HISTORICAL DATA

In IDR

INCOME STATEMENT OF PT ABCD

Net Sales
Cost of Goods Sold
Gross Profit

Selling Expenses
G&A Expenses
R&D Expenses
Depreciation & Amortization
Interest Income
Total Operating Profit

Interest Expenses
Tax Expenses
Net Profit

Preferred Stock Dividend

Common Stock Dividend
Retained Earnings

BALANCE SHEET OF PT ABCD

Cash
Marketable Securities
Account Receivables
Inventories
Total Current Asset

Land
Plant and Equipment, Net
Intangibles, Net
Total Fixed Asset

Total Asset

Account Payables
Accruals
Short-Term Debt
Current Portion of Long-Term Debt
Total Current Liability

Long-Term Debt

Preferred Stock
Common Stock
Retained Earnings
Total Equity

Total Liability & Equity

Number of Shares Outstanding

RATIO ANALYSIS

LIQUIDITY RATIOS
Current Ratio
Quick (Acid-Test) Ratio

ACTIVITY RATIOS
Average Age of Inventory
Average Collection Period
Average Payment Period
Total Asset Turnover

DEBT RATIOS
Debt Ratio
Times Interest Earned Ratio

PROFITABILITY RATIOS
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Assets
Return on Equity

FORECASTING RATIOS BENCHMARK

Selling Expenses to Sales

G&A Expenses to Sales
R&D Expenses to Sales
Marketable Securities to Sales
Average Collection Period
Average Age of Inventory
Average Payment Period
Accruals to G&A Expenses
Debt to Equity Ratio
Return on Equity
Dividend Payout Ratio
 -5 -4 -3

16,002,131,057,048.00 17,368,532,547,558.00 17,887,464,223,321.00

8,323,017,600,990.00 8,892,725,955,545.00 9,295,887,287,351.00
7,679,113,456,058.00 8,475,806,592,013.00 8,591,576,935,970.00

4,230,293,635,075.00 4,677,646,188,262.00 4,828,392,482,465.00

764,512,533,499.00 892,339,376,449.00 953,016,118,389.00
135,388,356,694.00 143,023,676,252.00 163,364,759,657.00
156,735,869,797.95 176,955,560,757.27 202,069,828,457.48
50,425,100,828.00 78,814,213,671.00 101,333,519,539.00
2,442,608,161,820.05 2,664,656,003,963.73 2,546,067,266,540.52

28,642,082,811.00 52,009,056,900.00 23,918,010,816.00

603,491,519,752.26 653,161,736,765.93 630,537,313,931.13
1,810,474,559,256.79 1,959,485,210,297.80 1,891,611,941,793.39

2,517,849,256.25 2,517,849,256.25 2,517,849,256.25

542,387,013,000.16 587,090,208,312.47 566,728,227,761.14
1,265,569,697,000.38 1,369,877,152,729.08 1,322,365,864,776.00

935,034,161,784.59 1,393,267,033,250.68 2,292,328,563,291.68

187,742,937,561.00 199,389,672,567.00 155,753,502,796.00
2,145,218,904,462.00 2,346,943,380,265.00 2,354,779,771,919.00
3,053,494,513,851.00 3,090,544,151,155.00 3,003,149,535,671.00
6,321,490,517,658.59 7,030,144,237,237.68 7,806,011,373,677.68

687,362,454,658.00 779,350,810,677.60 906,529,203,587.40

2,749,449,818,632.00 3,117,403,242,710.40 3,626,116,814,349.60
385,267,577,327.00 421,707,972,435.00 415,279,754,800.00
3,822,079,850,617.00 4,318,462,025,823.00 4,947,925,772,737.00

10,143,570,368,275.60 11,348,606,263,060.70 12,753,937,146,414.70

1,742,156,331,127.00 1,774,098,561,017.00 1,689,660,766,071.00

314,518,392,842.00 358,667,243,424.00 408,242,363,125.00
583,823,955,413.00 251,909,102,153.00 266,148,059,414.00
 91,344,366.00 1,245,265,895.00 1,829,302,253.00
2,640,590,023,748.00 2,385,920,172,489.00 2,365,880,490,863.00

