Kuliah 10 vbm

!
"
! # $
% " & % "
Bandi, 2007

1

Current Asset

Net
working
capital

Current Liabilities

Long Liabilities
Fixed Asset
1. Tangible fixed Asset
2. Intangible fixed Asset
Shareholders’ Equity

Not Operating Asset
Total value of Asset

Total value of the firm to investor
Bandi, 2007

2


!
%&' (
→&'
)
-

"#

$

#


*+,
&'
Bandi, 2007

3

.
-

) /

1

/ . &

,

"
"


2

%

,

" "
# 3
→5 3

" "
,

(

2

%


-

→→
,

,

.0

$
# 3

!
,

(
3

4


$
4

6

4

!
#

4

!

4

Bandi, 2007

4


→7)7,

!
→ !





6 #

6
#
# # 46

,
, &

# # %7
)

, # #
# # 4

8

2

4

!

2 #

#
!

6

VOp =
t =1


&' 8
7)7 8
() 8

!

7 32 7)7(



%&'

#

%!
# # %
# 6

FCFt

(1 + WACC) t
(

3(
%9 ))8 3

Bandi, 2007

!

(

5

%

8
8<
8


6

:

#

;

6
#

;

:

;

%&' (

&'


(8

3

+ ( ," 8 Σ

#
:

%
#
7)7 "*
""""""""""""

;

(8

""

-"*

%*;

)(

7)7 "*
8 """""""""""
% )# (
&' 8
7)7 8
() 8

%!
# # %
# 6

(

3(
%89 ))(

Bandi, 2007

6

&

,
)

5 3

7)7

#


VOp =
t =1


=
t =1

4 =

FCFt
t
(1 + WACC)
t

FCF0 (1 + g )
t
(1 + WACC)
Bandi, 2007

7

)
)

5 3

7

,

#
4
#

>

#

4

VOp =
t =1

#

?

%


=

1+ g
FCF0
1 + WACC
Bandi, 2007

(=
t

8

)

5 3
#

%
,

7
(

FCF1
VOp =
(WACC − g )
FCF0 (1 + g )
=
(WACC − g )
Bandi, 2007

9

)

5 3

7

,)

7)7+ 8 @1+
9 )) 8 *+A
8 BA

#

8 @*++

# 8 @1++

'

!

8 @B+
C 6 8 @1*+
Bandi, 2007

10

&

FCF0 (1 + g )
VOp =
(WACC − g )
20 (1 + 0 .05 )
= 420
VOp =
(0.10 − 0.05 )
Bandi, 2007

11

&
<

C

6

%)

#

&

(

8 @D1+
"
8 @*++
%&
<

# ( 8 @1++
8 @B+

8E

Bandi, 2007

12

&
.

C
!

8&

6
;

=< =

8 @D1+ ; @*++
8 @B1+
&

C

6 8.
"
# "
=
8 @B1+ " @1++ " @B+
8 @1F+

Bandi, 2007

13

&
&

&

% & (,
2

&

8

"

8<

#
&

!

#

G

:.
% & (,

#

#

#
# 6

&

8

." >

8 '0. G % * :

# 6
("

:

Bandi, 2007

#=

14

&

% & (

& 8
#
#

#
8

#

;

;
#
& 8 @B1+ " %@1*+ ; @1++ ; @B+(
8 @H+

Bandi, 2007

15

'

3

)

&

600

MVA

500

Book equity

400

Equity (Market)

300
Preferred stock

200

Debt

100
0
Sources Claims
Market
of Value on Value vs. Book

Bandi, 2007

Marketable
securities
Value of operations
16

G

,

!
7)7(,

5 3
!

(=
# #

6

. * 7)7 8 "@B
. 1 7)7 8 @*+
. I 7)7 8 @1+
7)7
#

/
*+A=

#

%

@D+

3 2

%
=
=
HA

# 6
*+

%9 ))(4 4
#

Bandi, 2007

I=

=
17

?
4

3

%# 6
%

# #

%

=
#
4
#
+=
#
(

&
?

(

# #

?
?

#

#4

? (=
Bandi, 2007

# %I
#
# #
#

(4

18

?

&

7

FCFt (1 + g )
HV = VOp at time t =
(WACC − g )
?

#

!

4
=

Bandi, 2007

19

Value of operations by discounting the free
cash flows at the cost of capital.
0

1

rc=10%

2

3

4
g = 6%

FCF=

-5.00

10.00

20.00

21.2

-4.545
8.264
15.026

Vop at 3

398.197
416.942

=

Vop
Bandi, 2007

$21.2
=
= $530.
0 .10 − 0.06
20

=
%&

C

62& ( 8

8
:
8 @D*H=JD " @D+
8 @IFH=JD
=
#

8 @IFH=JD 2*+ 8 @IF=HJ=

Bandi, 2007

21

&

"'
%&' (

&'

.

