Lampiran 2 Perhitungan Independen Total Asset Growth Periode 2011 – 2014

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  LAMPIRAN

Lampiran 1 Data Kriteria Sampel No Kode Nama Emiten

  1 ADHI Adhi Karya (Persero) Tbk

  2 ANTM Aneka Tambang (Persero) Tbk

  3 BBNI Bank Negara Indonesia Tbk

  4 BBRI Bank Rakyat Indonesia (Persero) Tbk

  5 BBTN Bank Tabungan Negara (Persero) Tbk

  6 BMRI Bank Mandiri (Persero) Tbk

  7 JSMR Jasa Marga Tbk

  8 KAEF Kimia Farma (Persero) Tbk

  9 PTBA Tambang Batubara Bukit Asam Tbk

  10 PTPP PP (Persero) Tbk

  11 SMGR Semen Indonesia (Persero) Tbk

  12 TINS Timah (Persero) Tbk

  13 TLKM Telekomunikasi Indonesia (Persero) Tbk

  14 WIKA Wijaya Karya Tbk

  Lampiran 2 Perhitungan Independen Total Asset Growth Periode 2011 – 2014

  2013 386,654,815,000,000 333,303,506,000,000 0.16006825 2014 416,573,708,000,000 386,654,815,000,000 0.077378819

  4 BBRI 2011 469,899,284,000,000 404,285,602,000,000 0.162295372 2012 551,336,790,000,000 469,899,284,000,000 0.173308428 2013 626,182,926,000,000 551,336,790,000,000 0.13575393 2014 801,955,021,000,000 626,182,926,000,000 0.280704069

  5 BBTN 2011 89,121,459,000,000 68,385,539,000,000 0.303220832 2012 111,748,593,000,000 89,121,459,000,000 0.253890974 2013 131,169,730,000,000 111,748,593,000,000 0.173793123 2014 144,575,961,000,000 131,169,730,000,000 0.102205219

  6 BMRI 2011 551,891,704,000,000 449,774,551,000,000 0.227040754 2012 635,618,708,000,000 551,891,704,000,000 0.151709119 2013 733,099,762,000,000 635,618,708,000,000 0.153364042 2014 855,039,673,000,000 733,099,762,000,000 0.166334675

  7 JSMR 2011 21,432,133,718,000 16,952,129,334,000 0.264273844 2012 24,753,551,441,000 21,432,133,718,000 0.154973731 2013 28,366,345,328,000 24,753,551,441,000 0.145950527 2014 31,857,947,989,000 28,366,345,328,000 0.12308962

  8 KAEF 2011 1,794,242,423,105 1,657,291,834,312 0.082635168 2012 2,076,347,580,785 1,794,242,423,105 0.157228006 2013 2,471,939,548,890 2,076,347,580,785 0.190522999 2014 2,968,184,626,297 2,471,939,548,890 0.2007513

  9 PTBA 2011 11,507,104,000,000 8,722,699,000,000 0.319213698 2012 12,728,981,000,000 11,510,262,000,000 0.105881082 2013 11,677,155,000,000 12,728,981,000,000 -0.08263238 2014 14,812,023,000,000 11,677,155,000,000 0.268461624 2011 6,933,353,587,843 5,444,073,899,824 0.273559785

  2012 111,369,000,000,000 103,054,000,000,000 0.080685854 2013 127,951,000,000,000 111,369,000,000,000 0.148892421 2014 140,895,000,000,000 127,951,000,000,000 0.101163727

  14 WIKA 2011 8,322,979,571,000 6,286,304,902,000 0.323985982 2012 10,945,209,418,000 8,322,979,571,000 0.315059027 2013 12,594,962,700,000 10,945,209,418,000 0.150728343 2014 15,915,161,682,000 12,594,962,700,000 0.263613245

Lampiran 3 Perhitungan Independen Market to Book Asset Ratio Periode 2011 – 2014 No Nama Tahun (Asset - Total Ekuitas + (Saham Beredar x Harga Penutupan)/Total Aset Asset Total Ekuitas Saham Beredar Harga Penutupan MBAR

  1 ADHI 2011

  6,112,953,591,126 990,367,790,588 1,801,320,000 580 1.008898777 2012 7,872,073,635,468 1,180,918,969,692 1,801,320,000 1,760 1.252716669 2013 9,720,961,764,422 1,548,462,792,571 1,801,320,000 1,510 1.120515895 2014 10,458,881,684,274 1,751,543,349,644 1,801,320,000 3,480 1.431886543

  2 ANTM 2011 15,201,235,077,000 10,772,043,550,000 9,538,459,750 1,620 1.307886907 2012 19,708,540,946,000 12,832,316,056,000 9,538,459,750 1,280 0.968384896 2013 21,865,117,391,000 12,793,487,532,000 9,538,459,750 1,090 0.890393161 2014 22,044,202,220,000 11,929,561,267,000 9,538,459,750 1,065 0.919656805

  3 BBNI 2011 299,058,161,000,000 37,843,024,000,000 18,462,169,893 3,800 1.108049958 2012 333,303,506,000,000 43,525,291,000,000 18,462,169,893 3,700 1.074360867 2013 386,654,815,000,000 47,683,505,000,000 18,462,169,893 3,950 1.065283206 2014 416,573,708,000,000 61,021,308,000,000 18,462,169,893 6,100 1.123862662

  4 BBRI 2011 469,899,284,000,000 49,820,329,000,000 24,422,470,380 6,750 1.244800003 2012 551,336,790,000,000 64,881,779,000,000 24,422,470,380 6,950 1.190182103 2013 626,182,926,000,000 79,327,422,000,000 24,422,470,380 7,250 1.156081369 2014 801,955,021,000,000 97,737,429,000,000 24,422,470,380 11,650 1.232911256

  5 BBTN 2011 89,121,459,000,000 7,321,643,000,000 8,745,199,075 1,210 1.036579831 2012 111,748,593,000,000 10,278,871,000,000 10,250,540,500 1,450 1.041024344 2013 131,169,730,000,000 11,556,753,000,000 10,458,953,500 870 0.981265011

