Professional Documents
Culture Documents
Required Returns and The Cost of Capital
Required Returns and The Cost of Capital
15.2 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Market Value of
Long-Term Financing
Jenis modal Jumlah Bobot
Long-Term Debt $ 35M 35%
Preferred Stock $ 15M 15%
Common Stock Equity $ 50M 50%
$ 100M 100%
15.3 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Cost of Debt
ki = kd ( 1 – T )
15.4 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Determination of
the Cost of Debt
Diasumsikan perusahaan Basket Wonders
(BW) mempunyai zero-coupon bonds nilai
nominal $1,000, dengan harga pasar
sekarang $385.54 dan jatuh tempo 10 th.
Pajak BW 40%. Biaya utang (kd)BW =
$0 + $1,000
$385.54 =
(1 + kd)10
15.5 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Determination of
the Cost of Debt
(1 + kd)10 = $1,000 / $385.54
= 2.5938
(1 + kd) = (2.5938) (1/10)
= 1.1
kd = 0.1 or 10%
ki = 10% ( 1 – .40 )
ki = 6%
15.6 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Cost of Preferred Stock
kP = DP / P0
15.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Determination of the
Cost of Preferred Stock
Diasumsikan Basket Wonders (BW)
mempunyai preferred stock yang beredar
dengan par value $100, dividend per share
$6.30, dan harga pasar sekarang $70 per
share.
kP = $6.30 / $70
kP = 9%
15.8 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Cost of Equity
Approaches
• Dividend Discount Model
• Capital-Asset Pricing Model
• Before-Tax Cost of Debt plus
Risk Premium
15.9 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Dividend Discount Model
Biaya modal sendiri (equity
capital), ke, adalah discount rate
yang menyamakan present value
expected future dividends
dengan harga pasar saham
sekarang
D1 D2 D
P0 = + +...+
1
(1 + ke) (1 + ke) 2 (1 + ke)
15.10 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Constant Growth Model
ke = ( D1 / P0 ) + g
15.11 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Determination of the
Cost of Equity Capital
Jika Basket Wonders (BW) mempunyai
saham biasa yang beredar dengan harga
pasar sekarang $64.80 per lembar, dividen
sekarang $3 perlembar, dan dividend
growth rate of 8% selamanya.
ke = ( D 1 / P0 ) + g
ke = ($3(1.08) / $64.80) + 0.08
ke = 0.05 + 0.08 = 0.13 or 13%
15.12 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Growth Phases Model
Diasumsumsikan : 3 Fase
pertumbuhan:
ke = Rj = Rf + (Rm – Rf)bj
15.14 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Determination of the
Cost of Equity (CAPM)
Jika Basket Wonders (BW) mempunyai
beta of 1.25. Risk-free rate saat ini 4% dan
expected return pasar 11.4%
ke = Rf + (Rm – Rf)bj
= 4% + (11.4% – 4%)1.25
ke = 4% + 9.25% = 13.25%
15.15 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Before-Tax Cost of Debt
Plus Risk Premium
Cost of equity capital, ke,
merupakan Penjumlahan dari Biaya
hutang sebelum pajak dan premi
risko
ke = kd + Risk Premium*
* Risk premium disini berbeda dengan risk
premium pada CAPM
15.16 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Determination of the
Cost of Equity (kd + R.P.)
Jika Basket Wonders (BW) menambahkan
2.75% sebagai premi risiko pada biaya
utang sebelum pajak (kd).
ke = kd + Risk Premium
= 10% + 2.75%
ke = 12.75%
15.17 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Comparison of the
Cost of Equity Methods
Constant Growth Model 13.00%
Capital Asset Pricing Model 13.25%
Cost of Debt + Risk Premium 12.75%
Generally, the three methods will not agree.
We must decide how to weight –
we will use an average of these three.
15.18 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Weighted Average
Cost of Capital (WACC)
n
Cost of Capital = S kx(Wx)
x=1
15.25 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.