Corporate Finance

MANAJEMEN KEUANGAN Lanjutan

Presented by: Ishak Ramli
 REVIEW KONSEP PENGAMBILAN
KEPUTUSAN PADA PERUSAHAAN
Pihak-pihak dalam Perusahaan
Pihak kesatu : Agent ( Pengelola Perusahaan / Manajemen)
Pihak kedua : Pemegang Saham

Apa itu Finance

Makro

Mikro
 APA ITU KEUANGAN ?

MAKRO

Diawali dengan diketemukannya uang

Hubungan keuangan dengan ekonomi makro :
uang beredar, inflasi
Pada dasarnya merupakan transaksi antara :
Surplus Spending Unit = (yang kelebihan dana
disalurkan kepada
Deficit Spending Unit = (yang membutuhkan
dana) melalui
Intermediaries (pihak perantara)
 KEUANGAN
Pasar Modal

Investor
Individu
Perusahaan/
Perusahaan REKSA DANA BANK Bdan Usaha
Kelebihan Dana / UMUM - Mgt Keuangan
Mempunyai dana

Produk
uang
Jasa

Masyarakat Pasar Uang

 BIDANG KEUANGAN?

TERDIRI DARI BEBERAPA BIDANG :

PASAR UANG DAN PASAR MODAL (MONEY & CAPITAL
MARKET); PASAR VALAS; PASAR KOMODITAS
INVESTASI / INVESTMENT ; MANAGEMENT RISIKO
MANAGEMENT KEUANGAN (FINANCIAL MANAGEMENT)
 MIKRO

AGENCY THEORY

PERUSAHAAN: AGEN

PEMEGANG SAHAM
 Goal of the Firm
7

Maximize Shareholder Wealth!!!

• Why? Shareholders memberikan dananya agar dana nya bertambah
banyak
• Maximizing shareholder wealth properly sehingga pemegang saham
akan membeli saham Perusahaan dengan capital gain; considers cash
flows, the timing of these cash flows, and the risk of these cash
flows. level & timing
of cash flows
Share Price = Future Dividends
risk of cash
Required Return flows
 FINANCE
8
Micro Finance PT. ABC Company
Balance Sheet
As of December 31, 2021

Assets: Liabilities & Equity:

Current Assets Current Liabilities
Working Cash & M.S. Accounts payable Working
Capital Accounts receivable Notes Payable
Capital
Inventory Total Current Liabilities
Total Current Assets Long-Term Liabilities
Fixed Assets: Total Liabilities
Investment Gross fixed assets Equity:
Financing
Decisions Less: Accumulated dep. Common Stock
Decisions
Goodwill Paid-in-capital
Other long-term assets Retained Earnings
Total Fixed Assets Total Equity
Total Assets Total Liabilities & Equity
 Balance sheet
• Assets • Liabilities & Stockholders’ Equity
Land Right (Tanah) Stockholders’Equity
Building (Bangunan) Common Stock
Machines&Equip.(Mesin & Peralatan) Preffered Stock
Vehicles (Kendaraan) Retained Earning
Peralatan kantor
Fixed Assets Total Stockholders’Equity
Acc.Depr.
Net PPE Long-term Debt
Bonds
Current Assets
Inv. Total Long-term Debt
A/R
Cash Short-term Debt
Total Current Assets

Total Assets Total Liab.& Stockholders Equity

 REVENUE
VARIABEL COST ( - )
10
CONTRIBUTION MARGIN

FIXED COST ( - )
HASIL NET OPERATING INCOME / EBIT ( - )
Investasi TAX

NOPAT ( + )
DEPRECIATION
OPERATING CASH FLOW ( - )
FIXED ASSET

WORKING CAPITAL REQUIREMENT

FREE CASH FLOW

Free to Pay ( - )
INTEREST
DEBT
FREE CASH FLOW TO EQUITY
( - )
DIVIDEND
PENGAMBILAN KEPUTUSAN
 Key Functions  Financial Manager
 Investing Decision  Plans for funds
 Financing Decision  Obtains funds
 Dividend Policy  Uses funds

Goals of the firms :

Maximize Company’s Value, Going Concern
The Financial Manager’s primary goal is to increase the value of the firm by:
1. Selecting value creating projects
2. Making smart financing decision

11
Bagaimana Mengukur Nilai

HASIL
Investasi Cost of Capital EVA
(NOPAT)

Metode Discounted Cash Flow

Price Earning Ratio
Price Earning Growth

Discounted Cash Flow :

Investment Concept
12
 NOI ( EBIT)

NOI 20
interest 2
EBT 18
Tax 30% 5.4 Int
EAT 12.6
Div PS 2.6
EAT CS 10.0
EPS 1.125
 NOI ( EBIT)

