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Disusun Oleh:
ROYHUL AKBAR
146020200111057
Sistem pengerjaan : saya mengubah nomor nomor kasus soal menjadi sesuai dengan nomor yang
saya buat di dalam table yang terletak pada kolom sebelah kiri.
Nomor soal
Kasus
Halaman
9-7
312
10 - 11
349
11 - 9
390
12 - 8
427
13 - 8
474
JAWABAN
No.1
Gargling ton Technologies Inc's 2006 financial statements are shown below
Garglington Technologies Inc's:
Balance Sheet as of December 31,2006
Cash
$ 180.000
Accounts payable
$360.000
Receivables
360.000
Notes payable
156.000
Inventories
720.000 +
Accruals
180.000 +
Fixed assets
$1.260.000
1.440.000 +
Common stock
Retained earnings
Total assets
$2.700.000
Sales
Operating costs
Earning before interest and taxes
Interest
Earning before taxes
Taxes(40%)
$3.600.000
3.279.720 $320.280
18.280 $302.000
120.800 -
Net income
$181.200
Dividends (45%)
$108.000
1.800.000
204.000 +
$2.700.000
Suppose that in 2005 sales increase by 10 percent over 2006 sales and that 2007 divide's will increase to
$112,000. Construct the prove forma financial statement using the percent of sales method . Assume
the firm operated at full capacity in 2006. Use an interest rate of 13 percent on the dept plans at the
beginning of the year. Assume divide's will grow 3 percent and that the AFN will be in the form of notes
payable.
SOLUSI
Garlington Technologies Inc.
Pro Forma Income Statement
December 31, 2006
Forecast
2006
Basis
Additions
2007
$3,600,000
1.10 Sales06
$3,960,000
Operating costs
3,279,720
0.911 Sales07
3,607,692
EBIT
$ 320,280
Sales
Interest
EBT
18,280
$ 352,308
0.13 Debt06
20,280
$ 302,000
$ 332,028
Taxes (40%)
120,800
132,811
Net income
$ 181,200
$ 199,217
Dividends:
$ 112,000
Addition to RE:
$ 73,200
$ 87,217
AFN
2007 Sales Additions
With AFN
2007
Effects
2007
$ 180,000
0.05
$ 198,000
$ 198,000
Receivables
360,000
0.10
396,000
396,000
Inventories
720,000
0.20
792,000
792,000
$1,386,000
$1,386,000
1,584,000
1,584,000
$2,970,000
$2,970,000
$ 396,000
$ 396,000
Total current
assets
$1,260,000
Fixed assets
Total assets
1,440,000
0.40
$2,700,000
156,000
Accruals
180,000
0.10
156,000 +128,783
284,783
198,000
198,000
$ 696,000
$ 750,000
$ 878,783
1,800,000
1,800,000
1,800,000
291,217
291,217
$2,841,217
$2,970,000
0.05
Total current
liabilities
Common stock
87,217*
Total liab.
and equity
$2,700,000
AFN =
$ 128,783
Cumulative AFN =
$ 128,783
NO. 2
On January 1, the total market value of the Tysseland Company was $60 million. During the
year, the company plans to raise and invest $30 million in new projects. The firms present
market value capital structure, shown below, is considered to be optimal. Assume that there is
no short-term debt.
Debt
$30,000,000
Common equity
$30,000,000
Total capital
$60,000,000
New bonds will have an 8 percent coupon rate, and they will be sold at par. Common stock is
currently selling at $30 a share. Stockholders required rate of return is estimated to be 12
percent, consisting of a dividend yield of 4 percent and an expected constant growth rate of 8
percent. (The next expected dividend is $1.20, so $1.20/$30 = 4%.) The marginal corporate tax
rate is 40 percent.
A. To maintain the present capital structure, how much of the new investment must be
financed by common equity?
B. Assume that there is sufficient cash flow such that Tysseland can maintain its target
capital structure without issuing additional shares of equity. What is the WACC?
C. Suppose now that there is not enough internal cash flow and the firm must issue new
shares of stock. Qualitatively speaking, what will happen to the WACC?
SOLUSI
a. Untuk tetap menjaga jumlah capital struktur seperti sekarang, maka banyak infestasi yang harus
di biayai dengan jumlah saham saat ini adalah sebesar $15,000,000 hasil ini didapatkan dari
Required Investments = $30,000,000
Since the total market value of the firm is $60,000,000
Out of that, $30,000,000 is financed through equity, then the weight of equity = $30,000,000 /
$60,000,000 = 0.5
Common equity needed = Total Amount of Investment Weight of Equity
= 0.5($30,000,000) = $ 15.000.000,-
b. Dimisalkan terjadi kekurangan arus kas sehingga perusahaan ingin mengeluarkan sejumlah
saham baru sehingga perusahaan mendapatkan arus kas tetapi tetap mempertahankan struktur
modal perusahaan. Berapa WACC dari jumlah seluruh modal di rencana yang baru akan di buat?
Jawabannya adalah 8.4% dengan jalan sebagai berikut :
Cost of Equity =
D1
g
P0
$1.20
0.08 = 0.12 = 12%
$30
After Tax Cost of Debt = Before Tax Cost of Debt (1-Tax Rate)
= 8 (1-0.4) = 4.8%
WACC = (Weight of Equity Cost of Equity) + (Weight of Debt After Tax Cost of Debt)
= (0.5 12%) + (0.5 4.8%) = 8.4%
c. Karena perusahaan menerbitkan sejumlah saham baru untuk menambah modal dikarenakan
jumlah arus kas yang sedikit maka menurut saya jumlah beban modal tertimbang atau WACC
perusahaan tersebut meningkat dikarenakan jumlah modal baru yang di peroleh dari saham
yang di terbitkan.
