Biaya Modal Penyajian Data

Pokphand Indonesia Tbk 00 00 000 000 44 Astra Agro Lestari Tbk 3,195,661,000,0 00 3,453,729,000,0 00 798,915,250,00 863,432,250,00 2,396,745,750, 000 2,590,296,750, 000 45 PT Bhakti Investama Tbk. 1,940,345,000,0 00 2,608,492,000,0 00 485,086,250,00 684,691,250,00 1,455,258,750, 000 1,923,800,750, 000 46 PT SLJ Global Tbk - 198,212,147,48 - 222,447,783,42 5 - 42,131,966,427 - 51,901,410,635 - 156,080,181,0 53 - 170,546,372,7 91 47 Gozco Plantations Tbk 104,311,555,60 3 85,993,860,888 26,077,888,901 21,498,465,222 78,233,666,70 2 64,495,395,66 6 48 Eterindo Wahanatama Tbk 69,135,575,854 45,254,064,447 13,827,115,171 9,050,812,889 55,308,460,68 3 36,203,251,55 8 Sumber: Hasil Olahan Penulis

4.1.1. Biaya Modal

Biaya modal adalah biaya yang dikeluarkan sehubungan dengan modal yang dimiliki entitas yang diperoleh dengan mengalikan biaya modal rata-rata tertimbang dengan invested capitalnya. Biaya modal rata-rata tertimbang sendiri dihitung dengan menggunakan rumus yang dikutip dari Chan 2001:8 : ���� = � � 1 − � � � � + � � + � � � � � � + � � Dimana: r D : Cost of debt t c : Corporate tax rate D : Total debt E L : Total equity r E L : Cost of equity Universitas Sumatera Utara WACC: Weighted Average Capital Cost Tabel 4.3 Rekapitulasi Perhitungan WACC No. Nama 1-t c Jumlah Utang D Total Equity E L Cost of Debt Cost of Equity WACC 201 1 201 2 2011 2012 2011 2012 201 1 201 2 201 1 2012 201 1 201 2 1 Mahaka Media Tbk 75.0 75.0 294,206,068,0 52 305,768,880, 547 131,657,494, 288 135,785,616, 531 3.41 3.31 14.0 9 13.28 6.12 5.80 2 AKR Corporindo Tbk 80.0 80.0 4,746,103,316 ,000 7,577,784,98 1,000 3,671,759,67 6,000 4,209,740,01 8,000 0.07 0.11 13.3 8 12.57 5.87 4.55 3 Aneka Tambang Persero Tbk 75.0 75.0 4,429,191,527 ,000 6,876,224,89 0,000 10,772,043,5 50,000 12,832,316,0 56,000 0.38 2.56 11.7 10.89 8.38 7.76 4 Astra Graphia Tbk 75.0 75.0 569,502,000,0 00 606,917,000, 000 556,553,000, 000 633,010,000, 000 0.07 0.41 13.8 9 13.08 6.89 6.83 5 Benakat Integra Tbk 75.0 75.0 641,695,000,0 00 755,441,000, 000 3,122,272,00 0,000 3,723,716,00 0,000 10.3 1 5.53 7.91 7.10 7.88 6.60 6 Bintang Mitra Semestaraya Tbk 75.0 75.0 294,712,783,2 00 308,191,103, 983 370,703,075, 806 361,977,462, 903 2.17 2.74 3.84 3.03 2.86 2.58 7 Global Mediacom Tbk 75.0 75.0 4,295,815,000 ,000 5,699,770,00 0,000 10,815,788,0 00,000 14,295,756,0 00,000 6.51 4.29 10.9 6 10.15 9.23 8.17 8 Bumi Serpong Damai Tbk 75.0 75.0 4,530,152,109 ,517 6,225,013,62 8,292 8,257,224,80 4,639 10,531,704,3 99,283 2.53 1.08 13.1 9 12.38 9.19 8.08 9 BW Plantation Tbk 75.0 75.0 2,163,128,698 ,000 3,246,802,11 8,000 1,425,903,10 8,000 1,666,180,66 9,000 2.37 1.63 9.04 8.23 4.67 3.60 10 Intiland Development Tbk 75.0 75.0 1,892,907,650 ,386 2,140,815,83 3,510 3,799,002,09 1,322 3,950,935,40 7,032 1.91 2.87 13.3 1 12.50 9.36 8.86 11 Bakrieland Development Tbk 75.0 75.0 6,805,878,160 ,103 6,071,418,71 0,164 10,902,071,4 38,314 9,164,214,27 3,030 0.52 5.85 12.7 6 11.95 8.01 8.94 12 Megapolitan Developments Tbk 75.0 75.0 374,772,103,2 53 362,440,053, 575 519,765,911, 352 523,938,703, 303 2.91 2.31 10.4 1 9.60 6.96 6.38 13 Smartfren Telecom Tbk 75.0 75.0 9,027,606,756 ,073 9,355,398,81 2,684 3,268,971,89 4,665 4,984,408,17 8,131 2.89 2.95 9.40 8.59 4.09 4.43 14 Evergreen Invesco Tbk 75.0 75.0 566,946,300,4 70 581,076,926, 718 467,130,445, 903 477,120,299, 447 1.10 1.37 7.17 6.36 3.69 3.43 15 HM Sampoerna Tbk 75.0 75.0 9,027,088,000 ,000 12,939,107,0 00,000 10,302,670,0 00,000 13,308,420,0 00,000 0.08 0.12 9.20 8.39 4.93 4.30 16 Indofood CBP Sukses Makmur Tbk 75.0 75.0 4,513,084,000 ,000 5,766,682,00 0,000 10,709,773,0 00,000 11,986,798,0 00,000 0.77 0.70 10.4 1 9.60 7.50 6.65 17 Indofood Sukses Makmur Tbk 80.0 80.0 21,975,708,00 0,000 25,181,533,0 00,000 31,610,225,0 00,000 34,412,674,0 00,000 3.21 2.97 10.6 1 9.80 7.31 6.66 18 Jakarta International Hotels Development Tbk 80.0 80.0 1,050,554,569 ,000 1,076,060,48 7,000 3,311,811,65 2,000 