  2014 144,575,961,000,000 12,206,406,000,000 10,461,796,000 1,205 1.002767114

  6 BMRI 2011 551,891,704,000,000 62,654,408,000,000 23,099,999,999 6,750 1.16900162 2012 635,618,708,000,000 76,532,865,000,000 23,099,999,999 8,100 1.173967716 2013 733,099,762,000,000 88,790,596,000,000 23,099,999,999 7,850 1.126237122 2014 855,039,673,000,000 104,844,562,000,000 23,099,999,999 10,775 1.168480999

  7 JSMR 2011 21,432,133,718,000 9,240,280,261,000 6,800,000,000 4,200 1.901437066 2012 24,753,551,441,000 9,787,785,568,000 6,800,000,000 5,450 2.101749561 2013 28,366,345,328,000 10,866,980,040,000 6,800,000,000 4,725 1.749586163 2014 31,857,947,989,000 11,424,995,629,000 6,800,000,000 7,050 2.146181932

  8 KAEF 2011 1,794,242,423,105 1,252,505,683,826 5,554,000,000 340 1.354385956 2012 2,076,347,580,785 1,441,533,689,666 5,554,000,000 740 2.285153957 2013 2,471,939,548,890 1,624,354,688,981 5,554,000,000 590 1.668505551 2014 2,968,184,626,297 1,811,143,949,913 5,554,000,000 1,465 3.131089149

  9 PTBA 2011 11,507,104,000,000 8,165,002,000,000 2,304,131,850 17,350 3.764525774 2012 12,728,981,000,000 8,505,169,000,000 2,304,131,850 15,100 3.065147394 2013 11,677,155,000,000 7,551,569,000,000 2,304,131,850 10,200 2.365964216 2014 14,812,023,000,000 8,670,842,000,000 2,304,131,850 12,500 2.35908553

  10 PTPP 2011 6,933,353,587,843 1,425,439,849,740 4,842,436,500 485 1.133145071 2012 8,550,850,524,674 1,655,849,031,797 4,842,436,500 830 1.276390431 2013 12,415,669,401,062 1,984,747,306,312 4,842,436,500 1,160 1.292572145 2014 14,611,864,850,970 2,390,270,175,491 4,842,436,500 3,575 2.021186581

  11 SMGR 2011 19,661,602,767,000 14,615,096,979,000 5,931,520,000 11,450 3.710908549 2012 26,579,083,786,000 18,164,854,648,000 5,931,520,000 15,850 3.853737848 2013 30,792,884,092,000 21,803,975,875,000 5,931,520,000 14,150 3.017577566

  2014 34,314,666,027,000 25,002,451,936,000 5,931,520,000 16,200 3.071655659

  12 TINS 2011 6,569,807,000,000 4,597,795,000,000 5,033,020,000 1,670 1.579522108 2012 6,101,007,000,000 4,558,200,000,000 5,033,020,000 1,540 1.52329899 2013 7,883,294,000,000 4,892,110,000,000 5,033,020,000 1,600 1.400939252 2014 9,752,477,000,000 5,608,242,000,000 7,447,753,454 1,230 1.364265894

  13 TLKM 2011 103,054,000,000,000 60,981,000,000,000 20,159,999,280 7,050 1.787422079 2012 111,369,000,000,000 66,978,000,000,000 20,159,999,280 9,050 2.036823474 2013 127,951,000,000,000 77,424,000,000,000 100,799,996,400 2,150 2.088666695 2014 140,895,000,000,000 86,125,000,000,000 100,799,996,400 2,865 2.438425705

  14 WIKA 2011 8,322,979,571,000 2,219,375,875,000 6,027,113,500 610 1.175077128 2012 10,945,209,418,000 2,814,005,594,000 6,102,341,500 1,480 1.568053071 2013 12,594,962,700,000 3,226,958,875,000 6,139,968,000 1,580 1.51403015 2014 15,915,161,682,000 4,978,758,224,000 6,149,225,000 3,680 2.109029875

Lampiran 4 Perhitungan Independen Market Debt to Equity Ratio Periode 2011 – 2014 No Nama Tahun Total Hutang/Total Modal Sendiri Total Hutang Total Modal Sendiri MDER

  1 ADHI 2011 5,122,585,800,538 990,367,790,588 5.172407513 2012 6,691,154,665,776 1,180,918,969,692 5.666057399 2013 8,172,498,971,851 1,548,462,792,571 5.277814237 2014 8,707,338,334,630 1,751,543,349,644 4.971237701

  2 ANTM 2011 4,429,191,527,000 10,772,043,550,000 0.411174677 2012 6,876,224,890,000 12,832,316,056,000 0.535852208 2013 9,071,629,859,000 12,793,487,532,000 0.709081854 2014 10,114,640,953,000 11,929,561,267,000 0.847863616

  3 BBNI 2011 261,215,137,000,000 37,843,024,000,000 6.902596817 2012 289,778,215,000,000 43,525,291,000,000 6.65769736 2013 338,971,310,000,000 47,683,505,000,000 7.108775037 2014 341,148,654,000,000 61,021,308,000,000 5.590648008

  4 BBRI 2011 420,078,955,000,000 49,820,329,000,000 8.43187838 2012 486,455,011,000,000 64,881,779,000,000 7.497559692 2013 546,855,504,000,000 79,327,422,000,000 6.893650269 2014 704,217,592,000,000 97,737,429,000,000 7.205198655

  5 BBTN 2011 81,799,816,000,000 7,321,643,000,000 11.17233058 2012 101,469,722,000,000 10,278,871,000,000 9.871679682 2013 119,612,977,000,000 11,556,753,000,000 10.35005049 2014 132,369,555,000,000 12,206,406,000,000 10.84426939 2011 451,379,750,000,000 62,654,408,000,000 7.20427763 2012 518,705,769,000,000 76,532,865,000,000 6.777555877

  2013 4,125,586,000,000 7,551,569,000,000 0.546321698 2014 6,141,181,000,000 8,670,842,000,000 0.708256591

  10 PTPP 2011 5,507,913,738,103 1,425,439,849,740 3.864009933 2012 6,895,001,492,877 1,655,849,031,797 4.164027855 2013 10,430,922,094,750 1,984,747,306,312 5.255541631 2014 12,221,594,675,479 2,390,270,175,491 5.113059938

