tax

rd =
Do =
Po =
G =
Dp =
Pp =

tax
interest debt
deviden yield common stock
price of common stock
growth rate
deviden preferred stock (konstan)
price preferred sock

Rd =

rd ( 1 - Tax)
10% (1- 40%)
6%

40%
10%
3.12
$50
5%
10% per value $100
$110

Rp =

WACC =

Dp
PP

wd =
Wp =
Wc =

10
110

Wd.Rd + Wp.Rp + Wc.Rs

8.28%

9%

50%
20%
30%

Rs =

Do ( 1 + g) + g
Po

11.55%

Discounted Rate (WACC)

inflasi
1. Initial Investment
a Equipment
b Installation

$180000
$20000

2. Cost
a Variable Cost
b Fixed Cost

40%
5000

10%
Ditanya, silahkan anda menghitung :

x Sales
1.

NWC =

40%
$25000

2.

depresiasi =
Investment =

$25000
$2000
$5000
?

3.

terminal cash flow

3. Depreciation
4. Tax
5. Salvage Value
6. Working capital
a inventory
b A/R
c A/P
NWC
7. Sales / Revenue
a unit sales
b unit price
8. umur proyek

$100000
$2

, silahkan anda menghitung :

1
2
3
4

NWC
Depresiasi
Terminal cash Flow
sales Revenue
4. Sales revenue

Inventory
A/R
A/P

-25000
-2000
5000
(22,000)

25%
equipment + Installation
200,000

minal cash flow

NWC
Salvage Value
Tax

22,000
25000
-10000
37000

depresiasi =

25% x 200000
50,000

1
2
3
4
5
6

Sales revenue
unit sales
unit price
unit sales
unit sales
unit sales
unit sales
unit sales
unit sales

=
=
=
=
=
=
=
=

100,000
2
(2 x 10%) + 2
(2,2 x 10%) + 2,2
(2,42 x 10%) + 2,42
(2,66 x 10%) + 2,66
(2,93 x 10%) + 2,93
(3,22 x 10%) + 3,22

.=.
.=.
.=.
.=.
.=.
.=.

2.20
2.42
2.66
2.93
3.22
3.54

220,000
242,000
266,200
292,820
322,102
354,312

1
Investment
Net working capital
Sales revenue
fixed cost
variable cost (40% x sales)
overhaul cost

(200,000)
(22,000)
220,000
(5000)
(88,000)
0

242,000 266,200 292,820 322,102

(5000)
(5000)
(5000)
(5000)
(96,800) (106,480) (117,128) (128,841)
0
0
(80,000)
0

depresiasi (25%)

(50,000)

(50,000)

(50,000)

(50,000)

(40,000)

operating income (EBIT)

tax (40%)
operating income (NOPAT)
Ddepreciation
Net operating income
terminal cash flow
NCF
discounted rate 8%
PV
NPV

77,000
(30,800)
46,200
50,000
96,200

90,200
(36,080)
54,120
50,000
104,120

104,720
(41,888)
62,832
50,000
112,832

40,692
(16,277)
24,415
50,000
74,415

148,261
(59,304)
88,957
40,000
128,957

96,200
0.926
89,074

104,120
0.857
89,266

112,832
0.794
89,570

74,415
0.735
54,697

128,957
0.681
87,766

(222,000)
(222,000)
(222,000)
300,261

354,312
(5000)
(141,725)
0

overhaul =

(40,000)
167,587
(67,035)
100,552
40,000
140,552
37,000
177,552
0.630
111,888

200000

1
50000

80,000

umur proyek bertambah 2 tahun

50000

50000

50000

50000

80000

umur proyek bertambah 2 tahun

6
50000