3,378,474,59 9,000 3.59 0.00 12.4 8 11.67 10.1 7 8.85 19 Jaya Konstruksi Manggala Pratama Tbk 75.0 75.0 1,347,596,317 ,577 1,542,127,84 1,271 859,561,835, 006 1,015,603,37 8,916 1.47 1.71 8.10 7.29 3.83 3.67 Universitas Sumatera Utara 20 JAPFA Comfeed Indonesia Tbk 80.0 80.0 4,481,070,000 ,000 6,198,137,00 0,000 3,785,347,00 0,000 4,763,327,00 0,000 5.92 5.65 13.8 9 13.08 8.93 8.24 21 Jasa Marga Tbk 75.0 75.0 12,555,380,91 2,000 14,965,765,8 73,000 8,360,509,65 5 9,787,785,56 8 0.19 0.46 9.67 8.86 0.15 0.35 22 Jakarta Setiabudi Internasional Tbk 75.0 75.0 1,255,753,036 ,014 1,500,018,74 5,925 1,617,738,84 2,131 1,808,926,53 2,833 1.99 1.51 6.97 6.16 4.58 3.88 23 Mitra Adiperkasa Tbk 80.0 80.0 2,621,209,018 ,000 3,817,911,73 3,000 1,794,133,51 0,000 2,172,675,17 0,000 3.77 3.46 14.4 13.59 7.64 6.69 24 Modern Internasional Tbk 80.0 80.0 633,475,393,6 78 747,255,823, 658 422,521,075, 055 986,890,492, 044 4.17 6.14 14.3 2 13.51 7.73 9.81 25 Media Nusantara Citra Tbk 75.0 75.0 1,963,727,000 ,000 1,663,780,00 0,000 6,834,503,00 0,000 7,297,162,00 0,000 5.15 1.73 13.2 7 12.46 11.1 7 10.3 8 26 Panorama Sentrawisata Tbk 75.0 75.0 503,585,205,0 00 731,463,523, 000 259,765,210, 000 290,252,832, 000 3.90 3.97 8.97 8.16 4.98 4.45 27 Plaza Indonesia Realty Tbk 75.0 75.0 1,935,307,318 ,000 1,717,982,62 9,000 2,297,533,97 0,000 2,232,284,13 4,000 2.24 2.07 14.6 3 13.82 8.71 8.49 28 SMART Tbk 75.0 75.0 7,386,347,000 ,000 7,308,000,00 0,000 7,335,552,00 0,000 8,939,395,00 0,000 2.81 2.57 9.51 8.70 5.80 5.65 29 Holcim Indonesia Tbk 69.3 7 72.1 3 3,423,241,000 ,000 3,750,461,00 0,000 7,527,560,00 0,000 8,418,056,00 0,000 2.46 2.30 11.3 9 10.58 8.36 7.83 30 PT Tower Bersama Infrastructure Tbk 75.0 75.0 4,174,997,000 ,000 10,072,090,0 00,000 2,705,209,00 0,000 4,245,393,00 0,000 4.43 3.48 7.87 7.06 5.11 3.93 31 Trikomsel Oke Tbk 75.0 75.0 3,410,301,506 ,712 3,506,469,55 1,540 1,272,135,96 1,337 1,841,676,74 0,544 3.82 4.81 10.5 3 9.72 4.95 5.71 32 Bakrie Sumatera Plantations Tbk 80.0 80.0 9,644,732,756 ,000 11,068,929,2 44,000 9,057,562,44 7,000 7,914,402,80 8,000 3.85 4.00 11.9 8 11.17 7.39 6.52 33 Wijaya Karya Tbk 75.0 75.0 6,103,603,696 ,000 8,131,203,82 4,000 2,219,375,87 5,000 2,814,005,59 4,000 0.19 0.33 13.1 5 12.34 3.61 3.36 34 Elang Mahkota Teknologi Tbk 75.0 75.0 2,361,844,476 ,000 2,311,678,44 5,000 4,773,202,90 7,000 7,866,219,39 2,000 4.42 2.54 11.6 2 10.81 8.87 8.79 35 Pan Brothers Tbk 75.0 75.0 830,702,000,0 88 1,178,597,39 0,919 684,336,439, 807 824,500,240, 906 2.64 2.22 8.34 7.53 4.85 4.08 36 Astra Otoparts Tbk 75.0 75.0 2,241,333,000 ,000 3,396,543,00 0,000 4,722,894,00 0,000 5,485,099,00 0,000 1.86 2.20 12.3 3 11.52 8.81 7.74 37 Hero Supermarket Tbk 75.0 75.0 2,297,397,000 ,000 3,619,007,00 0,000 1,422,186,00 0,000 1,657,729,00 0,000 0.86 0.87 9.47 8.66 4.02 3.17 38 Astra International Tbk 80.0 80.0 78,481,000,00 0,000 92,460,000,0 00,000 75,838,000,0 00,000 89,814,000,0 00,000 0.72 0.88 11.3 1 10.50 5.85 5.53 39 COWELL DEVELOPMEN T Tbk 75.0 75.0 221,859,863,2 17 644,554,039, 238 163,821,701, 929 1,133,874,87 2,793 0.84 0.88 9.94 9.13 4.58 6.06 40 Bakrie Brothers Tbk 80.0 80.0 19,613,262,08 3,000 13,046,034,1 52,000 15,691,587,8 81,000 12,166,616,5 14,000 3.99 6.31 7.64 6.83 5.17 5.91 41 Panorama Transportasi Tbk 75.0 75.0 183,819,033,2 43 301,192,327, 415 78,935,301,4 88 84,868,348,0 06 6.41 6.20 9.94 9.13 6.35 5.64 42 Centrin Online Tbk 75.0 75.0 15,100,322,28 4 24,654,856,0 55 90,315,861,1 19 82,697,109,9 25 4.44 0.72 5.84 5.03 5.48 4.00 43 Charoen Pokphand Indonesia Tbk 80.0 80.0 2,658,734,000 ,000 4,172,163,00 0,000 6,189,470,00 0,000 8,176,464,00 0,000 1.04 0.99 13.8 1 13.00 9.91 8.88 44 Astra Agro Lestari Tbk 75.0 75.0 1,778,337,000 ,000 3,054,409,00 0,000 8,426,158,00 0,000 9,365,411,00 0,000 1.09 0.78 7.64 6.83 6.45 5.29 Universitas Sumatera Utara 45 PT Bhakti Investama Tbk. 75.0 75.0 6,665,467,000 ,000 8,827,432,00 0,000 12,209,162,0 00,000 18,426,483,0 00,000 5.49 3.40 10.6 1 9.80 8.32 7.45 46 