  11 SMGR 2011 5,046,505,788,000 14,615,096,979,000 0.345294034 2012 8,414,229,138,000 18,164,854,648,000 0.463214779 2013 8,988,908,217,000 21,803,975,875,000 0.412260051 2014 9,312,214,091,000 25,002,451,936,000 0.372452034

  12 TINS 2011 1,972,012,000,000 4,597,795,000,000 0.428903855 2012 1,542,807,000,000 4,558,200,000,000 0.338468474 2013 2,991,184,000,000 4,892,110,000,000 0.611430242 2014 4,144,235,000,000 5,608,242,000,000 0.738954382

  13 TLKM 2011 42,073,000,000,000 60,981,000,000,000 0.68993621 2012 44,391,000,000,000 66,978,000,000,000 0.662769865 2013 50,527,000,000,000 77,424,000,000,000 0.652601261 2014 54,770,000,000,000 86,125,000,000,000 0.635936139

  14 WIKA 2011 6,103,603,696,000 2,219,375,875,000 2.750144203 2012 8,131,203,824,000 2,814,005,594,000 2.889547854 2013 9,368,003,825,000 3,226,958,875,000 2.90304407 2014 10,936,403,458,000 4,978,758,224,000 2.196612683

Lampiran 5 Perhitungan Independen Dividend Payout Ratio Periode 2011

• – 2014

  No Nama Tahun Dividen Per Lembar Saham/Laba Per Lembar Saham Dividen Per Lembar Saham Laba Per Lembar Saham DPR

  1 ADHI 2011

  31.55747027 103.64 0.304491222 2012 32.6052023 117.46 0.277585581 2013 23.49281572 225.38 0.10423647 2014 67.61321715 179.91 0.375816893

  2 ANTM 2011 70.59420647 202.44 0.348716689 2012 103.6465952 314.06 0.330021636 2013 47.06915569

  43 1.094631528 2014 9.670054539 -81 -0.119383389

  3 BBNI 2011 74.78179477 312 0.23968524 2012 74.97682222 378 0.198351382 2013 113.3510076 486 0.233232526 2014 145.6568202 578 0.252001419

  4 BBRI 2011 111.6118983 628.91 0.177468792 2012 146.7380611 778.93 0.188384144 2013 225.2320123 865.22 0.260317621 2014 257.4170132 982.67 0.261956723

  5 BBTN 2011 34.72623635 123 0.282327125 2012 25.38372137 148 0.171511631 2013 38.73115704 148 0.261697007

  2014 44.34722573 106 0.418370054

  6 BMRI 2011 136.4016 529.33 0.257687265 2012 126.0378857 664.46 0.189684685 2013 199.338 780.16 0.255509126 2014 234.0482571 851.66 0.274814195

  7 JSMR 2011 110.5740004 197.68 0.559358562 2012 82.73150044 235.91 0.350690943 2013 94.24060118 196.52 0.479547126 2014 78.98562588 206 0.383425368

  8 KAEF 2011 8.332189345 30.93 0.269388598 2012 6.185233717 36.93 0.167485343 2013 5.540115799 38.63 0.143414854 2014 9.696757844 42.24 0.229563396

  9 PTBA 2011 556.284138 1,339 0.415447452 2012 701.3179389 1,262 0.555719444 2013 694.6633718 822 0.84508926 2014 438.827752 927 0.473384846

  10 PTPP 2011 0.080965118 50 0.001619302 2012 0.08376247 64 0.001308789 2013 0.098168506 87 0.001128374 2014 0.133370395 110 0.001212458

  11 SMGR 2011 250.4013231 662 0.378249733 2012 333.1427435 817 0.407763456 2013 372.8159153 905 0.411951288

  2014 409.0929104 938 0.436133167 2011 94.16592821 178 0.529022069 2012 89.08488343 86 1.035870738

  12 TINS 2013 42.8742584 109 0.39334182 2014 38.04516379 86 0.442385625 2011 90.29762227 559.67 0.16134083 2012 106.488099 669.19 0.159129842

  13 TLKM 2013 129.4047665 147.42 0.877796544 2014 153.055561 149.83 1.021528139 2011 19.81463358

  60.59 0.327028117 2012 21.10912777 76.01 0.27771514

  14 WIKA 2013 24.57417807 92.93 0.264437513 2014 27.80545548 100.19 0.277527253

Lampiran 6 Perhitungan Dependen Free Cash Flow Periode 2011 – 2014 NOPAT-Investasi bersih modal operasi

  No Nama Tahun

  Laba Setelah Pajak Investasi bersih modal operasi Total Asset FCF

  2011 182,692,722,038 -25417485627 4,927,696,202,275 0.042232759 2012 213,317,532,467 961,775,738,943 6,112,953,591,126 -0.122438065

  1 ADHI 2013 408,437,913,454 1,043,466,531,690 7,872,073,635,468 -0.080668531 2014 326,656,560,598 -368,053,296,829 9,720,961,764,422 0.071465136 2011 1,927,891,998,000 2,619,285,176,000 12,310,732,099,000 -0.056161825 2012 2,993,115,731,000 -5,329,451,681,000 15,201,235,077,000 0.547492843

  2 ANTM 2013 409,947,369,000 -3,417,225,788,000 19,708,540,946,000 0.194188559 2014 -775,286,289,000 -2,744,237,464,000 21,865,117,391,000 0.090049879 2011 5,808,218,000,000 7,289,394,000,000 248,580,529,000,000 -0.005958536 2012 7,202,604,000,000 11,000,448,000,000 299,058,161,000,000 -0.012699349

  3 BBNI 2013 9,057,941,000,000 15,453,661,000,000 333,303,506,000,000 -0.019188877 2014 10,829,379,000,000 18,550,626,000,000 386,654,815,000,000 -0.019969354 2011 15,087,996,000,000 15,114,133,000,000 404,285,602,000,000 -6.46498E-05 2012 18,687,380,000,000 11,106,798,000,000 469,899,284,000,000 0.016132355

  4 BBRI 2013 21,354,330,000,000 9,422,648,000,000 551,336,790,000,000 0.021641367 2014 24,253,845,000,000 27,155,677,000,000 626,182,926,000,000 -0.00463416 2011 1,118,661,000,000 3,191,941,000,000 68,385,539,000,000 -0.030317521

