ANALISIS LAPORAN KEUANGAN Lembaga Manage
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Evaluate Prospects
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Evaluate Risks
Business Decision Makers
Equity investors
Creditors
Managers
Merger and Acquisition Analysts
External Auditors
Directors
Regulators
Employees & Unions
Lawyers
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Quantitative
Financial Statements
Industry Statistics
Economic Indicators
Regulatory filings
Trade reports
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Qualitative
Management Discussion &
Analysis
Chairperson’s Letter
Vision/Mission Statement
Financial Press
Press Releases
Web sites
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Creditors
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Trade Creditors
Provide goods or services
Most short-term
Usually implicit interest
Bear risk of default
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Non-trade Creditors
Provide major financing
Most long-term
Usually explicit interest
Bear risk of default
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Credit worthiness: Ability to honor credit obligations
(downside risk)
Liquidity
Ability to meet short-term
obligations
Focus:
• Current Financial
conditions
• Current cash flows
• Liquidity of assets
Solvency
Ability to meet long-term
obligations
Focus:
• Long-term financial
conditions
• Long-term cash flows
• Extended profitability
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Technical Analysis
Charting
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Fundamental Analysis
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Business
Environment &
Strategy Analysis
Industry
Analysis
Strategy
Analysis
Financial
Analysis
Accounting
Analysis
Profitability
Analysis
Analysis
of Sources
&Uses of
Funds
Risk
Analysis
Cost of Capital Estimate
Prospective
Analysis
Intrinsic Value
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%
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Rivalry Among
Existing Firm
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Industry growth
Concentration
Differentiation
Switching Cost
Fixed variable cost
Excess Capacity
Exit barriers
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Threat of New
Entrance
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Scale of economies
Distribution access
Relationships
Legal barriers
Threat of Substitutes
Product
• Relative Price and
performance
• Buyers willingness to
switch
INDUSTRY PROFITABILITY
Bargaining power of
Buyers
Bargaining power of
Suppliers
• Switching costs
• Differentiation
• Importance of product for
cost and quality
• Number of buyers
• Volume per buyer
• Switching costs
• Differentiation
• Importance of product for
cost and quality
• Number of buyers
• Volume per buyer
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Process to evaluate and adjust financial
statements to better reflect economic reality
Comparability problems — across firms and across time
Manager estimation error
Distortion problems
Earnings management
Accounting
Risk
Distortion of business
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Process to evaluate financial position and
performance using financial statements
Profitability analysis —Evaluate return
on investments
Risk analysis ——— Evaluate riskiness
& creditworthiness
Analysis of —
# '" (
Evaluate source &
deployment of funds
Common tools
Ratio
analysis
Cash
flow
analysis
,
)
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*
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1 9 X3
1 9 X2
1 9 X1
1 9 X3 -1 9 X2 1 9 X2 -1 9 XI 1 9 X3 -1 9 X2 1 9 X2 -1 9 X1
AKTIVA
Kas
Piutang dag ang
S urat-s urat be rharg a
Pe rs e dian
Jumlah
Aktiva te tap (ne t)
69.0
46.0
46.0
115.0
276.0
230.0
80.5
34.5
34.5
103.5
253.0
207.0
80.5
23.0
11.5
115.0
230.0
195.5
(11.5)
11.5
11.5
11.5
23.0
23.0
0.0
11.5
23.0
(11.5)
23.0
11.5
JUMLAH AKTIVA
506.0
460.0
425.5
46.0
34.5
10.0
8.1
KEWAJIBAN DAN EKUITAS
KEWAJIBAN:
Hutang Lanc ar
127.4
Hutang Jk. Panjang
184.0
Jumlah
311.4
115.0
172.5
287.5
119.6
161.0
280.6
12.4
11.5
23.9
(4.6)
11.5
6.9
10.8
6.7
8.3
(3.8)
7.1
2.5
EKUITAS :
Mo dal S aham (207 lbr) 103.5
S aldo Laba
91.1
Jumlah
194.6
JUMLAH KEWAJIBAN DA506.0
103.5
69.0
172.5
460.0
103.5
41.4
144.9
425.5
0.0
22.1
22.1
46.0
0.0
27.6
27.6
34.5
0.0
32.0
12.8
10.0
0.0
66.7
19.0
8.1
(14.3)
0.0
33.3
50.0
33.3 200.0
11.1
(10.0)
9.1
10.0
11.1
5.9
*
,
1 9 X2
KE NAIKAN
% KE NAIKAN
(PENU R U NAN)
(PE NU R U NAN)
1 9 X1 1 9 X3 -1 9 X2
1 9 X2 -1 9 X1
1 9 X3 -1 9 X2
1 9 X2 -1 9 X1
3 0 3 .0
(1 8 .4 )
2 8 4 .6
(1 8 8 .0 )
9 6 .6
1 9 0 .0
(6 .9 )
1 8 3 .1
(1 3 2 .5 )
5 0 .6
(1 6 .1 )
(2 9 .9 )
(4 6 .0 )
La ba U s a ha
3 4 .5
Pe nda pa ta n (bia ya ) la in-la in:
Pe nda pa ta n la in-la in
6 .9
Bia ya bung a
(4 .6 )
Jumla h
2 .3
La ba s e be lum pa ja k
Ta ks ira n pa ja k
pe ng ha s ila n (3 5 %)
La ba be rs ih
1 9 X3
Pe njua la n
3 0 0 .0
Pe njua la n re tur
(4 6 .0 )
Pe njua la n be rs ih
2 5 4 .0
Ha rg a po ko k pe njua la (1 8 5 .0 )
La ba ko to r
6 9 .0
B ia ya us a ha :
U mum da n a dminis tr
Pe ma s a ra n
Jumla h
(3 .0 )
(2 7 .6 )
(3 0 .6 )
3 .0
(2 7 .6 )
1 1 3 .0
(1 1 .5 )
1 0 1 .5
(5 5 .5 )
4 6 .0
(1 .0 )
1 5 0 .0
(1 0 .8 )
(1 .6 )
(2 8 .6 )
5 9 .5
1 6 6 .7
5 5 .4
4 1 .9
9 0 .9
(9 .2 )
(1 8 .4 )
(2 7 .6 )
6 .9
4 .6
1 1 .5
(6 .9 )
(1 1 .5 )
(1 8 .4 )
(4 2 .9 )
(1 5 .4 )
(2 5 .0 )
7 5 .0
6 2 .5
6 6 .7
5 0 .6
2 3 .0
(1 6 .1 )
2 7 .6
(3 1 .8 )
1 2 0 .0
0 .0
(4 .6 )
(4 .6 )
2 .3
(2 .3 )
0 .0
3 6 .8
4 6 .0
2 3 .0
(9 .2 )
2 3 .0
(2 0 .0 )
1 0 0 .0
(1 2 .9 )
2 3 .9
(1 6 .1 )
2 9 .9
(8 .1 )
1 4 .9
3 .2
(6 .0 )
(8 .0 )
1 5 .0
(1 9 .9 )
(2 0 .1 )
9 8 .8
1 0 0 .7
(9 .2 )
(2 5 .3 )
(3 4 .5 )
6 .9
0 .0
6 .9
(2 .3 )
(2 .3 )
(4 .6 )
N/A
0 .0
(1 5 0 .0 )
(1 0 0 .0 )
1 0 0 .0
N/A
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1
"
J. Holmes, Attorney-at-Law
Income Statements
For the Years Ended December 31, 2005 and 2006
2006
Fees earned
Operating expenses:
Wages expense
Rent expense
Utilities expense
Supplies expense
Miscellaneous exp.
Total operating expenses
Net income
2005
Amount
Percent
Amount
Percent
$187,500
100.0%
$150,000
100.0%
$60,000
15,000
12,500
2,700
2,300
$92,500
$95,000
32,0%
8,0%
6,7%
1,4%
1,2%
49,3%
50,7%
$45,000
12,000
9,000
3,000
1,800
$70,800
$79,200
30.0%
8.0%
6.0%
2.0%
1.2%
47.2%
52.8%
&
$
1 9 X3
AKTIVA
Aktiva La nc a r.
