Energen Balance Sheet

Current assets $ 25,000 Debt $ 100,000

Fixed assets $ 175,000 Equity $ 100,000
Total assets $ 200,000 Total $ 200,000

Debt Ratio 50%

(debt/total asset)
Hasitng Balance Sheet
Current assets $ 25,000 Debt $ 50,000
Fixed assets $ 125,000 Equity $ 100,000
Total assets $ 150,000 Total $ 150,000

Debt Ratio 33%

(debt/total asset)

Hasitng Balance Sheet

Current assets $ 25,000 Debt $ 50,000
Value of leased $ 50,000 lease PV $ 50,000
Fixed assets $ 125,000 Equity $ 100,000
Total assets $ 200,000 Total $ 200,000

Debt Ratio 50%

(debt+PV Lease /total asset)
 0 1 2
Lease payment
-240000 -240000
(AT)
Net cash flow $0 -240000 -240000

Rate 9%
PV Cost of leasing $777,532.77
*)excel rumus PV

0 1 2
After-tax loan
($135.00) ($135.00)
payments
Depr. tax savings $198.00 $270.00
Residual value
Tax on residual
Net cash flow $0 $63.00 $135.00

Rate 9%
PV Cost of leasing ###
*)excel rumus PV

$244,724.81

Exercise value
Current Price (current
Strike prize prize-strike
prize)
20 25 0 tidak ada nilai -
25 25 0
30 25 5
100 25 75

n 20
PV -850
FV 1000

$16,000.00

Neraca
Alternatif 1

Total
current ###
liabilities
 Long-term
-
debt
Common
stock, par ###
$1
Paid-in
###
capital
Retained
###
earnings
Total
Total assets $ 800,000.00 ###
claims

Alternatif 2

Total
current ###
liabilities
Long-term
-
debt
Common
stock, par ###
$1
Paid-in
###
capital
Retained
###
earnings
Total
Total assets $ 800,000.00 ###
claims

Alternatif 3

Total
current ###
liabilities
Long-term
###
debt 8%
Common
stock, par ###
$1
Paid-in
###
capital
Retained
###
earnings
Total
Total assets ### ###
claims
 Original Plan 1 Plan 2 Plan 3
Jumlah saham 80,000.00 80,000.00 80,000.00 80,000.00
Total Saham 100,000.00 162,500.00 150,000.00 150,000.00
presentase kepemilikan 80% 49% 53% 53%

Original Plan 1 Plan 2 Plan 3

Total Assets 550,000.00 800,000.00 800,000.00 1,300,000.00
EBIT 110,000.00 160,000.00 160,000.00 260,000.00
Interest 20,000.00 40,000.00
EBT 90,000.00 160,000.00 160,000.00 220,000.00
Taxes 40% 36,000.00 64,000.00 64,000.00 88,000.00
Net Income 54,000.00 96,000.00 96,000.00 132,000.00
Number of shares 100,000.00 162,000.00 150,000.00 150,000.00
EPS $ 0.54 $ 0.59 $ 0.64 $ 0.88

Original Plan 1 Plan 2 Plan 3

Total Assets 550,000.00 800,000.00 800,000.00 1,300,000.00
Total Liabillities 400,000.00 150,000.00 150,000.00 650,000.00
Total Debt ratio (TL/TA) 73% 19% 19% 50%

gEPS gDPS
Kennedy 5.5
Strasburg
Edelman
1

420000

gEPS gDPS 1.5

Kennedy
8.4% 8.4% 0.5
Strasburg
6.4 6.4 0.1
Edelman
8.0 7.4
 3 4
-240000 -240000
-240000 -240000

3 4
($135.00) ($1,635,000.00)
$90.00 $42.00
$250.00
($100.00)
($45.00) ($1,443,000.00)
 7.5

1.363636 0.3636363636
0.272727 -0.7272727273
73%

600000 1.4285714286
0.2857142857
-0.71

5.5 7.5
1.3636363636
0.2727272727
-0.7272727273