199,417,611,788.00 289,246,205,103.00 392,250,905,307.00

50,356,985,125.00 50,356,985,125.00 50,356,985,125.00

468,751,221,100.00 468,751,221,100.00 468,751,221,100.00
6,784,454,526,514.60 8,154,331,679,243.68 9,476,697,544,019.68
7,303,562,732,739.59 8,673,439,885,468.68 9,995,805,750,244.68

10,143,570,368,275.60 11,348,606,263,060.70 12,753,937,146,414.70

46,835,122,110.00 46,835,122,110.00 46,835,122,110.00

-5 -4 -3

-5 -4 -3
 -2 -1

19,374,230,957,505.00 20,182,120,166,616.00
9,886,262,652,473.00 10,369,836,693,616.00
9,487,968,305,032.00 9,812,283,473,000.00

5,193,013,838,459.00 5,217,254,463,765.00
1,046,592,722,481.00 1,141,381,509,277.00
191,713,233,922.00 239,905,662,440.00
230,141,240,864.74 267,087,284,916.93
132,333,575,576.00 134,914,292,587.00
2,958,840,844,881.26 3,081,568,845,188.07

28,148,525,280.00 36,391,625,753.00
732,673,079,900.32 761,294,304,858.77
2,198,019,239,700.94 2,283,882,914,576.30

2,517,849,256.25 2,517,849,256.25
658,650,417,133.41 684,409,519,596.02
1,536,850,973,311.29 1,596,955,545,724.04

2,486,402,649,584.96 2,659,121,757,691.00
179,326,120,554.00 186,495,242,626.00
2,631,206,429,124.00 2,876,417,348,634.00
3,344,404,151,105.00 3,557,496,638,218.00
8,641,339,350,367.96 9,279,530,987,169.00

1,050,654,625,465.20 1,230,543,217,418.40
4,202,618,501,860.80 4,922,172,869,673.60
400,206,315,434.00 419,572,828,665.00
5,653,479,442,760.00 6,572,288,915,757.00

14,294,818,793,128.00 15,851,819,902,926.00

1,800,055,614,298.00 1,764,125,164,231.00
368,413,556,679.00 289,821,941,676.00
135,186,107,287.00 168,774,628,237.00
 13,506,508,836.00 4,614,277,571.00
2,317,161,787,100.00 2,227,336,011,715.00

445,000,282,472.00 494,871,621,931.00

50,356,985,125.00 50,356,985,125.00
468,751,221,100.00 468,751,221,100.00
11,013,548,517,331.00 12,610,504,063,055.00
11,532,656,723,556.00 13,129,612,269,280.00

14,294,818,793,128.00 15,851,819,902,926.00

46,835,122,110.00 46,835,122,110.00

-2 -1 Average

-2 -1 Average
Year Market Size A Price per Unit Prod A
2000 3,691,631.00 110,000
2001 3,732,042.00 120,482
2002 3,787,290.00 124,846
2003 3,852,479.00 125,045
2004 3,892,968.00 136,558
2005 3,953,039.00 139,798
2006 4,017,261.00 141,668
2007 4,078,886.00 145,107
2008 4,119,754.00 158,150
2009 4,169,488.00 167,848
2010 4,227,849.00 173,929
2011 4,295,496.00 176,402
2012 4,338,970.00 190,043
2013 4,402,337.00 195,179
2014 4,448,860.00 208,217
2015 4,512,589.00 214,378
2016 4,575,920.00 220,856
2017 4,607,407.00 241,836
2018 4,649,822.00 258,570
2019 4,719,417.00 263,728

