Yunita: Juli 2013

Tahun 2005

1. Nopat = EAT + Beban Bunga

= 45.730.497.043 + 35.830.000.000

= 81.560.497.043

2. Invested Capital ( IC ) = Kas + Modal Kerja + Aktiva Tetap

= 113.158.490.613 + 895.020.684.285 + 675.637.239.815

= 1.683.816.414.713

D = Total Hutang x 100%

Total Hutang + Ekuitas

= 547.687.477.587 x 100% = 0,0379624 = 37,97%

547.687.477.587 + 895.020.684.285

rD = Biaya Bunga x100%

Total Hutang

= 35.830.000.000 x 100% = 0,006542 = 6,54%

547.687.477.587

T = Beban Pajak x 100 %

Laba Sebelum Pajak

= 18.847.044.311 x 100% = 0,027888 = 27,88%

67.580.550.770

E = Total Ekuitas x 100%

Total hutang + Ekuitas

= 895.020.684.285 x 100% = 0,146269 = 14,62%

547.687.477.587 + 64.212.000.000

rE = 1 = 1 = 1 = 0,024003 = 2,4%

PER Harga Saham / EPS 500/12

· WACC = { D x Rd ( 1-tax )} + { E x Re }

= { 0,0379624 x 0,006542 ( 1- 0,027888)} + { 0,146269 x 0,024003}

= 0,023334 = 2,334%

4. Capital Changes ( CC ) = WACC x IC

= 2,334% x 1.683.816.414.713 = 39.290.172.220

5. EVA = NOPAT - CC

= 64.577.541.354 – 39.290.172.220 = 42.270.324.823

Tahun 2006

1. Nopat = EAT + Beban Bunga

= 93.575.798.388 + 40.656.241.664

= 134.232.040.052

2. Invested Capital ( IC ) = Kas + Modal Kerja + Aktiva Tetap

= 54.255.385.079 + 969.476.149.117 + 796.222.894.072

= 1.819.954.428.268

D = Total Hutang x 100%

Total Hutang + Ekuitas

= 40.656.241.664 x 100% = 0,367150 = 36,71%

562.444.840.983 + 969.476.149.117

rD = Biaya Bunga x100%

Total Hutang

= 40.656.241.664 x 100% = 0,007228 = 7,22%

562.444.840.983

T = Beban Pajak x 100 %

Laba Sebelum Pajak

= 43.834.682.822 x 100% = 0,030925 = 3,09%

141.743.852.852

E = Total Ekuitas x 100%

Total hutang + Ekuitas

= 969.476.249.117 x 100% = 0,154706 = 15,47%

562.444.840.983 + 64.212.000.000

rE = 1 = 1 = 1 = 0,022002 = 2,2%

PER Harga Saham / EPS 500/11

· WACC = { D x Rd ( 1-tax )} + { E x Re }

= { 0,367150x 0,007228 ( 1- 0,030925)} + { 0,154706 x 0,022002}

= 0,005975 = 5,97%

4. Capital Changes ( CC ) = WACC x IC

= 5,97% x 1.819.954.428.268 = 10.875.199.704

5. EVA = NOPAT - CC

= 134.232.040.052 – 10.875.199.704 = 123.356.840.348

Tahun 2007

1. Nopat = EAT + Beban Bunga

= 141.589.137.703 + 63.210.225.775

= 204.799.363.478

2. Invested Capital ( IC ) = Kas + Modal Kerja + Aktiva Tetap

= 120.002.105.073 + 1.081.794.981.993 + 1.043.842.500.869

= 2.245.639.587.935

D = Total Hutang x 100%

Total Hutang + Ekuitas

= 785.033.927.472 x 100% = 0,420517 = 42,05%

785.033.927.472 + 1.081.794.981.993

rD = Biaya Bunga x100%

Total Hutang

= 43.313.286.100 x 100% = 0,005517 = 5,51%

785.033.927.472

T = Beban Pajak x 100 %

Laba Sebelum Pajak

= 63.210.225.775 x 100% = 0,030012 = 30.01%

209.827.932.029

E = Total Ekuitas x 100%

Total hutang + Ekuitas

= 1.081.794.981.993 x 100% = 1,273830 = 1,27%

785.033.927.472 + 64.212.000.000

rE = 1 = 1 = 1 = 0,450004 = 4,5%

PER Harga Saham / EPS 500/15

· WACC = { D x Rd ( 1-tax )} + { E x Re }

