk investasi saham biasa.
• Investor hutang atau ekuitas tahap awal tidak
mungkin melakukan investasi di perusahaan kecuali
para pendiri juga memiliki saham pribadi dalam
bisnis tersebut.
• Pembiayaan awal non-pendiri biasanya datang lebih
dulu dari investor ekuitas swasta.
• Setelah membangun dirinya sendiri, sebuah
perusahaan akan sering "go public" dengan
menerbitkan saham ke grup yang jauh lebih luas.

Issuing Common Stock:
Venture Capital
• Venture capital is privately raised external equity
capital used to fund early-stage firms with
attractive growth prospects.
• Venture capitalists (VCs) are providers of
venture capital; typically, formal businesses that
maintain strong oversight over the firms they invest
in and that have clearly defined exit strategies.
• Angel capitalists (angels) are wealthy individual
investors who do not operate as a business but
invest in promising early-stage companies in
exchange for a portion of the firm’s equity.

Penerbitan Saham Biasa: Modal Ventura
• Modal ventura adalah modal ekuitas eksternal yang

dikumpulkan secara pribadi yang digunakan untuk
mendanai perusahaan tahap awal dengan prospek
pertumbuhan yang menarik.
• Kapitalis ventura (VC) adalah penyedia modal
ventura; biasanya, bisnis formal yang
mempertahankan pengawasan yang kuat atas
perusahaan tempat mereka berinvestasi dan yang
memiliki strategi keluar yang jelas.
• Kapitalis malaikat (malaikat) adalah investor
individu kaya yang tidak beroperasi sebagai bisnis
tetapi berinvestasi di perusahaan tahap awal yang
menjanjikan dengan imbalan sebagian dari ekuitas
perusahaan.

Venture Capital:
Deal Structure and Pricing
• Venture capital investments are made under legal
contracts that clearly allocate responsibilities and
ownership interests between existing owners
(founders) and the VC fund or limited partnership
• Terms depend on factors related to the original
founders, business structure, stage of
development, outlook, and other market and timing
issues.
• Specific financial terms depend upon the value of
the enterprise, the amount of funding required, and
the perceived risk of the investment.

Modal Ventura: Struktur Kesepakatan dan
Harga
• Investasi modal ventura dilakukan di bawah
kontrak hukum yang secara jelas mengalokasikan
tanggung jawab dan kepentingan kepemilikan
antara pemilik yang ada (pendiri) dan dana VC atau
kemitraan terbatas
• Persyaratan tergantung pada faktor-faktor yang
terkait dengan pendiri asli, struktur bisnis, tahap
pengembangan, prospek, dan masalah pasar dan
waktu lainnya.
• Istilah keuangan tertentu tergantung pada nilai
perusahaan, jumlah dana yang dibutuhkan, dan
risiko investasi yang dirasakan.

Venture Capital: Deal Structure and
Pricing (cont.)
• To control the VC’s risk, various covenants are
included in agreements and the actual funding
provided may be staggered based on the
achievement of measurable milestones.
• The contract will also have a defined exit strategy.
• The amount of equity to which the VC is entitled
depends on the value of the firm, the terms of the
contract, the exit terms, and minimum compound
annual rate of return required by the VC on its
investment.

Modal Ventura: Struktur Kesepakatan dan
Harga (lanjutan)
• Untuk mengendalikan risiko VC, berbagai perjanjian
disertakan dalam perjanjian dan pendanaan aktual
yang diberikan dapat disesuaikan berdasarkan
pencapaian tonggak yang terukur.
• Kontrak juga akan memiliki strategi keluar yang
ditentukan.
• Jumlah ekuitas yang menjadi hak VC tergantung
pada nilai perusahaan, persyaratan kontrak,
persyaratan keluar, dan tingkat pengembalian
tahunan gabungan minimum yang disyaratkan oleh
VC atas investasinya.

Going Public
When a firm wishes to sell its stock in the primary

market, it has three alternatives.
1. A public offering, in which it offers its shares for sale to
the general public.
2. A rights offering, in which new shares are sold to
existing shareholders.
3. A private placement, in which the firm sells new
securities directly to an investor or a group of investors.
Here we focus on the initial public offering (IPO),
which is the first public sale of a firm’s stock.

