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Case 6 the Lakeside Company

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Valuation and Capital Budgeting For Levered Firm

Analisis leverage operasi dan leverage keuanga. Contoh pada rumah sakit swasta (tujuan profit). Konsep operating dan financial leverage adalah bermanfaat untuk analisis, perencanaan, dan pengendalian keuangan leverage adalh penggunaan assets dan sumber dana oleh rumah sakit yang memiliki biaya tetap dengan maksud agar meningkatkan keuntungan potensial pemegang saham rumah sakit menggunakan operating dan financial leverage dengan tujuan agar keuntungan yang diperoleh lebih besar daripada biaya assets dan sumber dananya, dengan demikian akan meningkatkan keuntungan pemegang saham sebaliknya leverage juga meningkatkan variabilitas (resiko). Biaya variabel adalah baiaya yang dalam jangka pendek berubah karena perubahaan operasi rumah sakit contoh: biaya bahan baku, biaya tenaga kerja langsung dan biaya pemasaran langsung biaya tetap adalah biaya yang dalam jangka pendek tidak berubah karena variabilitas operasi (tingkat output yang dihasilkan) maupun penjualan. Contoh: depresiasi bangunan kantor dan pabrik, kendaraan, peralatan kantor, asuransi kecelakaan, kesehatan, dan gaji manajer). Penggunaan operating leverage rumah sakit diharapkan bahwa perubahaan penjualan jasa dan produk akan mengakibatkan perubahan laba sebelum bunga dan pajak yang lebih besar multiplier effect hasil penggunaan biaya operasi tetap terhadap laba sebelum bunga dan pajak disebut dengan degree of operating leverage (dol). Dol dapat juga didefinisikan sebagai persentase perubahan laba sebelum bunga dan pajak sebagai akibat persentase perubahan penjualan. dengan demikian maka: dol pada x = % perubahan ebit % perubahan penjualan * dapat diwujudkan dalam bentuk lain: δebit dol pada x = ebit . δpenjualan penjualan * bentuk rumus lain yang lebih sederhana: dol pada x = Penjualan-biaya variable ebit

* DIK RUMAH SAKIT HARAPAN JAYA * PENJUALAN BERSIH: Rp 5.000.000,- * Biaya operasi variabel: Rp 3.000.000,- * Biaya operasi tetap: Rp 1.000.000,- Rp 4.000.000,- EBIT Rp 1.000.000,- BUNGA PINJAMAN Rp 250.000,- EBT Rp 750.000,- PAJAK PENGHASILAN (40%) Rp 300.000,- EAT Rp 450.000,- * dapat diwujudkan dalam bentuk lain: ΔEBIT DOL PADA X = EBIT . ΔPENJUALAN PENJUALAN * bentuk rumus lain yang lebih sederhana: Dol pada X = PENJUALAN-BIAYA VARIABEL EBI * dol pada 5.000.000 * 5.000.000 – 3.000.000 1.000.000 * 2.,00 artinya: bahwa setiap perubahan 1 % penjualan atas dasar rp 5.000.000,- akan mengakibatkan perubahan ebit sebesar 2 % dengan arah yang sama.
Financial Leverage
Financial leverage adalah penggunaan sumber dana yang memiliki beban tetap dengan harapan bahwa akan memberikan tambahan keuntungan yang besar daripada beban tetapnya sehingga akan meningkatkan keuntungan yang tersedia bagi pemegang saham * penggunaan financial leverage ini dengan harapan agar terjadi perubahan laba per lembar saham (eps) yang lebih besar daripada perubahan laba sebelum bunga dan pajak (ebit) * multiplier effect yang dihasilkan karena penggunaan dana dengan biaya tetap ini disebut dengan degree of financial leverage (DFL) * DFL dapat juga didefinisikan sebagai persentase perubahan eps sebagai akibat persentase perubahan ebit. * dengan demikian maka: DFL pada x = % perubahan eps % perubahan ebit * dapat diwujudkan dalam bentuk lain: ΔEPS DFL PADA X = EPS . ΔEBIT EBIT * bentuk rumus lain yang lebih sederhana: DFL PADA X = ……..EBIT…………. EBIT-I-Dp/(1-t) * DIK RUMAH SAKIT HARAPAN JAYA * PENJUALAN BERSIH: Rp 5.000.000,- * Biaya operasi variabel: Rp 3.000.000,- * Biaya operasi tetap: Rp 1.000.000,- Rp 4.000.000,- EBIT Rp 1.000.000,- BUNGA PINJAMAN Rp 250.000,- EBT Rp 750.000,- PAJAK PENGHASILAN (40%) Rp 300.000,- EAT Rp 450.000,- DEVIDEN SAHAM PREFEREN Rp 150.000,- laba tersedia Rp 300.000,- EPS Rp 3.000,- * DFL PADA 1.000.000 * 1.000.000 1.000.000-250.000-150.000/(1-0.40) * 2,00

