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
3.
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
3.
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
3. 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
3. 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
3. 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
|
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