NO. 3
The balance sheets of Roop Industries are shown below. The 12/31/2006 value of operations is
$651 million and there are 10 million shares of common equity. What is the price per share?
Balance Sheets, December 31, 2006 (Millions of Dollars)
Assets
Cash
Marketable securities
Accounts receivable
Inventories
Total current assets
Net plant and equipment
$ 20.0
47.0
100.0
200.0
$367.0
279.0
Total assets
$646.0
SOLUSI
Total Nilai perusahaan = Value of operations + marketable securities
= $651 + $47 = $698 million.
Total Nilai Modal = Total corporate value debt Preferred stock
= $698 ($65 + $131) - $33 = $469 million.
Price per share = $469 milion / 10 milion = $46.90.
$ 19.0
65.0
51.0
$135.0
131.0
33.0
160.0
187.0
$347.0
$646.0
NO. 4
Cummings Products Company is considering two mutually exclusive investments. The projects
expected net cash flows are as follows:
EXPECTED NET CASH FLOWS
Year
Project A
0
($300)
1
(387)
2
(193)
3
(100)
4
600
5
600
6
850
7
(180)
Solve this following Problem :
Project B
($405)
134
134
134
134
134
134
0
SOLUSI
a. Bentuk dari NPV baik dari Proyek A maupun Proyek B adalah sebagai berikut.
c. Jika diketahui bahwa biaya modal kedua proyek tersebut masing masing adalah 10%,
maka proyek manakah yang sebaiknya dipilih? Jika biaya modal yang diperbolehkan
adalah 17%, manakah pilihan terbaiknya?
For r = 10%
Project A
Project B
NPV= $283.34
NPV= $178.60.
Untuk r = 17%
Project B NPV= $75.95
Project A NPV = $31.05
Maka Proyek B lah yang seharusnya di pilih
d. Berapakah nilai MIRR masing masing proyek dimana biaya modal adalah 10%? Dan
17%? (Hint: pertimbangkan jumlah periode adalah 7 seperti waktu berakhirnya proyek
B)
MIRR untuk Project A jika r = 10%:
PV costs = $300 + $387/(1.10)1 + $193/(1.10)2 + $100/(1.10)3 + $180/(1.10)7 = $978.82.
$978.82 = $2,459.60(1 + MIRR)7
MIRRA = 14.07%.
MIRRB = 15.89%.
pada r = 17%,
MIRRA = 17.57%.
MIRRB = 19.91%.
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e. Apa yang dimaksud dengan tingkat Crossover,dan apa pengaruh signifikannya pada
pemilihan proyek?
Year
Project a
105
-521
-327
-234
466
466
716
-180
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NO. 5
The Bartram-Pulley Company (BPC) must decide between two mutually exclusive investment
projects. Each project costs $6,750 and has an expected life of 3 years.
Annual net cash flows from each project begin 1 year after the initial investment is made and
have the following probability distributions:
PROJECT A
Probability
0.2
0.6
0.2
PROJECT B
Probability
0.2
0.6
0.2
BPC has decided to evaluate the riskier project at a 12 percent rate and the less risky project at a
10 percent rate.
a. What is the expected value of the annual net cash flows from each project? What
is the coefficient of variation (CV)? (Hint: _B _ $5,798 and CVB _ 0.76.)
b. What is the risk-adjusted NPV of each project?
c. If it were known that Project B was negatively correlated with other cash flows of
the firm, whereas Project A was positively correlated, how would this knowledge
affect the decision? If Project Bs cash flows were negatively correlated with
gross domestic product (GDP), would that influence your assessment of its risk?
SOLUSI
JAWABAN A
Probability
20%
60%
20%
Project A
Net Cash Flows
Prob.x Net CF
$
$
$
$
$
$
1,200.00
4,050.00
1,500.00
6,750.00
$
$
$
$
$
6,000.00
6,750.00
7,500.00
Expected Net CF
Std. Deviation
CV
Project B
Net Cash Flows
Probability
20%
60%
20%
$
$
$0.00
6,750.00
18,000.00
Expected Net CF
Prob.x Net CF
$
$
$0.00
4,050.00
3,600.00
7,650.00
12
112,500.00
112,500.00
225,000.00
474.34
Variance
0.0703
$
$
$
$
11,704,500.00
486,000.00
21,424,500.00
33,615,000.00
Variance
Std. Deviation
CV
5,797.84
0.7579
JAWABAN B
Year
0
1
2
3
Project A
Project B
$
$
$
$
$
$
$
$
(6,750.00)
6,750.00
6,750.00
6,750.00
(6,750.00)
7,650.00
7,650.00
7,650.00
10.00%
WACC
Risk-Adj. NPV =
10,036.25
12.00%
11,624.01
JAWABAN C.
Karena diketahui bahwa proyek B berpengaruh negative pada arus kas lainnya sedangkan pada Proyek A
hal tersebut berlaku sebaliknya, maka dalam pengambilan keputusan maka saya akan mengambil proyek
A saja atau jika diberikan kesempatan untuk menjalankan proyek B tetapi kondisi yang saya ketahui
adalah seperti itu maka saya tidak akan menjalankan proyek B tersebut atau jika pun terpaksa harus
menjalankannya maka saya akan menjalankan proyek B tersebut dengan sangat hati hati, karena menurut
teori, proyek yang baik adalah suatu proyek dimana aliran arus kas atau cash flow nya adalah positif dan
hal ini yang akan menjaga keberlangsungan suatu perusahaan atau sumber dana dan kegiatan operasional
perusahaan itu berasal.
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