  5 BBTN 2012 1,363,962,000,000 3,849,405,000,000 89,121,459,000,000 -0.027888267 2013 1,562,161,000,000 2,257,131,000,000 111,748,593,000,000 -0.006219049

  2014 1,115,592,000,000 424,279,000,000 131,169,730,000,000 0.00527037 2011 12,695,885,000,000 63,868,007,000,000 449,774,551,000,000 -0.113772827 2012 16,043,618,000,000 14,787,184,000,000 551,891,704,000,000 0.002276595

  6 BMRI 2013 18,829,934,000,000 22,415,117,000,000 635,618,708,000,000 -0.005640462 2014 20,654,783,000,000 26,564,143,000,000 733,099,762,000,000 -0.008060786 2011 1,318,823,974,000 -4,887,096,906,000 18,952,129,334,000 0.327452434 2012 1,535,812,200,000 10,836,128,757,000 20,915,890,567,000 -0.444653147

  7 JSMR 2013 1,237,820,534,000 772,986,951,000 24,753,551,441,000 0.01877846 2014 1,215,331,727,000 393,294,799,000 28,366,345,328,000 0.028979303 2011 171,763,175,754 120,086,287,385 1,657,291,834,312 0.031181526 2012 205,763,997,378 142,858,203,024 1,794,242,423,105 0.035059808

  8 KAEF 2013 215,642,329,977 46,373,241,795 2,076,347,580,785 0.08152252 2014 236,531,070,864 61,832,676,059 2,471,939,548,890 0.0706726 2011 3,088,067,000,000 1,229,151,000,000 8,722,699,000,000 0.213112478 2012 2,909,421,000,000 -712,185,000,000 11,507,104,000,000 0.314727841

  9 PTBA 2013 1,854,281,000,000 -3,678,752,000,000 12,728,981,000,000 0.434679964 2014 2,019,214,000,000 -1,560,323,000,000 11,677,155,000,000 0.306541876 2011 240,223,174,382 41,229,548,265 5,444,073,899,824 0.036552337 2012 309,682,829,604 618,899,829,150 6,933,353,587,843 -0.044598475

  10 PTPP 2013 420,719,976,436 899,862,746,566 8,550,850,524,674 -0.056034516 2014 532,065,270,922 229,417,445,454 12,415,669,401,062 0.024376279 2011 3,955,272,512,000 -4,047,210,272,000 15,562,998,946,000 0.514199276

  11 SMGR 2012 4,926,639,847,000 -6,504,338,504,000 19,661,602,767,000 0.581385886 2013 5,354,298,521,000 -800,015,359,000 26,579,083,786,000 0.231547255

  2014 5,573,577,279,000 342,247,227,000 30,792,884,092,000 0.169887628

  12 TINS 2011 896,806,000,000 216,393,000,000 5,881,108,000,000 0.115694696 2012 431,588,000,000 -446,823,000,000 6,569,807,000,000 0.133704232 2013 544,401,000,000 -214,589,000,000 6,101,007,000,000 0.124404053 2014 677,368,000,000 -10,091,000,000 7,883,294,000,000 0.087204537

  13 TLKM 2011 1,547,000,000,000 1,746,679,000,000 99,758,447,000,000 -0.002001625 2012 18,362,000,000,000 2,647,000,000,000 103,054,000,000,000 0.152492868 2013 20,290,000,000,000 -8,942,000,000,000 111,369,000,000,000 0.262478787 2014 21,446,000,000,000 -10,710,000,000,000 127,951,000,000,000 0.251314957

  14 WIKA 2011 390,946,495,000 -1,116,605,266,000 6,286,304,902,000 0.239815247 2012 505,124,962,000 -468,324,115,000 8,322,979,571,000 0.116959205 2013 624,371,679,000 -434,643,177,000 10,945,209,418,000 0.096756016 2014 750,795,820,000 -693,166,083,000 12,594,962,700,000 0.114645985

Perhitungan Rumus : FCF = NOPAT – Investasi bersih modal operasi Pada Tahun 2010 Tahun Modal Kerja Operasi Bersih = Asset Lancar - Kewajiban Lancar Total Modal Operasi = Modal Kerja - Aktiva Tetap Bersih Emiten 2010 Asset Lancar Kewajiban Lancar Modal Kerja Modal Kerja Aktiva Tetap Bersih Total Modal Operasi

  ADHI 3,943,832,511,662 3,450,703,172,062 493,129,339,600 493,129,339,600 186,401,376,095 306,727,963,505 ANTM 7,593,630,426,000 1,989,071,312,000 5,604,559,114,000 5,604,559,114,000 2,952,396,841,000 2,652,162,273,000 BBNI 239,588,624,000,000 203,032,338,000,000 36,556,286,000,000 36,556,286,000,000 3,838,079,000,000 32,718,207,000,000 BBRI 395,540,777,000,000 346,142,318,000,000 49,398,459,000,000 49,398,459,000,000 1,568,945,000,000 47,829,514,000,000 BBTN 65,802,560,000,000 56,490,002,000,000 9,312,558,000,000 9,312,558,000,000 1,450,837,000,000 7,861,721,000,000 BMRI 434,461,666,000,000 383,286,713,000,000 51,174,953,000,000 51,174,953,000,000 5,527,000,000,000 45,647,953,000,000 JSMR 4,090,141,492,000 2,478,279,260,000 1,611,862,232,000 1,611,862,232,000 10,100,448,190,000 -8,488,585,958,000 KAEF 1,139,548,849,755 469,822,675,254 669,726,174,501 669,726,174,501 413,196,818,855 256,529,355,646 PTBA 6,645,953,000,000 1,147,728,000,000 5,498,225,000,000 5,498,225,000,000 921,005,000,000 4,577,220,000,000 PTPP 5,229,927,193,374 3,729,101,968,314 1,500,825,225,060 1,500,825,225,060 77,126,920,371 1,423,698,304,689 SMGR 7,343,604,756,000 2,517,518,619,000 4,826,086,137,000 4,826,086,137,000 7,662,560,326,000 -2,836,474,189,000 TINS 4,108,890,000,000 1,269,482,000,000 2,839,408,000,000 2,839,408,000,000 1,361,918,000,000 1,477,490,000,000 TLKM 18,730,627,000,000 20,472,898,000,000 -1,742,271,000,000 -1,742,271,000,000 75,832,408,000,000 -77,574,679,000,000 WIKA 5,122,672,881,000 3,642,026,776,000 1,480,646,105,000 1,480,646,105,000 405,546,470,000 1,075,099,635,000