PT SLJ Global Tbk 75.0 75.0 1,654,048,778 ,442 1,475,195,89 5,066 355,821,126, 300 40,970,581,9 70 3.37 2.45 12.6 11.79 4.31 2.11 47 Gozco Plantations Tbk 75.0 75.0 1,327,475,994 ,963 1,587,372,55 7,439 1,507,122,20 7,431 1,600,148,82 5,856 3.79 3.75 11.0 4 10.23 7.20 6.54 48 Eterindo Wahanatama Tbk 80.0 80.0 398,012,966,0 50 523,207,574, 539 408,085,852, 562 437,749,233, 845 1.24 1.48 9.00 8.19 5.05 4.38 Sumber: Hasil Olahan Penulis Invested capital adalah total aset tetap dan aset lancar dikurangi dengan kewajiban lancar dan kas Damodaran 2007:10, yang jika dirumuskan ditulis sebagai berikut: Current asset xxx Fixed asset xxx Current liabilities xxx Cash xxx Invested Capital xxx Tabel 4.3 Elemen-elemen Invested Capital No . Nama Current Asset Fixed Asset Current Liabilities Cash 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 1 Mahaka Media Tbk 149,715, 816,190 164,955, 863,883 199,138 ,780,23 2 100,67 4,742, 105 98,229,6 95,697 95,118,5 62,270 175,332, 532,113 202,251 ,987,85 242,531 ,723,01 2 17,759,1 27,703 14,204 ,740,8 87 13,071, 138,171 2 AKR Corporindo Tbk 4,838,64 9,390,00 5,226,93 9,175,00 7,414,6 01,415, 000 2,462, 258,71 6,000 2,581,70 2,295,00 3,177,35 0,183,00 4,009,34 5,586,00 3,860,0 12,029, 000 5,142,3 85,844, 000 614,271, 960,000 1,329, 789,25 7,000 1,884,9 43,309, 000 3 Aneka Tambang Persero Tbk 7,513,51 2,117,00 9,108,01 9,774,00 7,646,8 51,196, 000 2,822, 659,54 8,000 2,980,74 2,742,00 4,663,44 9,270,00 1,934,08 1,098,00 846,446 ,529,00 3,041,4 06,158, 000 4,229,10 1,514,00 5,639, 678,57 4,000 3,868,5 74,769, 000 4 Astra Graphia Tbk 747,674, 000,000 865,169, 000,000 863,400 ,000,00 170,21 8,000, 000 174,158, 000,000 246,756, 000,000 495,056, 000,000 543,580 ,000,00 542,001 ,000,00 211,075, 000,000 194,94 5,000, 000 153,298 ,000,00 5 Benakat Integra Tbk 1,847,68 5,000,00 589,305, 000,000 1,318,2 76,000, 000 5,416, 000,00 571,000, 000 835,000, 000 1,138,47 4,000,00 542,860 ,000,00 629,471 ,000,00 63,214,0 00,000 172,26 1,000, 000 69,984, 000,000 6 Bintang Mitra Semestaray a Tbk 355,217, 098,802 394,563, 426,855 401,694 ,357,45 3 442,19 2,727 12,631,6 58,960 17,005,0 16,223 340,548, 164,268 289,616 ,552,69 9 282,963 ,221,98 9 36,970,5 43,903 138,75 7,851, 404 5,519,5 71,070 Universitas Sumatera Utara 7 Global Mediacom Tbk 5,937,27 7,000,00 6,584,93 9,000,00 10,781, 083,000 ,000 2,793, 271,00 0,000 3,019,78 0,000,00 3,734,87 9,000,00 3,197,58 1,000,00 1,984,7 70,000, 000 2,481,6 08,000, 000 1,141,62 8,000,00 896,42 8,000, 000 952,529 ,000,00 8 Bumi Serpong Damai Tbk 7,530,60 6,609,12 7,112,05 5,625,44 4 8,361,2 46,564, 420 313,73 4,349, 372 438,274, 560,563 415,370, 551,974 3,772,18 8,635,23 4,258,7 18,204, 568 5,925,7 92,567, 221 3,545,38 4,624,43 5 3,479, 082,43 8,056 3,961,4 64,628, 320 9 BW Plantation Tbk 779,354, 276,000 441,193, 241,000 335,119 ,792,00 351,60 2,684, 000 468,595, 125,000 690,559, 495,000 611,500, 203,000 517,058 ,240,00 514,558 ,556,00 498,991, 579,000 58,274 ,568,0 00 50,553, 030,000 10 Intiland Developme nt Tbk 88,781,6 11,954 2,624,16 3,602,03 4 2,561,6 12,392, 951 2,284, 957,56 2,735 171,634, 355,989 277,684, 436,532 144,366, 782,041 1,716,3 35,344, 084 1,949,6 63,709, 721 812,271, 257,870 106,17 4,916, 664 221,765 ,835,97 4 11 Bakrieland Developme nt Tbk 5,526,39 8,713,05 5,628,08 3,620,18 3,826,6 37,618, 331 2,548, 267,97 0,292 2,565,59 3,225,15 7 3,498,00 9,020,44 6 2,320,61 9,497,52 3 4,189,4 84,452, 154 4,470,4 31,893, 894 860,557, 957,179 597,12 8,042, 339 268,369 ,116,37 4 12 Megapolita n Developme nts Tbk 295,468, 436,590 508,870, 275,701 493,213 ,155,75 8 33,637 ,615,6 86 34,957,1 53,055 32,032,8 29,298 308,548, 192,447 349,625 ,524,13 9 294,856 ,340,26 9 30,280,0 24,157 184,74 8,958, 190 116,406 ,948,41 4 13 Smartfren Telecom Tbk 446,530, 789,820 794,529, 242,937 852,986 ,796,52 3 3,337, 593,02 3,102 8,872,64 2,077,32 3 9,841,05 1,649,74 7 2,075,18 5,359,58 5 3,099,6 33,529, 663 3,030,8 49,454, 832 20,713,1 67,168 227,34 3,302, 579 141,301 ,222,79 5 14 Evergreen Invesco Tbk 248,621, 188,925 221,352, 142,577 166,212 ,937,21 6 294,48 0,575, 758 334,709, 046,749 404,020, 315,180 85,080,8 48,028 94,930, 443,353 98,192, 198,475 55,864,7 95,685 1,434, 156,39 9 4,719,1 74,133 15 HM Sampoerna Tbk 15,768,5 58,000,0 00 14,851,4 60,000,0 00 21,128, 313,000 ,000 4,087, 338,00 0,000 3,850,66 5,000,00 4,115,07 8,000,00 9,778,94 2,000,00 8,368,4 08,000, 000 11,897, 977,000 ,000 3,209,55 9,000,00 2,070, 123,00 0,000 783,505 ,000,00 16 Indofood CBP Sukses Makmur Tbk 7,017,83 5,000,00 8,580,31 1,000,00 9,888,4 40,000, 000 2,304, 588,00 0,000 2,590,03 6,000,00 3,839,75 6,000,00 2,701,20 0,000,00 2,988,5 40,000, 000 3,579,4 87,000, 000 3,407,68 7,000,00 4,420, 644,00 0,000 5,484,3 18,000, 000 17 Indofood Sukses Makmur Tbk 20,077,9 94,000,0 00 24,501,7 34,000,0 00 26,202, 972,000 ,000 11,737 ,142,0 00,000 12,921,0 13,000,0 00 15,775,7 41,000,0 00 9,859,11 8,000,00 12,831, 304,000 ,000 13,080, 544,000 ,000 10,439,3 53,000,0 00 13,049 ,048,0 00,000 13,343, 028,000 ,000 18 Jakarta Internation al Hotels Developme nt Tbk 2,037,66 8,989,00 1,719,46 7,690,00 1,913,1 61,021, 000 1,328, 370,65 0,000 1,040,21 9,010,00 1,153,42 4,944,00 1,628,68 6,453,00 674,162 ,256,00 479,442 ,850,00 180,059, 773,000 255,80 7,250, 000 302,553 ,419,00 19 Jaya Konstruksi Manggala Pratama Tbk 1,541,80 6,692,39 8 1,738,66 2,348,12 9 1,979,9 10,849, 313 262,22 4,230, 352 304,001, 440,434 349,837, 918,992 1,109,42 2,869,60 1 1,258,2 08,332, 418 1,474,5 79,736, 710 603,659, 042,070 768,52 4,802, 296 378,631 ,734,36 8 20 JAPFA Comfeed Indonesia Tbk 4,435,21 4,000,00 4,932,30 0,000,00 6,429,5 00,000, 000 2,224, 592,00 0,000 2,933,58 1,000,00 4,064,77 0,000,00 1,686,71 4,000,00 3,099,9 91,000, 000 3,523,8 91,000, 000 762,187, 000,000 827,44 4,000, 000 872,441 ,000,00 21 Jasa Marga Tbk 4,090,10 9,189,00 3,996,74 0,522,00 4,531,1 17,154, 000 297,81 0,130, 000 397,098, 595,000 422,506, 867,000 2,724,55 3,464,00 4,069,5 00,992, 000 6,648,1 64,394, 000 4,011,55 8,162,00 3,764, 008,59 1,000 4,302,3 82,487, 000 22 Jakarta Setiabudi Internasion al Tbk 701,047, 283,713 1,204,35 2,373,82 6 1,401,8 85,004, 585 941,42 2,825, 600 902,548, 435,205 638,897, 559,622 633,253, 141,514 671,603 ,347,27 6 841,430 ,356,37 8 402,396, 599,863 753,98 7,679, 286 904,292 ,886,06 9 23 Mitra Adiperkasa Tbk 1,865,27 2,071,00 2,368,84 0,468,00 3,262,6 20,710, 000 1,313, 593,16 8,000 1,486,58 0,902,00 2,011,10 7,593,00 1,468,99 9,174,00 2,277,7 34,939, 000 2,682,7 81,943, 000 224,320, 276,000 288,62 1,337, 000 526,324 ,881,00 Universitas Sumatera Utara 24 Modern Internasion al Tbk 498,434, 483,960 659,670, 130,202 985,911 ,960,23 7 186,85 8,225, 229 233,935, 468,284 343,955, 609,086 281,133, 144,135 376,583 ,943,59 4 428,123 ,210,91 17,500,5 72,952 74,896 ,631,0 53 273,070 ,448,76 3 25 Media Nusantara Citra Tbk 5,201,10 3,000,00 6,018,61 2,000,00 6,766,7 99,000, 000 1,037, 298,00 0,000 971,773, 000,000 985,995, 000,000 2,604,66 5,000,00 1,227,3 64,000, 000 1,250,2 25,000, 000 1,080,40 9,000,00 837,23 0,000, 000 528,415 ,000,00 26 Panorama Sentrawisat a Tbk 259,259, 136,000 360,102, 201,000 450,392 ,528,00 303,72 5,868, 000 329,861, 169,000 433,585, 324,000 245,570, 408,000 366,221 ,667,00 354,788 ,455,00 67,343,3 21,000 114,74 4,330, 000 116,182 ,698,00 27 Plaza Indonesia Realty Tbk 913,827, 523,000 653,345, 694,000 723,249 ,718,00 1,375, 851,81 5,000 1,559,73 9,678,00 909,057, 769,000 546,310, 580,000 382,554 ,153,00 609,300 ,508,00 437,357, 993,000 354,51 0,734, 000 331,487 ,639,00 28 SMART Tbk 6,237,10 8,000,00 7,943,54 4,000,00 7,345,4 44,000, 000 3,924, 066,00 0,000 4,541,65 3,000,00 5,779,34 7,000,00 4,106,20 5,000,00 4,248,8 61,000, 000 3,498,5 27,000, 000 292,971, 000,000 486,22 5,000, 000 1,183,4 82,000, 000 29 Holcim Indonesia Tbk 2,253,23 7,000 2,468,17 2,000,00 2,186,7 97,000, 000 7,893, 251,00 0,000 8,238,25 2,000,00 9,588,78 3,000,00 1,355,83 1,683,7 99,000, 000 1,566,8 75,000, 000 1,070,42 7,000,00 1,127, 