NOI 20
interest 2
EBT 18
Tax 30% 5.4
EAT 12.6 Tax
Div PS 2.6
EAT CS 10.0
EPS 1.125
 NOI ( EBIT)

NOI 20 EAT CS
interest 2
EBT 18
Tax 30% 5.4 Div PS
Int
EAT 12.6
Div PS 2.6 Tax
EAT CS 10.0
EPS 1.125
17
DISCOUNTED CASH FLOW ( DCF )

Present Value (Nilai Kini)

• In the multiperiod case, the formula for
PV can be written as:
Ci
PV  n
(1  r )
Where Ci is cash flow at date i, and
r is the appropriate interest rate.
n is the multiperiod
17
18
Present Value and Discounting
• How much would an investor have to set
aside today in order to have $20,000
five years from now if the current rate
is 15%?
PV FV=$20,000

0 1 2 3 4 5
$20,000
$9,943.53 
(1.15) 5
18
19
Perpetuity
A constant stream of cash flows that lasts
forever
C C C

0 1 2 3

C C C
PV   2
 3

(1  r ) (1  r ) (1  r )
C PV = ) WACC = r
PV 
r
20
Growing Perpetuity
C C×(1+g) C ×(1+g)2
…
0 1 2 3
2
C C  (1  g ) C  (1  g )
PV   2
 3

(1  r ) (1  r ) (1  r )

C
PV 
rg
20
21
Growing Perpetuity: Example
The expected dividend next year is $1.30, and
dividends are expected to grow at 5% forever.
If the discount rate is 10%, what is the value of
this promised dividend stream?

$1.30 $1.30×(1.05) $1.30 ×(1.05)2

1 2 3
$1.30
PV   $26.00
.10  .05
21
22
Net Present Value
• The Net Present Value (NPV) of an investment is the
present value of the expected cash flows, less the cost of
the investment.  NPV = –Cost + PV
• Suppose an investment that promises to pay $10,000 in
one year is offered for sale for $9,500. Your interest
rate is 5%. Should you buy?

$10,000
NPV  $9,500 
1.05
NPV  $9,500  $9,523.81
NPV  $23.81
22
23
Future Value
• The general formula for the future value of
an investment over many periods can be
written as:
FV = C0×(1 + r)n
Where
C0 is cash flow at date 0,
r is the appropriate interest rate, and
n is the number of periods over which the cash is
invested.

23
24
Future Value and Compounding
$1.10  (1.40) 5
$1.10  (1.40) 4
$1.10  (1.40) 3
$1.10  (1.40) 2
$1.10  (1.40)

$1.10 $1.54 $2.16 $3.02 $4.23 $5.92

0 1 2 3 4 5 24
 Compounding Periods
25

Compounding an investment m times a year for n years

provides for future value of wealth:
mn
 r
FV  C0  1  
 m
 For example, if you invest $50 for 3 years at 12%
compounded semi-annually, your investment will
grow to
23
 .12 
FV  $50  1    $50  (1.06) 6  $70.93
 2 

25
 26
Continuous Compounding
• The general formula for the future value of
an investment compounded continuously over
many periods can be written as:
FV = C0×ern
Where
C0 is cash flow at date 0,
r is the stated annual interest rate,
n is the number of years, and
e is a transcendental number approximately
equal to 2.718. ex is a key on your
calculator.
26
27
Effective Annual Rates of Interest (EAR)

A reasonable question to ask in the above example is

“what is the effective annual rate of interest on that
investment?”
3
FV  $50  (1  EAR)  $70.93
3 $70.93
(1  EAR) 
$50
13
 $70 .93 
EAR     1  .1236
 $50 
So, investing at 12.36% compounded annually is the
same as investing at 12% compounded semi-annually.

27
 Effective Annual Rates of Interest
28
(EAR)
• Find the Effective Annual Rate (EAR) of an
18% APR loan that is compounded monthly.
• What we have is a loan with a monthly interest
rate rate of 1½%.
• This is equivalent to a loan with an annual
interest rate of 19.56%.
m 12
 r  .18  12
1    1    (1.015)  1.1956
 m  12 
28
29
Annuity
A constant stream of cash flows with a fixed maturity
C C C C

1 2 3 n
C C C C
PV   2
 3

(1  r ) (1  r ) (1  r ) (1  r ) n

C 1 
PV  1 
r  (1  r ) n 
29
30
Annuity: Example 1
If you can afford a $400 monthly car payment, how
much car can you afford if interest rates are 7% on
36-month loans?
$400 $400 $400 $400

0 1 2 3 36
$400  1 
PV  1 36 
 $12,954.59
.07 / 12  (1  .07 12) 
30
 31
31 ANNUITY: EXAMPLE 2
What is the present value of a four-year annuity of $100 per
year that makes its first payment two years from today if the
discount rate is 9%?
4
$100 $100 $100 $100 $100
PV1   t
 1
 2
 3
 4
 $323.97
  t 1 (1.09) (1.09) (1.09) (1.09) (1.09)