Going Public
Ketika sebuah perusahaan ingin menjual sahamnya di

pasar perdana, ia memiliki tiga alternatif.
1. Penawaran umum, di mana ia menawarkan sahamnya
untuk dijual kepada masyarakat umum.
2. Penawaran hak, di mana saham baru dijual kepada
pemegang saham yang ada.
3. Penempatan pribadi, di mana perusahaan menjual
sekuritas baru secara langsung kepada investor atau
sekelompok investor.
Di sini kami fokus pada penawaran umum perdana
(IPO), yang merupakan penjualan publik pertama dari
saham perusahaan.

Going Public (cont.)
• IPOs are typically made by small, fast-growing

companies that either:
– require additional capital to continue expanding, or
– have met a milestone for going public that was established
in a contract to obtain VC funding.
• The firm must obtain approval of current
shareholders, and hire an investment bank to
underwrite the offering.
• The investment banker is responsible for promoting
the stock and facilitating the sale of the company’s
IPO shares.

• IPOs biasanya dilakukan oleh perusahaan kecil

yang tumbuh cepat yang:
– membutuhkan tambahan modal untuk melanjutkan
ekspansi, atau
– telah memenuhi tonggak untuk go public yang ditetapkan
dalam kontrak untuk mendapatkan pendanaan VC.
• Perusahaan harus mendapatkan persetujuan dari
pemegang saham saat ini, dan menyewa bank
investasi untuk menanggung penawaran tersebut.
• Bankir investasi bertanggung jawab untuk
mempromosikan saham dan memfasilitasi
penjualan saham IPO perusahaan.

• The company must file a registration statement

with the SEC.
• The prospectus is a portion of a security
registration statement that describes the key
aspects of the issue, the issuer, and its
management and financial position.
• A red herring is a preliminary prospectus made
available to prospective investors during the waiting
period between the registration statement’s filing
with the SEC and its approval.

• Perusahaan harus mengajukan pernyataan

pendaftaran ke SEC.
• Prospektus adalah bagian dari pernyataan
pendaftaran sekuritas yang menjelaskan aspek-
aspek kunci dari masalah, penerbit, dan
manajemen dan posisi keuangannya.
• Red herring adalah prospektus awal yang tersedia
bagi calon investor selama masa tunggu antara
pengajuan pernyataan pendaftaran dengan SEC
dan persetujuannya.

Figure 7.1 Cover of a Preliminary
Prospectus for a Stock Issue

• Investment bankers and company officials promote

the company through a road show, a series of
presentations to potential investors around the
country and sometimes overseas.
• This helps investment bankers gauge the demand
for the offering which helps them to set the initial
offer price.
• After the underwriter sets the terms, the SEC must
approve the offering.

• Bankir investasi dan pejabat perusahaan

mempromosikan perusahaan melalui road show,
serangkaian presentasi kepada calon investor di
seluruh negeri dan terkadang di luar negeri.
• Ini membantu bankir investasi mengukur
permintaan penawaran yang membantu mereka
menetapkan harga penawaran awal.
• Setelah penjamin emisi menetapkan persyaratan,
SEC harus menyetujui penawaran tersebut.

Going Public:
The Investment Banker’s Role
• An investment banker is a financial intermediary that
specializes in selling new security issues and advising firms
with regard to major financial transactions.
• Underwriting is the role of the investment banker in bearing
the risk of reselling, at a profit, the securities purchased from
an issuing corporation at an agreed-on price.
• This process involves purchasing the security issue from the
issuing corporation at an agreed-on price and bearing the risk
of reselling it to the public at a profit.
• The investment banker also provides the issuer with advice
about pricing and other important aspects of the issue.