482,00 0,000 555,785 ,000,00 30 PT Tower Bersama Infrastructu re Tbk 1,543,03 6,000,00 1,186,26 8,000,00 2,301,2 29,000, 000 207,55 0,000, 000 383,713, 000,000 87,100,0 00,000 459,148, 000,000 869,746 ,000,00 2,182,0 14,000, 000 1,047,45 4,000,00 499,55 2,000, 000 507,253 ,000,00 31 Trikomsel Oke Tbk 2,247,08 2,997,86 3 4,531,66 7,132,63 1 5,173,7 95,660, 213 77,682 ,905,9 51 102,977, 693,803 107,202, 403,265 1,527,75 4,131,29 3 3,388,7 52,437, 986 3,397,2 97,616, 385 75,472,2 56,784 201,22 3,227, 782 351,484 ,746,03 6 32 Bakrie Sumatera Plantations Tbk 1,788,21 4,165,00 1,369,51 7,754,00 3,788,4 85,702, 000 7,086, 613,64 5,000 7,021,47 8,019,00 6,689,96 4,563,00 3,342,53 9,718,00 3,443,7 58,819, 000 3,001,0 02,905 329,768, 431,000 201,56 7,663, 000 120,765 ,649,00 33 Wijaya Karya Tbk 4,954,28 7,102,00 5,838,85 1,683,00 7,186,5 54,643, 000 405,54 6,470, 000 7,186,55 4,643,00 1,168,75 6,506,00 3,642,02 6,776,00 5,127,2 08,872, 000 6,527,6 27,883, 000 1,227,70 4,869,00 1,244, 316,23 7,000 1,499,1 42,819, 000 34 Elang Mahkota Teknologi Tbk 2,496,42 5,030,00 2,756,67 3,807,00 5,717,8 90,288, 000 585,35 7,909, 000 1,350,03 6,474,00 1,410,47 8,277,00 565,156, 336,000 1,936,1 48,379, 000 1,054,5 60,551, 000 1,458,87 5,700,00 1,341, 581,27 1,000 4,080,9 56,654, 000 35 Pan Brothers Tbk 672,135, 854,352 1,125,98 9,491,71 7 1,484,3 02,727, 167 201,49 0,527, 389 348,591, 354,198 474,636, 442,299 547,887, 829,363 782,020 ,390,77 3 1,128,9 30,883, 767 27,317,7 58,260 176,84 9,137, 305 171,544 ,639,29 3 36 Astra Otoparts Tbk 2,161,30 2,000,00 2,509,44 3,000,00 3,205,6 31,000, 000 985,02 9,000, 000 1,547,83 1,000,00 2,084,18 4,000,00 1,251,73 1,000,00 1,892,8 18,000, 000 2,751,7 66,000, 000 485,564, 000,000 365,39 9,000, 000 651,750 ,000,00 37 Hero Supermark et Tbk 1,398,75 6,000,00 1,717,99 6,000,00 2,277,2 39,000, 000 1,454, 899,00 0,000 1,524,69 7,000,00 2,591,87 7,000,00 1,766,35 7,000,00 2,101,8 37,000, 000 3,338,5 62,000, 000 179,090, 000,000 102,87 8,000, 000 247,877 ,000,00 38 Astra Internation al Tbk 46,926,0 00,000,0 00 66,065,0 00,000,0 00 75,799, 000,000 ,000 2,222, 000,00 0,000 5,726,00 0,000,00 10,623,0 00,000,0 00 36,873,0 00,000,0 00 49,169, 000,000 ,000 54,178, 000,000 ,000 7,005,00 0,000,00 11,055, 000,000 ,000 39 COWELL DEVELOP MENT Tbk 92,201,2 42,498 232,849, 402,113 405,187 ,499,29 5 5,404, 006,63 5 4,880,15 4,131 341,869, 786,547 109,286, 769,564 182,395 ,789,76 6 285,845 ,280,00 3 12,377,3 43,899 144,11 4,648, 776 290,322 ,102,48 5 40 Bakrie Brothers Tbk 17,824,2 30,950,0 00 11,676,6 76,790,0 00 7,389,7 51,510, 000 13,465 ,044,6 27,000 2,552,84 0,203,00 2,663,45 6,283,00 12,529,7 09,777,0 00 11,592, 898,680 ,000 4,934,4 18,793, 000 972,585, 059,000 486,60 4,768, 000 163,950 ,945,00 41 Panorama Transportas i Tbk 34,213,9 30,864 41,654,5 19,477 54,105, 207,129 161,19 9,093, 162 172,660, 813,385 251,450, 526,898 74,298,7 83,478 103,724 ,703,05 4 46,399, 601,975 3,419,46 2,616 2,822, 739,89 2 26,754, 411,536 42 Centrin Online Tbk 286,082, 537,717 65,514,9 92,367 58,448, 665,334 1,011, 692,76 1 9,388,40 8,009 13,149,5 94,387 231,031, 953,471 9,081,3 09,238 17,060, 726,000 33,900,9 16,010 28,243 ,479,8 74 11,340, 255,247 43 Charoen 4,262,14 5,225,83 7,180,8 1,931, 3,198,60 4,593,00 1,384,18 1,357,9 2,167,6 1,316,84 876,19 954,694 Universitas Sumatera Utara Pokphand Indonesia Tbk 6,000,00 3,000,00 90,000, 000 069,00 0,000 4,000,00 0,000,00 0,000,00 12,000, 000 52,000, 000 0,000,00 8,000, 000 ,000,00 44 Astra Agro Lestari Tbk 2,051,17 7,000,00 1,857,02 5,000,00 1,780,3 95,000, 000 2,686, 910,00 0,000 3,424,19 4,000,00 4,918,67 3,000,00 1,086,44 9,000,00 1,467,5 69,000, 000 2,600,5 40,000, 000 1,240,78 1,000,00 838,19 0,000, 000 227,769 ,000,00 45 PT Bhakti Investama Tbk. 7,478,89 7,000,00 8,279,31 8,000,00 14,446, 162,000 ,000 3,720, 596,00 0,000 3,839,22 3,000,00 5,100,14 1,000,00 5,038,37 7,000,00 3,692,3 06,000, 000 4,786,4 54,000, 000 1,285,90 7,000,00 1,121, 551,00 0,000 1,338,6 76,000, 000 