=
&'

&

% & (

Bandi, 2007

22

&

7

&

!

&
%

!

#
#

%

8

%)

6
)/8

9

(,

C
2<

!

.2<

(
48

(
%9 ))(

Bandi, 2007

23

&

"' <

#
→ # #
= ,

5

. G 2

%
,
#
6 K
.

→→

.
6
#
# 6 #

4#
6

#

. 8 '0. G %* : . G

#

.(
6
4

<

# #

(

!
*= /
1= /
-/

C

%

(

#

C

%

2 )/(

)/ 8 """"""""""""""""""""""""""
-/

#
.
. 8 """""""""""""

G 2

%

.(

'0. %* : .(
8 """""""""""""""""""

Bandi, 2007

24

&

)

5 3

7

MVA t =
Sales t (1 + g )
WACC − g

CR
OP − WACC
(1 + g )

Bandi, 2007

25

0

)

5 3
&

% = =4

#

6
6

#

#
!

*++A(
#

=

Sales t (1 + g )
WACC − g
Bandi, 2007

26

0

)

5 3
#

% #
4

A( 6
6

6

!
6

%

!

(=

CR
OP − WACC
(1 + g )
Bandi, 2007

27

0

!

&
!

&
&

,

9 ))
#
%

(
6

# 62

%
%

Bandi, 2007

C

%)/(

28

.

0

5 3
%

#

(#

4
#

6
6

4

4

6

!

CR
OP − WACC
(1 + g )
Bandi, 2007

29

.

0

5 3

>

4
4

#
#

& =
6

6

>

!
4

#

& =

Bandi, 2007

30

G

/
)

0 !
% / 0)(

/

6
!

.6
6

#
!

,

NOPATt +1
EROIC t =
Capital t
Bandi, 2007

31

&

.

G

/ 0)

Capital t [EROIC t − WACC]
MVA t =
WACC − g
Jika selisih (spread) antara return
ekspektasian, EROICt, dan return yg
disyaratkan, WACC, adl positif, maka
MVA positif dan pertumbuhan
menjadikan MVA lbh besar. Sebaliknya
(MVA lbh kecil) jika selisih tsb negatif
Bandi, 2007

32

.

0

5 3
#

*+A=
!

! =
6
@*4+++4
#
BA4
9 )) #
#

6

C
!

&

'

%

8HA(

%
2)/8FLA(=
#

6

Bandi, 2007

% 8DA(
%)/81FA(=

33

9
3

BA

!
HA
FLA
BA
%I++=+(

)/
5 3
&
,

&
HAE

!

HA
FLA
HA
%IH+=+(

'
DA
1FA
BA
I++=+

DA
1FA
HA
ILB=+

&

MVAt =
Salest (1 + g)
CR
OP − WACC
WACC− g
(1 + g)
Bandi, 2007

34

G

/ 0)

!
)
@FL+
@FL+
+
5 3
BA
HA
<
@*4+B+ @*4+H+
*
.*
@HI @HI=H
/ 0)+ L=*A L=1A
&
%I++=+( %IH+=+(
Bandi, 2007

&
!
@1F+
BA
@*4+B+
@D1
*B=HA
I++=+

'
@1F+
HA
@*4+H+
@D1=D
*B=FA
ILB=+
35

6

5 3

/ 0)

!
!

%

#

#

9 ))4
6

(

#
/ 0)
% = =4
2

6
(
#

<

=

/ 0)

!
!

#
#

' # #
6

9 ))4

6

Bandi, 2007

36

.3
)
<

6
5 !

$
!

%

(6

#
%#

3

)

%

,

!

(=
(=

=

Bandi, 2007

37

.

6
#

%
(

6
=

# #,
"

!
%

!

(
3

6

Bandi, 2007

38

3
E
#

,

!
<

#

#

6

%

#

# (

6
(
#

#
&

%
# #

4

=
Bandi, 2007

39

".
#
% = =4
!
(
/

!

!

#
(

6
% = =4
#

Bandi, 2007

40

'
3

#
% = =4

6
6

(
#
3

#
'

=
6
(
#
#

%0
#

%)
3
3
Bandi, 2007

'4 )
(=
41

<

)
#

4

#
%

'

2 G
#
6
# #
(=

#

(#
%

%
#

3

4

M
!

G

(

.
%

#
(=

Bandi, 2007

42