Percent of Year

Yet to be
Year Cash Flow recovered Recovered/Inflo
w
0 -10 -10
1 4 -6
2 4.5 -1.5
3 10 0 (recovered) 15%
4 8 Not used in
decision
Payback Reject >2 years
Period =
2.15 yrs.

Payback Period
1.8
Let’s say that the owner of Perfect Images Salon is considering the purchase of a
new tanning bed.
It costs $10,000 and is likely to bring in after-tax cash inflows of $4000 in the first
year, $4,000 in the second year, $ 5,000 in the third year, and $ 6,000 in the
fourth year.
$ 4,000 + $ 4,000 = $ 8,000 in cash flows (first year + second year).
The project still needs to create another:
$ 10,000 – $ 8,000 = $ 2,000 in cash flows.
During the third year, the cash flows from the project will be $ 5,000. So, the
payback period will be 2 years, plus what we still need to make divided by what
we will make during the third year.
The payback period is: Payback = 2 + ($ 2,000 / $ 5,000) = 2.40 years

•The payback period is: Payback = 2 + ($1,100 / $3,400) = 2.32 years

0.3235294117647
0.40

Percent of Year
Year Cash Flow Yet to be Recovered/Inflo
recovered w
0 (10,000) (10,000)
1 4,000 (6,000)
2 4,000 (2,000)
 5,000 2,000 40%
3 (recovered)
6000 Not used in
4 decision
Payback Reject >2 years
Period =
2,40 yrs.

An investment project Advertising has annual cash inflows of $

7,000, $ 7,000, $ 8,000, and $ 8,500, and a discount rate of 14
percent. What is the discounted payback period for these cash
flows if the initial cost is $ 9,500? What if the initial cost is $
12,000? What if it is $ 15,000?

When we use discounted payback, we need to find the value of all

cash flows today. The value today of the project cash flows for the
first four years is:
Value today of Year 1 cash flow = $7,000/1.14 = $6,140.35
1.14
Value today of Year 2 cash flow = $7,500/1.142 = $5,386.27
Value today of Year 3 cash flow = $8,000/1.143 = $5,399.77 1.300
Value today of Year 4 cash flow = $8,500/1.144 = $5,032.68 1.482
1.689

Yet to be Percent of Year

Year Cash Flow Discounted CF Recovered Recovered/Inflow
0 (9,000) (9,000) (9,000)
1 7,000 (6,140) (2,860)
2 7,000 (5,386) 2,527 53%
5,000 Not Used in
3 (5,400)
decision
4 6000 (5,033)
Payback
Period = Reject > 1 years
1,53 yrs.

Cash Discounted Yet to be Percent of Year

Year flow CF recovered Recovered/Inflow

0 (10,000) (10,000) (10,000)

1 4,000 3,636 (6,364)

2 4,500 3,719 (2,645)

3 10,000 7,513 4,869 35%

 Cash Discounted Yet to be Percent of Year
Year flow CF recovered Recovered/Inflow

0 (10,000) (10,000) (10,000)

1 4,000 3,636 (6,364)

2 4,500 3,719 (2,645)

3 10,000 7,513 4,869 35%

Not used
in
4 8,000 5,464 decision

Discounted
Payback =
2.35 years

To find the discounted payback, we use these values to find the payback
period. The discounted first year cash flow is $6,140.35, so the
discounted payback for an $9,000 initial cost is:
Discounted payback = 1 + ($9,000 – 6,140.35)/$5,386.27 = 1.53 years
For an initial cost of $13000, the discounted payback is:
Discounted payback = 2 + ($14,000 – 6,140.35 – 5,386.27)/$5,399.77 =
2.46 years

$ 14.000 =

If the initial cost is $20,000, the discounted payback is:

Discounted payback = 3 + ($ 18,000 – 6,140.35 – 5,771.01 – 5,399.77) / $5,032.68
= 3.21 years
$18,000 =
6,140.35 7,000 1
5,386.27 7,000 2
5,399.77 8,000 3
5,032.68 8,500 4

9,000
46%

21%
 The NPV of a project is the PV of the outflows minus by the PV of the inflows. The
equation for the NPV of this project at an 11 percent required return (Cost of Capital)
is:
NPV = – $30,000 + $20,000/1.11 + $14,000/1.11 2 + $11,000/1.113 = $7,423.84
NPV = - $ 30.000 + $ 18,018 + $ 11,363 + $ 8,043 = 7,423.84
At an 11 percent required return, the NPV is positive, so we would " accept the project
".
The equation for the NPV of the project at a 30 percent required return is:
NPV = – $30,000 + $20,000/1.30 + $14,000/1.30 2 + $11,000/1.303 = – $1,324.53
NPV = - $ 30,000 + $ 15,385 + $ 8,284+ $ 5,007 = - 1,324.53
At a 30 percent required return, the NPV is negative, so we would " reject the project
".

