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Ch-04 (Review and Evaluating Firm Financial Performance)
Ch-04 (Review and Evaluating Firm Financial Performance)
1
Manajemen Keuangan
(Financial Management)
(Sanyoto Gondodiyoto)
Financial Markets
• Primary Market
– Issuance of a security for the first time
• Secondary Markets
– Buying and selling of previously issued
securities
– Securities may be traded in either a dealer or
auction market.
Financial Markets
Primary Market
Secondary
Market
The Firm and the Financial
Markets
Firm Firm issues securities (A) Financial
markets
Invests
in assets Retained
cash flows (F)
(B)
Short-term debt
Current assets Cash flow Dividends and Long-term debt
Fixed assets from firm (C) debt payments (E) Equity shares
Taxes (D)
tax
Government
Financial Statements
Sekarang marilah kita mempersiapkan
laporan keuangan yang merefleksikan
seluruh transaksi yang telah kita catat.
Aktiva Passiva
Kas $ 20,000 Hutang Dagang $ 200
Piutang Dagang 2,000 Modal Pemilik,
Perlengkapan 500 Tn. Binus 33,300
Tanah & Kantor 11,000 Total Hutang dan
Total Aktiva $ 33,500 Modal Pemilik $33,500
Cash Flow
Arus Kas dari Aktivitas Operasi:
Penerimaan Kas dr jasa $6,500
Pengeluaran Kas:
Perlengkapan $ 300
Biaya Operasi 3,100 3,400
Arus Kas Bersih dari
Aktivitas Operasi $3,100
Arus Kas dari aktivitas investasi
Pembelian dan Penjualan Tanah
($11,000)
Cash-flow
Liabilities &
Assets Equity
Assets
Cash
Accounts Notes
Receivable Receivable
Resources
owned or
Vehicles
controlled
Land
by a
company
Store Buildings
Supplies
Equipment
Liabilities
Accounts
Notes Payable
Payable
Debts or
obligations
(Creditors'
claims on
Taxes assets) Wages
Payable
Payable
Equity
Owner Owner
Investments Withdrawals
Owner’s
claims
on
assets
Revenues Expenses
Expanded Accounting Equation
_ _
+
Owner
Owner Capital Revenues Expenses
Withdrawals
Ch. 3
Evaluating a Firm’s Financial
Performance
• Principle 1:
– The Risk Return Trade-Off – We won’t take on additional risk
unless we expect to be compensated with additional return.
• Principle 5:
– The Curse of Competitive Markets – Why it is hard to find
exceptionally profitable markets.
• Principle 7:
– Managers won’t work for the owners unless it is in their best
interest.
– Current Ratio
– Acid Test or Quick Ratio
Davies Example
= $75M / $438M = .171 or 17.1%
Davies Example
= $235M / $438M = .54 or 54%
• EVA = (r-k) X A
where:
r = Operating return on assets
k = Total cost of capital
A = Amount of capital (or Total Assets)
Ratio Davies
Price/Earnings 15.24X 19X (Peers)
Ratio
Price/Book Ratio 3.15X 3.7X
(S&P 500)
50,190
25,523 = 1.97
What is CyberDragon’s Current
Ratio?
50,190
25,523 = 1.97
50,190 - 27,530
25,523 = .89
What is the firm’s Acid Test Ratio?
50,190 - 27,530
25,523 = .89
18,320
112,760/365 = 59.3 days
What is the firm’s Average
Collection Period?
18,320
112,760/365 = 59.3 days
11,520 = 14.07%
81,890
What is the firm’s Operating
Income Return on Investment
(OIROI)?
11,520 = 14.07%
81,890
11,520 = 14.07%
81,890
11,520
112,760 = 10.22%
What is their Operating Profit
Margin?
11,520
112,760 = 10.22%
112,760
81,890 = 1.38 times
What is their Total Asset
Turnover?
112,760
81,890 = 1.38 times
112,760
18,320 = 6.16 times
What is the firm’s Accounts
Receivable Turnover?
112,760
18,320 = 6.16 times
85,300
27,530 = 3.10 times
What is the firm’s Inventory
Turnover?
85,300
27,530 = 3.10 times
112,760
31,700 = 3.56 times
What is the firm’s Fixed Asset
Turnover?
112,760
31,700 = 3.56 times
ROE =
15,000
ROE = 100,000 =
15%
How does Leverage work?
• Suppose the same $100,000 firm
is financed with half equity, and
half 8% debt (bonds). Earnings
are still $15,000.
ROE =
How does Leverage work?
• Suppose the same $100,000 firm
is financed with half equity, and
half 8% debt (bonds). Earnings
are still $15,000.
ROE =15,000 - =
4,000
50,000
How does Leverage work?
• Suppose the same $100,000 firm
is financed with half equity, and
half 8% debt (bonds). Earnings
are still $15,000.
47,523
81,890 = 58%
What is CyberDragon’s Debt
Ratio?
47,523
81,890 = 58%
47,523
81,890 = 58%
5,016
34,367 = 14.6%
What is CyberDragon’s
Return on Equity (ROE)?
5,016
34,367 = 14.6%
5,016
34,367 = 14.6%
Brings together:
• Profitability
• Efficiency
• Leverage
The DuPont Model
Net Profit Total Asset Debt
ROE = Margin x Turnover / (1- Ratio
)
The DuPont Model
Net Profit Total Asset Debt
ROE = Margin x Turnover / (1- Ratio
) Net Income Sales Total
Debt
Sales Total Assets Total
= Assets x /(1-
)
The DuPont Model
Net Profit Total Asset Debt
ROE = Margin x Turnover / (1- Ratio
) Net Income Sales Total
Debt
Sales Total Assets Total
= Assets x /(1-
) 5,016 112,760 47,523
112,760 81,890 81,890
The DuPont Model
Net Profit Total Asset Debt
ROE = Margin x Turnover / (1- Ratio
) Net Income Sales Total
Debt
Sales Total Assets Total
= Assets x /(1-
) 5,016 112,760 47,523
112,760 81,890 81,890
Terminologies
Agency Relationship
Agency Problem
Agency Cost
Capital bu8dgeting
Capital structure
Net Wrkinh capoital
Auction market
dealer market.
Stockholder, Stakeholder
Terminologies
Capital markets/ Money markets
Primary markets
Secondary markets
Listing
Stock/ saham
Bond/ Obligasi
Sukuk.
Dividend
Capital gain
Terminologies
General partnership
Limited partnership
Dividend policy
Over-the-counter (OTC)
NASDAQ (National Association of
Securities Dealer Automated Quotation),
Dow Jones Rating (nama pembuat index),
LQ-45, Kompas-100
IHSG
TERIMA
KASIH…