Going Public:
Peran Bankir Investasi
• Bankir investasi adalah perantara keuangan yang
berspesialisasi dalam menjual masalah keamanan baru dan
memberi nasihat kepada perusahaan sehubungan dengan
transaksi keuangan utama.
• Penjaminan emisi adalah peran bankir investasi dalam
menanggung risiko penjualan kembali, dengan keuntungan,
sekuritas yang dibeli dari perusahaan penerbit dengan harga
yang disepakati.
• Proses ini melibatkan pembelian masalah keamanan dari
perusahaan penerbit dengan harga yang disepakati dan
menanggung risiko menjualnya kembali kepada publik dengan
keuntungan.
• Bankir investasi juga memberikan saran kepada penerbit
tentang harga dan aspek penting lainnya dari masalah ini.

Going Public: The Investment Banker’s
Role (cont.)
• An underwriting syndicate is a group of other
bankers formed by an investment banker to share
the financial risk associated with underwriting new
securities.
• The syndicate shares the financial risk associated
with buying the entire issue from the issuer and
reselling the new securities to the public.
• The selling group is a large number of brokerage
firms that join the originating investment
banker(s); each accepts responsibility for selling a
certain portion of a new security issue on a
commission basis.

Going Public: Peran Bankir Investasi
(lanjutan)
• Sindikat penjamin emisi adalah sekelompok
bankir lain yang dibentuk oleh bankir investasi
untuk berbagi risiko keuangan yang terkait dengan
penjaminan sekuritas baru.
• Sindikat berbagi risiko keuangan yang terkait
dengan membeli seluruh masalah dari penerbit dan
menjual kembali sekuritas baru ke publik.
• Grup penjual adalah sejumlah besar perusahaan
pialang yang bergabung dengan bankir investasi
asal; masing-masing menerima tanggung jawab
untuk menjual bagian tertentu dari masalah
keamanan baru berdasarkan komisi.

Figure 7.2 The Selling Process for a Large
Security Issue

Basic Common Stock Valuation Equation
The value of a share of common stock is equal to the

present value of all future cash flows (dividends) that
it is expected to provide.
where
P0 = value of common stock
Dt = per-share dividend expected at the
end of year t
Rs = required return on common stock
P0 = value of common stock
Common Stock Valuation:
The Zero Growth Model
The zero dividend growth model assumes that the
stock will pay the same dividend each year, year after
year.
The equation shows that with zero growth, the value

of a share of stock would equal the present value of a
perpetuity of D1 dollars discounted at a rate rs.

Personal Finance Example
• Chuck Swimmer estimates that the dividend of

Denham Company, an established textile producer,
is expected to remain constant at $3 per share
indefinitely.
• If his required return on its stock is 15%, the

stock’s value is:
$20 ($3 ÷ 0.15) per share

Constant-Growth Model
The constant-growth model is a widely cited
dividend valuation approach that assumes that
dividends will grow at a constant rate, but a rate that
is less than the required return.
The Gordon model is a common name for the

constant-growth model that is widely cited in dividend
valuation.

Constant-Growth Model (cont.)
Lamar Company, a small cosmetics company, paid
the following per share dividends:

Constant-Growth Model (cont.)
Using a financial calculator or a spreadsheet, we find
that the historical annual growth rate of Lamar
Company dividends equals 7%.

Variable-Growth Model
• The zero- and constant-growth common stock
models do not allow for any shift in expected
growth rates.
• The variable-growth model is a dividend
valuation approach that allows for a change in the
dividend growth rate.
• To determine the value of a share of stock in the
case of variable growth, we use a four-step
procedure.

Variable-Growth Model (cont.)
Step 1. Find the value of the cash dividends at the
end of each year, Dt, during the initial growth period,
years 1 though N.
Dt = D0 × (1 + g1)t

Step 2. Find the present value of the dividends
expected during the initial growth period.

Step 3. Find the value of the stock at the end of the
initial growth period, PN = (DN+1)/(rs – g2), which is the
present value of all dividends expected from year N +
1 to infinity, assuming a constant dividend growth
rate, g2.

Step 4. Add the present value components found in
Steps 2 and 3 to find the value of the stock, P0.