Year Market Size Prod B Price per Unit Prod B

2000 3,359,088 65,000
2001 3,392,797 69,848
2002 3,435,199 70,060
2003 3,469,182 75,619
2004 3,504,887 78,854
2005 3,544,201 80,397
2006 3,587,771 85,562
2007 3,633,103 92,756
2008 3,682,168 95,260
2009 3,742,376 98,641
2010 3,791,713 104,168
2011 3,845,852 111,360
2012 3,902,365 122,358
2013 3,956,215 128,745
2014 4,014,239 129,603
2015 4,090,432 131,799
2016 4,150,058 136,448
2017 4,207,868 140,249
2018 4,271,809 150,903
2019 4,337,927 161,386

HISTORICAL INFLATION RATE (YOY) - Source: bi.go.id

Desember 2019 2.72%

Nopember 2019 3.00%
Oktober 2019 3.13%
September 2019 3.39%
Agustus 2019 3.49%
Juli 2019 3.32%
Juni 2019 3.28%
Mei 2019 3.32%
April 2019 2.83%
Maret 2019 2.48%
Februari 2019 2.57%
Januari 2019 2.82%
Desember 2018 3.13%
Nopember 2018 3.23%
Oktober 2018 3.16%
September 2019 2.88%
Agustus 2018 3.20%
July 2018 3.18%
June 2018 3.12%
May 2018 3.23%
April 2018 3.41%
March 2018 3.40%
February 2018 3.18%
January 2018 3.25%
December 2017 3.61%
November 2017 3.30%
October 2017 3.58%
September 2017 3.72%
Agust 2017 3.82%
July 2017 3.88%
June 2017 4.37%
May 2017 4.33%
April 2017 4.17%
March 2017 3.61%
February 2017 3.83%
January 2017 3.49%
December 2016 3.02%

HISTORICAL GDP GROWTH RATE (YOY) - Source: bps.go.id

Year GDP Growth

2000 4.92%
2001 3.64%
2002 4.50%
2003 4.78%
2004 5.03%
2005 5.69%
2006 5.50%
2007 6.35%
2008 6.01%
2009 4.63%
2010 6.22%
2011 6.49%
2012 6.26%
2013 5.73%
2014 5.06%
2015 4.88%
2016 5.03%
2017 5.07%
2018 5.17%
2019 5.02%

2015 2016
Projected GDP 8,564,866.60 8,982,517.10
Projected Population 251,489,096.21 255,075,330.72
Projected Price of Product A 214,378.16 220,856.32
Projected Price of Product B 131,798.83 136,447.54
Projected Market Size of Product A 4,512,589.00 4,575,920.00
Projected Market Size of Product B 4,090,432 4,150,058

HISTORICAL MARKET STOCK PRICE DATA

JKSE ABCD

3/1/2015
4/1/2015
5/1/2015
6/1/2015
7/1/2015
8/1/2015
9/1/2015
10/1/2015
11/1/2015
12/1/2015
1/1/2016
2/1/2016
3/1/2016
4/1/2016
5/1/2016
6/1/2016
7/1/2016
8/1/2016
9/1/2016
10/1/2016
11/1/2016
12/1/2016
1/1/2017
2/1/2017
3/1/2017
4/1/2017
5/1/2017
 6/1/2017
7/1/2017
8/1/2017
9/1/2017
10/1/2017
11/1/2017
12/1/2017
1/1/2018
2/1/2018
3/1/2018
4/1/2018
5/1/2018
6/1/2018
7/1/2018
8/1/2018
9/1/2018
10/1/2018
11/1/2018
12/1/2018
1/1/2019
2/1/2019
3/1/2019
4/1/2019
5/1/2019
6/1/2019
7/1/2019
8/1/2019
9/1/2019
10/1/2019
11/1/2019
12/1/2019
Real GDP Population (in Million)
3,899,729 203,364,616
4,091,595 206,264,595
4,240,671 209,205,928
4,431,479 212,189,205
4,643,320 215,215,023
4,876,920 218,283,989
5,154,542 221,396,719
5,438,091 224,553,836
5,783,139 227,755,974
6,130,920 231,003,774
6,414,713 234,297,888
6,813,955 237,641,326
7,255,883 241,030,091
7,710,348 244,467,180
8,152,317 247,953,282
8,564,867 251,489,096
8,982,517 255,075,331
9,434,613 258,712,705
9,912,704 262,401,948
10,425,316 266,143,800