Ka s
Piuta ng da g a ng
S ura t-s ura t be rha rg a
Pe rs e dia n
Jumla h
Aktiva te ta p (ne t)
IN %
1 9 X2
IN %
,
1 9 X1
IN %
6 9 .0
4 6 .0
4 6 .0
1 1 5 .0
2 7 6 .0
2 3 0 .0
1 3 .6
9 .1
9 .1
2 2 .7
5 4 .5
4 5 .5
8 0 .5
3 4 .5
3 4 .5
1 0 3 .5
2 5 3 .0
2 0 7 .0
1 7 .5
7 .5
7 .5
2 2 .5
5 5 .0
4 5 .0
8 0 .5
2 3 .0
1 1 .5
1 1 5 .0
2 3 0 .0
1 9 5 .5
1 8 .9
5 .4
2 .7
2 7 .0
5 4 .1
4 5 .9
5 0 6 .0
1 0 0 .0
4 6 0 .0
1 0 0 .0
4 2 5 .5
1 0 0 .0
KEWAJIBAN DAN EKUITAS
KEWAJIBAN:
Huta ng La nc a r
Huta ng Jk. Pa nja ng
Jumla h
1 2 7 .4
1 8 4 .0
3 1 1 .4
2 5 .2
3 6 .4
6 1 .5
1 1 5 .0
1 7 2 .5
2 8 7 .5
2 5 .0
3 7 .5
6 2 .5
1 1 9 .6
1 6 1 .0
2 8 0 .6
2 8 .1
3 7 .8
6 5 .9
EKUITAS :
Mo da l S a ha m (2 0 7 lbr)
S a ldo La ba
Jumla h
1 0 3 .5
9 1 .1
1 9 4 .6
2 0 .5
1 8 .0
3 8 .5
1 0 3 .5
6 9 .0
1 7 2 .5
2 2 .5
1 5 .0
3 7 .5
1 0 3 .5
4 1 .4
1 4 4 .9
2 4 .3
9 .7
3 4 .1
JUMLAH KEWAJIBAN DAN EKU 5 0 6 .0
1 0 0 .0
4 6 0 .0
1 0 0 .0
4 2 5 .5
1 0 0 .0
JUMLAH AKTIVA
$
,
1 9 X3
3 0 0 .0
(4 6 .0 )
2 5 4 .0
(1 8 5 .0 )
6 9 .0
%
1 1 8 .1
(1 8 .1 )
1 0 0 .0
(7 2 .8 )
2 7 .2
1 9 X2
3 0 3 .0
(1 8 .4 )
2 8 4 .6
(1 8 8 .0 )
9 6 .6
%
1 0 6 .5
(6 .5 )
1 0 0 .0
(6 6 .1 )
3 3 .9
1 9 X1
1 9 0 .0
(6 .9 )
1 8 3 .1
(1 3 2 .5 )
5 0 .6
%
1 0 3 .8
(3 .8 )
1 0 0 .0
(7 2 .4 )
2 7 .6
(9 .2 )
(2 5 .3 )
(3 4 .5 )
(3 .6 )
(1 0 .0 )
(1 3 .6 )
(1 6 .1 )
(2 9 .9 )
(4 6 .0 )
(5 .7 )
(1 0 .5 )
(1 6 .2 )
(9 .2 )
(1 8 .4 )
(2 7 .6 )
(5 .0 )
(1 0 .0 )
(1 5 .1 )
La b a U s a h a
3 4 .5
P e n d a p a t a n ( b ia y a ) la in - la in :
P e n d a p a t a n la in - la in
6 .9
B ia y a b u n g a
(4 .6 )
J u m la h
2 .3
1 3 .6
5 0 .6
1 7 .8
2 3 .0
1 2 .6
La b a s e b e lu m p a ja k
Ta k s ira n p a ja k
p e n g h a s ila n ( 3 5 % )
La b a b e rs ih
1 4 .5
P e n ju a la n
P e n ju a la n re t u r
P e n ju a la n b e rs ih
H a rg a p o k o k p e n ju a la
La b a k o t o r
B ia y a u s a h a :
U m u m d a n a d m in is t r
P e m a s a ra n
J u m la h
3 6 .8
(1 2 .9 )
2 3 .9
2 .7
(1 .8 )
0 .9
(5 .1 )
9 .4
0 .0
(4 .6 )
(4 .6 )
0 .0
(1 .6 )
(1 .6 )
2 .3
(2 .3 )
0 .0
4 6 .0
1 6 .2
2 3 .0
(1 6 .1 )
2 9 .9
(5 .7 )
1 0 .5
(8 .1 )
1 4 .9
1 .3
(1 .3 )
0 .0
1 2 .6
(4 .4 )
8 .1
!
01
1
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1
1
2
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1
5 1
1
"
3
0
0
4
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6
1
1
( 6
1
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6
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2
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1
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( 6
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$
1
CLOVER CORPORATION
Compa ra tive Income Sta te me nts
For the Ye a rs Ended De ce mbe r 31, 1999 a nd 1998
Revenue
Net sales
Cost of merchandise sold
Gross profit
Operating expenses
Income from operations
Interest expense
Other expenses
Income before income tax
Income tax expense (20%)
Net Income
1999
1998
$ 494,000
140,000
354,000
270,000
84,000
2,640
1,360
80,000
16,000
$ 64,000
$ 450,000
127,000
323,000
249,000
74,000
3,200
800
70,000
14,000
$ 56,000
$
1
CLOVER CORPORATION
Compara tive Balance She ets
De cember 31, 1999 and 1998
1999
1998
Assets
Cash
Accounts receivable
Merchandise inventory
Equipment
Less Accumulated depreciation
Building
Less Accumulated depreciation
Land
T otal Assets
$
30,000 $ 20,000
20,000
17,000
12,000
10,000
60,000
60,000
(15,000)
(12,000)
100,000
100,000
(25,000)
(20,000)
168,000
125,000
$ 350,000 $ 300,000
Lanjutan
$
1
CLOVER CORPORATION
Comparative Ba lance She ets, Continue d
Decem be r 31, 1999 and 1998
1999
Liabilities
Accounts payable
$ 39,000
Notes payable
33,000
T otal Liabilities
$ 72,000
Stockholders' Equity
Common stock, $1 par
$ 27,400
Paid-in capital
198,100
Retained earnings
52,500
T otal Stockholders' Equity
278,000
T otal Liabilities & Stockholders' Equity $ 350,000
1998
$ 40,000
40,000
$ 80,000
$ 17,000
153,000
50,000
220,000
$ 300,000
"
1
'
#
5
!
1
#
"
1
1
'1
2
'
2
7
# 1
Net Working Capital = Current Assets - Current Liabilities
Angka ini mengindikasikan kemampuan
perusahaan dalam memenuhi utang jangka pendek.
Nilai yang tinggi mengindikasikan kemamapuan
likuiditas yang tinggi. Perbandingan dilakukan
dengan kondisi tahun sebelumnya dan kebutuhan
perusahaan ataupun skala perusahaan
7
# 1
Net Working Capital = Current Assets - Current Liabilities
Net Working Capital = 62.000 – 39.000 = 23.000
Jika Net working capital terlalu tinggi (overliquid)
maka tingkat profitabilitas relatif rendah, sehingga
nilai yang bagus adalah yang cukup.
$
Current
Ratio
=
Current Assets
Current Liabilities
Rasio ini mengukur kemampuan perusahaan untuk
membayar kewajiban yang akan jatuh tempo. Nilai
yang tinggi mengindikasikan likuiditas yang baik,
namun jika terlalu tinggi dapat juga merupakan indikasi
kekurangmampuan perusahaan dalam memanfaatkan
aktiva perusahaan
$
Current
Ratio
Current
Ratio
=
=
Current Assets
Current Liabilities
$62,000
$39,000
=
1.59 : 1
Dua aktiva yang sangat mempengaruhi adalah
piutang dan persediaan. Untuk itu perlu jika
dilakukan analisa mengenai kualitas piutang
dan persediaan perusahaan
8 #
Quick
Ratio
=
3 #
Quick Assets
Current Liabilities
Quick assets adalah Cash,
Accounts Receivable, and
Notes Receivable.
Rasio ini mengevaluasi posisi
likuiditas perusahaan dalam
jangka pendek
+
4
8 #
Quick
Ratio
Quick
Ratio
3 #
=
Quick Assets
Current Liabilities
=
$50,000
$39,000
=
1.28 : 1
Rasio ini mengevaluasi kemampuan
perusahaan untuk membayar kewajiban
yang segera jatuh tempo
+
4
$
Cash
Ratio
'
Cash + Cash Equivalents
=
Current Liabilities
Rasio ini mengukur ketersediaan kas
Untuk membayar utang yang akan jatuh tempo
$
Cash
Ratio
Cash
Ratio
'
Cash + Cash Equivalents
=
Current Liabilities
=
$30,000
$39,000
=
0.769 : 1
Nilai yang besar berarti kemampuan
membayar utang tinggi, namun
terlalu besar berarti terjadi idle cash
1
'
"
'
"
1
1
#
1 "
"
1
1
! 2
1
!
