QUESTION 2

EBIT(DA) 6,000,000
B 15,000,000
rB 12%
TC 35%
# Share 1,000,000

MM No-Tax MM Tax
All-Equity Levered All-Equity Levered
EBIT 6,000,000 6,000,000 6,000,000 6,000,000
Interest - 1,800,000 - 1,800,000
EBT 6,000,000 4,200,000 6,000,000 4,200,000
Tax - - 2,100,000 1,470,000
EAT 6,000,000 4,200,000 3,900,000 2,730,000

Inc. to Investor 6,000,000 6,000,000 3,900,000 4,530,000

r0 (given) 15% 15%

Vu 40,000,000 26,000,000 (a)
Tax shield - 5,250,000
Vl 40,000,000 31,250,000 (d)

Value of the Firm

V 40,000,000 40,000,000 26,000,000 31,250,000
B - 15,000,000 - 15,000,000
S 40,000,000 25,000,000 26,000,000 (b) 16,250,000
B/S - 0.60 0.00% 92.31%
B/V - 0.38 0.00% 48.00%
S/V 1.00 0.63 100.00% 52.00%

Price (Repurchase Transaction)

# Share outstanding 1,000,000 625,000 1,000,000 520,000 (e)
Share repurchased 480,000 (e)
Price per share (can be given) 40.00 40.00 26.00 (b) 31.25 (d dan f)

rs (from r0) 15.00% 16.80% 15.00% 16.80% (g)

r WACC 15.00% 15.00% 15.00% (c) 12.48% (h)

The Three Method

Vl APV EBIT*(1-Tc)/r0 + TcB 40,000,000 40,000,000 26,000,000 31,250,000
Vl WACC EBIT*(1-Tc)/r WACC 40,000,000 40,000,000 26,000,000 31,250,000 (i)
Vl FTE EAT/rs + Int./rB 40,000,000 40,000,000 26,000,000 31,250,000 (j)
Soal pilihan ganda (15%)

1. a. 150 hari
2. d. 90 hari
3. d. Semua jawaban di atas benar
### d. 15,9%
### d. Dapat memperoleh perlakuan pajak yang menguntungkan
### c. Trading cost tinggi dan opportunity cost rendah
### c. Rp40 miliar
### d. Rp30 miliar
### a. 5.000 unit
### a. Perputaran piutang
11. d. Capability
### d. Interest rate
13. c. Menggunakan utang jangka panjang untuk membeli persediaan
14. c. A & C
### c. Anda membutuhkan lebih sedikit pembiayaan bank untuk kegiatan usaha
CF 0 (250,000,000)
CF 1 70,000,000
CF 2 70,000,000
CF 3 70,000,000
CF 4 125,000,000

R 10% 12%

PV Rp259,456,321.29 Rp247,567,948.58
NPV Rp9,456,321.29 (2,432,051.42)
CF 0 (1,236,000,000)
CF 1 330,000,000
CF 2 330,000,000
CF 3 330,000,000
CF 4 330,000,000
CF 5 420,000,000

R 11%

PV Rp1,273,056,635.35
NPV Rp37,056,635.35
Corporate Tax 30%
NWC/Sales 3%

PT. DFAI Tbk.

Analysis of Projected Financial Statements (in billion Rupiah)

2014 2015 2016 2017 2018E 2019E

Net sales 12,162.92 13,330.80 16,209.20 14,078.40
Operating income 1,435.22 1,986.29 1,264.32 985.49

Sales growth 9.60% 21.59% -12.08% 6.40% 6.40%

Operating margin 11.80% 14.90% 7.80% 7.00% 7.00% 7.00%

Capital expenditures 494.90 510.83 536.37 563.19 591.00 621.00

Depreciation expense 108.84 114.00 120.27 125.71 133.00 139.00

FCFF
Net sales 14,078.40 14,979.42 15,938.10
Operating income 1,048.56 1,115.67
Income Tax 314.57 334.70

NWC 422.35 449.38 478.14

Changes in NWC 27.03 28.76

EBIT(1-Tc) 733.99 780.97

Capital expenditures 591.00 621.00
Depreciation expense 133.00 139.00
Changes in NWC 27.03 28.76

FCFF 248.96 270.21

Terminal Value

Discount factor (WACC) 15.65%

1 2
PV FCFF 215.26 202.01
Enterprise Value 2,561.17
Market Value of Debt (40% of Value) 1,024.47
Intrinsic Value of Equity 1,536.70

Price per Share, Lisa is correct 1,536.70

Additional Conputation FCFE Method
FCFE
Operating income 1,048.56 1,115.67
Interest Expense 117.40 117.40
EBT 931.16 998.26
Tax 279.35 299.48
EAT 651.81 698.78

NWC
Changes in NWC 27.03 28.76

EAT 651.81 698.78

Capital expenditures (net of Debt) 591.00 621.00
Depreciation expense (net of Debt) 133.00 139.00
Changes in NWC (net of Debt) 27.03 28.76

FCFE 166.78 188.02

Terminal Value

Discount factor (Ke) 20.74%

1 2
PV FCFE 138.13 128.97
Equity Value 1,567.59
on Rupiah)

2020E 2021E 2022E 2023E

6.40% 6.40% 6.40% 4.50%

7.00% 7.00% 7.00% 7.00%

652.00 685.00 719.00 755.00

146.00 152.00 160.00 169.00

16,958.14 18,043.46 19,198.24 20,062.16

1,187.07 1,263.04 1,343.88 1,404.35
356.12 378.91 403.16 421.31

508.74 541.30 575.95 601.86

30.60 32.56 34.64 25.92

830.95 884.13 940.71 983.05

652.00 685.00 719.00 755.00
146.00 152.00 160.00 169.00
30.60 32.56 34.64 25.92

294.35 318.57 347.07 15

3,327.08 371.13 5
20

3 4 5
190.27 178.05 1,775.58

1
4
 Undervalued, decision: buy 1

Total Point 35

1,187.07 1,263.04 1,343.88 1,404.35

117.40 117.40 117.40 117.40
1,069.67 1,145.64 1,226.47 1,286.95
320.90 343.69 367.94 386.08
748.77 801.95 858.53 900.86

30.60 32.56 34.64 25.92

748.77 801.95 858.53 900.86 4.93%

652.00 685.00 719.00 755.00
146.00 152.00 160.00 169.00
30.60 32.56 34.64 25.92

212.16 236.39 264.89

2,477.89 288.95 9.08%

3 4 5
120.53 111.22 1,068.75
 The Company
Weighted Average Cost of Capital

Kd 11.46% BBB debt yield

Risk-free rate 6.25% Data yield obligasi pemerintah 30 tahun
Market risk premium 8.20% Data market risk premium
Debt/Total capital 40.00%
Shares outstanding 1 billion
Tax rate 30.00%

Financial Data on Industry

Beta % Debt
AACP 1.10 10.60%
NNIC 1.85 27.20%
CCDT 0.75 7.00%
YYRP 1.96 34.90%
Industry Average 1.42 19.93%

Leverage of DFAI 40.00%

Unlevered Beta 1.21
Levered Beta 1.77

Beta (levered) 1.77 Hasil perhitungan 3

Ke 20.74% Perhitungan CAPM 2

WACC 15.65% 5
10