4. HASIL DAN PEMBAHASAN
4.1 Analisis Fundamental
Contoh perhitungan Analisis Fundamental:
2007 2006
2005 2004
2003 Rasio
Likuiditas
Aktiva Lancar
344,663 381,552
315,581 346,346
318,334 Hutang
Lancar 270,878
207,400 229,340
259,610 188,169
Current Ratio
1.272 1.840
1.376 1.334
1.692
Aktiva Lancar
344,663 381,552
315,581 346,346
318,334 Inventory
141,920 215,922
209,853 230,456
201,087 Hutang
Lancar 270,878
207,400 229,340
259,610 188,169
Quick Ratio
0.748 0.799
0.461 0.446
0.623 Rasio
Aktivitas
Penjualan Bersih
3,175,322 3,624,924
3,363,877 3,265,440
3,614,851 Total
Aktiva 688,375
744,926 719,830
742,487 665,034
Total Asset Turnover
4.613 4.866
4.673 4.398
5.436
Penjualan Bersih
3,175,322 3,624,924
3,363,877 3,265,440
3,614,851 Inventory
141,920 215,922
209,853 230,456
201,087
Inventory Turnover
22.374 16.788
16.030 14.169
17.977 Rasio
Profitabilitas
Laba Kotor
233,080 228,396
198,551 214,054
210,250 Penjualan
Bersih 3,175,322
3,624,924 3,363,877
3,265,440 3,614,851
Gross Profit Margin GPM
0.073 0.063
0.059 0.066
0.058
Laba Bersih
4,176 39,074
9,943 5,068
8,364 Penjualan
Bersih 3,175,322
3,624,924 3,363,877
3,265,440 3,614,851
Net Profit Margin NPM
0.001 0.011
0.003 0.002
0.002
Laba Bersih
4,176 39,074
9,943 5,068
8,364 Total
Aktiva 688,375
744,926 719,830
742,487 665,034
Return On Assets ROA
0.006 0.052
0.014 0.007
0.013
Laba Bersih
4,176 39,074
9,943 5,068
8,364 Total
Ekuitas 373,298
368,891 329,817
319,874 314,805
Return On Equity ROE
0.011 0.106
0.030 0.016
0.027 Rasio
Pengungkit
Total Hutang
315,077 375,614
389,604 422,246
349,855 Total
Aktiva 688,375
744,926 719,830
742,487 665,034
Debt Ratio
0.458 0.504
0.541 0.569
0.526
Total Hutang
315,077 375,614
389,604 422,246
349,855 Total
Ekuitas 373,298
368,891 329,817
319,874 314,805
Debt Equity Ratio DER
0.844 1.018
1.181 1.320
1.111
Total Aktiva
688,375 744,926
719,830 742,487
665,034 Total
Ekuitas 373,298
368,891 329,817
319,874 314,805
Leverage Ratio
1.844 2.019
2.183 2.321
2.113 Rasio
Pasar Earning
Per Share EPS 9
83 21
11 1
Harga Pasar Per Lembar Saham
2,100 1,020
1,340 1,000
1,250 Earning
Per Share 9
83 21
11 18
Price Earning Ratio PER
233.333 12.289
63.810 90.909
69.444
Tertera Di Dalam Laporan Keuangan
Analisis Fundamental
ALFA
8
11
Contoh Perhitungan EVA:
2007 2006
2005 2004
2003
Laba Bersih Setelah Pajak
4,176 39,074
9,943 5,068
8,364 Biaya
Bunga ‐24,040
‐29,842 ‐32,524
‐32,839 ‐27,761
NOPAT ‐19,864
9,232 ‐22,581
‐27,771 ‐19,397
Hutang Jk. Pendek
270,878 207,400
229,340 259,610
188,169 Hutang
Jk. Panjang 44,199
168,214 160,264
162,637 161,686
Total Ekuitas
373,298 368,891
329,817 319,874
314,805
Invested Capital IC
688,375 744,505
719,421 742,121
664,660
Total Hutang
315,077 375,614
389,604 422,247
349,855 Total
Ekuitas 373,298
368,891 329,817
319,874 314,805
Tingkat Hutang D
0.458 0.505
0.542 0.569
0.526 Biaya
Bunga ‐24,040
‐29,842 ‐32,524
‐32,839 ‐27,761
Total Hutang
315,077 375,614
389,604 422,247
349,855 Cost
Of Debt rd ‐0.076
‐0.079 ‐0.083
‐0.078 ‐0.079
Beban Pajak
9,950 4,642
5,156 3,617
882 Laba
Sebelum Pajak ‐5,913
34,444 4,830
1,444 7,490
Tingkat Pajak T
‐1.683 0.135
1.067 2.505
0.118 Total
Ekuitas 373,298
368,891 329,817
319,874 314,805
Total Hutang
315,077 375,614
389,604 422,247
349,855 Tingkat
Modal E 0.542
0.495 0.458
0.431 0.474