artinya: bahwa setiap perubahan 1 % perubahan ebit atas dasar rp 1.000.000,- akan mengakibatkan perubahan eps sebesar 2% dengan arah yang sama

Combined Leverage Dan Overall Risk (Dcl) * Leverage kombinasi terjadi apabila rumah sakit memiliki baik operating leverage maupun financial leverage dalam usahanya untuk meningkatkan keuntungan bagi pemegang saham biasa
Degree combined leverage adalah multiplier effect atas perubahaan eps karena perubahan penjualan * DCL dapat juga didefinisikan sebagai persentase perubahan eps sebagai akibat persentase perubahan penjualan. * dapat diwujudkan dalam bentuk lain: ΔEPS DCL PADA X = EPS . ΔPENJUALAN PENJUALAN * bentuk rumus lain yang lebih sederhana: DCL PADA X = PENJUALAN-BIAYA VARIABEL EBIT-I-Dp/(1-t) * DCL PADA X = DOL X DFL * Maka dari contoh diatas, karena sudah didapat DOL = 2 dan DFL =2, sehingga DCL: * DCL = 2 X 2 = 4
Capital Budgeting
Capital Budgeting adalah merupakan proses evaluasi dan pemilihan investasi jangka panjang yang konsisten terhadap maksimalisasi tujuan perusahaan. Definisi Capital Budgeting “Capital Budgeting is the Process of evaluating and selecting long-term invesments consistents with the firm’s goal of owner wealth maximization”. Investasi juga berarti pengeluaran pada saat ini dan hasil yang diharapkan dari pengeluaran tersebut baru akan diterima lebih dari satu tahun mendatang. Definisi Capital Budgeting adalah sebagai berikut: “Capital Budgeting involves the entire process of planning whose returns are expected to extend beyond one year”.
Sebagai konsekuensinya, perusahaan membutuhkan prosedur tertentu untuk menganalisa dan menyeleksi beberapa alternatif investasi yang ada. Keputusan mengenai investasi tersebut sulit dilakukan karena memerlukan penilaian mengenai situasi dimasa yang akan datang, sehingga dibutuhkan asumsi-asumsi yang mendasari estimasi terhadap situasi yang paling mendekati yang mungkin terjadi, baik situasi internal maupun eksternal perusahaan. Investasi tersebut harus dihitung sesuai dengan cash flow perusahaan dan harus merupakan keputusan yang paling tepat untuk menghindari resiko kerugian atas investasi tersebut. “As time passes, fixed assets may become obselete or may require an overhaul; at these points, too, financial decisions may be required”. Perusahaan biasanya membuat berbagai alternatif atau variasi untuk berinvestasi dalam jangka panjang, yakni berupa penambahan aset tetap seperti tanah, mesin dan peralatan. Aset tersebut merupakan aset yang berpotensi, yang merupakan sumber pendapatan yang potensial dan mencerminkan nilai dari sebuah perusahaan.Capital budgeting dan keputusan keuangan diperlakukan secara terpisah. Bila investasi yang diajukan telah ditentukan untuk diterima, manager keuangan kemudian memilih metoda pembiayaan yang paling baik.
-. Anggaran (budget) adalah sebuah rencana rinci yg memproyeksikan aliran kas masuk dan aliran kas keluar selama beberapa periode pada saat yg akan datang.
-. Capital budget adalah garis besar rencana pengeluaran aktiva tetap
-. Penganggaran modal (capital budgeting) adalah proses menyeluruh menganalisa proyek2 dan menentuan mana saja yang dimasukkan ke dalam anggaran modal.
-. Proses mengumpulkan, mengevaluasi, menyeleksi, dan menentukan alternatif penanaman modal yang akan memberikan penghasilan bagi perusahaan untuk jangka waktu lebih dari 1 tahun.
*. Pentingnya Penggangaran Modal 1. Keputusan penggaran modal akan berpengaruh pada jangka waktu yang lama sehingga perusahaan kehilangan fleksibilitasnya. 2. Penanggaran modal yg efektif akan menaikkan ketepatan waktu dan kualitas dari penambahan aktiva. 3. Pengeluaran modal sangatlah penting
Motif Capital Budgeting * Pengembangan produk baru atau pembelian aktiva baru * Pengurangan biaya dengan mengganti aktiva yang tidak efisien * Modernisasi atas aktiva tetap
Jenis-Jenis Keputusan Penganggaran Modal * Penambahan dan perluasan fasilitas * Produk baru * Inovasi dan perluasan produk * Penggantian (replacements) (a) penggantian pabrik a1/11/2005tau peralatan usang (b) penggantian pabrik atau peralatan lama dengan pabrik atau peralatan yang lebih efisien. * Menyewa/membuat atau membeli * Penyesuaian fasilitas dan peralatan dengan peraturan pemerintah, lingkungan, dan keamanan * Lain-lain keputusan seperti kampanye iklan, program pelatihan dan proyek-proyek yang memerlukan analisis arus kas keluar dan arus kas masuk.

