Tugas Accounting and Finance

Biaya Modal

Dosen Pengampu:
Ibu Ratna Nurhayati., SE., M.Com., Ak., CA., Ph.D

Disusun oleh:
1. Bogi Fathoni Istifitrio 18REG73027
2. Desy Astria 18REG73036
3. Mira Ardiyana Nandini 18REG73077
4. Muhammad Hilmy Farhan 18REG73083
5. Rama Perdana Diaksa 18REG73101
Kelas C

PROGRAM STUDI MAGISTER MANAJEMEN

FAKULTAS EKONOMIKA DAN BISNIS

UNIVERSITAS GADJAH MADA

YOGYAKARTA

2018
11.6 COST OF COMMON EQUITY
The future earnings, dividends, and common stock price of Carpetto Technology Inc.
are expected to grow 7% per year. Carpetto’s common stock currently sells for $23.00
per share; its last dividend was $2.00; and it will pas a $2.14 dividend at the end of the
current year.

a. Using the CDF approach, what is its cost of common equity?

b. If the firm’s beta is 1.6, the risk-free rate is 9%, and the average return in the
market is 13%, what will be the firm’s cost of common equity using the CAPM
approach?
c. If the firm’s bonds earn a return of 12%, based on the bond-yield-plus-risk-
premium approach, what will be rs? use the midpoint of the risk premium range
discussed in section 11-5 inyour calculations.
d. If you have aqual confidence in the inputs used for the three approach, what is
your estimate of Caroetto’s cost of common equity?

ANSWER :

a. Menggunakan pendekatan CDF, berapa biaya ekuitas biasanya?

Diketahui
g : 7%
P0 : $23
D1 : $2.14
𝐷1
𝑟𝑠 = +g
𝑃0

$2.14
= + 7%
$23

= 0,093 + 0,07
= 0,163
= 16,3 %
 b. Menggunakan pendekatan CAPM, berapa biaya ekuitas biasanya?
Diketahui
b : 1.6
rRF : 9%
rm : 13%
𝑟𝑠 = 𝑟𝑅𝐹 + (𝑟𝑚 − 𝑟𝑅𝐹 )𝑏
= 9% + (13% − 9%)1.6
= 9% + (4%)1.6
= 9% + 6.4%
= 15,4%
c. if the firm’s bonds earn a return of 12%, based on the bond-yield-plus-risk-premium
approach, what will be 𝑟𝑠 ? use the midpoint of the risk premium range discussed in
section 11-5 in your calculation.

𝑟𝑠 = bond rate + risk premium = 12% + 4% = 16 %

d. if you have equal confidence in the inputs used for the three approaches, what is
your estimate of Carpetto’s cost of common equity?

16,3%+15,4%+16%
𝑟𝑠 = = 15,9 %
3

11-7 COST COMMON EQUITY WITH AND WITHOUT FLOTATION. The Evanec
Company’s next expected dividend, D1 is $3.18; its growth rate is 6%; and its
common stock now sells for $36.00. New stock (external equity) can be sold to net
$32.40 per share

a. What is Evanec’s cost of retained earning, rs?

b. What is Evanec’s percentage flotation cost, F?

c. What is Evanec’s cost of new common stock, re?

Jawab:

D1 = $3.18; g = 6%; Po = $36.00 ; P1 = $32.4

𝐷1 3.18
a. rs = 𝑃𝑜 + 𝑔 = + 6% = 8,83% + 6% = 14,83%
36

b. P1 = Po (1-F)
 𝑃𝑜−𝑃1 36 −32.4
F= = = 0,1 = 10%
𝑃𝑜 36

𝐷1 𝐷1 3.18
c. re = 𝑃𝑜(1−𝐹) + 𝑔 = 𝑃1 + 𝑔 = = 32.4 + 6% = 15,8%

11-11 WACC AND PERCENTAGE OF DEBT FINANCING

Hook Industries's capital structure consists solely of debt and common equity . It can
issue debt at rd = 11 % , and its common stock currently pays a $2.00 dividend per share
(D0 = $2.00). The stock's price is currently $24.75, its dividend is expected to grow at a
constant rate of 7 % per year , its tax rate is 35 % , and its WACC is 13.95 % , what
percentage of the company's capital structure consists of debt?

Diketahui:

rd = 11% g = 7%

D0 = $2 T = 35%

P0 = $ 24.75 WACC = 13,95

Answer:

𝐷1 $2 (1.07)
𝑟̂𝑠 = +𝑔= + 7%
𝑃0 $24.75

= 8.65% + 7% = 15.65 %

𝑊𝐴𝐶𝐶 = 𝑤𝑑 𝑟𝑑 (1 − 𝑇) + 𝑤𝑐 𝑟𝑠

𝑤𝑐 = 1 − 𝑤𝑑

13.95% = 𝑤𝑑 (11%)(1 − 0.35) + (1 − 𝑤𝑑 )(15.65%)

0.1395 = 0.0715𝑤𝑑 + 0.1565 − 0.1565𝑤𝑑

−0.017 = −0.085𝑤𝑑

𝑤𝑑 = 0.20 = 20%
10-18. Adam Corporation sedang mempertimbangkan 4 proyek dengan resiko rata-rata,

dimana biaya dan tingkat pengembalian masing-masing adalah sebagai berikut :

Proyek Biaya Tingkat Pengembalian yang

diharapkan
1 $2000 16,00 %
2 $3000 15,00 %
3 $5000 13,75 %
4 $2000 12,50 %

Perusahaan mengestimasikan akan dapat menerbitkan utang pada tingkat sebesar rd = 10%, dan

tarif pajaknya adalah 30 %. Perusahaan dapat menerbitkan saham preferenyang membayarkan

dividen konstan sebesar 5 % per tahun pada harga $49 per lembar saham. Ekuitas biasa

perusahaan saat ini dijual seharga $36 per lembar saham, dividen yang diharapkan berikutnya

, D1 adalah 3,50 dan dividen diperkirakan akan tu,buh pada tingkat konstan sebesar 6% per

tahun. Sasaran struktur modal terdiri atas 75% saham biasa, 15% utang dan 10% saham

preferen.

a. Berapakah biaya masing-masing komponen modal?

b. Berapakah WACC Adam Corporation?

c. Manakah proyek yang sebaiknya diterima oleh Adam Corporation?

Penyelesaian:

a. Cost Of Debt = rd(1 – T)

= 0.10(1 – 0.3)

= 7%.

Cost Of Prefered Stock rp = $5/$49

= 10.2%.

Cost Of Retained Earning rs = $3.50/$36 + 6%

 = 15.72%.

b. WACC: After-tax Weighted

Component Weight  Cost = Cost

Debt [0.10(1 – T)] 0.15 7.00% 1.05%

Preferred stock 0.10 10.20 1.02

Common stock 0.75 15.72 11.79

WACC = 13.86%

C. Proyek 1 dan 2 yang sebaiknya diambil oleh Adam karena tingkat pengembalian

yang diharapkan melebihi nilai WACC-nya. Angka WACC menjadi patokan bagi

investor untuk mengetahui batas minimum return yang mesti diperoleh jika

menanamkan dana bagi perusahaan atau proyek tertentu.