46 PT SLJ Global Tbk 381,202, 628,211 312,597, 973,884 494,039 ,087,21 6 992,11 7,111, 766 863,580, 371,124 724,785, 575,872 979,523, 780,277 1,467,6 38,162, 946 1,324,6 72,722, 609 11,527,0 26,179 7,403, 479,44 2 21,289, 551,769 47 Gozco Plantations Tbk 246,347, 717,924 231,317, 324,490 374,881 ,172,39 2 332,83 1,232, 109 461,047, 523,008 494,393, 307,667 149,769, 953,228 293,848 ,910,50 5 247,860 ,982,16 3 174,562, 486,580 178,47 5,342, 096 231,269 ,709,94 9 48 Eterindo Wahanatam a Tbk 256,195, 762,657 234,484, 526,149 295,904 ,056,30 7 40,951 ,655,5 18 64,534,7 72,161 240,977, 632,596 223,775, 974,085 232,929 ,885,80 1 383,478 ,950,31 3,124,15 2,714 6,907, 645,40 4 7,642,8 00,984 Sumber: Hasil olahan penulis Tabel 4.4 Rekapitulasi Perhitungan Invested Capital No. Nama Invested Capital Average Invested Capital 2010 2011 2012 2011 2012 1 Mahaka Media Tbk 57,298,898,479 46,728,830,843 38,654,481,319 52,013,864,661 42,691,656,081 2 AKR Corporindo Tbk 2,677,290,560, 000 2,618,840,184, 000 3,564,622,445,0 00 2,648,065,372,000 3,091,731,314,500 3 Aneka Tambang Persero Tbk 4,172,989,053, 000 5,602,637,413, 000 5,400,319,539,0 00 4,887,813,233,000 5,501,478,476,000 4 Astra Graphia Tbk 211,761,000,00 300,802,000,00 414,857,000,00 256,281,500,000 357,829,500,000 5 Benakat Integra Tbk 651,413,000,00 - 125,245,000,00 619,656,000,00 263,084,000,000 247,205,500,000 6 Bintang Mitra Semestaraya Tbk - 21,859,416,642 - 21,179,318,288 130,216,580,61 7 -21,519,367,465 54,518,631,165 7 Global Mediacom Tbk 4,391,339,000, 000 6,723,521,000, 000 11,081,825,000, 000 5,557,430,000,000 8,902,673,000,000 8 Bumi Serpong Damai Tbk 526,767,698,82 7 - 187,470,456,61 7 - 1,110,640,079,1 47 169,648,621,105 -649,055,267,882 9 BW Plantation Tbk 20,465,178,000 334,455,558,00 460,567,701,00 177,460,368,000 397,511,629,500 10 Intiland Development Tbk 1,417,101,134, 778 973,287,697,27 5 667,867,283,78 8 1,195,194,416,027 820,577,490,532 Universitas Sumatera Utara 11 Bakrieland Development Tbk 4,893,489,228, 640 3,407,064,350, 844 2,585,845,628,5 09 4,150,276,789,742 2,996,454,989,677 12 Megapolitan Developments Tbk -9,722,164,328 9,452,946,427 113,982,696,37 3 -134,608,951 61,717,821,400 13 Smartfren Telecom Tbk 1,688,225,286, 169 6,340,194,488, 018 7,521,887,768,6 43 4,014,209,887,094 6,931,041,128,331 14 Evergreen Invesco Tbk 402,156,120,97 459,696,589,57 4 467,321,879,78 8 430,926,355,272 463,509,234,681 15 HM Sampoerna Tbk 6,867,395,000, 000 8,263,594,000, 000 12,561,909,000, 000 7,565,494,500,000 10,412,751,500,00 16 Indofood CBP Sukses Makmur Tbk 3,213,536,000, 000 3,761,163,000, 000 4,664,391,000,0 00 3,487,349,500,000 4,212,777,000,000 17 Indofood Sukses Makmur Tbk 11,516,665,000 ,000 11,542,395,000 ,000 15,555,141,000, 000 11,529,530,000,00 13,548,768,000,00 18 Jakarta International Hotels Development Tbk 1,557,293,413, 000 1,829,717,194, 000 2,284,589,696,0 00 1,693,505,303,500 2,057,153,445,000 19 Jaya Konstruksi Manggala Pratama Tbk 90,949,011,079 15,930,653,849 476,537,297,22 7 53,439,832,464 246,233,975,538 20 JAPFA Comfeed Indonesia Tbk 4,210,905,000, 000 3,938,446,000, 000 6,097,938,000,0 00 4,074,675,500,000 5,018,192,000,000 21 Jasa Marga Tbk - 2,348,192,307, 000 - 3,439,670,466, 000 - 5,996,922,860,0 00 - 2,893,931,386,500 - 4,718,296,663,000 22 Jakarta Setiabudi Internasional Tbk 606,820,367,93 6 681,309,782,46 9 295,059,321,76 644,065,075,203 488,184,552,115 23 Mitra Adiperkasa Tbk 1,485,545,789, 000 1,289,065,094, 000 2,064,621,479,0 00 1,387,305,441,500 1,676,843,286,500 24 Modern Internasional Tbk 386,658,992,10 2 442,125,023,83 9 628,673,909,65 414,392,007,971 535,399,466,745 25 Media Nusantara Citra Tbk 2,553,327,000, 000 4,925,791,000, 000 5,974,154,000,0 00 3,739,559,000,000 5,449,972,500,000 26 Panorama Sentrawisata Tbk 250,071,275,00 208,997,373,00 413,006,699,00 229,534,324,000 311,002,036,000 27 Plaza Indonesia Realty Tbk 1,306,010,765, 000 1,476,020,485, 000 691,519,340,00 1,391,015,625,000 1,083,769,912,500 