Tahun 2011 – 2014 Modal Kerja Operasi Bersih = Asset Lancar - Kewajiban Lancar Total Modal Operasi = Modal Kerja - Aktiva Tetap Bersih No Nama Tahun Asset Lancar Kewajiban Lancar Modal Kerja Modal Kerja Aktiva Tetap Bersih Total Modal Operasi

  

2011 5,377,659,563,432 4,875,487,799,723 502,171,763,709 502,171,763,709 220,861,285,831 281,310,477,878

2012 7,283,097,472,884 5,852,574,120,387 1,430,523,352,497 1,430,523,352,497 187,437,135,676 1,243,086,216,821

  1 ADHI

2013 9,099,466,807,010 6,541,657,147,336 2,557,809,659,674 2,557,809,659,674 271,256,911,163 2,286,552,748,511

2014 9,484,298,907,925 7,069,703,612,022 2,414,595,295,903 2,414,595,295,903 496,095,844,221 1,918,499,451,682

2011 9,108,019,774,000 855,829,583,000 8,252,190,191,000 8,252,190,191,000 2,980,742,742,000 5,271,447,449,000

2012 7,646,851,196,000 3,041,406,158,000 4,605,445,038,000 4,605,445,038,000 4,663,449,270,000 -58,004,232,000

  2 ANTM

2013 7,080,437,173,000 3,855,511,633,000 3,224,925,540,000 3,224,925,540,000 6,700,155,560,000 -3,475,230,020,000

2014 6,343,109,936,000 3,862,917,319,000 2,480,192,617,000 2,480,192,617,000 8,699,660,101,000 -6,219,467,484,000

2011 289,653,698,000,000 245,593,389,000,000 44,060,309,000,000 44,060,309,000,000 4,052,708,000,000 40,007,601,000,000

2012 325,080,211,000,000 269,480,574,000,000 55,599,637,000,000 55,599,637,000,000 4,591,588,000,000 51,008,049,000,000

  3 BBNI

2013 376,997,893,000,000 305,022,614,000,000 71,975,279,000,000 71,975,279,000,000 5,513,569,000,000 66,461,710,000,000

2014 406,313,429,000,000 315,079,043,000,000 91,234,386,000,000 91,234,386,000,000 6,222,050,000,000 85,012,336,000,000

2011 460,121,003,000,000 395,324,538,000,000 64,796,465,000,000 64,796,465,000,000 1,852,818,000,000 62,943,647,000,000

2012 540,545,673,000,000 463,690,862,000,000 76,854,811,000,000 76,854,811,000,000 2,804,366,000,000 74,050,445,000,000

  4 BBRI

2013 613,017,771,000,000 525,572,066,000,000 87,445,705,000,000 87,445,705,000,000 3,972,612,000,000 83,473,093,000,000

2014 785,584,957,000,000 669,038,717,000,000 116,546,240,000,000 116,546,240,000,000 5,917,470,000,000 110,628,770,000,000

2011 86,219,986,000,000 73,668,869,000,000 12,551,117,000,000 12,551,117,000,000 1,497,455,000,000 11,053,662,000,000

2012 108,533,840,000,000 92,047,961,000,000 16,485,879,000,000 16,485,879,000,000 1,582,812,000,000 14,903,067,000,000

  5 BBTN

2013 127,939,548,000,000 109,256,626,000,000 18,682,922,000,000 18,682,922,000,000 1,522,724,000,000 17,160,198,000,000

2014 140,896,100,000,000 121,823,240,000,000 19,072,860,000,000 19,072,860,000,000 1,488,383,000,000 17,584,477,000,000

  

2011 535,678,095,000,000 420,112,889,000,000 115,565,206,000,000 115,565,206,000,000 6,049,246,000,000 109,515,960,000,000

2012 616,448,738,000,000 485,142,904,000,000 131,305,834,000,000 131,305,834,000,000 7,002,690,000,000 124,303,144,000,000

  6 BMRI

2013 711,062,679,000,000 556,698,820,000,000 154,363,859,000,000 154,363,859,000,000 7,645,598,000,000 146,718,261,000,000

2014 829,037,716,000,000 646,826,456,000,000 182,211,260,000,000 182,211,260,000,000 8,928,856,000,000 173,282,404,000,000

2011 3,996,740,525,000 3,708,595,625,000 288,144,900,000 288,144,900,000 13,663,827,764,000 -13,375,682,864,000

2012 4,531,117,154,000 6,648,164,394,000 -2,117,047,240,000 -2,117,047,240,000 422,506,867,000 -2,539,554,107,000

  7 JSMR

2013 3,746,344,739,000 4,919,883,549,000 -1,173,538,810,000 -1,173,538,810,000 593,028,346,000 -1,766,567,156,000

2014 3,641,371,714,000 4,312,916,751,000 -671,545,037,000 -671,545,037,000 701,727,320,000 -1,373,272,357,000

2011 1,263,029,723,926 459,694,310,937 803,335,412,989 803,335,412,989 426,719,769,958 376,615,643,031

2012 1,505,798,399,164 537,184,235,226 968,614,163,938 968,614,163,938 449,140,317,883 519,473,846,055

  8 KAEF

2013 1,810,614,614,537 746,123,148,554 1,064,491,465,983 1,064,491,465,983 498,644,378,133 565,847,087,850

2014 2,040,430,857,906 854,811,681,427 1,185,619,176,479 1,185,619,176,479 557,939,412,570 627,679,763,909

2011 8,859,260,000,000 1,912,423,000,000 6,946,837,000,000 6,946,837,000,000 1,140,466,000,000 5,806,371,000,000

2012 8,718,297,000,000 1,770,664,000,000 6,947,633,000,000 6,947,633,000,000 1,853,447,000,000 5,094,186,000,000

  9 PTBA

2013 6,479,783,000,000 2,260,956,000,000 4,218,827,000,000 4,218,827,000,000 2,803,393,000,000 1,415,434,000,000