Real GDP Population (in Million)

3,899,729 203,364,616 - 20
4,091,595 206,264,595 - 19
4,240,671 209,205,928 - 18
4,431,479 212,189,205 - 17
4,643,320 215,215,023 - 16
4,876,920 218,283,989 - 15
5,154,542 221,396,719 - 14
5,438,091 224,553,836 - 13
5,783,139 227,755,974 - 12
6,130,920 231,003,774 - 11
6,414,713 234,297,888 - 10
6,813,955 237,641,326 - 9
7,255,883 241,030,091 - 8
7,710,348 244,467,180 - 7
8,152,317 247,953,282 - 6
8,564,867 251,489,096 - 5
8,982,517 255,075,331 - 4
9,434,613 258,712,705 - 3
9,912,704 262,401,948 - 2
10,425,316 266,143,800 - 1
 2017 2018 2019 2020
9,434,613.40 9,912,703.60 10,425,316.30
258,712,704.94 262,401,948.11 266,143,799.89
241,836.03 258,569.75 263,727.55
140,248.90 150,903.24 161,385.72
4,607,407.00 4,649,822.00 4,719,417.00
4,207,868 4,271,809 4,337,927

Monthly Retun
JKSE ABCD
2021 2022 2023 2024
2025 2026 2027 2028
2029 2030
PT XYZ
FINANCIAL ASSUMPTIONS
In IDR

SCENARIO ANALYSIS

Scenario Selector

Quantity Sold Realization for Product A

Quantity Sold Realization for Product B
Price per Unit Realization for Product A
Price per Unit Realization for Product B
Direct Material for Product A
Direct Material for Product B
Long-Term Debt Interest Rate
Inflation Rate

NPV

GENERAL ASSUMPTION

Inflation Rate
Number of Days in a Year
GDP growth
Population growth

INCOME STATEMENT ASSUMPTIONS

Revenue
Product A
Market Size
Target Market Share
Quantity Sold
Quantity Sold Realization for Product A
Price per Unit
Price per Unit Realization for Product A
Total Revenue from Product A
Product B
Market Size
Target Market Share
Quantity Sold
 Quantity Sold Realization for Product B
Price per Unit
Price per Unit Realization for Product B
Total Revenue from Product B

Capacity Check
Maximum Capacicty of Plant
Total Production
Check
Maximum Capacicty of Equipment A
Production of Product A
Check
Maximum Capacicty of Equipment B
Production of Product B
Check

COGS
Product A
Direct Material (per unit)
Direct Labor (per year)
Product B
Direct Material (per unit)
Direct Labor (per year)

Expenses
Selling Expenses rate
G&A Expenses Rate (2nd Year)
G&A Expenses
R&D Expenses Rate (2nd Year)
Inflated R&D Expenses
Period of Occurrence
R&D Expenses Occurrence
R&D Expenses
Tax Rate

BALANCE SHEET ASSUMPTIONS

Current Assets and Current Liabilities

Marketable Securities
Sales on Credit (percentage of Sales)
Purchasing (percentage of COGS)
Average Collection Period
Average Age of Inventory
Average Payment Period
Accruals
Investment
Investment in Land
Investment in Plant
Investment in Equipment A
Investment in Equipment B
Investment in Equipment
Investment in Intangibles
Investment in Net Working Capital

Asset Life
Investment in Plant
Investment in Equipment
Investment in Intangibles

Financing
Financing Required
Debt Financing Percentage
New Long-Term Financing Value
Total Short-Term Debt Financing
Excess Cash

Rates
Provision Rate
Marketable Securities Interest Rate
Short-Term Debt Interest Rate
Long-Term Debt Interest Rate
Long-Term Debt Tenor

Equity
New Preferred Stock Issued
Preferred Stock Dividend (non-cummulative)
New Common Stock Issued

