TUGAS FINANCIAL MANAGEMENT

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TUGAS NO
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Sumber / referensi Tugas: Financial Management (Theory & Practice ) 13e, hal 119,214,dan 303
Page:119;
Calculate Ratios for Computron Industries, based on its Balance Sheets & Income Statement
Computron Industries Balance Sheets
Assets
Cash
Short term investment
Accounts Receivable
Inventories
Total Current Asset
Gross Fixed Asset
Less: Accumulated Depreciation
Net Fixed Assets
Total Assets
Liabilities & Equity
Accounts Payable
Notes Payable
Accruals
Total Current Liabilities
Long Term Debt
Common Stock (100.000 shares)
Retained Earning
Total Equity
Total Liabilities&Equity

2009

2010

2011E

9000
48600
351200
715200
1124000
491000
146200
344800
1468800

7282
20000
632160
1287360
1946802
1202950
263160
939790
2886592

14000
71632
878000
1716480
2680112
1220000
383160
836840
3516952

145600
200000
136000
481600
323432
460000
203768
663768
1468800

324000
720000
284960
1328960
1000000
460000
97632
557632
2886592

359800
300000
380000
1039800
500000
1680936
296216
1977152
3516952

Income Statements
Sales
Cost of Goods Sold
Other Expenses
Depreciation
Total Operating Cost
EBIT
Interest Expense
EBT
Taxes (40%)
Net Income
Other Data
Stock Price
Shares Outstanding
EPS
DPS
Tax Rate
Book Value per share
Lease payments

2009
3432000
2864000
340000
18900
3222900
209100
62500
146600
58640
87960
8.5
100000
0.88
0.22
0.4
6.638
40000

2010
2011E
5834400 7035600
4980000 5800000
720000 612960
116960 120000
5816960 6532960
17440 502640
176000
80000
-158560
422640
-63424
169056
-95136
253584
6
100000
-0.951
0.11
0.4
5.576
40000

12.17
250000
1.014
0.22
0.4
7.909
40000

Note: "E" denotes "estimated"; the 2011 data are

forecasts
Ratios Calculations:
Current =

Quick =

Inventory T/O =

Days Sales Outstanding =

Fixed Assets T/O =

Total assets T/O =

Debt Ratio =
TIE =

Current Assets(CA)
Current liabilities(CL)

CA-Inventories(Inv)
CL

Sales
Inv

Receivables
Annual Sales/365

Sales
Net Fixed Assets

Sales
Total Assets(TA)

Total Liabilities(TL)
TA

EBIT
Interest Expense

2680112

2.578

0.927

4.099

45.550

8.407

2.000

43.8%

6.283

1039800
2680112 - 1716480
1039800
7035600
1716480
878000
19275.61644
7035600
836840
7035600
3516952
1039800
3516952
502640
80000

EBITDA Coverage =

EBITDA+Lease Payment
Interest+Principal+ lease Payment

662640

5.522

3.60%

14.29%

7.21%

12.83%

12.002

8.144

1.539

120000
Profit Margin =

Basic Earning Power =

ROA =

ROE =

Price / Earnings =

Price / Cash Flow =

Market Book =

Ratio Analysis
Current
Quick
Inventory turnover
Days Sales Outstanding
Fixed Asset Turnover
Total Asset Turnover
Debt Ratio
TIE
EBITDA coverage
Profit margin
Basic Earning Power
ROA
ROE
Price/Earnings (P/E)
Price/Cash Flow
Market/Book

Net Income to StakeHolders

Sales

EBIT
TA

Net Income to StakeHolders

TA

Net Income to StakeHolders

Common Equity

Price / share
Earnings / Share

Price / share
Cash Flow / share
Market Price/share
Book Value/share

2009
2.3
0.8
4.8
37.3
10
2.3
0.548
3.3
2.6
0.026
0.142
0.06
0.133
9.7
8
1.3

253584
7035600
502640
3516952
253584
3516952
253584
1977152
12.17
1.014

12.17
1.494336
12.17

7.909

2010
1.5
0.5
4.5
39.6
6.2
2
0.807
0.1
0.8
-0.016
0.006
-0.033
-0.171
-6.3
27.5
1.1

2011E
2.578
0.927
4.099
45.55
8.407
2
43.80%
6.283
5.522
3.60%
14.29%
7.21%
12.83%
12.002
8.144
1.539

Industry
Avg
2.7
1
6.1
32
7
2.5
50.00%
6.2
8
3.60%
17.80%
9.00%
17.90%
16.2
7.6
2.9

Page:214

d.1. How Bonds value determined :

Bond Value equals to the Sum of PVS of coupons paid from the first payment to maturity (N times)
plus the PV of the par value paid at the end of the contract.
Ans: Suppose a bond with par of USD 1000, coupon rate at 10%, required rate of return of 10%,
N=10, Par=1000,

Coupon rate =10%. rd =10%

= USD 1000.
This bond value can also be explained by using time line as shown below

N
1
2
3
4
5
6
7
8
9
10

PV
90.90909
82.64463
75.13148
68.30135
62.09213
56.44739
51.31581
46.65074
42.40976
38.55433
385.5433
1,000.00

1
100

2
100

3
100

Payment, 10%, or USD 100 per year

4
5
6
7
8
100
100
100
100
100

9
100

10
100

1000

e.1. How is the bond value ,if the required return increases to 13% ?
Ans:

1
100

PV
88.496
78.315
69.305
61.332
54.276
48.032
42.506
37.616
33.288
29.459
10
294.588
837.213
Bond value < par value

2
100

3
100

Payment, 10%, or USD 100 per year

4
5
6
7
8
100
100
100
100
100

9
100

10
100

1000

1
2
3
4
5
6
7
8
9

discount Bond

e.2. Same Bond, but with rate of return declined to 7%

Ans:

N
1
2
3
4
5
6
7
8
9
10

PV
93.458
87.344
81.630
76.290
71.299
66.634
62.275
58.201
54.393
50.835
508.349
1,210.71

1
100

2
100

Bond Value > Par, Premium Bond

3
100

Payment, 10%, or USD 100 per year

4
5
6
7
8
100
100
100
100
100

9
100

10
100

1000

f.1. What is the rate of return of a same Bond, with coupon rate of 9%(USD 90 per year), and YTM of
USD 887? YTM 1134.2?
Ans:

N
1
2
3
4
5
6
7
8
9
10

PV
81.146
73.162
65.965
59.475
53.624
48.348
43.592
39.303
35.436
31.950
355.000
887.000

1
90

2
90

3
90

Payment, 9%, or USD 90 per year

4
5
6
7
8
90
90
90
90
90

9
90

10
90

Using GoalSeek Function from Excel What if Analysis Tools:

When bond sells at YTMof 887, rate of return ,rd = 10.91% and
When sells at YTM of 1134.2, rate of return ,rd, when YTM = 7.08%
Relationship between rd and inflation rate:
If Inflation > Coupon rate , Bond sells at discount
If Inflation < Coupon rate, Bond sells at premium
g.1. How does the equation for valuing a bond change if semiannual payments are made? Find the
value of a 10-year, semiannual payment, 10% coupon bond if the nominal, rd = 13%.
Ans:
N=2x 10 =20 ; PMT=100:2 =50; rd =13%: 2=6.50%

= USD 834.72

1000

h.. Suppose a 10-year, 10% semiannual coupon bond with a par value of $1,000 is currently
selling for $1,135.90, producing a nominal yield to maturity of 8%. However, the bond
can be called after 5 years for a price of $1,050.
h.1. What is the bonds nominal yield to call (YTC)?
Ans:
N=2x5Year =10 ; PMT=100:2=50; FV (5Yrs)=1050; PV=1135.9
rd /2= ?

N
PV

1
50

2
50

3
50

Payment, 9%, or USD 90 per year

4
5
6
7
8
50
50
50
50
50

9
50

1
2
3
4
5
6
7
8
9
10
1,135.90

Using RATE function in Excel, well get rate of return = 3.77% semianually of 7.53% annually

10
1050

Page:303:
c.1. Assume that Temp Force has a beta coefficient of 1.2, that the risk-free rate (the yield on T-bonds)
is 7.0%, and that the market risk premium is 5%. What is the required rate of return on the firms
stock?
Ans:
Temp force Beta coef. =1.2 ; Risk-free rate (yield T-Bond)=7% ; Market Risk Premium=5% ;
Security Market Line Equation:
Required Return on Stock i =Risk-free rate + (Market Risk Premium x Beta of Stock i)
ri =13%
d.. Assume that Temp Force is a constant growth company whose last dividend (D0, which was paid
yesterday) was $2.00 and whose dividend is expected to grow indefinitely at a 6% rate.
d.1. What is the firms expected dividend stream over the next 3 years?
Ans:
D t = D 0 (1 + g)t
g =6%; rs =13%; D0=2
Tahun
Dividend

Sum PV=

0
2
1.876
1.760
1.651
7.287

1
2.120

2
2.247

3
2.382

d.2. What is the firms current intrinsic stock price?

Ans:
Since the growth and inflation rate are constant over the years, we can use constant model equation to
calculate intrisic value of the stock:
P0 =

D1 / (rs -g)
2.12 / (13%-6%)
30.29

g. Now assume that Temp Forces dividend is expected to experience supernormal growth
of 30% from Year 0 to Year 1, 20% from Year 1 to Year 2, and 10% from Year 2 to
Year 3. After Year 3, dividends will grow at a constant rate of 6%.
intrinsic value under these conditions? What are the expected dividend yield and capital
gains yield during the first year? What are the expected dividend yield and capital gains
yield during the fourth year (from Year 3 to Year 4)?
Ans:
g0-1 =30%; g1-2 =20%; g3 =
gt=
YEAR
Dividend

Sum of PV
=
P0 =

0
2
2.301
2.443
2.379
36.018

10%; g3-- =6%; rs =13%

30%
1
2.600

20%
2
3.120

10%
3
3.432

P3 =

6%
4
3.638

6%
5
2.676

6%
6
2.837

D4/(rs-g) = 51.97

43.141
43.141

Expected Dividend yield at Y1 = D1 / P0 =2.60/43.141 = 6.03%

Capital Gain Yield Y1= rs - Expected Dividend yield = 13%-6.03% = 6.97%
After Y3. Since the growth is constant for the following years, Expected Dividend yield = growth =
6%
and then capital gain yield will be rs g, or 7%