2014 7,416,805,000,000 3,574,129,000,000 3,842,676,000,000 3,842,676,000,000 3,987,565,000,000 -144,889,000,000

2011 6,636,861,092,157 5,095,936,514,266 1,540,924,577,891 1,540,924,577,891 75,996,724,937 1,464,927,852,954

2012 8,188,945,200,842 6,032,342,111,437 2,156,603,089,405 2,156,603,089,405 72,775,407,301 2,083,827,682,104

  10 PTPP

2013 11,901,585,531,032 8,776,012,824,226 3,125,572,706,806 3,125,572,706,806 141,882,278,136 2,983,690,428,670

2014 13,545,180,416,606 9,838,496,713,070 3,706,683,703,536 3,706,683,703,536 493,575,829,412 3,213,107,874,124

2011 7,646,144,851,000 2,889,137,195,000 4,757,007,656,000 4,757,007,656,000 11,640,692,117,000 -6,883,684,461,000

2012 8,231,297,105,000 4,825,204,637,000 3,406,092,468,000 3,406,092,468,000 16,794,115,433,000 -13,388,022,965,000

  11 SMGR

2013 9,972,110,370,000 5,297,630,537,000 4,674,479,833,000 4,674,479,833,000 18,862,518,157,000 -14,188,038,324,000

2014 11,648,544,675,000 5,273,269,122,000 6,375,275,553,000 6,375,275,553,000 20,221,066,650,000 -13,845,791,097,000

  12 TINS

2011 4,631,418,000,000 1,421,976,000,000 3,209,442,000,000 3,209,442,000,000 1,515,559,000,000 1,693,883,000,000

  

2012 3,929,664,000,000 959,806,000,000 2,969,858,000,000 2,969,858,000,000 1,722,798,000,000 1,247,060,000,000

2013 5,360,664,000,000 2,439,590,000,000 2,921,074,000,000 2,921,074,000,000 1,888,603,000,000 1,032,471,000,000

2014 6,552,176,000,000 3,512,730,000,000 3,039,446,000,000 3,039,446,000,000 2,017,066,000,000 1,022,380,000,000

2011 21,258,000,000,000 22,189,000,000,000 -931,000,000,000 -931,000,000,000 74,897,000,000,000 -75,828,000,000,000

2012 27,973,000,000,000 24,107,000,000,000 3,866,000,000,000 3,866,000,000,000 77,047,000,000,000 -73,181,000,000,000

  13 TLKM

2013 33,075,000,000,000 28,437,000,000,000 4,638,000,000,000 4,638,000,000,000 86,761,000,000,000 -82,123,000,000,000

2014 33,762,000,000,000 31,786,000,000,000 1,976,000,000,000 1,976,000,000,000 94,809,000,000,000 -92,833,000,000,000

2011 5,838,851,683,000 5,127,208,872,000 711,642,811,000 711,642,811,000 753,148,442,000 -41,505,631,000

2012 7,186,554,643,000 6,527,627,883,000 658,926,760,000 658,926,760,000 1,168,756,506,000 -509,829,746,000

  14 WIKA

2013 7,994,288,651,000 7,298,469,461,000 695,819,190,000 695,819,190,000 1,640,292,113,000 -944,472,923,000

2014 9,514,446,542,000 8,476,042,469,000 1,038,404,073,000 1,038,404,073,000 2,676,043,079,000 -1,637,639,006,000

Rumus Investasi Bersih = Total Modal Operasi t – Total Modal Operasi t-1 Investasi bersih = Total modal operasi t - total modal operasi t-1 Total Modal Operasi t Total Modal operasi t-1 Investasi bersih

  281,310,477,878 306,727,963,505 -25,417,485,627 1,243,086,216,821 281,310,477,878 961,775,738,943 2,286,552,748,511 1,243,086,216,821 1,043,466,531,690 1,918,499,451,682 2,286,552,748,511 -368,053,296,829 5,271,447,449,000 2,652,162,273,000 2,619,285,176,000

• 58,004,232,000 5,271,447,449,000 -5,329,451,681,000
• 3,475,230,020,000 -58,004,232,000 -3,417,225,788,000
• 6,219,467,484,000 -3,475,230,020,000 -2,744,237,464,000 40,007,601,000,000 32,718,207,000,000 7,289,394,000,000 51,008,049,000,000 40,007,601,000,000 11,000,448,000,000 66,461,710,000,000 51,008,049,000,000 15,453,661,000,000 85,012,336,000,000 66,461,710,000,000 18,550,626,000,000 62,943,647,000,000 47,829,514,000,000 15,114,133,000,000

  74,050,445,000,000 62,943,647,000,000 11,106,798,000,000 83,473,093,000,000 74,050,445,000,000 9,422,648,000,000 110,628,770,000,000 83,473,093,000,000 27,155,677,000,000 11,053,662,000,000 7,861,721,000,000 3,191,941,000,000

  14,903,067,000,000 11,053,662,000,000 3,849,405,000,000 17,160,198,000,000 14,903,067,000,000 2,257,131,000,000 17,584,477,000,000 17,160,198,000,000 424,279,000,000 109,515,960,000,000 45,647,953,000,000 63,868,007,000,000

  124,303,144,000,000 109,515,960,000,000 14,787,184,000,000 146,718,261,000,000 124,303,144,000,000 22,415,117,000,000 173,282,404,000,000 146,718,261,000,000 26,564,143,000,000

• 13,375,682,864,000 -8,488,585,958,000 -4,887,096,906,000

  2,083,827,682,104 1,464,927,852,954 618,899,829,150 2,983,690,428,670 2,083,827,682,104 899,862,746,566 3,213,107,874,124 2,983,690,428,670 229,417,445,454

