bahan ujian dari awal - capital budgeting

tambah risk & return

time value of money
capital budgeting
dst
new investment that generating return you need to know whether your investment
is worthed or not. Visible or not. Good enough for you or not.

Group Cases
1. KS A
2. KS B
3. Measuring Fin Health
4. Financial Insight 1
5. Financial Insight 2
6. Investment Detective
7. Fonderia di Turino
8. Nike Cost of Capital
9. Dells working capital
10.Primus
11.Arcadia
12.Note on the optimal Cap. Structure.

Pay Back Period

NPV

IRR
PI = profitability Index
ANPV = Annualized net present value

Terminology:
1. Independent projects. Are projects whose cash flows are unrelated to (or
independent of) one another; the acceptance of one does not eliminate the
others from further consideration. When you have many, and every projects
is good enough, then go ahead.

2. Mutually exclusive projects are projects that compete with one another,
so that the acceptance of one eliminates from further consideration all other
projects that serve a similar function. Contoh: akuisisi perusahaan. Whenever
you choose one, the other is go hell. For example buying laptop, choose from
some laptop. When
3. Unlimited funds is the financial situation in which a firm is able to accept all
independent projects that provide an acceptable return.
4. Capital rationing is the financial situation in which a firm has only a fixed
number of dollars available for capital expenditures, and numerous projects

Table 10.1 example. Inflow bisa dianggap bulanan.

Jadi konsultan fs nilainya mahal. Perusahaan mau buat fs dengan semua teori
diatas, harganya sangat mahal. 500-600 juta, is a team. Isinya ada economic,
kajian hukum, dsb.

Kelemahan pay back period: tidak melihat time value of money. Kelebihannya:
simple. Giving you intuitive, very simple, very quick.
I want my investment back less than 3 years.
Lebih dari itu, cashflow di-present value-kan. Nanti bisa dihitung dalam berapa
tahun pay back period. Makin tambah tahun semakin kecil.
Project B besar sekali karena big sum di present value kan dalam 1 tahun, lain
halnya dengan project A.
Table 10.2 the project silver is quicker, smaller risk. Which project giving you the
lower risk. Thats the principal.
CF0 is initial investment

NPV = (sigma)n,t=1 (CFt/(1+r)^t) CF0

NPV =CF 0+
t =1

CF t

( 1+r )t

If the NPV is greater than $0, accept the project

If the NPV is less than $0, reject the project.
Another perspective; for social or present lay-of

PI = NPV / CF0
Nilainya better diatas 1.0. giving you a relative size of the investment / projects.
EVA (Economic value added)
Perpetuity = berkelanjutan
EVA = cashflow biaya modal
IRR = NPV, namun NPV diset 0, yang dicari r nya.
Case: ketika NPV -, IRR +. NPV - = no go. IRR +, belum tentu ya.
Secara matematik bisa go or no go, namun beyond mathematics, project dapet
dilihat dari hal lain. Misal low risk, earn diatas ineterst.
Exce
Discounting our cashflow using our capital.
IRR bila tahun pertama ada hasil, intinya hasil diinvestasikan pada IRRnya, jadi
kadang2 it is unrealistic.
You should understand the method of capital budgeting. Kapan saya pakai data
IIR, NPV, ANPV, profitability index, dsb.

Pada discount berapa dia akan berikan NPv yang sama? Bila discount rate lebih
tinggi, discount rate lebih kecil dst.

Missal 10 tahun project 100 dan 150 juta dollar. 100 bisa dipilih ketika
faktor2nya unggul.
Keuangan kalau bisa konservatif jangan digede2in. cahflow kecil2in. disc
ount rate gede-gedein.

Discount rate: 0%: original cashflow. Dapetnya berapa jual beraa yaiduah.

Project A npv

NPV & iRR, diferent in philosophy. Cashflow diinvestasikan kemblali,

Lebih asik / baik: pilih NPV.

Missal IRR 9%. Ada project lain IRR 15%. IRR give better intuition, better feel.

P10-24, P10, 26
NPV bisa dijadikan ranking.
Cashflow: initial cashflow, operating cashflow, terminal cashflow.di buku gitman
sering dibahas project replacement. Yang dihitung selisihnya. Incremental
cashflow / relevant cashflow.
Ketika ada mesin lama dijual, menghasilkanuntung tidak, pajak dijual dll.
Prinsipnya adalah net.
What to invest dulu , bukan soal investing. Berhenti di EBIT, tanpa
memperhitungkan biaya financing.

Secara original project ini bagus atau tidak, regardless punya duit atau tidak.
EBIT: before interest and taxes.
Terminal cashflow: kalau mesin dijual / srap.
Initial investment initial investment needed to acquire new asset after tax
cash inflows from liquidation of old asset
Operating cash inflows = operating cash inflows from new asset
Terminal cash flow figure 11-4
Jual asset lebih dari nilai buku: untung, harus bayar pajak. Pajak minus.
Sama dengan nilai buku: netral dan tidak harus bayar pajak.
Jika kurang dari nilai buku, tidak harus bayar pajak, bonus ada pengembalian
pajak. Pajak plus.
(USA) diatas initial purchase value = keuntungan lalalala. Diatas nilai buku =
recaptured depreciation value.
Mixstream = berbeda-beda tiap tahunnya.
Operating cash inflows = ???
P 11-25

M11_GITM4380_13E_1M_C11_GE.pdf
Gitman zutter

Calculation of operating cash inflows

C 2012 pearson education

Calculation of Operating Cash Inflows

43,000
35,200
21,000
7,800
Etc

!!!
Di indonesia nilai yang dilihat adalah nilai buku, sedangkan di internasional yang
dilihat adalah Size and Business profile. Lebih praktikal.

Sekarang ada joint venture: KS-POSTCO.

KS-POSTCO akan jadi besar. KS akan turun. Check di web. Akan ada banyak
lowongan, kerja bareng korea.