Example : Calculating NPV

 Problem
Using the cash flows for the Digital Printng given in Example above, calculate its NPV and
indicate whether the investment should be undertaken or not.
Solution
NPV bed= -$ 10,000 + $ 4,000/(1.10)+ $ 6,000/(1.10)2 + $ 8,000/(1.10)3+$ 9,000/(1.10)4
=-$ 10,000 +3,636.36 +$ 4,958.68 +$ 6,010.25 + $ 6,147.12
=$10,752.68 
Since the NPV > 0, the Digital Printing should be purchased.

Solution
Since these are mutually exclusive options, the one with the higher NPV would be the best
choice. 
NPV bed = -$10,000 + $4,000/(1.10)+ $6,000/(1.10)2 + $ 8,000/(1.10)3+$9,000/(1.10)4 =-
$10,000 +$3,636.36+$ 4,958.68+$6,010.52+$6,147.12 =$10,752.68 
NPV booth = -$12,000 + $6,000/(1.10)+ $7,500/(1.10)2 + $ 9,000/(1.10)3+$ 10,000/(1.10)4
=-$12,000 +$5,545.55+$6,198.35+$6,761.83+$6,830.13 =$13,244.86 
Thus, the less expensive tanning bed with the higher NPV
(13,244.86>10,752.68) is the better option.
Since these are mutually exclusive options, the one with the higher NPV would be the best
choice. 
NPV bed = -$10,000 + $4,000/(1.10)+ $6,000/(1.10)2 + $ 8,000/(1.10)3+$9,000/(1.10)4 =-
$10,000 +$3,636.36+$ 4,958.68+$6,010.52+$6,147.12 =$10,752.68 
NPV booth = -$12,000 + $6,000/(1.10)+ $7,500/(1.10)2 + $ 9,000/(1.10)3+$ 10,000/(1.10)4
=-$12,000 +$5,545.55+$6,198.35+$6,761.83+$6,830.13 =$13,244.86 
Thus, the less expensive tanning bed with the higher NPV
(13,244.86>10,752.68) is the better option.

Year Dig Print A Dig Print B

0 -10
1 4
2 6
3 8
4 9

Year Dig Print A Dig Print B

0 (10,000) (6,000)
1 4,000 4,500
2 4,500 5,500
3 6,000 7,500
4 8,000 -

Solution
Using the Replacement Chain method:
 1. Calculate the NPV of each Digital Print for a single life.
  NPVdig a = -$10,000 + $4,000/(1.10)+ $4,500/(1.10) 2 + $6,000/(1.10)3+
$8,000/(1.10) 4

=-$ 10,000 + $ 3,636.36 + $ 3,719.01 + $ 4,507.89+ $ 5.464.11 = $ 7,327.37

 
NPVdig b = -$-6,000 + $4,500/(1.10)+ $5,500/(1.10)2 + $6,000/(1.10)3
= -$ 6,000 +$ 4,090.91 +$ 4,545.45+$ 4,507.89 = $ 7,144.25
 Year Amount ($) Dig Print B
1 125,000 (5,750)
2 175,000 4,000
3 200,000 4,500
4 225,000 9,000
5 250,000 -
12%

Year Amount ($) Dig Print B

(750,000)
12%
1 125,000 (5,750)
2 175,000 4,000
3 200,000 4,500
4 225,000 9,000
5 250,000 -
12%
#NAME?
CF0 CF1 CF2 CF3 CF4 CF5
(750,000) 125,000 175,000 200,000 225,000 250,000
NPV = , = NPV(12%,125000,175000,200000,225000,250000)-750000 =
NPV =
MENCARI NET PRESENT VALUE DNG KOMPUTER NPV =
IRR
#VALUE!
PV of the inflows. The ### (30,000.00)
ed return (Cost of Capital) 1.11 20,000 18,018.02
1.23 14,000 11,362.71
1.37 11,000 8,043.11
/1.113 = $7,423.84
7,423.84
would " accept the project

uired return is:

### (30,000.00)
/1.303 = – $1,324.53 1.30 20,000 15,384.62
1.69 14,000 8,284.02
would " reject the project 2.20 11,000 5,006.83

(1,324.53)

bove, calculate its NPV and NO Cost of Cap Cashflow Inv + NPV
. New Digital Print (10,000.00)
1 4,000 1.100 3,636.36
0) +$ 9,000/(1.10)
3 4 2 6,000 1.210 4,958.68
3 8,000 1.331 6,010.52
12
4 9,000 1.464 6,147.12
Net Present Value 10,752.68

her NPV would be the best

.10)3+$9,000/(1.10)4 =- NO Coshflow Cash of Capital Inv + NPV

.68  Digital Print A (10,000.00)
.10)3+$ 10,000/(1.10)4
3,244.86 
her NPV would be the best

.10)3+$9,000/(1.10)4 =-
.68 
.10)3+$ 10,000/(1.10)4 1 4,000 1.100 3,636.36
3,244.86  2 6,000 1.210 4,958.68
3 8,000 1.331 6,010.52
4 9,000 1.464 6,147.12
Net Present Value 10,752.68
Digital Print B (12,000.00)
1 6,000 1.100 5,454.55
2 7,500 1.210 6,198.35
3 9,000 1.331 6,761.83
4 10,000 1.464 6,830.13
Net Present Value 13,244.86

Dig Print B
-12.5
5
7 NO Cost of Cap Cashflow Inv + NPV
9 Digital Print A (10,000.00)
10 1 1.100 4,000 3,636.36
2 1.210 4,500 3,719.01
3 1.331 6,000 4,507.89
4 1.464 8,000 5,464.11
7,327.37

NO Cost of Cap Cashflow Inv + NPV

Digital Print B (6,000.00)
1 1.100 4,500 4,090.91
2 1.210 5,500 4,545.45
3 1.331 6,000 4,507.89

7,144.25

$6,000/(1.10)3+
1.46 ### 7,057.32 4 7,327.37
= $ 7,327.37 2.14 ### 4,820.24 3 7,144.25

10)3
3,259.60
3,364.51

Using the EAA Method

EAA dig A = NPVA/(PVIFA,10%,4) = $10,332.62/(3.1699)
= $3,259.60 
EAA dig B = NPVB /(PVIFA,10%,3)
= $8,367.21/(2.4869)
= $3,364.51
Decision: Digital Print B’s EAA = $3,364.58 > Digital Print A’s EA
 Using the EAA Method
EAA dig A = NPVA/(PVIFA,10%,4) = $10,332.62/(3.1699)
= $3,259.60 
EAA dig B = NPVB /(PVIFA,10%,3)
= $8,367.21/(2.4869)
= $3,364.51
Decision: Digital Print B’s EAA = $3,364.58 > Digital Print A’s EA
$3,259.56Accept Digital Print B

Discount Rate
12%
(71,679.60)
(71,679.60)
(Rp71,679.60)
Rp0.08
($71,679.60)
 3.1699 2,311.55
2.4869 2,872.75

= $10,332.62/(3.1699)

58 > Digital Print A’s EAA =

 = $10,332.62/(3.1699)

58 > Digital Print A’s EAA =

Example 7: Calculating IRR with a Financial Computer
Problem
Using the cash flows for the tanning bed given in Example 1, calculate its IRR and
state your decision.
  CF0 =-$10,000; CF1 = $4,000; CF2=$4,500; CF3 = $10,000; CF4 = $8,000
  I or discount rate = 10%

Solution

Using the Finance mode, select IRR( function and enter the inputs as
follows:

IRR(discount rate, {CF0, CF1, CF2, CF3, CF4} Enter

IRR(10,{-10000, 4000, 4500, 10000, 8000} Enter
45.02%=IFF>10% Accept it!