• 6,883,684,461,000 -2,836,474,189,000 -4,047,210,272,000
• 13,388,022,965,000 -6,883,684,461,000 -6,504,338,504,000
• 14,188,038,324,000 -13,388,022,965,000 -800,015,359,000
• 13,845,791,097,000 -14,188,038,324,000 342,247,227,000 1,693,883,000,000 1,477,490,000,000 216,393,000,000 1,247,060,000,000 1,693,883,000,000 -446,823,000,000 1,032,471,000,000 1,247,060,000,000 -214,589,000,000 1,022,380,000,000 1,032,471,000,000 -10,091,000,000
• 75,828,000,000,000 -77,574,679,000,000 1,746,679,000,000
• 73,181,000,000,000 -75,828,000,000,000 2,647,000,000,000
• 82,123,000,000,000 -73,181,000,000,000 -8,942,000,000,000
• 92,833,000,000,000 -82,123,000,000,000 -10,710,000,000>41,505,631,000 1,075,099,635,000 -1,116,605,266,000
• 509,829,746,000 -41,505,631,000 -468,324,115,000
• 944,472,923,000 -509,829,746,000 -434,643,177
• 1,637,639,006,000 -944,472,923,000 -693,166,083,000

Lampiran 7 REKAPKULASI DATA

  

Nama Tahun Variabel Independen Variabel Dependen

TAG MBAR MDER DPR FCF

  ADHI 2011 0.24052972 1.008898777 5.172407513 0.304491222 0.042232759 2012 0.287769246 1.252716669 5.666057399 0.277585581 -0.122438065 2013 0.234866722 1.120515895 5.277814237 0.10423647 -0.080668531 2014 0.075910176 1.431886543 4.971237701 0.375816893 0.071465136

  ANTM 2011 0.244076619 1.307886907 0.411174677 0.348716689 -0.056161825 2012 0.296509188 0.968384896 0.535852208 0.330021636 0.547492843 2013 0.109423445 0.890393161 0.709081854 1.094631528 0.194188559 2014 0.008190435 0.919656805 0.847863616 -0.119383389 0.090049879

  BBNI 2011 0.203063499 1.108049958 6.902596817 0.23968524 -0.005958536 2012 0.114510652 1.074360867 6.65769736 0.198351382 -0.012699349 2013 0.16006825 1.065283206 7.108775037 0.233232526 -0.019188877 2014 0.077378819 1.123862662 5.590648008 0.252001419 -0.019969354

  BBRI 2011 0.162295372 1.244800003 8.43187838 0.177468792 -6.46498E-05 2012 0.173308428 1.190182103 7.497559692 0.188384144 0.016132355 2013 0.13575393 1.156081369 6.893650269 0.260317621 0.021641367 2014 0.280704069 1.232911256 7.205198655 0.261956723 -0.00463416

  BBTN 2011 0.303220832 1.036579831 11.17233058 0.282327125 -0.030317521 2012 0.253890974 1.041024344 9.871679682 0.171511631 -0.027888267 2013 0.173793123 0.981265011 10.35005049 0.261697007 -0.006219049 2014 0.102205219 1.002767114 10.84426939 0.418370054 0.00527037

  BMRI 2011 0.227040754 1.16900162 7.20427763 0.257687265 -0.113772827 2012 0.151709119 1.173967716 6.777555877 0.189684685 0.002276595 2013 0.153364042 1.126237122 6.720705963 0.255509126 -0.005640462 2014 0.166334675 1.168480999 6.648123762 0.274814195 -0.008060786

  JSMR 2011 0.264273844 1.901437066 1.31942464 0.559358562 0.327452434 2012 0.154973731 2.101749561 1.529024698 0.350690943 -0.444653147 2013 0.145950527 1.749586163 1.6103246 0.479547126 0.01877846 2014 0.12308962 2.146181932 1.788442904 0.383425368 0.028979303

  KAEF 2011 0.082635168 1.354385956 0.43252238 0.269388598 0.031181526 2012 0.157228006 2.285153957 0.440373954 0.167485343 0.035059808 2013 0.190522999 1.668505551 0.521797897 0.143414854 0.08152252 2014 0.2007513 3.131089149 0.638845232 0.229563396 0.0706726

  PTBA 2011 0.319213698 3.764525774 0.409320414 0.415447452 0.213112478 2012 0.105881082 3.065147394 0.496617057 0.555719444 0.314727841 2013 -0.08263238 2.365964216 0.546321698 0.84508926 0.434679964 2014 0.268461624 2.35908553 0.708256591 0.473384846 0.306541876

  PTPP 2011 0.273559785 1.133145071 3.864009933 0.001619302 0.036552337 2012 0.233292146 1.276390431 4.164027855 0.001308789 -0.044598475 2013 0.451980638 1.292572145 5.255541631 0.001128374 -0.056034516 2014 0.176889008 2.021186581 5.113059938 0.001212458 0.024376279

  SMGR 2011 0.263355658 3.710908549 0.345294034 0.378249733 0.514199276 2012 0.351826914 3.853737848 0.463214779 0.407763456 0.581385886 2013 0.158538208 3.017577566 0.412260051 0.411951288 0.231547255 2014 0.114369993 3.071655659 0.372452034 0.436133167 0.169887628

  TINS 2011 0.117103614 1.579522108 0.428903855 0.529022069 0.115694696

  2012 -0.071356738 1.52329899 0.338468474 1.035870738 0.133704232 2013 0.292129971 1.400939252 0.611430242 0.39334182 0.124404053 2014 0.237106849 1.364265894 0.738954382 0.442385625 0.087204537

  TLKM 2011 0.025402732 1.787422079 0.68993621 0.16134083 -0.002001625 2012 0.080685854 2.036823474 0.662769865 0.159129842 0.152492868 2013 0.148892421 2.088666695 0.652601261 0.877796544 0.262478787 2014 0.101163727 2.438425705 0.635936139 1.021528139 0.251314957

  WIKA 2011 0.323985982 1.175077128 2.750144203 0.327028117 0.239815247 2012 0.315059027 1.568053071 2.889547854 0.27771514 0.116959205 2013 0.150728343 1.51403015 2.90304407 0.264437513 0.096756016 2014 0.263613245 2.109029875 2.196612683 0.277527253 0.114645985

Lampiran 8 HASIL OUTPUT SPSS Analisis Statistik Deskriptif

  

Descriptive Statistics

N Minimum Maximum Mean Std. Deviation Total Asset Growth

  56 -.08263 .45198 .1834749 .10102862 Market to Book Asset Ratio 56 .89039 3.85374 1.6901917 .77561349 Market Debt to Equity Ratio 56 .33847 11.17233 3.4892494 3.29453341 Dividend Payout Ratio 56 -.11938 1.09463 .3378236 .24728345 Free Cash Flow 56 -.44465 .58139 .0901055 .17485723 Valid N (listwise)