Prinsip Dasar Proses Penganggaran Modal * Penganggaran modal pada dasarnya adalah aplikasi prinsip yang mengatakan bahwa perusahaan harus menghasilkan keluaran atau menyelenggarakan kegiatan bisnis sedemikian rupa sehingga hasil imbuh (marginal revenue) produk sama dengan biaya imbuhnya (marginal cost). * Prinsip ini dalam kerangka penganggaran modal berarti bahwa perusahaan harus melakukan tambahan investasi sedemikian rupa sehingga perolehan imbuh (marginal returns) investasi itu sama dengan biaya imbuhnya. Daftar berbagai proyek investasi dari hasil yang tertinggi hingga yang terendah mencerminkan kebutuhan perusahaan akan modal untuk investasi. * Biaya imbuh dari berbagai daftar investasi itu memberi petunjuk tentang upaya perusahaan untuk memperoleh tambahan modal guna membiayai investasi. Biaya imbuh modal berarti sejumlah biaya yang harus ditanggung oleh perusahaan untuk memperoleh dana dari luar (misalnya meminjam atau menjual saham dan biaya tumbal/opportunity cost dari dana sendiri yang dapat diperoleh
Jenis Proyek -. Independent project: proyek atau investasi yang berdiri sendiri (tidak akan mempengaruhi usulan proyek lainnya). -. Mutually exclusive project: proyek yang memiliki fungsi yang sama (dengan memilih suatu proyek akan menghilangkan kesempayan proyek yang lainnya). Ketersediaan Dana * Jika dana TIDAK TERBATAS, maka perusahaan dapat memilih semua independen project yang sesuai dengan expected return yang diharapkan. * Jika dana TERBATAS, maka perusahaan perlu melakukan capital rationing dengan mengalokasikan dana hanya pada proyek yang memberikan return maksimal 1. Proses Capital Budgeting
Proses Capital Budgeting terdiri dari 5 langkah yang saling berkaitan, yakni: (1) Pembuatan Proposal
Proposal penganggaran barang modal dibuat di semua tingkat dalam sebuah organisasi bisnis. Untuk menstimulasi aliran berbagai ide, banyak perusahaan menawarkan penghargaan berupa uang tunai untuk beberapa proposal yang diadopsi. (2) Kajian dan Analisa
Proposal penganggaran barang modal secara formal direview dalam rangka (a) mencapai tujuan dan rencana utama perusahaan dan yang paling penting (b) untuk mengevaluasi kemampuan ekonominya. Biaya yang diajukan dan benefit yang diestimasikan dikonversikan menjadi sebuah cash flow yang sesuai. Bermacam-macam teknik capital budgeting dapat diaplikasikan untuk cash flow tersebut untuk menghitung tingkat keuntungan dari investasi.
Berbagai macam aspek resiko diasosiasikan dengan proposal yang akan dievaluasi. Setelah analisis ekonomi telah dibuat lengkap, diiringi dengan data tambahan dan rekomendasi yang ditujukan untuk para pengambil keputusan.