28 SMART Tbk 5,761,998,000, 000 7,750,111,000, 000 8,442,782,000,0 00 6,756,054,500,000 8,096,446,500,000 29 Holcim Indonesia Tbk 6,825,075,881, 170 7,895,143,000, 000 9,652,920,000,0 00 7,360,109,440,585 8,774,031,500,000 30 PT Tower Bersama Infrastructure Tbk 243,984,000,00 200,683,000,00 - 300,938,000,00 222,333,500,000 -50,127,500,000 31 Trikomsel Oke Tbk 721,539,515,73 1,044,669,160, 1,532,215,701,0 883,104,338,202 1,288,442,430,862 Universitas Sumatera Utara 7 666 57 32 Bakrie Sumatera Plantations Tbk 5,202,519,661, 000 4,745,669,291, 000 10,354,683,613, 095 4,974,094,476,000 7,550,176,452,048 33 Wijaya Karya Tbk 490,101,927,00 6,653,881,217, 000 328,540,447,00 3,571,991,572,000 3,491,210,832,000 34 Elang Mahkota Teknologi Tbk 1,057,750,903, 000 828,980,631,00 1,992,851,360,0 00 943,365,767,000 1,410,915,995,500 35 Pan Brothers Tbk 298,420,794,11 8 515,711,317,83 7 658,463,646,40 6 407,066,055,978 587,087,482,122 36 Astra Otoparts Tbk 1,409,036,000, 000 1,799,057,000, 000 1,886,299,000,0 00 1,604,046,500,000 1,842,678,000,000 37 Hero Supermarket Tbk 908,208,000,00 1,037,978,000, 000 1,282,677,000,0 00 973,093,000,000 1,160,327,500,000 38 Astra International Tbk 5,270,000,000, 000 9,511,000,000, 000 21,189,000,000, 000 7,390,500,000,000 15,350,000,000,00 39 COWELL DEVELOPMENT Tbk - 24,058,864,330 - 88,780,882,298 170,889,903,35 4 -56,419,873,314 41,054,510,528 40 Bakrie Brothers Tbk 17,786,980,741 ,000 2,150,013,545, 000 4,954,838,055,0 00 9,968,497,143,000 3,552,425,800,000 41 Panorama Transportasi Tbk 117,694,777,93 2 107,767,889,91 6 232,401,720,51 6 112,731,333,924 170,084,805,216 42 Centrin Online Tbk 22,161,360,997 37,578,611,264 43,197,278,474 29,869,986,131 40,387,944,869 43 Charoen Pokphand Indonesia Tbk 3,492,195,000, 000 6,190,327,000, 000 8,651,544,000,0 00 4,841,261,000,000 7,420,935,500,000 44 Astra Agro Lestari Tbk 2,410,857,000, 000 2,975,460,000, 000 3,870,759,000,0 00 2,693,158,500,000 3,423,109,500,000 45 PT Bhakti Investama Tbk. 4,875,209,000, 000 7,304,684,000, 000 13,421,173,000, 000 6,089,946,500,000 10,362,928,500,00 46 PT SLJ Global Tbk 382,268,933,52 1 - 298,863,297,38 - 127,137,611,29 41,702,818,071 -213,000,454,335 47 Gozco Plantations Tbk 254,846,510,22 5 220,040,594,89 7 390,143,787,94 7 237,443,552,561 305,092,191,422 48 Eterindo Wahanatama Tbk 70,247,291,376 59,181,767,105 145,759,937,60 9 64,714,529,241 102,470,852,357 Sumber: Hasil olahan penulis Selanjutnya, biaya modal bisa dihitung sebagai berikut: Biaya modal = WACC X invested capital Universitas Sumatera Utara Tabel 4.5 Rekapitulasi Perhitungan Biaya Modal No. Kode Nama WACC Average Invested Capital Biaya Modal 2011 2012 2011 2012 2011 2012 1 ABB A Mahaka Media Tbk 6.12 5.80 52,013,864,661 42,691,656,081 3,184,041,104 2,476,797,295 2 AKR A AKR Corporindo Tbk 5.87 4.55 2,648,065,372,000 3,091,731,314,500 155,423,815,835 140,646,107,108 3 ANT M Aneka Tambang Persero Tbk 8.38 7.76 4,887,813,233,000 5,501,478,476,000 409,429,481,608 426,979,666,777 4 ASGR Astra Graphia Tbk 6.89 6.83 256,281,500,000 357,829,500,000 17,665,615,105 24,437,054,397 5 BIPI Benakat Integra Tbk 7.88 6.60 263,084,000,000 247,205,500,000 20,728,368,030 16,319,616,399 6 BMS R Bintang Mitra Semestaraya Tbk 2.86 2.58 -21,519,367,465 54,518,631,165 -615,847,049 1,409,190,329 7 BMT R Global Mediacom Tbk 9.23 8.17 5,557,430,000,000 8,902,673,000,000 513,056,752,026 727,670,045,644 8 BSDE Bumi Serpong Damai Tbk 9.19 8.08 169,648,621,105 -649,055,267,882 15,586,674,353 -52,443,267,416 9 BWP T BW Plantation Tbk 4.67 3.60 177,460,368,000 397,511,629,500 8,281,035,997 14,301,442,938 10 DILD Intiland Development Tbk 9.36 8.86 1,195,194,416,027 820,577,490,532 111,843,140,727 72,697,281,609 11 ELTY Bakrieland Development Tbk 8.01 8.94 4,150,276,789,742 2,996,454,989,677 332,230,288,809 267,759,120,806 12 EMD E Megapolitan Developments Tbk 6.96 6.38 -134,608,951 61,717,821,400 -9,373,709 3,940,219,737 13 FREN Smartfren Telecom Tbk 4.09 4.43 