The most recent annual (2012) dividend payment of Warren
Industries, a rapidly growing boat manufacturer, was $1.50 per
share. The firm’s financial manager expects that these dividends
will increase at a 10% annual rate, g1, over the next three years.
At the end of three years (the end of 2018), the firm’s mature
product line is expected to result in a slowing of the dividend
growth rate to 5% per year, g2, for the foreseeable future. The
firm’s required return, rs, is 15%.
Steps 1 and 2 are detailed in Table 7.3 on the following slide.

Table 7.3 Calculation of Present Value of
Warren Industries Dividends

Step 3. The value of the stock at the end of the initial growth
period
(N = 2018) can be found by first calculating DN+1 = D2019.

D2019 = D2018  (1 + 0.05) = $2.00  (1.05) = $2.10
By using D2019 = $2.10, a 15% required return, and a 5%

dividend growth rate, we can calculate the value of the stock at
the end of 2018 as follows:
P2018 = D2019 / (rs – g2) = $2.10 / (.15 – .05) = $21.00

Step 3 (cont.) Finally, the share value of $21 at the end of 2018
must be converted into a present (end of 2015) value.
P2018 / (1 + rs)3 = $21 / (1 + 0.15)3 = $13.81
Step 4. Adding the PV of the initial dividend stream (found in

Step 2) to the PV of the stock at the end of the initial growth
period (found in Step 3), we get:
P2015 = $4.14 + $13.82 = $17.93 per share

Free Cash Flow Valuation Model
A free cash flow valuation model determines the value of an
entire company as the present value of its expected free cash
flows discounted at the firm’s weighted average cost of capital,
which is its expected average future cost of funds over the long
run.
where
VC = value of the entire company

FCFt = free cash flow expected at the end of year t end of
year t
ra = the firm’s weighted average cost of capital

Free Cash Flow Valuation Model (cont.)
Because the value of the entire company, VC, is the
market value of the entire enterprise (that is, of all
assets), to find common stock value, VS, we must
subtract the market value of all of the firm’s debt, VD,
and the market value of preferred stock, VP, from VC.

Free Cash Flow Valuation Model
Dewhurst, Inc. wishes to determine the value of its
stock by using the free cash flow valuation model. The
firm’s CFO developed the following data:
Table 7.4 Dewhurst, Inc.’s, Data for the Free

Cash Flow Valuation Model

Step 1. Calculate the present value of the free cash
flow occurring from the end of 2021 to infinity,
measured at the beginning of 2021.

Step 2. Add the present value of the FCF from 2021 to infinity,
which is measured at the end of 2020, to the 2020 FCF value to
get the total FCF in 2020.
Total FCF2020 = $600,000 + $10,300,000 = $10,900,000
Step 3. Find the sum of the present values of the FCFs for 2016
through 2020 to determine the value of the entire company, VC.
This step is detailed in Table 7.5 on the following slide.

Table 7.5 Calculation of the Value of the
Entire Company for Dewhurst, Inc.

Step 4. Calculate the value of the common stock.
VS = $8,626,426 – $3,100,000 – $800,000 =

$4,726,426
The value of Dewhurst’s common stock is therefore

estimated to be $4,726,426. By dividing this total by
the 300,000 shares of common stock that the firm
has outstanding, we get a common stock value of
$15.76 per share ($4,726,426 ÷ 300,000).

Other Approaches to Stock Valuation
• Book value per share is the amount per share of
common stock that would be received if all of the
firm’s assets were sold for their exact book
(accounting) value and the proceeds remaining
after paying all liabilities (including preferred stock)
were divided among the common stockholders.
• This method lacks sophistication and can be
criticized on the basis of its reliance on historical
balance sheet data.
• It ignores the firm’s expected earnings potential
and generally lacks any true relationship to the fir
m’s value in the marketplace.

Common Stock Valuation: Other
Approaches to Stock Valuation (cont.)
At year-end 2015, Lamar Company’s balance sheet
shows total assets of $6 million, total liabilities
(including preferred stock) of $4.5 million, and
100,000 shares of common stock outstanding. Its
book value per share therefore would be

• Liquidation value per share is the actual amount
per share of common stock that would be received
if all of the firm’s assets were sold for their market
value, liabilities (including preferred stock) were
paid, and any remaining money were divided
among the common stockholders.
• This measure is more realistic than book value
because it is based on current market values of the
firm’s assets.
• However, it still fails to consider the earning power
of those assets.