(3) Pengambilan Keputusan
Besarnya sejumlah dana yang dikeluarkan dan pentingnya penganggaran barang modal menggambarkan tingkat organisasi tertentu yang membuat keputusan penganggaran. Perusahaan biasanya mendelegasikan kewenangan penganggaran barang modal sesuai dengan jumlah uang yang dikeluarkan. Secara umum jajaran direksi memberikan keputusan akhir untuk sejumlah tertentu penganggaran barang modal yang dikeluarkan. (4) Implementasi
Ketika sebuah proposal telah disetujui dan dananya telah siap, tahap implementasi segera dimulai. Untuk pengeluaran yang kecil, penganggaran dibuat dan pembayaran langsung dilaksanakan. Namun untuk penganggaran dalam jumlah besar, dibutuhkan pengawasan yang ketat. (5) Follow Up (tindak lanjut)
Setelah diimplementasikan maka perlu dilakukan monitoring selama tahap kegiatan operasi berjalan dari proyek tersebut. Perbandingan dari biaya yang ada dan keuntungan yang diekspektasikan dari berbagai proyek sebelumnya adalah sangat vital. Ketika biaya yang dikeluarkan melebihi anggaran biaya yang ditetapkan, harus segera dilakukan tindakan untuk menghentikannya, apakah dengan meningkatkan benefit atau mungkin menghentikan proyek tersebut.
Setiap langkah dalam proses tersebut penting dilakukan terutama pada langkah kajian dan analisa, maupun pengambilan keputusan (langkah 2 dan 3) yang membutuhkan waktu dan tenaga yang paling besar. Langkah terakhir yakni follow up juga penting namun sering diabaikan. Langkah tersebut dilakukan untuk menjaga perusahaan untuk dapat meningkatkan akurasi cash flow yang diestimasi.
Dalam makalah ini akan dibahas:
1. Pendektan Adjusted Present Value (APV)
2. Pendekatan Flows to Equity
3. Metode Weigted Avarage Cost of Capital
4. Perbandingan dari Pendekatan APV, FTE, dan WACC
5. Capital Budgeting ketika discount rate harus di estimasi
6. Control APV
7. Beta dan Leverage
8. Summary and conclusions

I. Pendekatan Adjusted Present Value (APV)
Rumus :
APV adalah Nilai dari proyek kepada perusahaan dapat dianggap sebagai nilai dari proyek ke perusahaan tanpa leverage (NPV), ditambah dengan present value dari efek samping pendanaan. (NPVF):
Ada empat efek samping dari pendanaan: 1. Subsidi pajak terhadap hutang 2. Biaya penerbitan sekuritas baru 3. Biaya Financial Distress 4. Subsidi pada pendanaan hutang.
Misalkan proyek dari Pearson Company, waktu dan besarnya arus kas incremental setelah pajak untuk perusahaan dengan 100% ekuitas adalah: Misalkan investasi awal sebesar
-$1000, selama 5 tahun, dan tingkat bunga r0 =10%. Berapakah NPV dan apakah proyek tersebut diterima atau ditolak?
$500
$500
$375
$375
$250
$250
$125
$125
-$1000
-$1000

