CAPITAL STRUCTURE AND LEVERAGE

Nama: Fahmi Gilang Madani

NPM: ###
Dosen/Jadwal: Bu Prima/Kamis 07.30
TA/Jadwal: Kak Alissa/Jum'at 10.30
No. Modul: A 18

CAPITAL STRUCTURE

EBIT-EPS Approach
Probability of Sales 0.25 0.35 0.4
Sales $3,184,768,912.00 $4,023,125,827.00 $4,177,325,781.00
Fixed Cost $220,000,000.00 $220,000,000.00 $220,000,000.00
Variable Cost $1,273,907,564.80 $1,609,250,330.80 $1,670,930,312.40
EBIT ($) $1,690,861,347.20 $2,193,875,496.20 $2,286,395,468.60

Capital Structure
Capital Structure Debt Ratio Total Asset Debt Equity
1 2 3 (2-3)
($) (1x2) ($)
($)
30% $3,763,292,093.00 $1,128,987,627.90 $2,634,304,465.10
45% $3,763,292,093.00 $1,693,481,441.85 $2,069,810,651.15
55% $3,763,292,093.00 $2,069,810,651.15 $1,693,481,441.85

Cost of Debt (rd) Interest

4 (3x4)
5% $56,449,381.40
8% $135,478,515.35
10% $206,981,065.12
(interest dibulatkan)

1. Menghitung EPS untuk

Probabilitas 25%

EBIT Interest Tax

Debt Ratio
(1 – 25%)
1 2 3
 30% $1,690,861,347.20 $56,449,381.40 75%
45% $1,690,861,347.20 $135,478,515.35 75%
55% $1,690,861,347.20 $206,981,065.12 75%

EPS (7) Po
0.179239050926134 2.98731751543556
0.213804246633804 2.13804246633804
0.245482968107319 1.63655312071546

Kesimpulan:

2. EPS
Probability of EBIT 0.25 0.35 0.4
Debt Ratio = 45%
EBIT $1,690,861,347.20 $2,193,875,496.20 $2,286,395,468.60
Less: interest cost $135,478,515.35 $135,478,515.35 $135,478,515.35
EBT $1,555,382,831.85 $2,058,396,980.85 $2,150,916,953.25
Less tax (25%) $388,845,707.96 $514,599,245.21 $537,729,238.31
EAT $1,166,537,123.89 $1,543,797,735.64 $1,613,187,714.94
Less: preferred dividend $281,468,510.00 $281,468,510.00 $281,468,510.00
Earnings Available for
$885,068,613.89 $1,262,329,225.64 $1,331,719,204.94
Common Stock
Outstanding Share $4,139,621,302.30 $4,139,621,302.30 $4,139,621,302.30
EPS 0.213804246634167 0.30493833456158 0.321700732431512

Expected EPS =

0.288859771727699
Standard Deviation of EPS =

0.001930226505727
Coefficient Variation of EPS
=

0.006682226791853

Kesimpulan:
Outstanding share
(par $0,5)

$5,268,608,930.20
$4,139,621,302.30
$3,386,962,883.70

Require
d
PD Outstanding Share
Return
(rs)

4 5 6
$281,468,510.00 $5,268,608,930.20 6%
$281,468,510.00 $4,139,621,302.30 10%
$281,468,510.00 $3,386,962,883.70 15%
LEVERAGE
2017 Kenaikan 40%
Sales and Revenue $2,491,100,179.00 $3,487,540,250.60
COGS (FC) $236,633,870.40 $236,633,870.40
COGS (VC) $946,535,481.60 $1,325,149,674.24
Gross Profit $1,307,930,827.00 $1,925,756,705.96
Selling Expenses (FC) $403,020,803.00 $403,020,803.00
Selling Expenses (VC) $403,020,803.00 $564,229,124.20
General and Administrative
$30,093,261.80 $30,093,261.80
Expenses (FC)
General and Administrative
$270,839,356.20 $379,175,098.68
Expenses (FC)
Other Expenses $1,452,912.00 $1,452,912.00
EBIT $199,503,691.00 $547,785,506.28
Interest Income $28,107,278.00 $28,107,278.00
Interest Expenses $91,930,964.00 $91,930,964.00
EBT $79,465,449.00 $427,747,264.28
Tax Epenses $50,783,313.00 $273,356,829.67
EAT $28,682,136.00 $154,390,434.61
Number of Outstanding Share $2,671,946.00 $2,671,946.00
EPS 10.7345492760707 57.7820190271383

DOL=

DFL=

DTL=
Kesimpulan

Kesimpulan

Kesimpulan