CAPITAL BUDGETING ASSUMPTIONS

Risk Free Rate

Cost of Common Stock
WACC
Terminal Growth
 Base 0 1

Input Cell Worst Case Base Case

1 2

0.00%
0.00%
0.00%
0.00%
-
-
0.00%
0.00%

Range

Average
Strategic Plan
Average
CAGR

Using Regression
Strategic Plan
Calculated
For Simulation
Using MA 3
For Simulation
Calculated

Using Regression
Strategic Plan
Calculated
 For Simulation
Using Trend
For Simulation
Calculated

Strategic Plan
- -
OK OK

- -
OK OK

- -
OK OK

Strategic Plan, Increase w/ Inflation

Strategic Plan, Increase w/ Inflation

Strategic Plan, Increase w/ Inflation

Strategic Plan, Increase w/ Inflation

Percentage of Sales
Percentage of Sales
Increase w/ Inflation
Percentage of Sales
Increase w/ Inflation
Years

Corporate Tax Rate

Percentage of Sales
Strategic Plan
Strategic Plan
Average Historical Data
Average Historical Data
Average Historical Data
Y-1 Accruals to GA
 Strategic Plan
Strategic Plan
Strategic Plan
Strategic Plan
Strategic Plan - -
Strategic Plan
Strategic Plan

Straight Line years

Double Declining Balance years
Straight Line years

Strategic Plan
Strategic Plan
Strategic Plan
Strategic Plan
Calculated

Market Data
Market Data
Market Data
Market Data
Strategic Plan

Strategic Plan
Strategic Plan
Strategic Plan

IBPA 10 Years Government Bond Yield

Calculated
Calculated
Average Pharmacy GDP Growth
 2 3 4 5

Best Case Monte Carlo Simulation

3 4
 - - - -
OK OK OK OK

- - - -
OK OK OK OK

- - - -
OK OK OK OK
- - - -

per year of Salvage Value

per year of Salvage Value
per year of Salvage Value
6 7 8 9
 - - - -
OK OK OK OK

- - - -
OK OK OK OK

- - - -
OK OK OK OK
- - - -
10
 -
OK

-
OK

-
OK
-
PT XYZ
INCOME STATEMENT
In IDR

Net Sales
Cost of Goods Sold
Gross Profit

Selling Expenses
G&A Expenses
R&D Expenses
Depreciation & Amortization
Interest Income
Total Operating Profit

Debt Provision
Interest Expenses
Tax Expenses
Net Profit

Preferred Stock Dividend

Earnings Available for Common Stockholders
0 1 2 3
4 5 6 7
8 9 10
PT XYZ
BALANCE SHEET
In IDR

Cash
Excess Cash
Required Cash
Marketable Securities
Account Receivables
Inventories
Total Current Asset

Land
Plant and Equipment, Net
Intangibles, Net
Asset under Construction
Total Fixed Asset

Total Asset

Account Payables
Accruals
Short-Term Debt
Current Portion of Long-Term Debt
Total Current Liability

Long-Term Debt

Preferred Stock
Common Stock
Retained Earnings
Total Equity

Total Liability & Equity

Balance Check
0 1 2 3
4 5 6 7
8 9 10
PT XYZ
STATEMENT OF CASH FLOW
In IDR

Net Profit
Depreciation
(Increase)/Decrease in Account Receivables
(Increase)/Decrease in Inventory
Increase/(Decrease) in Account Payables
Increase/(Decrease) in Accruals
Total Cash Flow from Operating Activities

(Increase)/Decrease in Marketable Securities

(Increase)/Decrease in Land
(Increase)/Decrease in Plant & Equipment
(Increase)/Decrease in Intangibles
(Increase)/Decrease in Asset under Construction
Total Cash Flow from Investing Activities

Increase/(Decrease) in Short-Term Debt

Increase/(Decrease) in Current Portion of Long-Term Debt
Increase/(Decrease) in Long-Term Debt
Increase/(Decrease) in Preferred Stock
Increase/(Decrease) in Common Stock
(Dividend Payment)
Total Cash Flow from Financing Activities

Net Cash Flow

Beginning Cash
Ending Cash
0 1 2 3
4 5 6 7
8 9 10
PT XYZ
COST OF GOODS SOLD
In IDR