PER 233.333
12.289 63.810
90.909 69.444
Cost Of Equity re
0.004 0.081
0.016 0.011
0.014
WACC ‐0.091
0.006 0.010
0.071 ‐0.030
Capital Charges CC
‐62,893 4,197
7,364 52,936
‐19,959 Economic
Value Added EVA 43,029
5,035 ‐29,945
‐80,707 562
ALFA Economic
Value Added
12
Hasil Perhitungan Analisis Fundamental
No Perusahaan CR QR TAT IT
GPM NPM ROA ROE DR DER LR EPS
PER 1 ALFA
2007 1,272 0,748 4,613 22,374 0,073 0,001 0,006 0,011 0,458 0,844 1,844 9,000 233,333 2 ALFA
2006 1,840 0,799 4,866 16,788 0,063 0,011 0,052 0,106 0,504 1,018 2,019 83,000 12,289 3 ALFA
2005 1,376 0,461 4,673 16,030 0,059 0,003 0,014 0,030 0,541 1,181 2,183 21,000 63,810 4 ALFA
2004 1,334 0,446 4,398 14,169 0,066 0,002 0,007 0,016 0,569 1,320 2,321 11,000 90,909 5 ALFA
2003 1,692 0,623 5,436 17,977 0,058 0,002 0,013 0,027 0,526 1,111 2,113 18,000 69,444 6 HERO
2007 0,162
-0,377
2,936 10,400 0,216 0,013 0,039 0,107 0,632 1,721 2,721 209,000 23,684 7 HERO
2006 0,133
-0,442
2,977 11,236 0,212 0,013 0,040 0,112 0,644 1,807 2,807 195,000 24,615 8 HERO
2005 0,846 0,317 2,827 10,610 0,198 0,013 0,037 0,108 0,661 1,947 2,947 168,000 41,667 9 HERO
2004 0,907 0,365 2,925 10,548 0,191 0,009 0,026 0,075 0,648 1,842 2,842 104,000 26,923 10 HERO
2003 0,868 0,380 2,623 10,395 0,189
-0,007 -0,019
-0,053
0,629 1,693 2,693 -67,000 -14,925 11 MPPA
2007 1,403 0,943 1,162 10,777 0,264 0,018 0,021 0,056 0,614 1,590 2,590 41,000 16,829 12 MPPA
2006 0,811 0,290 1,403 10,731 0,272 0,019 0,027 0,074 0,642 1,793 2,793 55,000 14,545 13 MPPA
2005 1,288 0,717 1,511 10,226 0,291 0,032 0,049 0,108 0,548 1,214 2,214 89,000 10,787 14 MPPA
2004 1,499 1,164 1,375 13,697 0,314 0,023 0,031 0,068 0,540 1,174 2,174 51,000 11,275 15 MPPA
2003 1,137 0,798 1,480 13,000 0,305 0,023 0,034 0,066 0,489 0,956 1,956 45,000 11,667 16
MTSM 2007
1,565 1,532 0,342 89,481 0,227 0,095 0,032 0,042 0,225 0,290 1,290 55,000 9,091 17
MTSM 2006
0,474 0,463 0,373 176,341 0,318 0,123 0,046 0,060 0,242 0,319 1,319 76,000 5,921 18
MTSM 2005
0,262 0,249 0,347 113,701 0,289 0,138 0,048 0,071 0,321 0,473 1,473 84,000 14,286 19
MTSM 2004
0,264 0,187 0,375 17,536 0,182 0,137 0,051 0,089 0,426 0,741 1,741 98,000 9,949 20
MTSM 2003
0,207 0,150 0,371 15,459 0,189 0,091 0,034 0,068 0,506 1,023 2,023 69,000 13,768 21 RALS
2007 2,805 2,044 1,677 9,817 0,271 0,075 0,126 0,170 0,262 0,354 1,354 51,930 16,368 22 RALS
2006 3,182 2,438 1,771 12,686 0,275 0,070 0,124 0,161 0,230 0,299 1,299 44,400 19,595 23 RALS
2005 2,873 2,079 1,839 11,906 0,267 0,070 0,129 0,172 0,246 0,326 1,326 43,100 18,794 24 RALS
2004 2,187 1,828 1,485 14,697 0,270 0,082 0,122 0,188 0,353 0,545 1,545 44,540 17,400 25 RALS
2003 1,935 1,631 1,414 14,631 0,277 0,085 0,121 0,201 0,400 0,666 1,666 43,300 20,208 26 RIMO
2007 0,852 0,220 2,057 4,571 0,328 0,009 0,018 0,084 0,781 3,647 4,667 3,340 53,892 27 RIMO
2006 0,704 0,210 2,995 7,999 0,082
-0,262 -0,786 -4,197
0,807 4,311 5,343
-154,000
-0,422 28 RIMO
2005 1,416 0,340 1,793 3,566 0,285
-0,052 -0,093 -0,180
0,476 0,923 1,936 -34,000 -2,206 29 RIMO
2004 1,333 0,439 1,490 3,856 0,284
-0,099 -0,147 -0,263
0,434 0,800 1,791 -59,000 -1,102 30 RIMO
2003 1,347 0,473 1,274 3,535 0,271
-0,075 -0,096 -0,165
0,412 0,710 1,722 -47,000 -2,128
Sumber: Hasil Perhitungan
4.2 Economic Value Added EVA
Kategori