1
1
5
5
4
4
2
2
0
0

Cost of equity tanpa leverage: r0 = 10%:

Proyek akan ditolak oleh perusahaan dengan 100% ekuitas: NPV < 0.
Sekarang, misalkan perusahaan mendanai peroyek dengan $600 hutang dengan rB = 8%.
Tax rate perusahaan adalah 40%, jadi mereka mendapatkan interest tax shield sebesar TCBrB = 0.40×$600×0.08 = $19.20 tiap tahun.

NPV proyek dengan leverage:

Jadi, perusahaan harus menerima proyek dengan leverage. Perlu dicatat bahwa ada dua cara untuk meghitung NPV dari pinjaman. Sebelumnya kita menghitung PV dari interest tax shields. Hitung NPV aktual dari pinjaman:

Jadi, perusahaan harus menerima proyek dengan leverage.

II. Pendekatan Flows to Equity
Diskon arus kas dari proyek kepada pemegang saham pada levered firm dengan cost of levered equity capital, rS.
Ada tiga langkah pada pendekatan FTE: 1. Hitung arus kas dengan leverage 2. Hitug rS. 3. Penilaian dari arus kas dengan leverage pada rS.
Langkah Pertama: Arus Kas dengan Leverage
Karena perusahaan menggunakan hutang $600, pemegang saham hanya perlu menambahkan sebesar $400 dari kebutuhan sebesar $1,000.
Jadi, CF0 = -$400
Tiap periode, pemegang saham harus membayar beban bunga. Biaya bunga setelah pajak adalah B×rB×(1-TC) = $600×0.08×(1-0.40) = $28.80
CF3 = $375-28.80
CF3 = $375-28.80
CF4 = $500 -28.80 -600
CF4 = $500 -28.80 -600

CF2 = $250 -28.80
CF2 = $250 -28.80

CF1 = $125-28.80
CF1 = $125-28.80

-$128.80
-$128.80
$346.20
$346.20
$221.20
$221.20

$400 $ 96,20

0 1 2 3 4

Langkah Kedua: Hitung rS Perusahaan

Untuk menghitung debt to equity ratio, B/S, mulai dengan debt to value ratio. Catat bahwa nilai proyek adalah

B = $600 jika V = $1,007.09 jadi S = $407.09.

Langkah Ketiga : Penilaian Perusahaan Diskon seluruh arus kas kepada pemegang saham dengan rS = 11.77% -$400 $96.20 $221.20 $346.20 -$128.80 -$400 $96.20 $221.20 $346.20 -$128.80

0 1 2 3 4 0 1 2 3 4

III. Metode WACC

Untuk memperoleh nilai proyek, diskon arus kas dengan leverage dengan weighted average cost of capital.
Misalkan perusahaan mentargetkan debt to equity ratio adalah 1.50

Penilaian Perusahaan dengan WACC Untuk menghitung nilai proyek, arus kas tanpa leverage didiskon dengan weighted average cost of capital

IV. Perbandingan dari Pendekatan APV, FTE, dan WACC Ketika pendekatan melakukan pekerjaan yang sama: penilaian dengan adanya pendanaan hutang. Panduan: * Gunakan WACC atau FTE jika target debt-to-value ratio perusahaan berlaku pada proyek sepanjang hidup proyek. * Gunakan APV jika tingkat hutang proyek tidak diketahui sepanjang hidup proyek. Pada dunia nyata, WACC adalah pendekatan yang sejauh ini paling banyak digunakan.