1
1
2
1
1
1 1
2
#
"
!
'
# 1
"
'
!
1 "
1
!
6
1
'2
#
Receivable
Turnover
=
+
Net Credit Sales
Average Net Trade Receivables
Rasio ini mengukur berapa cepat
perusahaan mampu menagih accounts
receivable piutangnya dalam satu
periode.
#
Receivable
Turnover
Receivable
Turnover
=
=
+
Net Credit Sales
Average Net Trade Receivables
$494,000
($20,000 + $17,000) ÷ 2
= 26.70 times
Semakin tinggi perputaran A/R akan diperoleh
nilai penjualan yang tinggi. Perusahaan
dengan turnover yang rendah cenderung
memiliki profitabilitas yang tinggi dan
sebaliknya
"
Average Age
of Receivables
=
#
Days in Year
Receivable Turnover
Receivable Turnover
sebesar 26.70 kali.
Rasio ini mengukur jumlah hari
untuk melakukan penagihan
piutang
"
Average Age
of Receivables
Average Age
of Receivables
#
=
Days in Year
Receivable Turnover
=
365
26.70
= 13.67 days
Rasio ini dibandingkan dengan jangka waktu
kredit yang diberikan. Perusahaan yang memiliki
penagihan yang bagus memiliki rasio ini lebih kecil
dari jangka waktu kreditnya.
!+
Inventory
Turnover
Cost of Goods Sold
=
Average Inventory
Rasio ini mengukur tingkat perputaran
persediaan perusahaan. Penurunan tingkat
perputaran persediaan mengisyaratkan
penjualan persediaan yang semakin lambat
!+
Inventory
Turnover
Cost of Goods Sold
=
Average Inventory
Inventory
Turnover
$140,000
= 12.73 times
=
($12,000 + $10,000) ÷ 2
Inventory turnover yang tinggi menunjukkan
tingkat penjualan yang tinggi. Perusahaan dengan
inventory turnover yang tinggi cnederung
memiliki profitabilitas yang rendah dan
sebaliknya
5 ! 9
Average Days’
Supply in
Inventory
=
11 !
Days in Year
Inventory Turnover
Inventory Turnover
sebesar 12.73 kali.
Rasio ini mengukur jumlah perputaran
persediaan dalam satu periode
!
5 ! 9
Average Days’
Supply in
Inventory
Average Days’
Supply in
Inventory
11 !
=
Days in Year
Inventory Turnover
=
365
12.73
= 28.67 days
Peningkatan Rasio ini
mengindikasikan makin
tambahnya umur persediaan.
!
:
Fixed
=
Asset
Turnover
+
Net Sales Revenue
Average Net Fixed Assets
Rasio ini mengukur kemampuan
perusahaan menciptakan
penjualan dari investasi aktiva
tetap yang dimilikinya.
:
+
Fixed
=
Asset
Turnover
Net Sales Revenue
Average Net Fixed Assets
Fixed
=
Asset
Turnover
$494,000
($288,000 + $253,000) ÷ 2
= 1.826
Semakin besar rasio ini menunjukkan perusahaan
sangat efisien memanfaatkan aktiva tetap yang
dimilikinya sedangkan nilai yang kecil
mengindikasikan perusahaan kurang mampu
memanfaatkan aktiva tetapnya.
+
Total
=
Asset
Turnover
+
Net Sales Revenue
Average Total Assets
Rasio ini mengukur kemampuan
perusahaan menciptakan
penjualan dari total investasi yang
dimilikinya
+
+
Total
=
Asset
Turnover
Net Sales Revenue
Average Total Assets
Total
=
Asset
Turnover
$494,000
($350,000 + $300,000) ÷ 2
= 1.52
Semakin besar rasio ini
mengindikasikan bahwa aktiva yang
dimiliki dapat optimal dimanfaatkan
untuk menciptakan penjualan
1
Siklus
usaha
=
Average collection period +
Average age of inventory
Jumlah hari yang dibutuhkan
untuk melakukan pembelian dan
realisasi kas dari penjualan.
$!#
$
'$
Cash Conversion
Operating cycle =
Cycle
Payables defferal period
Waktu yang digunakan untuk
melakukan konversi kas
$!#
'
Working capital
Yang dibutuhkan =
7
# 1
jumlah unit produksi per hari x
Biaya produksi per unit x
Cash conversion cycle
Kebutuhan modal kerja yang
diperlukan pada level produksi
dan biaya produksi yang ada.
0
1
1
'
!
1
1
!
!
+
Times
Interest
Earned
=
Net
Interest
Income Tax
+
+
Income
Expense
Expense
Interest Expense
Rasio ini menunjukkan kemampuan
perusahaan untuk memenuhi kewajiban
membayar bunga.
+
Times
Interest
Earned
Times
Interest
Earned
=
Net
Interest
Income Tax
+
+
Income
Expense
Expense
Interest Expense
=
$64,000 + $2,640 + $16,000
$2,640
Semakin tinggi rasio ini berarti
kemampuan membayar bunga dari laba
yang dimiliki semakin tinggi.
=
31.30
$
Cash
=
Coverage
'$
Cash Flow from Operating Activities
Before Interest and Taxes
Interest Paid
Rasio ini membandingkan kas yang
dihasilkan dari kegiatan operasi dan
penggunaan kas untuk membayar utang
dalam satu periode.
$
Cash
=
Coverage
'$
Cash Flow from Operating Activities
Before Interest and Taxes
Interest Paid
Cash Flow from Operating Activities
Net Income
Add
Depreciation
Deduct Accounts Receivable Increase
Inventory Increase
Accounts Payable Decrease
Cash Flow from Operating Activities
$ 64,000
8,000
(3,000)
(2,000)
(1,000)
$ 66,000
$
'$
Cash
=
Coverage
Cash Flow from Operating Activities
Before Interest and Taxes
Interest Paid
Cash
=
Coverage
$66,000 + $2,640 + $16,000
$2,640
=
Nilai yang besar menunjukkan perusahaan
memiliki dana dari kegiatan operasi yang
cukup besar untuk dapat memenuhi
kewajiban membayar bunga
32.06
5
Debt/Equity
Ratio
=
0 %
Total Liabilities
Owners’ Equity
Rasio ini mengukur jumlah utang
untuk setiap dolar dana yang
diinvestasikan oleh pemilik
!
5
Debt/Equity
Ratio
Debt/Equity
Ratio
=
=
0 %
!
Total Liabilities
Owners’ Equity
$72,000
$278,000
= .259 : 1
Nilai rasio lebih dari satu
menunjukkan jumlah utang yang lebih
besar dibandingkan dengan ekuitas
sehingga resikonya besar.
5
Debt Ratio
Debt Ratio
=
=
Total Liabilities
Total Asset
$72,000
$350,000
= 0,2057
Seberapa prosen aktiva perusahaan
didanai dengan utang.
5
Debt to tangible
net worth
(
Total Liabilities
=
Total Ekuitas – intangible asset
Lebih konservatif dibandingkan debt
rasio karena menghilangkan unsur
intangible asset yang tidak bisa
digunakan untuk membayar utang.
:
Fixed
Financial
Cost Ratio
#
$
EBIT +ELIE
=
Gross Interest Expense + ELIE
ELIE = estimated lease interest expense
"
$
'" (#
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#
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=
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=
LT Debt/
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+
5
0+
Total Long-term Debt
=
Total Long-term Asset
=
5
+
$ 1
Total Interest-bearing Debt
Total Capital – nonintererst-bearing Liabilities
"
1
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Return on Owners’
Investment
9
Income
=
Average Owners’ Equity
Ukuran ini menunjukkan kemampuan perusahaan
memanfaatkan dana yang diinvestasikan pemilik
untuk menghasilkan laba
(
Return on Owners’
Investment
9
Income
=
Average Owners’ Equity
Return on Owners’
$64,000
=
= 25.70%
Investment
($278,000 + $220,000) ÷ 2
Semakin besar ROE maka return yang diperoleh untuk
setiap Rp yang ditanamkan oleh pemegang saham
semakin tinggi. ROE sering digunakan sebagai kriteria
evaluasi suatu investasi dalam saham.
+
Return on Total Income + Interest Expense (net of tax)
=
Investment
Average Total Assets
Rasio ini merupakan ukuran terbaik untuk mengukur
profitabilitas keseluruhan perusahaan. Menunjukkan
imbal hasil atas setiap dana yang ditanamkan di
perusahaan. Untuk melihat efisiensi penggunaan
aktiva perusahaan.