PRODUCT A

Number of Unit being produced

Variable Cost
Direct Material price per unit
Total Variable Cost

Fixed Cost
Direct Labor
Total Fixed Cost

Total COGS

PRODUCT B

Number of Unit being produced

Variable Cost
Direct Material price per unit
Total Variable Cost

Fixed Cost
Direct Labor
Total Fixed Cost

Total COGS
0 1 2 3
4 5 6 7
8 9 10
PT XYZ
DEPRECIATION SCHEDULE
In IDR

DEPRECIATION SCHEDULE (RECAP)

Book Value of Asset, Net

Land
Plant and Equipment, Net
Intangibles, Net
Asset under Construction
Depreciation and Amortization Expenses
Depreciation of Plant & Equipment
Amortization of Intangibles
Total Depreciation & Amortization Expenses

NON DEPRECIABLE ASSET

Land

DEPRECIABLE ASSET

Plant
Capitalized Interest During Construction
New Investment in Plant

Asset under Construction

Plant
Book Value of Asset, Gross
0
1
2
3
4
5
6
7
8
9
10
Total Book Value of Asset, Gross
Depreciation Expense
0
 1
2
3
4
5
6
7
8
9
10
Total Depreciation Expense
Book Value of Asset, Net
0
1
2
3
4
5
6
7
8
9
10
Total Book Value of Asset, Net

Equipment
Book Value of Asset
0
1
2
3
4
5
6
7
8
9
10
Total Book Value of Asset
Depreciation Expense
0
1
2
3
4
5
6
 7
8
9
10
Total Depreciation Expense
Book Value of Asset, Net
0
1
2
3
4
5
6
7
8
9
10
Total Book Value of Asset, Net

Intangibles
Book Value of Asset, Gross
0
1
2
3
4
5
6
7
8
9
10
Total Book Value of Asset, Gross
Amortization Expense
0
1
2
3
4
5
6
7
8
9
10
Total Amortization Expense
Book Value of Asset, Net
 0
1
2
3
4
5
6
7
8
9
10
Total Book Value of Asset, Net
0 1 2 3
4 5 6 7
8 9 10
PT XYZ
LOAN AMORTIZATION SCHEDULE
In IDR

LOAN SCHEDULE (RECAP)

Short-Term Debt Value

Short-Term Debt
Current Portion of Long-Term Debt
Long-Term Debt Value
Interest Expense

SHORT-TERM DEBT

Short-Term Debt
Short-Term Debt Provision
Interest on Short-Term Debt

LONG-TERM DEBT

New Long Term Debt

Long Term Debt Provision
Interest During Construction
Total Outstanding Debt

New Long-Term Debt

0
1
2
3
4
5
6
7
8
9
10
Total New Long-Term Debt
Loan Payment
0
1
2
3
 4
5
6
7
8
9
10
Total Loan Payment
Interest Payment
0
1
2
3
4
5
6
7
8
9
10
Total Interest Payment
Principal Payment
0
1
2
3
4
5
6
7
8
9
10
Total Principal Payment
Ending Balance of Long-Term Debt
0
1
2
3
4
5
6
7
8
9
10
Total Ending Balance of Long-Term Debt
0 1 2 3
4 5 6 7
8 9 10
PT XYZ
NET WORKING CAPITAL
In IDR

NET WORKING CAPITAL CALCULATION

Working Capital
Account Receivables
Inventories
Total Working Capital

Account Payables and Accruals

Account Payables
Accruals
Total Account Payables and Accruals

Net Working Capital

0 1 2 3
4 5 6 7
8 9 10
PT XYZ
WEIGHTED AVERAGE COST OF CAPITAL
In IDR

WACC CALCULATION

Weight of Capital
Long-Term Debt
Preferred Stock
Common Stock
Total

WACC Calculation
Cost of Debt (After Tax)
Cost of Preferred Stock
Cost of Common Stock
WACC