4,014,209,887,094 6,931,041,128,331 164,058,228,416 306,879,195,469 14 GRE N Evergreen Invesco Tbk 3.69 3.43 430,926,355,272 463,509,234,681 15,905,929,270 15,907,923,595 15 HMS P HM Sampoerna Tbk 4.93 4.30 7,565,494,500,000 10,412,751,500,000 373,067,617,024 447,513,376,425 16 ICBP Indofood CBP Sukses Makmur Tbk 7.50 6.65 3,487,349,500,000 4,212,777,000,000 261,447,406,629 280,276,417,690 17 INDF Indofood Sukses Makmur Tbk 7.31 6.66 11,529,530,000,000 13,548,768,000,000 842,883,934,700 902,399,567,258 18 JIHD Jakarta International Hotels Development Tbk 10.17 8.85 1,693,505,303,500 2,057,153,445,000 172,228,966,066 182,152,767,833 Universitas Sumatera Utara 19 JKON Jaya Konstruksi Manggala Pratama Tbk 3.83 3.67 53,439,832,464 246,233,975,538 2,046,006,258 9,041,315,860 20 JPFA JAPFA Comfeed Indonesia Tbk 8.93 8.24 4,074,675,500,000 5,018,192,000,000 363,748,531,375 413,462,101,069 21 JSMR Jasa Marga Tbk 0.15 0.35 -2,893,931,386,500 -4,718,296,663,000 -4,404,423,077 -16,384,155,432 22 JSPT Jakarta Setiabudi Internasional Tbk 4.58 3.88 644,065,075,203 488,184,552,115 29,484,235,108 18,942,718,484 23 MAPI Mitra Adiperkasa Tbk 7.64 6.69 1,387,305,441,500 1,676,843,286,500 105,993,522,360 112,220,237,460 24 MDR N Modern Internasional Tbk 7.73 9.81 414,392,007,971 535,399,466,745 32,042,496,373 52,508,069,298 25 MNC N Media Nusantara Citra Tbk 11.17 10.38 3,739,559,000,000 5,449,972,500,000 417,620,847,865 565,911,735,959 26 PANR Panorama Sentrawisata Tbk 4.98 4.45 229,534,324,000 311,002,036,000 11,430,800,198 13,831,001,246 27 PLIN Plaza Indonesia Realty Tbk 8.71 8.49 1,391,015,625,000 1,083,769,912,500 121,185,091,958 91,967,200,019 28 SMA R SMART Tbk 5.80 5.65 6,756,054,500,000 8,096,446,500,000 391,602,828,632 457,766,861,844 29 SMC B Holcim Indonesia Tbk 8.36 7.83 7,360,109,440,585 8,774,031,500,000 615,434,855,063 687,002,316,250 30 TBIG PT Tower Bersama Infrastructure Tbk 5.11 3.93 222,333,500,000 -50,127,500,000 11,362,545,753 -1,970,077,359 31 TRIO Trikomsel Oke Tbk 4.95 5.71 883,104,338,202 1,288,442,430,862 43,705,442,374 73,624,680,514 32 UNSP Bakrie Sumatera Plantations Tbk 7.39 6.52 4,974,094,476,000 7,550,176,452,048 367,475,801,427 492,415,506,553 33 WIK A Wijaya Karya Tbk 3.61 3.36 3,571,991,572,000 3,491,210,832,000 129,030,820,208 117,251,683,947 34 EMT K Elang Mahkota Teknologi Tbk 8.87 8.79 943,365,767,000 1,410,915,995,500 83,698,828,429 124,037,191,701 35 PBRX Pan Brothers Tbk 4.85 4.08 407,066,055,978 587,087,482,122 19,748,926,328 23,948,122,265 36 AUT O Astra Otoparts Tbk 8.81 7.74 1,604,046,500,000 1,842,678,000,000 141,298,558,227 142,692,838,240 37 HER O Hero Supermarket Tbk 4.02 3.17 973,093,000,000 1,160,327,500,000 39,102,104,026 36,782,060,261 38 ASII Astra International 5.85 5.53 7,390,500,000,000 15,350,000,000,000 432,576,546,433 849,288,343,888 Universitas Sumatera Utara Tbk 39 COW L COWELL DEVELOPME NT Tbk 4.58 6.06 -56,419,873,314 41,054,510,528 -2,586,442,932 2,488,669,099 40 BNB R Bakrie Brothers Tbk 5.17 5.91 9,968,497,143,000 3,552,425,800,000 515,127,021,052 209,832,907,473 41 WEH A Panorama Transportasi Tbk 6.35 5.64 112,731,333,924 170,084,805,216 7,157,537,568 9,586,014,423 42 CENT Centrin Online Tbk 5.48 4.00 29,869,986,131 40,387,944,869 1,636,222,253 1,614,193,368 43 CPIN Charoen Pokphand Indonesia Tbk 9.91 8.88 4,841,261,000,000 7,420,935,500,000 479,884,862,725 658,778,461,694 44 AALI Astra Agro Lestari Tbk 6.45 5.29 2,693,158,500,000 3,423,109,500,000 173,631,221,874 181,111,640,564 45 BHIT PT Bhakti Investama Tbk. 8.32 7.45 6,089,946,500,000 10,362,928,500,000 506,437,242,493 772,015,440,425 46 SULI PT SLJ Global Tbk 4.31 2.11 41,702,818,071 -213,000,454,335 1,798,311,461 -4,484,220,080 47 GZC O Gozco Plantations Tbk 7.20 6.54 237,443,552,561 305,092,191,422 17,092,752,213 19,941,178,780 48 ETW A Eterindo Wahanatama Tbk 5.05 4.38 64,714,529,241 102,470,852,357 3,266,354,295 4,487,547,625 Sumber: Hasil olahan penulis

4.1.3. Goodwill Impairment Loss