+
Return on Total
Investment
Return on Total
Investment
=
Income + Interest Expense (net of tax)
Average Total Assets
=
$64,000 + ($2,640 × 0.8)
= 20.34%
($350,000 + $300,000) ÷ 2
Rasio ini sering digunakan sebagai kriteria minimal
diterima tidaknya suatu proyek. Jika proyek dengan
return lebih kecil dari ROI akan berdampak
menurunkan ROI perusahaan secara keseluruhan
#
Financial
Leverage
= Return on Owners’
Investment
Return on Owners’
Investment sebesar 25.70%.
–
Return on Total
Investment
Return on Total Investment
sebesar 20.34%.
Financial leverage adalah keuntungan atau kerugian
yang muncul karena ROE berbeda dari ROI. Leverage
menunjukkan keuntungan atau kerugian dari kebijakan
meminjam / berhutang.
#
Financial
Leverage
= Return on Owners’
Investment
Financial
Leverage
=
–
Return on Total
Investment
25.70% – 20.34% = 5.36%
Jika financial leverage positif berarti kebijakan
berhutang memberikan tambahan ROE bagi
pemegang saham dan sebaliknya. Untuk melihat
utang memberikan manfaat atau tidak bisa dilihat dari
rasio ini.
1
EPS =
'
Income
Average Number of Shares of
Common Stock Outstanding
EPS menggambarkan laba yang
dihasilkan dari setiap lembar saham
biasa selama periode akuntansi
3
4
1
EPS =
EPS =
'
3
Income
Average Number of Shares of
Common Stock Outstanding
$64,000
(27,400 + 17,000) ÷ 2
= $2.88
EPS sering digunakan sebagai
ukuran keuntungan yang akan
diterima oleh pemegang saham
4
8
Quality
=
of Income
! "
#
Cash Flow from Operating Activities
Net Income
Jika penghasilan diterima dalam bentuk kas
kualitasnya akan lebih baik daripada jika pendapatan
tersebut baru diterima secara akrual (sudah terjadi
tetapi belum diterima secara tunai)
8
Quality
=
of Income
! "
#
Cash Flow from Operating Activities
Net Income
Cash Flow from Operating Activities
Net Income
Add
Depreciation
Deduct Accounts Receivable Increase
Inventory Increase
Accounts Payable Decrease
Cash Flow from Operating Activities
$ 64,000
8,000
(3,000)
(2,000)
(1,000)
$ 66,000
8
! "
#
Quality
=
of Income
Cash Flow from Operating Activities
Quality
=
of Income
$66,000
Net Income
$64,000
= 1.031
Jika nilainya lebih dari satu
maka laba perusahaan
berkualitas.
"
Gross Profit
=
Margin
Gross pofit
Net Sales
Rasio ini mengukur berapa
keuntungan dari penjualan
yang tersisa setelah dikurangi
harga pokok.
"
Profit
=
Margin
Income (before extraordinary items)
Net Sales
Rasio ini memberikan ukuran
laba bersih yang dihasilkan
untuk setiap rupiah penjualan.
"
Profit
=
Margin
Income (before extraordinary items)
Profit
=
Margin
$64,000
Net Sales
= 12.96%
$494,000
Ukuran ini menunjukkan seberapa besar laba
yang akan dihasilkan perusahaan.
":
Profit
=
Margin
Penjualan bersih
Total aktiva tetap rata-rata
Ukuran ini menunjukkan kemampuan
perusahaan menggunakan aktiva tetapnya
secara produktif untuk menciptakan penjualan
!
'
#
!
1
'
!
+
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!
Business
Risk
Sales
σ of operating income
=
Mean operating income
=
σ of sales
Mean sales
=
% Operating Income
% Sales
Variability
Operating
Leverage
*
#
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# 0
P/E Ratio
=
3 0 4
Current Market Price Per Share
Earnings Per Share
Pada 12/31/99 harga pasar saham Clover
Corporation sebesar $73 per saham.
Rasio ini menunjukkan hubungan antara
harga pasar saham dengan laba per
saham.
# 0
P/E Ratio
P/E Ratio
3 0 4
=
Current Market Price Per Share
Earnings Per Share
=
$73.00
$2.88
= 25.34
PER identik dengan berapa lama waktu yang
dibutuhkan untuk mengembalikan investasi
(pembelian saham) yang telah dilakukan. Semakin
besar berarti payback periodnya semakin
panjang.
5
Dividend
Yield
=
B
Dividends Per Share
Market Price Per Share
Pada 1999 deviden yang dibayarkan
oleh Clover Corporation sebesar $2.50
per saham.
Rasio ini menggambarkan hubungan
antara dividen per saham biasa dengan
harga pasar per saham biasa.
5
Dividend
Yield
Dividend
Yield
B
=
Dividends Per Share
Market Price Per Share
=
$2.50
$73.00
=
3.42%
Semakin tinggi rasio ini menunjukkan
semakin besar prosentase pemegang
saham memperoleh hasil dari
investasinya dalam bentuk deviden
!
'
1
!
"
2
Book Value
per Share
=
1
'
Common Stock Equity
Number of Shares of
Common Stock Outstanding
Book value per share mengukur ekuitas
perusahaan untuk tiap lembar saham.
Nilai ini tidak memiliki hubungan dengan
harga pasar.
Book Value
per Share
Book Value
per Share
=
=
1
'
Common Stock Equity
Number of Shares of
Common Stock Outstanding
$278,000
27,400
=
$10.15
Jika harga pasar jauh di atas nilai bukunya
berarti perusahaan tersebut memiliki kinerja
non keuangan yang bagus yang mendukung
kegiatan perusahaan di masa mendatang
5
Deviden
Payout
Deviden
Payout
=
=
!
Deviden per saham
Earning per share
$2,5
2,88
=
0.868
Rasio ini menunjukkan besar prosentase
laba per saham yang dialokasikan oleh
manajemen untuk dibagikan dalam
bentuk deviden.
( '
( '
;
0
!
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8 1
+
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9
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The DuPont Model (ROE)
Net Profit
Total Asset
ROE =
X
Margin
Turnover
Net Income
Sales
X
Total Assets
Sales
:
( 11-
: (1Total Debt
Total Assets
Debt )
Ratio
)
5 1
Net Income
Net Income
Net Sales
ROE =
=
×
Common Equity
Net Sales Common Equity
Sales
Sales
Total Assets
=
×
Equity Total Assets
Equity
Net Income
Sales
Total Assets
ROE =
×
×
Sales
Total Assets Common Equity
=
Profit
Total Asset
x
Margin Turnover
x
Financial
Leverage
,
5 1
EBIT
Sales
EBIT
×
=
Sales Total Assets Total Assets
EBIT
Interest Expense Net Before Tax
−
=
Total Assets
Total Assets
Total Assets
Net BeforeTax (NBT)
Total Assets
Net BeforeTax (NBT)
×
=
Total Assets
Common Equity
Common Equity
Net BeforeTax
IncomeTaxes
Net Income
× 100% −
=
CommonEquity
Net BeforeTax CommonEquity
Sales
InterestExpense
TotalAssets
IncomeTaxes
EBIT
100
%
×
×
−
×
−
= ROE
Sales Tot Assets
Tot Assets CommonEquity
Net BeforeTax
,
5 1
EBIT
1.
= Operating Profit Margin
Sales
Sales
2.
= Total Asset Turnover
Total Assets
Interest Expense
3.
= Interest Expense Rate
Total Assets
Total Assets
4.
= Financial Leverage Multiplier
Common Equity
Income Taxes
5. 100% −
= Tax Retention Rate
Net Before Tax
,
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#
Business Analysis and Valuation Using Financial Statements
ninth edition by, Krishna G. Palepu, Victor L. Bernard, and Paul
M. Healy
Financial Statement Reporting and Analysis
third edition by Wild, Subramanyam, Hasley,
Financial Statement Analysis, A Global Perspective
international edition by Thomas R. Robinson, Paul Munter and
Julia Grant
Investment Analysis and Portfolio Management
Seventh Edition by Frank K. Reilly & Keith C. Brown
+
Evaluate Prospects
•
•
•
•
•
•
•
•
•
Evaluate Risks
Business Decision Makers
Equity investors
Creditors
Managers
Merger and Acquisition Analysts
External Auditors
Directors
Regulators
Employees & Unions
Lawyers
"
•
•
•
•
•
Quantitative
Financial Statements
Industry Statistics
Economic Indicators
Regulatory filings
Trade reports
#
!