COST OF EQUITY CALCULATION

Capital Asset Pricing Model

Levered Beta
Debt to Equity Ratio
Monthly Market Return

Cost of Equity Calculation

Unlevered Beta
Project Debt to Equity Ratio
Levered Beta
Risk-Free Rate
Market Return
Cost of Equity

Dividend Discount Model

Price per Share (ABCD)

Dividend per Share (ABCD)
Sustainable Growth Rate
Cost of Equity
 -5 -4

Strategic Plan
Strategic Plan
Strategic Plan

Weight Cost
Calculated
Calculated
Calculated

Calculated
Calculated
Calculated

Calculated
Calculated
Calculated
IBPA 10 Years Government Bond Yield
Calculated
Calculated

Calculated
Calculated
Calculated
Calculated
 -3 -2 -1

Weighted Cost
 Comm
-5 -4
 Common Size
-3 -2 -1
AVG -4
 Growth
-3 -2 -1
AVG CAGR
PT XYZ
CAPITAL BUDGETING CASH FLOW
In IDR

FREE CASH FLOW TO THE FIRM

Earnings Before Interest and Taxes (EBIT)

Tax of EBIT
Net Operating Profit After Tax

Depreciation & Amortization

Operating Cash Flow

Changes in Current Asset

Changes in Account Payable and Accuals
Net Current Asset Investment
Net Fixed Asset Investment
Free Cash Flow to the Firm

Terminal Cash Flow

Total Cash Flow

FREE CASH FLOW TO EQUITY

Earnings Available for Common Stockholders

Depreciation & Amortization
Operating Cash Flow

Changes in Current Asset

Changes in Account Payable and Accuals
Net Current Asset Investment
Net Fixed Asset Investment
Changes in Debt and Preferred Stock
Free Cash Flow to Equity

Terminal Cash Flow

Total Cash Flow

0 1 2 3
4 5 6 7
8 9 10
PT XYZ
CAPITAL BUDGETING ANALYSIS
In IDR

FREE CASH FLOW TO THE FIRM

Cash Flow
Accumulated Cash Flow
Cash Flow (in Billion)

WACC

PV of Cash Flow
Accumulated PV of Cash Flow

Payback Period
Discounted Payback Period
Net Present Value
Profitability Index
IRR

FREE CASH FLOW TO EQUITY

Cash Flow
Accumulated Cash Flow
Cash Flow (in Billion)

Cost of Equity

PV of Cash Flow
Accumulated PV of Cash Flow

Payback Period
Discounted Payback Period
Net Present Value
Profitability Index
IRR
0 1 2 3
4 5 6 7
8 9 10
PT XYZ
SUSTAINABILITY ANALYSIS

LIQUIDITY RATIOS

Current Ratio
Quick (Acid-Test) Ratio

ACTIVITY RATIOS

Average Age of Inventory

Average Collection Period
Average Payment Period
Total Asset Turnover

DEBT RATIOS

Debt Ratio
Times Interest Earned Ratio

PROFITABILITY RATIOS

Gross Profit Margin

Operating Profit Margin
Net Profit Margin
Return on Assets
Return on Equity
1 2 3
4 5 6 7
8 9 10
PT XYZ
RISK ANALYSIS
In IDR

SENSITIVITY ANALYSIS

Inflation Rate 1
Quantity Sold Realization for Product A 2
Quantity Sold Realization for Product B 3
Price per Unit Realization for Product A 4
Price per Unit Realization for Product B 5
Direct Material for Product A 6
Direct Material for Product B 7
Direct Labor for Product A 8
Direct Labor for Product B 9
Marketable Securities Interest Rate 10
Short-Term Debt Interest Rate 11
Long-Term Debt Interest Rate 12
Preferred Stock Dividend 13

MONTE CARLO SIMULATION

NPV
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959
960
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996
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1000
 Current Assumption +20% Swing -20% Swing Current NPV

Descriptive Statistics
Min
Max
Mean
Standard Deviation
Median
Kurtosis
Skewness
Prob NPV<0
+20% Swing NPV -20% Swing NPV Percentage +20% Swing Percentage -20% Swing
Absolute