  

Uji Normalitas

One-Sample Kolmogorov-Smirnov Test

  Unstandardized Residual N

  56 _a,b Mean .0000000 Normal Parameters Std. Deviation .13229936 Absolute .153

  

Most Extreme Differences Positive .153

Negative -.117

  Uji Multikolonieritas _a Coefficients

  Model Unstandardized Standardized t Sig. Collinearity Coefficients Coefficients Statistics B Std. Error Beta Tolerance

  VIF (Constant) -.116 .084 -1.391 .170

Total Asset Growth .298 .198 .172 1.504 .139 .857 1.166

Market to Book .069 .030 .305 2.291 .026 .632 1.581

Asset Ratio

  1 Market Debt to -.012 .007 -.229 -1.657 .104 .589 1.698 Equity Ratio

Dividend Payout .230 .086 .325 2.686 .010 .764 1.308

Ratio

  Uji Autokorelasi _b Model Summary

  Model R R Square Adjusted R Std. Error of the Durbin-Watson _a Square Estimate 1 .654 .428 .383 .13738965 1.965 a. Predictors: (Constant), Dividend Payout Ratio, Market to Book Asset Ratio, Total Asset Growth, Market Debt to Equity Ratio

  

Uji Heteroskedastisitas

Coefficients

^a

  Model Unstandardized Coefficients Standardized Coefficients t Sig.

  B Std. Error Beta

  1 (Constant) .085 .061 1.388 .171 Total Asset Growth .127 .145 .124 .876 .385 Market to Book Asset Ratio .008 .022 .057 .343 .733 Market Debt to Equity Ratio -.010 .005 -.317 -1.853 .070 Dividend Payout Ratio -.016 .063 -.037 -.246 .806

  

Uji Koefisien Determinasi

Model Summary

  Model R R Square Adjusted R Square Std. Error of the Estimate

  1 .654 ^a .428 .383 .13738965

  

a. Predictors: (Constant), Dividend Payout Ratio, Market to Book Asset

Ratio, Total Asset Growth, Market Debt to Equity Ratio

Uji Simultan (Uji F)

  

Uji Parsial (Uji T)

Coefficients

^a

  Model Unstandardized Coefficients Standardized Coefficients t Sig.

  B Std. Error Beta

  1 (Constant) -.116 .084 -1.391 .170 Total Asset Growth .298 .198 .172 1.504 .139 Market to Book Asset Ratio .069 .030 .305 2.291 .026 Market Debt to Equity Ratio -.012 .007 -.229 -1.657 .104 Dividend Payout Ratio .230 .086 .325 2.686 .010

  Lampiran 9 Hasil Perhitungan dengan menggunakan SPSS 21

  Lampiran 10 Tabel Durbin- Watson (DW)

  Dividen Per Lembar Saham = Dividen yang dibayarkan/Modal Saham Dividen yang dibayarkan/Modal Saham N o Nam a Tahu n Dividen yang dibayarkan Modal Saham Dividen per lembar saham

  1 ADHI 2011 56,845,102,342 1,801,320,000 31.55747027 2012 58,732,403,011 1,801,320,000 32.6052023 2013 42,318,078,814 1,801,320,000 23.49281572 2014 121,793,040,314 1,801,320,000 67.61321715

  2 ANT M 2011 673,359,997,000 9,538,459,750 70.59420647 2012 867,550,297,000 8,370,273,000 103.6465952 2013 448,967,247,000 9,538,459,750 47.06915569 2014 92,237,426,000 9,538,459,750 9.670054539

  3 BBNI 2011 1,394,580,000,000 18,648,656,458 74.78179477 2012 1,398,217,000,000 18,648,656,459 74.97682222 2013 2,113,844,000,000 18,648,656,458 113.3510076 2014 2,716,304,000,000 18,648,656,458 145.6568202

  4 BBRI 2011 2,753,372,000,000 24,669,162,000 111.6118983 2012 3,619,905,000,000 24,669,162,000 146.7380611 2013 5,556,285,000,000 24,669,162,000 225.2320123 2014 6,350,262,000,000 24,669,162,000 257.4170132

  5 BBTN 2011 306,840,000,000 8,835,970,500 34.72623635 2012 262,885,000,000 10,356,440,500 25.38372137 2013 409,189,000,000 10,564,853,500 38.73115704 2014 468,648,000,000 10,567,696,000 44.34722573

  6 BMRI 2011 3,182,704,000,000 23,333,333,333 136.4016 2012 2,940,884,000,000 23,333,333,333 126.0378857

  2013 1,600,596,000,000 2,304,131,850 694.6633718 2014 1,011,117,000,000 2,304,131,850 438.827752 2011 76,626,205,340 946,410,102,841 0.080965118 2012 79,273,647,547 946,410,102,841 0.08376247

  10 PTPP 2013 92,926,356,435 946,600,496,439 0.098168506 2014 126,203,302,161 946,261,740,364 0.133370395 2011 1,485,260,456,000 5,931,520,000 250.4013231 2012 1,976,042,846,000 5,931,520,000 333.1427435

  SMG

  11 R 2013 2,211,365,058,000 5,931,520,000 372.8159153 2014 2,426,542,780,000 5,931,520,000 409.0929104 2011 473,939,000,000 5,033,020,000 94.16592821 2012 448,366,000,000 5,033,020,000 89.08488343

  12 TINS 2013 215,787,000,000 5,033,020,000 42.8742584 2014 283,351,000,000 7,447,753,454 38.04516379 2011 9,102,000,000,000 100,799,996,400 90.29762227 2012 10,734,000,000,000 100,799,996,400 106.488099

  13 TLKM 2013 13,044,000,000,000 100,799,996,400 129.4047665 2014 15,428,000,000,000 100,799,996,400 153.055561 2011 119,428,097,000 6,027,267,500 19.81463358 2012 128,884,471,000 6,105,627,500 21.10912777

  14 WIKA 2013 150,884,667,000 6,139,968,000 24.57417807 2014 170,982,002,000 6,149,225,000 27.80545548