•
•
•
•
•
•
"
Qualitative
Management Discussion &
Analysis
Chairperson’s Letter
Vision/Mission Statement
Financial Press
Press Releases
Web sites
$
!
Creditors
•
•
•
•
Trade Creditors
Provide goods or services
Most short-term
Usually implicit interest
Bear risk of default
•
•
•
•
Non-trade Creditors
Provide major financing
Most long-term
Usually explicit interest
Bear risk of default
$
!
Credit worthiness: Ability to honor credit obligations
(downside risk)
Liquidity
Ability to meet short-term
obligations
Focus:
• Current Financial
conditions
• Current cash flows
• Liquidity of assets
Solvency
Ability to meet long-term
obligations
Focus:
• Long-term financial
conditions
• Long-term cash flows
• Extended profitability
%
Technical Analysis
Charting
!
!
Fundamental Analysis
!
Business
Environment &
Strategy Analysis
Industry
Analysis
Strategy
Analysis
Financial
Analysis
Accounting
Analysis
Profitability
Analysis
Analysis
of Sources
&Uses of
Funds
Risk
Analysis
Cost of Capital Estimate
Prospective
Analysis
Intrinsic Value
"
!
!
#
$
%
#
'
(
)
#
(
(
#
%
&
!
#
&
Rivalry Among
Existing Firm
•
•
•
•
•
•
•
Industry growth
Concentration
Differentiation
Switching Cost
Fixed variable cost
Excess Capacity
Exit barriers
"
!
Threat of New
Entrance
•
•
•
•
Scale of economies
Distribution access
Relationships
Legal barriers
Threat of Substitutes
Product
• Relative Price and
performance
• Buyers willingness to
switch
INDUSTRY PROFITABILITY
Bargaining power of
Buyers
Bargaining power of
Suppliers
• Switching costs
• Differentiation
• Importance of product for
cost and quality
• Number of buyers
• Volume per buyer
• Switching costs
• Differentiation
• Importance of product for
cost and quality
• Number of buyers
• Volume per buyer
*
##
!
Process to evaluate and adjust financial
statements to better reflect economic reality
Comparability problems — across firms and across time
Manager estimation error
Distortion problems
Earnings management
Accounting
Risk
Distortion of business
+
#
!
Process to evaluate financial position and
performance using financial statements
Profitability analysis —Evaluate return
on investments
Risk analysis ——— Evaluate riskiness
& creditworthiness
Analysis of —
# '" (
Evaluate source &
deployment of funds
Common tools
Ratio
analysis
Cash
flow
analysis
,
)
.
(
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0
1
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#
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,
1 9 X3
1 9 X2
1 9 X1
1 9 X3 -1 9 X2 1 9 X2 -1 9 XI 1 9 X3 -1 9 X2 1 9 X2 -1 9 X1
AKTIVA
Kas
Piutang dag ang
S urat-s urat be rharg a
Pe rs e dian
Jumlah
Aktiva te tap (ne t)
69.0
46.0
46.0
115.0
276.0
230.0
80.5
34.5
34.5
103.5
253.0
207.0
80.5
23.0
11.5
115.0
230.0
195.5
(11.5)
11.5
11.5
11.5
23.0
23.0
0.0
11.5
23.0
(11.5)
23.0
11.5
JUMLAH AKTIVA
506.0
460.0
425.5
46.0
34.5
10.0
8.1
KEWAJIBAN DAN EKUITAS
KEWAJIBAN:
Hutang Lanc ar
127.4
Hutang Jk. Panjang
184.0
Jumlah
311.4
115.0
172.5
287.5
119.6
161.0
280.6
12.4
11.5
23.9
(4.6)
11.5
6.9
10.8
6.7
8.3
(3.8)
7.1
2.5
EKUITAS :
Mo dal S aham (207 lbr) 103.5
S aldo Laba
91.1
Jumlah
194.6
JUMLAH KEWAJIBAN DA506.0
103.5
69.0
172.5
460.0
103.5
41.4
144.9
425.5
0.0
22.1
22.1
46.0
0.0
27.6
27.6
34.5
0.0
32.0
12.8
10.0
0.0
66.7
19.0
8.1
(14.3)
0.0
33.3
50.0
33.3 200.0
11.1
(10.0)
9.1
10.0
11.1
5.9
*
,
1 9 X2
KE NAIKAN
% KE NAIKAN
(PENU R U NAN)
(PE NU R U NAN)
1 9 X1 1 9 X3 -1 9 X2
1 9 X2 -1 9 X1
1 9 X3 -1 9 X2
1 9 X2 -1 9 X1
3 0 3 .0
(1 8 .4 )
2 8 4 .6
(1 8 8 .0 )
9 6 .6
1 9 0 .0
(6 .9 )
1 8 3 .1
(1 3 2 .5 )
5 0 .6
(1 6 .1 )
(2 9 .9 )
(4 6 .0 )
La ba U s a ha
3 4 .5
Pe nda pa ta n (bia ya ) la in-la in:
Pe nda pa ta n la in-la in
6 .9
Bia ya bung a
(4 .6 )
Jumla h
2 .3
La ba s e be lum pa ja k
Ta ks ira n pa ja k
pe ng ha s ila n (3 5 %)
La ba be rs ih
1 9 X3
Pe njua la n
3 0 0 .0
Pe njua la n re tur
(4 6 .0 )
Pe njua la n be rs ih
2 5 4 .0
Ha rg a po ko k pe njua la (1 8 5 .0 )
La ba ko to r
6 9 .0
B ia ya us a ha :
U mum da n a dminis tr
Pe ma s a ra n
Jumla h
(3 .0 )
(2 7 .6 )
(3 0 .6 )
3 .0
(2 7 .6 )
1 1 3 .0
(1 1 .5 )
1 0 1 .5
(5 5 .5 )
4 6 .0
(1 .0 )
1 5 0 .0
(1 0 .8 )
(1 .6 )
(2 8 .6 )
5 9 .5
1 6 6 .7
5 5 .4
4 1 .9
9 0 .9
(9 .2 )
(1 8 .4 )
(2 7 .6 )
6 .9
4 .6
1 1 .5
(6 .9 )
(1 1 .5 )
(1 8 .4 )
(4 2 .9 )
(1 5 .4 )
(2 5 .0 )
7 5 .0
6 2 .5
6 6 .7
5 0 .6
2 3 .0
(1 6 .1 )
2 7 .6
(3 1 .8 )
1 2 0 .0
0 .0
(4 .6 )
(4 .6 )
2 .3
(2 .3 )
0 .0
3 6 .8
4 6 .0
2 3 .0
(9 .2 )
2 3 .0
(2 0 .0 )
1 0 0 .0
(1 2 .9 )
2 3 .9
(1 6 .1 )
2 9 .9
(8 .1 )
1 4 .9
3 .2
(6 .0 )
(8 .0 )
1 5 .0
(1 9 .9 )
(2 0 .1 )
9 8 .8
1 0 0 .7
(9 .2 )
(2 5 .3 )
(3 4 .5 )
6 .9
0 .0
6 .9
(2 .3 )
(2 .3 )
(4 .6 )
N/A
0 .0
(1 5 0 .0 )
(1 0 0 .0 )
1 0 0 .0
N/A
-
#
(
+
#(
#
#
#
#
2
(
( (
6
(
#
#
( ( 7
#
##
(
( (
(
2
##
(
$
#
( 7
#(
2
. /
7
#
#(
#
#
1
"
J. Holmes, Attorney-at-Law
Income Statements
For the Years Ended December 31, 2005 and 2006
2006
Fees earned
Operating expenses:
Wages expense
Rent expense
Utilities expense
Supplies expense
Miscellaneous exp.
Total operating expenses
Net income
2005
Amount
Percent
Amount
Percent
$187,500
100.0%
$150,000
100.0%
$60,000
15,000
12,500
2,700
2,300
$92,500
$95,000
32,0%
8,0%
6,7%
1,4%
1,2%
49,3%
50,7%
$45,000
12,000
9,000
3,000
1,800
$70,800
$79,200
30.0%
8.0%
6.0%
2.0%
1.2%
47.2%
52.8%
&
$
1 9 X3
AKTIVA
Aktiva La nc a r.