$323.97
PV   $297.22
0 1.09

$297.22 $323.97 $100 $100 $100 $100

0 1 2 3 4 5
 32
32
GROWING ANNUITY
A growing stream of cash flows with a fixed maturity
C C×(1+g) C ×(1+g)2 C×(1+g)T-1

0 1 2 3 T
C C  (1  g ) C  (1  g )T 1
PV   2
 T
(1  r ) (1  r ) (1  r )
C   1 g  
T

PV  1    
r  g   (1  r )  

33 GROWING ANNUITY: EXAMPLE
A defined-benefit retirement plan offers to pay $20,000 per
year for 40 years and increase the annual payment by 3% each
year. What is the present value at retirement if the discount
rate is 10%?
$20,000 $20,000×(1.03) $20,000×(1.03)39

1 2  40

$20,000   1.03  
40

PV  1      $265,121.57
.10  .03   1.10  
34
COST OF CAPITAL
 COST OF EQUITY CAPITAL
35
35

• From the firm’s perspective, the

expected return is the Cost of Equity
Capital: R i  R  β ( R M  R )
F i F

• To estimate a firm’s cost of equity capital,

we need to know three things:
1. The risk-free rate, RF

Cov ( Ri , RM ) σ i , M
3. The company βi   2
beta, Var ( RM ) σM
 RISK: SYSTEMATIC AND
36
UNSYSTEMATIC
36

2
R  R U
Total risk
becomes
 R  Rmε
where
Nonsystematic
Risk:  m is the systematic risk
Systematic Risk: m ε is the unsystematic risk

n
 PORTFOLIO RISK AND NUMBER
37
OF STOCKS
37

In a large portfolio the variance terms are

 effectively diversified away, but the
covariance terms are not.
Diversifiable Risk;
Nonsystematic
Risk; Firm Specific
Risk; Unique Risk
Portfolio
Nondiversifiable risk
risk; Systematic
Risk; Market Risk
n
 BETA (SYSTEMATIC RISK)
38

• The beta coefficient, b, tells us the

response of the stock’s return to a
systematic risk.
• In the CAPM, b measures the
responsiveness of a security’s return to
a specific risk factor, the return on the
market portfolio.
Cov ( Ri , RM )
i  2
 ( RM )
39 QUALIFYING RISK
FOR HEDGE ACCOUNTING

Interest rate risk Specific risks Price risk

that qualify for
Foreign exchange hedge accounting
Credit risk
risk

Risks must be specific Possible for a derivative

risk, to
not general business risks hedge more than one risk
40 EXCHANGE RATE RISK

Exchange Rate Risk Exposure:

 Short-Term, Long-Term. Translation Exposure
Short-term Exposure:
 Risk from day-to-day fluctuations in exchange rates and the
fact that companies have contracts to buy and sell goods in the
short run at fixed prices
 Managing risk of Short-term Exposure
 Enter into a forward agreement to guarantee the exchange
rate.
 Use foreign currency options to lock in exchange rates if they
move against you, but benefit from rates if they move in your
favor.
41 EXCHANGE RATE RISK

Long-term Exposure
 Long-run fluctuations come from unanticipated
changes in relative economic conditions
 Could be due to changes in labor markets or
governments
 More difficult to hedge
 Try to match long-run inflows and outflows in the
currency
 Borrowing in the foreign country may mitigate
some of the problems
 42
42
CAPITAL ASSET PRICING MODEL –CAPM

• Expected Return on the Market:

R M  RF  Market Risk Premium
• Expected return on an individual security:

R i  RF  β i  ( R M  RF )

Market Risk Premium

This applies to individual securities held within
well-diversified portfolios.
43 HOLDING PERIOD RETURN: EXAMPLE

 Suppose your investment provides

the following returns over a four-
year period:

Year Return Your holding period return 

Your holding period return 
1 10%
2 -5% (1(1
R1R
) 1 )(1(1
R2) R(21)R(31) 
(1R3 )R)(1 1 R4 )  1
4

3 20% (1(.110
.10
) )(.95(.)95
 (1).
20()1.20 ) ) (11.15)  1
(1.15
4 15% .4421
.4421 44
 .44
21%
.21%
44 GEOMETRIC RETURN: EXAMPLE

 Recall our earlier example:

Year Return Geometric average return 
1 10% (1  Rg ) 4  (1  R1 )  (1  R2 )  (1  R3 )  (1  R4 )
2 -5%
3 20% Rg  4 (1.10)  (.95)  (1.20)  (1.15)  1
4 15%  .095844  9.58%
So, our investor made an average of 9.58% per year,
realizing a holding period return of 44.21%.
45 ARITHMETIC AVERAGE RETURN: EXAMPLE

 Note that the geometric average is not the same as the

arithmetic average:

Year Return
R1  R2  R3  R4
1 10% Arithmetic average return 
4
2 -5%
3 20% 10%  5%  20%  15%
  10%
4 15% 4
 46
46
DIVIDEND DISCOUNT MODEL

R D 1
g
P
• The DDM is an alternative to the CAPM
for calculating a firm’s cost of equity.
• The DDM and CAPM are internally consistent,
but academics generally favor the CAPM and
companies seem to use the CAPM more
consistently.
– This may be due to the measurement error
associated with estimating company growth.
 COST OF DEBT
47
47

• Interest rate required on new debt

issuance (i.e., yield to maturity on
outstanding debt)
• Adjust for the tax deductibility of
interest expense
 COST OF PREFERRED STOCK
48
48

• Preferred stock is a perpetuity, so

its price is equal to the coupon paid
divided by the current required
return.
• Rearranging, the cost of preferred
stock is:
– RP = C / PV
 WEIGHTED AVERAGE COST OF
49
CAPITAL
49

• The Weighted Average Cost of Capital is

given by:

RWACC = Equity × REquity + Debt × RDebt ×(1 – TC)

Equity + Debt Equity + Debt
S B
RWACC = × RS + × RB ×(1 – TC)
S+B S+B

• Because interest expense is tax-deductible,

we multiply the last term by (1 – TC).
 EXAMPLE OF CALCULATING WACC
50
50

• The industry average beta is 0.82,

the risk free rate is 3%, and the
market risk premium is 8.4%.
• Thus, the cost of equity capital is:
RS = RF + bi × ( RM – RF)

= 3% + 0.82×8.4%
= 9.89%
 EXAMPLE OF CALCULATING WACC
51
51

• The yield on the company’s debt is 8%, and

the firm has a 37% marginal tax rate.
• The debt to value ratio is 32%
S B
RWACC = × RS + × RB ×(1 – TC)
S+B S+B
= 0.68 × 9.89% + 0.32 × 8% × (1 – 0.37)
= 8.34%
8.34% is International’s cost of capital. It should be
used to discount any project where one believes that
the project’s risk is equal to the risk of the firm as a
whole and the project has the same leverage as the
firm as a whole.
52
ANALISA KEBUTUHAN MODAL KERJA

1. SIKLUS OPERASI (OPERATING CYCLE)

- > PIUTANG - > CASH - >

PERSEDIAAN
PENJUALAN BAHAN

PERSEDIAAN
BARANG JADI
& ½ JADI < PRODUKSI< -
FAKTOR BESARNYA MODAL KERJA

SIKLUS OPERASI

VOLUME
OPERASI
FAKTOR SIKLUS OPERASI

Bidang usaha
Tingkat Teknologi

Keterampilan Manajerial
Gaya Manajemen
SENIN SELASA RABU KAMIS JUM’AT

PIUTANG Rp
Rp
Rp

STOCK PIUTANG Rp
Rp
Rp

STOCK PIUTANG Rp
Rp
Rp

STOCK

Rp. 2 Juta Rp. 1 Juta

Rp
Rp
Rp PERSD PROSES PERSD PIUTANG Rp
Rp
Rp
B. BAKU PRODUKSI B. JADI
½ bl 1 bl ½ bl 2 bl

Waktu Tertanam Dana Pada :

Biaya B. Baku : 0,5 + 1 + 0,5 + 2 – 1,5 = 2,5 BL

Biaya T. Kerja : 1 + 0,5 + 2 = 3,5 BL
Biaya Umum. : 0,5 + 1 + 0,5 + 2 = 4 BL

Kebutuhan Modal Kerja :

B. Baku : 5.000 x 2.500 x 2,5 = Rp. 31.250.000

T. Kerja : 5.000 x 2.000 x 3,5 = Rp. 35.000.000
Umum : Rp. 2.000.000 x 4 = Rp. 8.000.000
Kas = Rp. 5.000.000
JUMLAH Rp. 79.250.000
 WORKING CAPITAL MANAGEMENT
R. Mat Prod. F/G Sales A/R Cash

B. dir.
Fin.dll

Raw Mat
Labor
58 FOH

Salesmen
Iklan dll

A/R

CASH 7 X 6 days X Rp. 10Jt = Rp. 420Jt

INVENTORY 6 X 6 days X Rp.200Jt= Rp.7.200Jt

A/R 2 X 6 days X Rp. 250Jt= Rp.3.000Jt TOTAL= Rp.10.620Jt

 REASONS FOR HOLDING CASH
59

 Speculative motive – hold cash to take

advantage of unexpected opportunities
 Precautionary motive – hold cash in case of
emergencies
 Transaction motive – hold cash to pay the
day-to-day bills
 Trade-off between opportunity cost of
holding cash relative to the transaction
cost of converting marketable securities to
cash for transactions