Summary: APV, FTE, dan WACC APV WACC FTE Initial Investment All All Equity Portion Cash Flows UCF UCF LCF Discount Rates r0 rWACC rS PV of financing effects Yes No No Pendekatan mana yang terbaik? * Gunakan APV kija tingkat hutang konstan * Gunakan WACC dan FTE jika debt ratio konstan V. Capital Budgeting ketika discount rate harus di estimasi A scale-enhancing project adalah satu di mana proyek sama dengan dengan perusahaan yang ada. Pada dunia nyata, eksekutif akan membuat asumsi bahwa risiko bisnis dari non-scale-enhancing project akan sama dengan risiko bisnis perusahaan yang telah ada di bisnis. Tidak ada formula pasti untuk hal ini. Beberapa eksekutif dapat memilih discout rate sedikit lebih tinggi pada asumsi di mana proyek baru sedikit lebih berisiko karena ia adalah pendatang baru. Contoh: Worldwide Trousers, Inc. sedang mempertimbangkan untuk ekspansi bisnisnya. Biaya awal akan didepresiasikan secara garis lurus selama 5 tahun hingga bernilai nol; nilai sisa sebekum pajak pada tahun 5 akan senilai $500,000. proyek akan menghasilkan pendapatan sebelum pajak sebesar $1,500,000 per tahun, dan tidak merubah risiko perusahaan. Perusahaan dapat memperoleh pinjaman untuk 5 tahun sebesar $3,000,000 dengan bunga 2.5% untuk membiayai sebagian proyek. Jika proyek seluruhnya dibiayai dengan ekuitas, cost of capital-nya adalah 18%. Pajak perusahaan 34%, dan risk-free rate 4%. Proyek membutuhkan investasi pada modal kerja sebesar $100,000. hitunglah APV. Jawab: Perhitungan dilakukan melalui empat bagian persamaan berikut :

Biaya proyek bukan $5,000,000.
Kita harus memasukan round trip in and out dari modal kerja bersih dan nilai sisa setelah pajak.
Net working capital (NWC) adalah riskless, jadi kita mendiskon dengan rf. Nilai sisa harus memiliki risiko yang sama dengan aset perusahaan yang lain, jadi kita gunakan r0.

Berikut adalah bagian kedua:

PV unlevered project adalah present value dari arus kas tanpa leverage didiskonto dengan unlevered cost of capital, 18%.

Selanjutnya adalah bagian ketiga:

PV depreciation tax shield adalah present value dari tax savings karena depresiasi didiskonto dengan risk free rate, rf = 4%

Bagian terakhir:

PV interest tax shield adalah present value dari tax savings karena beban bunga didiskonto dengan debt rate, rD = 12.5%.

Karena proyek memiliki APV positif, proyek dapat dilanjutkan. VII. Beta dan Leverage Bahwa beta sebuah aset dibentuk dari:

Beta dan Leverage: Tanpa Pajak
Di dunia tanpa pajak perusahan, dan dengan hutang perusahaan yang tanpa risiko, dapat dilihat bahwa hubungan antara beta unlevered firm dan beta levered equity adalah:

Di dunia tanpa pajak perusahan, dan dengan hutang perusahaan yang berisiko, dapat dilihat bahwa hubungan antara beta unlevered firm dan beta levered equity adalah:

Di dunia dengan pajak perusahaan dan hutang ang berisiko, dapat dilihat hubungan antara beta unlevered firm dan beta levered equity adalah:

karena harus lebih dari 1 untuk levered firm, hal ini mengikuti bahwa Jika beta dari hutang adalah nol, maka:

VIII. Summary and Conclusions 1. Formula APV dapt ditulis sebagai berikut :

2. Formula FTE dapat ditulis sebagai berikut :

3. Formula WACC dapat ditulis sebagai berikut :

4. Gunakan WACC atau FTE jika target debt to ratio perusahaan berlaku untuk proyek sepanjang umur proyek
5. Metode APV digunakan jika tingkat hutang tidak diketahui sepanjang umur proyek
6. Beta dari ekuitas perusahaan berhubungan positif dengan leverage dari perusahaan.…...

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