Ka s
Piuta ng da g a ng
S ura t-s ura t be rha rg a
Pe rs e dia n
Jumla h
Aktiva te ta p (ne t)
IN %
1 9 X2
IN %
,
1 9 X1
IN %
6 9 .0
4 6 .0
4 6 .0
1 1 5 .0
2 7 6 .0
2 3 0 .0
1 3 .6
9 .1
9 .1
2 2 .7
5 4 .5
4 5 .5
8 0 .5
3 4 .5
3 4 .5
1 0 3 .5
2 5 3 .0
2 0 7 .0
1 7 .5
7 .5
7 .5
2 2 .5
5 5 .0
4 5 .0
8 0 .5
2 3 .0
1 1 .5
1 1 5 .0
2 3 0 .0
1 9 5 .5
1 8 .9
5 .4
2 .7
2 7 .0
5 4 .1
4 5 .9
5 0 6 .0
1 0 0 .0
4 6 0 .0
1 0 0 .0
4 2 5 .5
1 0 0 .0
KEWAJIBAN DAN EKUITAS
KEWAJIBAN:
Huta ng La nc a r
Huta ng Jk. Pa nja ng
Jumla h
1 2 7 .4
1 8 4 .0
3 1 1 .4
2 5 .2
3 6 .4
6 1 .5
1 1 5 .0
1 7 2 .5
2 8 7 .5
2 5 .0
3 7 .5
6 2 .5
1 1 9 .6
1 6 1 .0
2 8 0 .6
2 8 .1
3 7 .8
6 5 .9
EKUITAS :
Mo da l S a ha m (2 0 7 lbr)
S a ldo La ba
Jumla h
1 0 3 .5
9 1 .1
1 9 4 .6
2 0 .5
1 8 .0
3 8 .5
1 0 3 .5
6 9 .0
1 7 2 .5
2 2 .5
1 5 .0
3 7 .5
1 0 3 .5
4 1 .4
1 4 4 .9
2 4 .3
9 .7
3 4 .1
JUMLAH KEWAJIBAN DAN EKU 5 0 6 .0
1 0 0 .0
4 6 0 .0
1 0 0 .0
4 2 5 .5
1 0 0 .0
JUMLAH AKTIVA
$
,
1 9 X3
3 0 0 .0
(4 6 .0 )
2 5 4 .0
(1 8 5 .0 )
6 9 .0
%
1 1 8 .1
(1 8 .1 )
1 0 0 .0
(7 2 .8 )
2 7 .2
1 9 X2
3 0 3 .0
(1 8 .4 )
2 8 4 .6
(1 8 8 .0 )
9 6 .6
%
1 0 6 .5
(6 .5 )
1 0 0 .0
(6 6 .1 )
3 3 .9
1 9 X1
1 9 0 .0
(6 .9 )
1 8 3 .1
(1 3 2 .5 )
5 0 .6
%
1 0 3 .8
(3 .8 )
1 0 0 .0
(7 2 .4 )
2 7 .6
(9 .2 )
(2 5 .3 )
(3 4 .5 )
(3 .6 )
(1 0 .0 )
(1 3 .6 )
(1 6 .1 )
(2 9 .9 )
(4 6 .0 )
(5 .7 )
(1 0 .5 )
(1 6 .2 )
(9 .2 )
(1 8 .4 )
(2 7 .6 )
(5 .0 )
(1 0 .0 )
(1 5 .1 )
La b a U s a h a
3 4 .5
P e n d a p a t a n ( b ia y a ) la in - la in :
P e n d a p a t a n la in - la in
6 .9
B ia y a b u n g a
(4 .6 )
J u m la h
2 .3
1 3 .6
5 0 .6
1 7 .8
2 3 .0
1 2 .6
La b a s e b e lu m p a ja k
Ta k s ira n p a ja k
p e n g h a s ila n ( 3 5 % )
La b a b e rs ih
1 4 .5
P e n ju a la n
P e n ju a la n re t u r
P e n ju a la n b e rs ih
H a rg a p o k o k p e n ju a la
La b a k o t o r
B ia y a u s a h a :
U m u m d a n a d m in is t r
P e m a s a ra n
J u m la h
3 6 .8
(1 2 .9 )
2 3 .9
2 .7
(1 .8 )
0 .9
(5 .1 )
9 .4
0 .0
(4 .6 )
(4 .6 )
0 .0
(1 .6 )
(1 .6 )
2 .3
(2 .3 )
0 .0
4 6 .0
1 6 .2
2 3 .0
(1 6 .1 )
2 9 .9
(5 .7 )
1 0 .5
(8 .1 )
1 4 .9
1 .3
(1 .3 )
0 .0
1 2 .6
(4 .4 )
8 .1
!
01
1
'
1
1
2
)
01
"
'
1
5 1
1
"
3
0
0
4
'
6
1
1
( 6
1
1 '
!
)
6
'
'
!
2
1
1
'
#
'
( 6
6
'
1
6
( 6
1
!
$
1
CLOVER CORPORATION
Compa ra tive Income Sta te me nts
For the Ye a rs Ended De ce mbe r 31, 1999 a nd 1998
Revenue
Net sales
Cost of merchandise sold
Gross profit
Operating expenses
Income from operations
Interest expense
Other expenses
Income before income tax
Income tax expense (20%)
Net Income
1999
1998
$ 494,000
140,000
354,000
270,000
84,000
2,640
1,360
80,000
16,000
$ 64,000
$ 450,000
127,000
323,000
249,000
74,000
3,200
800
70,000
14,000
$ 56,000
$
1
CLOVER CORPORATION
Compara tive Balance She ets
De cember 31, 1999 and 1998
1999
1998
Assets
Cash
Accounts receivable
Merchandise inventory
Equipment
Less Accumulated depreciation
Building
Less Accumulated depreciation
Land
T otal Assets
$
30,000 $ 20,000
20,000
17,000
12,000
10,000
60,000
60,000
(15,000)
(12,000)
100,000
100,000
(25,000)
(20,000)
168,000
125,000
$ 350,000 $ 300,000
Lanjutan
$
1
CLOVER CORPORATION
Comparative Ba lance She ets, Continue d
Decem be r 31, 1999 and 1998
1999
Liabilities
Accounts payable
$ 39,000
Notes payable
33,000
T otal Liabilities
$ 72,000
Stockholders' Equity
Common stock, $1 par
$ 27,400
Paid-in capital
198,100
Retained earnings
52,500
T otal Stockholders' Equity
278,000
T otal Liabilities & Stockholders' Equity $ 350,000
1998
$ 40,000
40,000
$ 80,000
$ 17,000
153,000
50,000
220,000
$ 300,000
"
1
'
#
5
!
1
#
"
1
1
'1
2
'
2
7
# 1
Net Working Capital = Current Assets - Current Liabilities
Angka ini mengindikasikan kemampuan
perusahaan dalam memenuhi utang jangka pendek.
Nilai yang tinggi mengindikasikan kemamapuan
likuiditas yang tinggi. Perbandingan dilakukan
dengan kondisi tahun sebelumnya dan kebutuhan
perusahaan ataupun skala perusahaan
7
# 1
Net Working Capital = Current Assets - Current Liabilities
Net Working Capital = 62.000 – 39.000 = 23.000
Jika Net working capital terlalu tinggi (overliquid)
maka tingkat profitabilitas relatif rendah, sehingga
nilai yang bagus adalah yang cukup.
$
Current
Ratio
=
Current Assets
Current Liabilities
Rasio ini mengukur kemampuan perusahaan untuk
membayar kewajiban yang akan jatuh tempo. Nilai
yang tinggi mengindikasikan likuiditas yang baik,
namun jika terlalu tinggi dapat juga merupakan indikasi
kekurangmampuan perusahaan dalam memanfaatkan
aktiva perusahaan
$
Current
Ratio
Current
Ratio
=
=
Current Assets
Current Liabilities
$62,000
$39,000
=
1.59 : 1
Dua aktiva yang sangat mempengaruhi adalah
piutang dan persediaan. Untuk itu perlu jika
dilakukan analisa mengenai kualitas piutang
dan persediaan perusahaan
8 #
Quick
Ratio
=
3 #
Quick Assets
Current Liabilities
Quick assets adalah Cash,
Accounts Receivable, and
Notes Receivable.
Rasio ini mengevaluasi posisi
likuiditas perusahaan dalam
jangka pendek
+
4
8 #
Quick
Ratio
Quick
Ratio
3 #
=
Quick Assets
Current Liabilities
=
$50,000
$39,000
=
1.28 : 1
Rasio ini mengevaluasi kemampuan
perusahaan untuk membayar kewajiban
yang segera jatuh tempo
+
4
$
Cash
Ratio
'
Cash + Cash Equivalents
=
Current Liabilities
Rasio ini mengukur ketersediaan kas
Untuk membayar utang yang akan jatuh tempo
$
Cash
Ratio
Cash
Ratio
'
Cash + Cash Equivalents
=
Current Liabilities
=
$30,000
$39,000
=
0.769 : 1
Nilai yang besar berarti kemampuan
membayar utang tinggi, namun
terlalu besar berarti terjadi idle cash
1
'
"
'
"
1
1
#
1 "
"
1
1
! 2
1
!