Lamar Company found upon investigation that it could
obtain only $5.25 million if it sold its assets today.
The firm’s liquidation value per share therefore would
be

• The price/earnings (P/E) ratio reflects the amount
investors are willing to pay for each dollar of
earnings.
• The price/earnings multiple approach is a
popular technique used to estimate the firm’s share
value; calculated by multiplying the firm’s expected
earnings per share (EPS) by the average
price/earnings (P/E) ratio for the industry.

Lamar Company is expected to earn $2.60 per share
next year (2016). Assuming a industry average P/E
ratio of 7, the firms per share value would be
$2.60  7 = $18.20 per share

Figure 7.3 Decision Making and Stock
Value

Stock Valuation (Penilaian Saham) - Gitman

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Stock Valuation (Penilaian Saham) - Gitman

Uploaded by

Copyright:

Available Formats

Chapter 7

LG1 Differentiate between debt and equity.

LG2 Discuss the features of both common and

LG3 Describe the process of issuing common stock,

© Pearson Education Limited, 2015. 7-2

LG1 Bedakan antara utang dan ekuitas.

LG2 Diskusikan fitur saham biasa dan saham

LG3 Jelaskan proses penerbitan saham biasa,

© Pearson Education Limited, 2015. 7-3

LG4 Understand the concept of market efficiency

LG5 Discuss the free cash flow valuation model and

LG6 Explain the relationships among financial

© Pearson Education Limited, 2015. 7-4

LG4 Memahami konsep efisiensi pasar dan penilaian

LG5 Diskusikan model penilaian arus kas bebas dan

LG6 Jelaskan hubungan antara keputusan keuangan,

© Pearson Education Limited, 2015. 7-5

• Debt includes all borrowing incurred by a firm,

© Pearson Education Limited, 2015. 7-6

• Hutang mencakup semua pinjaman yang

© Pearson Education Limited, 2015. 7-7

Debt = Obligasi = Utang

© Pearson Education Limited, 2015. 7-8

© Pearson Education Limited, 2015. 7-9

© Pearson Education Limited, 2015. 7-10

© Pearson Education Limited, 2015. 7-11

© Pearson Education Limited, 2015. 7-12

• Unlike debt, equity capital is a permanent

© Pearson Education Limited, 2015. 7-13

• Tidak seperti hutang, modal ekuitas adalah

© Pearson Education Limited, 2015. 7-14

© Pearson Education Limited, 2015. 7-15

© Pearson Education Limited, 2015. 7-16

© Pearson Education Limited, 2015. 7-17

• Pemegang saham biasa, yang kadang-kadang disebut

© Pearson Education Limited, 2015. 7-18

• The common stock of a firm can be privately owned

© Pearson Education Limited, 2015. 7-19

• Saham biasa suatu perusahaan dapat dimiliki secara

© Pearson Education Limited, 2015. 7-20

• The par value of common stock is an arbitrary

© Pearson Education Limited, 2015. 7-21

• Nilai nominal saham biasa adalah nilai arbitrer yang

© Pearson Education Limited, 2015. 7-22

• A preemptive right allows common stockholders

© Pearson Education Limited, 2015. 7-23

© Pearson Education Limited, 2015. 7-24

• Rights are financial instruments that allow

© Pearson Education Limited, 2015. 7-25

© Pearson Education Limited, 2015. 7-26

© Pearson Education Limited, 2015. 7-27

© Pearson Education Limited, 2015. 7-28

© Pearson Education Limited, 2015. 7-29

© Pearson Education Limited, 2015. 7-30

• Generally, each share of common stock entitles its

© Pearson Education Limited, 2015. 7-31

• Umumnya, setiap lembar saham biasa memberikan hak

© Pearson Education Limited, 2015. 7-32

• A proxy battle is an attempt by a nonmanagement

© Pearson Education Limited, 2015. 7-33

• Pertarungan proksi adalah upaya kelompok

© Pearson Education Limited, 2015. 7-34

• The payment of dividends to the firm’s shareholders