= { 0,420517 x 0,005517 ( 1- 0,030012)} + { 1,273830 x 0,450004}

= 0,575478 = 57,54%

4. Capital Changes ( CC ) = WACC x IC

= 57,54% x 2.245.639.587.935 = 1.292.316.178.785

5. EVA = NOPAT - CC

= 204.799.363.478 – 1.292.316.178.785 = -1.087.516.815.307

Tahun 2008

1. Nopat = EAT + Beban Bunga

= 139.326.426.816 + 41.691.534.763

= 181.017.961.579

2. Invested Capital ( IC ) = Kas + Modal Kerja + Aktiva Tetap

= 33.652.656.335 + 1.192.227.484.729 + 1.372.574.129.174

= 2.598.454.270.238

D = Total Hutang x 100%

Total Hutang + Ekuitas

= 1.236.147.185.266 x 100% = 0,026089 = 26,08%

1.236.147.185.266 + 383.292.000.000

rD = Biaya Bunga x100%

Total Hutang

= 41.691.534.763 x 100% = 0,003372 = 3,37%

1.236.147.185.266

T = Beban Pajak x 100 %

Laba Sebelum Pajak

= 58.238.456.300 x 100% = 0,028316 = 28,31%

205.668.648.513

E = Total Ekuitas x 100%

Total hutang + Ekuitas

= 1.192.227.484.729 x 100% = 0,073619 = 73,61%

1.236.147.185.266 + 383.292.000.000

rE = 1 = 1 = 1 = 0,196003 = 19,6%

PER Harga Saham / EPS 500/98

· WACC = { D x Rd ( 1-tax )} + { E x Re }

= { 0,026089 x 0,003372 ( 1- 0,028316)} + { 0,073619 x 0,196003}

= 0,0973538 = 9,73%

4. Capital Changes ( CC ) = WACC x IC

= 9,73% x 2.598.454.270.238 = 2.529.850.698.736

5. EVA = NOPAT - CC

= 181.017.961.579 – 2.529.850.698.736 = -2.348.832737.157

Tahun 2009

1. Nopat = EAT + Beban Bunga

= 267.569.931.889 + 75.551.493.054

= 343.121.424.943

2. Invested Capital ( IC ) = Kas + Modal Kerja + Aktiva Tetap

= 197.998.776.765 + 1.475.223.533.612 + 1.614.286.880.898

= 3.287.509.191.275

D = Total Hutang x 100%

Total Hutang + Ekuitas

= 1.655.361.146.523 x 100% = 6,778633 = 6,78%

1.655.361.146.523 + 1.475.223.533.612

rD = Biaya Bunga x100%

Total Hutang

= 75.551.493.054 x 100% = 0,004564 = 4,56%

1.655.361.146.523

T = Beban Pajak x 100 %

Laba Sebelum Pajak

= 100.617.178.720 x 100% = 0,026471 = 26,47%

380.091.004.807

E = Total Ekuitas x 100%

Total hutang + Ekuitas

= 1.475.223.533.612 x 100% = 0,723626 = 72,36%

1.655.361.146.523+ 383.292.000.000

rE = 1 = 1 = 1 = 0,0239998 = 2,39%

PER Harga Saham / EPS 500/120

· WACC = { D x Rd ( 1-tax )} + { E x Re }

= { 0,778633 x 0,004564 ( 1- 0,026471)} + { 0,723626 x 0,35997}

= 0,291421 = 2,91%

4. Capital Changes ( CC ) = WACC x IC

= 2,91% x 3.287.509.191.275 = 958.050.308.246

5. EVA = NOPAT - CC

= 343.121.424.943 – 958.050.308.246 = -64.928.883.303

Keterangan	2005	2006	2007	2008	2009
NOPAT	81.560.497.043	134.232.040.052	204.799.363.478	181.017.961.579	343.121.424.943
IC	1.683.816.414.713	1.819.954.428.268	2.245.639.587.935	2.598.454.270.238	3.287.509.191.275
WACC	2,334%	5,975%	5,754%	9,735%	2,914%
CC	39.290.172.220	10.875.199.704	1.292.316.178.785	2.529.850.698.736	958.050.308.246
EVA	42.270.324.823	123.356.840.348	-1.087.516.815.307	-2.348.832.737.157	-64.928.883.303

Yunita

Selasa, 09 Juli 2013

Analisis Laporan Keuangan menggunakan EVA