1
1
2
1
1
1 1
2
#
"
!
'
# 1
"
'
!
1 "
1
!
6
1
'2
#
Receivable
Turnover
=
+
Net Credit Sales
Average Net Trade Receivables
Rasio ini mengukur berapa cepat
perusahaan mampu menagih accounts
receivable piutangnya dalam satu
periode.
#
Receivable
Turnover
Receivable
Turnover
=
=
+
Net Credit Sales
Average Net Trade Receivables
$494,000
($20,000 + $17,000) ÷ 2
= 26.70 times
Semakin tinggi perputaran A/R akan diperoleh
nilai penjualan yang tinggi. Perusahaan
dengan turnover yang rendah cenderung
memiliki profitabilitas yang tinggi dan
sebaliknya
"
Average Age
of Receivables
=
#
Days in Year
Receivable Turnover
Receivable Turnover
sebesar 26.70 kali.
Rasio ini mengukur jumlah hari
untuk melakukan penagihan
piutang
"
Average Age
of Receivables
Average Age
of Receivables
#
=
Days in Year
Receivable Turnover
=
365
26.70
= 13.67 days
Rasio ini dibandingkan dengan jangka waktu
kredit yang diberikan. Perusahaan yang memiliki
penagihan yang bagus memiliki rasio ini lebih kecil
dari jangka waktu kreditnya.
!+
Inventory
Turnover
Cost of Goods Sold
=
Average Inventory
Rasio ini mengukur tingkat perputaran
persediaan perusahaan. Penurunan tingkat
perputaran persediaan mengisyaratkan
penjualan persediaan yang semakin lambat
!+
Inventory
Turnover
Cost of Goods Sold
=
Average Inventory
Inventory
Turnover
$140,000
= 12.73 times
=
($12,000 + $10,000) ÷ 2
Inventory turnover yang tinggi menunjukkan
tingkat penjualan yang tinggi. Perusahaan dengan
inventory turnover yang tinggi cnederung
memiliki profitabilitas yang rendah dan
sebaliknya
5 ! 9
Average Days’
Supply in
Inventory
=
11 !
Days in Year
Inventory Turnover
Inventory Turnover
sebesar 12.73 kali.
Rasio ini mengukur jumlah perputaran
persediaan dalam satu periode
!
5 ! 9
Average Days’
Supply in
Inventory
Average Days’
Supply in
Inventory
11 !
=
Days in Year
Inventory Turnover
=
365
12.73
= 28.67 days
Peningkatan Rasio ini
mengindikasikan makin
tambahnya umur persediaan.
!
:
Fixed
=
Asset
Turnover
+
Net Sales Revenue
Average Net Fixed Assets
Rasio ini mengukur kemampuan
perusahaan menciptakan
penjualan dari investasi aktiva
tetap yang dimilikinya.
:
+
Fixed
=
Asset
Turnover
Net Sales Revenue
Average Net Fixed Assets
Fixed
=
Asset
Turnover
$494,000
($288,000 + $253,000) ÷ 2
= 1.826
Semakin besar rasio ini menunjukkan perusahaan
sangat efisien memanfaatkan aktiva tetap yang
dimilikinya sedangkan nilai yang kecil
mengindikasikan perusahaan kurang mampu
memanfaatkan aktiva tetapnya.
+
Total
=
Asset
Turnover
+
Net Sales Revenue
Average Total Assets
Rasio ini mengukur kemampuan
perusahaan menciptakan
penjualan dari total investasi yang
dimilikinya
+
+
Total
=
Asset
Turnover
Net Sales Revenue
Average Total Assets
Total
=
Asset
Turnover
$494,000
($350,000 + $300,000) ÷ 2
= 1.52
Semakin besar rasio ini
mengindikasikan bahwa aktiva yang
dimiliki dapat optimal dimanfaatkan
untuk menciptakan penjualan
1
Siklus
usaha
=
Average collection period +
Average age of inventory
Jumlah hari yang dibutuhkan
untuk melakukan pembelian dan
realisasi kas dari penjualan.
$!#
$
'$
Cash Conversion
Operating cycle =
Cycle
Payables defferal period
Waktu yang digunakan untuk
melakukan konversi kas
$!#
'
Working capital
Yang dibutuhkan =
7
# 1
jumlah unit produksi per hari x
Biaya produksi per unit x
Cash conversion cycle
Kebutuhan modal kerja yang
diperlukan pada level produksi
dan biaya produksi yang ada.
0
1
1
'
!
1
1
!
!
+
Times
Interest
Earned
=
Net
Interest
Income Tax
+
+
Income
Expense
Expense
Interest Expense
Rasio ini menunjukkan kemampuan
perusahaan untuk memenuhi kewajiban
membayar bunga.
+
Times
Interest
Earned
Times
Interest
Earned
=
Net
Interest
Income Tax
+
+
Income
Expense
Expense
Interest Expense
=
$64,000 + $2,640 + $16,000
$2,640
Semakin tinggi rasio ini berarti
kemampuan membayar bunga dari laba
yang dimiliki semakin tinggi.
=
31.30
$
Cash
=
Coverage
'$
Cash Flow from Operating Activities
Before Interest and Taxes
Interest Paid
Rasio ini membandingkan kas yang
dihasilkan dari kegiatan operasi dan
penggunaan kas untuk membayar utang
dalam satu periode.
$
Cash
=
Coverage
'$
Cash Flow from Operating Activities
Before Interest and Taxes
Interest Paid
Cash Flow from Operating Activities
Net Income
Add
Depreciation
Deduct Accounts Receivable Increase
Inventory Increase
Accounts Payable Decrease
Cash Flow from Operating Activities
$ 64,000
8,000
(3,000)
(2,000)
(1,000)
$ 66,000
$
'$
Cash
=
Coverage
Cash Flow from Operating Activities
Before Interest and Taxes
Interest Paid
Cash
=
Coverage
$66,000 + $2,640 + $16,000
$2,640
=
Nilai yang besar menunjukkan perusahaan
memiliki dana dari kegiatan operasi yang
cukup besar untuk dapat memenuhi
kewajiban membayar bunga
32.06
5
Debt/Equity
Ratio
=
0 %
Total Liabilities
Owners’ Equity
Rasio ini mengukur jumlah utang
untuk setiap dolar dana yang
diinvestasikan oleh pemilik
!
5
Debt/Equity
Ratio
Debt/Equity
Ratio
=
=
0 %
!
Total Liabilities
Owners’ Equity
$72,000
$278,000
= .259 : 1
Nilai rasio lebih dari satu
menunjukkan jumlah utang yang lebih
besar dibandingkan dengan ekuitas
sehingga resikonya besar.
5
Debt Ratio
Debt Ratio
=
=
Total Liabilities
Total Asset
$72,000
$350,000
= 0,2057
Seberapa prosen aktiva perusahaan
didanai dengan utang.
5
Debt to tangible
net worth
(
Total Liabilities
=
Total Ekuitas – intangible asset
Lebih konservatif dibandingkan debt
rasio karena menghilangkan unsur
intangible asset yang tidak bisa
digunakan untuk membayar utang.
:
Fixed
Financial
Cost Ratio
#
$
EBIT +ELIE
=
Gross Interest Expense + ELIE
ELIE = estimated lease interest expense
"
$
'" (#
"":
$
<
:1
:1
$
'" (
"
=
#
#
;
<
<
;
$
- "
=
< - " 1
"
=
LT Debt/
Total Asset
+
5
0+
Total Long-term Debt
=
Total Long-term Asset
=
5
+
$ 1
Total Interest-bearing Debt
Total Capital – nonintererst-bearing Liabilities
"
1
1
6
'1
'
1
"
'
2
#
1
'
'
1
'
"
#
' ((
1
3>4
1
:
# 1
!
3@4 1
"" #
' ( '
#!
?
# 1
#
1 "
!
!, 1 "
1 #
1 #
" '
"
!
1
!
##
" #
1 !2
"
"
# 1
1 !
" '
"
(
Return on Owners’
Investment
9
Income
=
Average Owners’ Equity
Ukuran ini menunjukkan kemampuan perusahaan
memanfaatkan dana yang diinvestasikan pemilik
untuk menghasilkan laba
(
Return on Owners’
Investment
9
Income
=
Average Owners’ Equity
Return on Owners’
$64,000
=
= 25.70%
Investment
($278,000 + $220,000) ÷ 2
Semakin besar ROE maka return yang diperoleh untuk
setiap Rp yang ditanamkan oleh pemegang saham
semakin tinggi. ROE sering digunakan sebagai kriteria
evaluasi suatu investasi dalam saham.