Discount
CF0 CF1 CF2 CF3 CF4
Rate
(10,000) 4,000 4,500 10,000 8,000 10%
=IRR{-10000; 4000; 4500; 10000; 8000;10%} Enter = 44,93%
44.93%

CF0 CF1 CF2 CF3 CF4 Discount

Rate
(10,000) 4,000 4,500 5,000 6,000 10%
=IRR{-10000; 4000; 4500; 5000; 6000;10%} Enter = 30,65%

Discount
CF0 CF1 CF2 CF3
Rate
(5,000) 2,700 1,700 2,300 15%
=IRR{-5000; 2700; 1700; 2300;25%} Enter = 16,82%
 6,700 16.82%

CF0 CF1 CF2 CF3 Discount

Rate
(5,000) 2,300 1,800 2,700 15%
=IRR{-5000; 2700; 1700; 2300;25%} Enter = 16,60%

6,800 16.60%

Year Amount ($) Dig Print B

(750,000)
12%
1 125,000 (5,750)
2 175,000 4,000
3 200,000 4,500
4 225,000 9,000
5 250,000 -

Discount
CF0 CF1 CF2 CF3 CF4 CF5
Rate
(750,000) 125,000 175,000 200,000 225,000 250,000 12%
=IRR{-5000; 2700; 1700; 2300;25%} Enter = 16,60%
678,320
(71,680)
ts IRR and
 (I2-I1)NPV1
IRR =
NPV1-NPV2
 Year A B
0 -10,000 -7,000
1 5,000 9000
2 7000 5000
3 9000 2000

NPV@10% $7,092.41 $6,816.68

Year A B
0 (10,000) (7,000)
1 5,000 9,000
2 7,000 5,000
3 9,000 2,000
NPV @ 10% $ 7,092.41 $ 6,816.68
 Biaya Pendapatan Biaya Pajak (PPh Arus Kas
Arus Kas sebelum Pajak Penyusutan Kena Pajak Ps 25) Sesudah Pajak
- 20%
1,950,000 400,000 1,550,000 310,000 1,240,000
2,000,000 400,000 1,600,000 320,000 1,280,000
2,050,000 400,000 1,650,000 330,000 1,320,000
2,100,000 400,000 1,700,000 340,000 1,360,000
2,150,000 400,000 1,750,000 350,000 1,400,000

1.05 1.05 1.05 1.05 1.05

1.05 1.05 1.05 1.05
1.1025 1.05 1.05 1.05
1.1576 1.05 1.05
1.2155 1.05
1.2763

1.15 1.15 1.15 1.15 1.15

1.15 1.15 1.15 1.15
1.32250 1.15 1.15 1.15
1.520875 1.15 1.15
1.7490 1.15
2.0114

URAIAN 2014 2015 2016 2017

JUMLAH PENDAPATAN 7,600,000 8,360,000 8.500.000 8.900.000
JUMLAH BIAYA 5,800,000 6,264,000 6.500.000 6.800.000
JUMLAH OPERATING INCOME 1,800,000 1.852.000 2.000.000 2.100.000

JUMLAH PENYUSUTAN 400,000 400,000 400 400

SHU SETELAH PENYUSUTAN 1,400,000 1.452.000 1.600.000 1.700.000
PAJAK PENGHASILAN (20%) 280,000 #VALUE! 320 340
SHU SETELAH PAJAK 1.120.000 #VALUE! 1.280.000 1.360.000
(5.000.000) 1.120.000 1.161.600 1.280.000 1.360.000

1.05 1.05 1.05 1.05 1.05

1.05 1.05 1.05 1.05
1.1025 1.05 1.05 1.05
1.1576 1.05 1.05
1.2155 1.05
 1.2763

1.15 1.15 1.15 1.15 1.15

1.15 1.15 1.15 1.15
1.32250 1.15 1.15 1.15
1.520875 1.15 1.15
1.7490 1.15
2.0114

URAIAN 2014 2015 2016 2017

JUMLAH PENDAPATAN 7,600,000 8,360,000 9,196,000 10,115,600
JUMLAH BIAYA 5,800,000 6,264,000 6,765,120 7,306,330
JUMLAH OPERATING INCOME 1,800,000 2,096,000 2,430,880 2,809,270
JUMLAH PENYUSUTAN 400,000 400,000 400,000 400,000
SHU SETELAH PENYUSUTAN 1,400,000 1,696,000 2,030,880 2,409,270
PAJAK PENGHASILAN (25%) 350,000 424,000 507,720 602,318
SHU SETELAH PAJAK 1,050,000 1,272,000 1,523,160 1,806,953
(5.000.000) 1,050,000 1,272,000 1,523,160 1,806,953
 1,240,000 1,280,000
NPV₁ = (4,000,000) + + +
(1 + 0,05)¹ (1 + 0,05)²

