HBU JIKA TANAH DIBANGUN GEDUNG KANTOR

Data:
Biaya investasi 200,000,000
Nilai pasar tanah 40,000,000
Nilai pasar bangunan 160,000,000

Modal sendiri 80,000,000 40%

Modal pinjaman 120,000,000 60%

Laba kotor (EBITDA) 50,000,000

51,000,000
52,000,000
54,000,000
56,000,000

Bunga pinjaman 18%

Pengembalian equity 25%
Pajak 25% modal sendiri ekuitas
Tingkat pengembalian minimum 18.1% WACC 40% 25%
UE 20 tahun
Terminal value 260,000,000

Arus kas pinjaman:

- 1 2 3
Saldo awal 120,000,000 100,000,000 80,000,000
Pengembalia pinjaman 20,000,000 20,000,000 20,000,000
Saldo akhir 100,000,000 80,000,000 60,000,000
Bunga pinjaman 21,600,000 18,000,000 14,400,000

Perhitungan arus kas operasional:

- 1 2 3

EBITDA 50,000,000 51,000,000 52,000,000

Penyusutan 8,000,000 8,000,000 8,000,000
Bunga Pinjaman 21,600,000 18,000,000 14,400,000
EBIT 20,400,000 25,000,000 29,600,000
Pajak 25% 5,100,000 6,250,000 7,400,000
EAT 15,300,000 18,750,000 22,200,000

Arus kas operasional:

EAT 15,300,000 18,750,000 22,200,000
Penyusutan 8,000,000 8,000,000 8,000,000
(1-T)*bunga 16,200,000 13,500,000 10,800,000
Arus kas bersih 39,500,000 40,250,000 41,000,000

Tingkat diskonto 18.1% 0.8467 0.7170 0.6071

241,361,204 33,446,232 28,857,991 24,890,531
Initial investment 200,000,000
NPV 41,361,204

IRR (equity+pinjaman) 24.203% 0.8051 0.6482 0.5219

200,004,385 31,802,774 26,091,660 21,398,710
Initial investment 200,000,000
NPV 4,385
modal pinjam bunga pinjaman
(1-T)*60% 18%

4 5
60,000,000 35,000,000
25,000,000 35,000,000
35,000,000 -
10,800,000 6,300,000

4 5

54,000,000 56,000,000
8,000,000 8,000,000
10,800,000 6,300,000
35,200,000 41,700,000
8,800,000 10,425,000
26,400,000 31,275,000

26,400,000 31,275,000
8,000,000 8,000,000
8,100,000 4,725,000
42,500,000 44,000,000 260,000,000

0.5140 0.4353
21,846,876 19,151,517 113,168,057

0.4202 0.3383
17,859,142 14,886,488 87,965,610
HBU JIKA TANAH DIBANGUN HOTEL

Data:
Biaya investasi 220,000,000
Nilai pasar tanah 40,000,000
Nilai pasar bangunan 180,000,000

Modal sendiri 88,000,000 40%

Modal pinjaman 132,000,000 60%

Laba kotor 54,000,000

55,000,000
56,000,000
58,000,000
60,000,000

Bunga pinjaman 18%

Pengembalian equity 26%
Pajak 25% modal sendiri ekuitas modal pinjama
R investasi minimum 18.5% WACC 40% 26% (1-T)*60%
UE 20 tahun
Terminal value 270,000,000

Arus kas pinjaman:

- 1 2 3 4
Saldo awal 132,000,000 112,000,000 87,000,000 62,000,000
Pengembalia pinjaman 20,000,000 25,000,000 25,000,000 25,000,000
Saldo akhir 112,000,000 87,000,000 62,000,000 37,000,000
Bunga pinjaman 23,760,000 20,160,000 15,660,000 11,160,000

Perhitungan arus kas operasional:

- 1 2 3 4

EBITDA 54,000,000 55,000,000 56,000,000 58,000,000

Penyusutan 9,000,000 9,000,000 9,000,000 9,000,000
Bunga Pinjaman 23,760,000 20,160,000 15,660,000 11,160,000
EBIT 21,240,000 25,840,000 31,340,000 37,840,000
Pajak 25% 5,310,000 6,460,000 7,835,000 9,460,000
EAT 15,930,000 19,380,000 23,505,000 28,380,000

Arus kas operasional:

EAT 15,930,000 19,380,000 23,505,000 28,380,000
Penyusutan 9,000,000 9,000,000 9,000,000 9,000,000
(1-T)*bunga 17,820,000 15,120,000 11,745,000 8,370,000
Arus kas bersih 42,750,000 43,500,000 44,250,000 45,750,000

Tingkat diskonto 18.5% 0.8439 0.7121 0.6010 0.5071

252,619,815 36,075,949 30,977,942 26,592,442 23,201,587
Initial investment 220,000,000
NPV 32,619,815

IRR (equity+pinjaman) 22.94% 0.8134 0.6616 0.5382 0.4378

220,357,875 34,773,060 28,780,799 23,814,071 20,027,109
Initial investment 220,000,000
NPV 357,875

IRR kantor 24.20%

IRR hotel 22.94%
Kesimpulan HBU kantor karena IRRnya lebih tinggi daripada IRR hotel
bunga pinjaman
18%

5
37,000,000
37,000,000
-
6,660,000

60,000,000
9,000,000
6,660,000
44,340,000
11,085,000
33,255,000

33,255,000
9,000,000
4,995,000
47,250,000 270,000,000

0.4280
20,221,346 115,550,549

0.3561
16,824,252 96,138,584