+
Return on Total Income + Interest Expense (net of tax)
=
Investment
Average Total Assets
Rasio ini merupakan ukuran terbaik untuk mengukur
profitabilitas keseluruhan perusahaan. Menunjukkan
imbal hasil atas setiap dana yang ditanamkan di
perusahaan. Untuk melihat efisiensi penggunaan
aktiva perusahaan.
+
Return on Total
Investment
Return on Total
Investment
=
Income + Interest Expense (net of tax)
Average Total Assets
=
$64,000 + ($2,640 × 0.8)
= 20.34%
($350,000 + $300,000) ÷ 2
Rasio ini sering digunakan sebagai kriteria minimal
diterima tidaknya suatu proyek. Jika proyek dengan
return lebih kecil dari ROI akan berdampak
menurunkan ROI perusahaan secara keseluruhan
#
Financial
Leverage
= Return on Owners’
Investment
Return on Owners’
Investment sebesar 25.70%.
–
Return on Total
Investment
Return on Total Investment
sebesar 20.34%.
Financial leverage adalah keuntungan atau kerugian
yang muncul karena ROE berbeda dari ROI. Leverage
menunjukkan keuntungan atau kerugian dari kebijakan
meminjam / berhutang.
#
Financial
Leverage
= Return on Owners’
Investment
Financial
Leverage
=
–
Return on Total
Investment
25.70% – 20.34% = 5.36%
Jika financial leverage positif berarti kebijakan
berhutang memberikan tambahan ROE bagi
pemegang saham dan sebaliknya. Untuk melihat
utang memberikan manfaat atau tidak bisa dilihat dari
rasio ini.
1
EPS =
'
Income
Average Number of Shares of
Common Stock Outstanding
EPS menggambarkan laba yang
dihasilkan dari setiap lembar saham
biasa selama periode akuntansi
3
4
1
EPS =
EPS =
'
3
Income
Average Number of Shares of
Common Stock Outstanding
$64,000
(27,400 + 17,000) ÷ 2
= $2.88
EPS sering digunakan sebagai
ukuran keuntungan yang akan
diterima oleh pemegang saham
4
8
Quality
=
of Income
! "
#
Cash Flow from Operating Activities
Net Income
Jika penghasilan diterima dalam bentuk kas
kualitasnya akan lebih baik daripada jika pendapatan
tersebut baru diterima secara akrual (sudah terjadi
tetapi belum diterima secara tunai)
8
Quality
=
of Income
! "
#
Cash Flow from Operating Activities
Net Income
Cash Flow from Operating Activities
Net Income
Add
Depreciation
Deduct Accounts Receivable Increase
Inventory Increase
Accounts Payable Decrease
Cash Flow from Operating Activities
$ 64,000
8,000
(3,000)
(2,000)
(1,000)
$ 66,000
8
! "
#
Quality
=
of Income
Cash Flow from Operating Activities
Quality
=
of Income
$66,000
Net Income
$64,000
= 1.031
Jika nilainya lebih dari satu
maka laba perusahaan
berkualitas.
"
Gross Profit
=
Margin
Gross pofit
Net Sales
Rasio ini mengukur berapa
keuntungan dari penjualan
yang tersisa setelah dikurangi
harga pokok.
"
Profit
=
Margin
Income (before extraordinary items)
Net Sales
Rasio ini memberikan ukuran
laba bersih yang dihasilkan
untuk setiap rupiah penjualan.
"
Profit
=
Margin
Income (before extraordinary items)
Profit
=
Margin
$64,000
Net Sales
= 12.96%
$494,000
Ukuran ini menunjukkan seberapa besar laba
yang akan dihasilkan perusahaan.
":
Profit
=
Margin
Penjualan bersih
Total aktiva tetap rata-rata
Ukuran ini menunjukkan kemampuan
perusahaan menggunakan aktiva tetapnya
secara produktif untuk menciptakan penjualan
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Business
Risk
Sales
σ of operating income
=
Mean operating income
=
σ of sales
Mean sales
=
% Operating Income
% Sales
Variability
Operating
Leverage
*
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# 0
P/E Ratio
=
3 0 4
Current Market Price Per Share
Earnings Per Share
Pada 12/31/99 harga pasar saham Clover
Corporation sebesar $73 per saham.
Rasio ini menunjukkan hubungan antara
harga pasar saham dengan laba per
saham.
# 0
P/E Ratio
P/E Ratio
3 0 4
=
Current Market Price Per Share
Earnings Per Share
=
$73.00
$2.88
= 25.34
PER identik dengan berapa lama waktu yang
dibutuhkan untuk mengembalikan investasi
(pembelian saham) yang telah dilakukan. Semakin
besar berarti payback periodnya semakin
panjang.
5
Dividend
Yield
=
B
Dividends Per Share
Market Price Per Share
Pada 1999 deviden yang dibayarkan
oleh Clover Corporation sebesar $2.50
per saham.
Rasio ini menggambarkan hubungan
antara dividen per saham biasa dengan
harga pasar per saham biasa.
5
Dividend
Yield
Dividend
Yield
B
=
Dividends Per Share
Market Price Per Share
=
$2.50
$73.00
=
3.42%
Semakin tinggi rasio ini menunjukkan
semakin besar prosentase pemegang
saham memperoleh hasil dari
investasinya dalam bentuk deviden
!
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1
!
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2
Book Value
per Share
=
1
'
Common Stock Equity
Number of Shares of
Common Stock Outstanding
Book value per share mengukur ekuitas
perusahaan untuk tiap lembar saham.
Nilai ini tidak memiliki hubungan dengan
harga pasar.
Book Value
per Share
Book Value
per Share
=
=
1
'
Common Stock Equity
Number of Shares of
Common Stock Outstanding
$278,000
27,400
=
$10.15
Jika harga pasar jauh di atas nilai bukunya
berarti perusahaan tersebut memiliki kinerja
non keuangan yang bagus yang mendukung
kegiatan perusahaan di masa mendatang
5
Deviden
Payout
Deviden
Payout
=
=
!
Deviden per saham
Earning per share
$2,5
2,88
=
0.868
Rasio ini menunjukkan besar prosentase
laba per saham yang dialokasikan oleh
manajemen untuk dibagikan dalam
bentuk deviden.
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The DuPont Model (ROE)
Net Profit
Total Asset
ROE =
X
Margin
Turnover
Net Income
Sales
X
Total Assets
Sales
:
( 11-
: (1Total Debt
Total Assets
Debt )
Ratio
)
5 1
Net Income
Net Income
Net Sales
ROE =
=
×
Common Equity
Net Sales Common Equity
Sales
Sales
Total Assets
=
×
Equity Total Assets
Equity
Net Income
Sales
Total Assets
ROE =
×
×
Sales
Total Assets Common Equity
=
Profit
Total Asset
x
Margin Turnover
x
Financial
Leverage
,
5 1
EBIT
Sales
EBIT
×
=
Sales Total Assets Total Assets
EBIT
Interest Expense Net Before Tax
−
=
Total Assets
Total Assets
Total Assets
Net BeforeTax (NBT)
Total Assets
Net BeforeTax (NBT)
×
=
Total Assets
Common Equity
Common Equity
Net BeforeTax
IncomeTaxes
Net Income
× 100% −
=
CommonEquity
Net BeforeTax CommonEquity
Sales
InterestExpense
TotalAssets
IncomeTaxes
EBIT
100
%
×
×
−
×
−
= ROE
Sales Tot Assets
Tot Assets CommonEquity
Net BeforeTax
,
5 1
EBIT
1.
= Operating Profit Margin
Sales
Sales
2.
= Total Asset Turnover
Total Assets
Interest Expense
3.
= Interest Expense Rate
Total Assets
Total Assets
4.
= Financial Leverage Multiplier
Common Equity
Income Taxes
5. 100% −
= Tax Retention Rate
Net Before Tax
,
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#
Business Analysis and Valuation Using Financial Statements
ninth edition by, Krishna G. Palepu, Victor L. Bernard, and Paul
M. Healy
Financial Statement Reporting and Analysis
third edition by Wild, Subramanyam, Hasley,
Financial Statement Analysis, A Global Perspective
international edition by Thomas R. Robinson, Paul Munter and
Julia Grant
Investment Analysis and Portfolio Management
Seventh Edition by Frank K. Reilly & Keith C. Brown
+