1,240,000 1,280,000
NPV₁ = (4,000,000) + + +
1.05 1.1025

NPV₁ = (4,000,000) + 1,180,952 + 1,160,998 +

NPV₁ = (4,000,000) + 5,698,028 = 1,698,028

1,240,000 1,280,000
NPV₂ = (4,000,000) + + +
(1 + 0,15)¹ (1 + 0,15)²

1,240,000 1,280,000
NPV₂ = (4,000,000) + + +
1.15 1.3225

NPV₂ = (4,000,000) + 1,078,261 + 967,864 +

NPV₂ = (4,000,000) + 4,387,678 = 387,678

(I2-I1)NPV1
IRR = i₁ =
NPV1-NPV2
(15%-5%) x 1.698.028
IRR = 5% +
1.698.028 - 387.678
10% x 1.698.027.742
IRR = 5% +
1,310,350
169,803
IRR = 5% +
1,310,350
IRR = 5% + 12.96%
IRR = 17.96%

2018
9.030.000 1,050,000 1,272,000
NPV₁ = (4,000,000) + + +
6.900.000 (1 + 0,05)¹ (1 + 0,05)²
2.130.000

400 1,050,000 1,272,000

NPV₁ = (4,000,000) + + +
1.730.000 1.05 1.1025
346
1.384.000 NPV₁ = (4,000,000) + 1,000,000 + 1,153,741 +
1.384.000
NPV₁ = (4,000,000) + 6,371,884 = 2,371,884

400 1.700.000
NPV₂ = (4,000,000) + + +
(1 + 0,15)¹ (1 + 0,15)²
 400 1.700.000
NPV₂ = (4,000,000) + + +
1.15 1.3225

NPV₂ = (4,000,000) + 348 + #VALUE! +

NPV₂ = (4,000,000) + #VALUE! = #VALUE!

(I2-I1)NPV1
IRR = i₁ =
NPV1-NPV2
(15%-5%) x 1.698.028
IRR = 5% +
1.698.028 - 387.678
10% x 1.698.027.742
IRR = 5% +
#VALUE!
237,188
IRR = 5% +
#VALUE!
IRR = 5% + #VALUE!
IRR = #VALUE!

2018
11,127,160
7,890,836
3,236,324
400,000
2,836,324
709,081
2,127,243
2,127,243
 1,320,000 1,360,000 1,240,000,000
+ +
(1 + 0,05)³ (1 + 0,05)4 (1 + 0,05)5

1,320,000 1,360,000 1,400,000

+ +
1.1576 1.2155 1.2763

1,140,266 + 1,118,875 + 1,096,937

1,320,000 1,360,000 1,400,000

+ +
(1 + 0,15)³ (1 + 0,15)4 (1 + 0,15)5

1,320,000 1,360,000 1,400,000

+ +
1.520875 1.74901 2.01136

867,921 + 777,584 + 696,047

1,523,160 1,806,953 1,806,953

+ +
(1 + 0,05)³ (1 + 0,05)4 (1 + 0,05)5

1,523,160 1,806,953 1,806,953

+ +
1.1576 1.2155 1.2763

1,315,763 + 1,486,585 + 1,415,795

340 1.360.000 1.360.000

+ +
(1 + 0,15)³ (1 + 0,15)4 (1 + 0,15)5
 340 1.360.000 1.360.000
+ +
1.520875 1.74901 2.01136

224 + #VALUE! + #VALUE!

 URAIAN 2014 2015 2016
JUMLAH OPERATING INCOME 1,950,000 2,000,000 2,050,000
JUMLAH PENYUSUTAN 400,000 400,000 400,000
SHU SETELAH PENYUSUTAN 1,550,000 1,600,000 1,650,000
PAJAK PENGHASILAN (20%) 310,000 320,000 330,000
SHU SETELAH PAJAK 1,240,000 1,280,000 1,320,000
12% (4,000,000) 1,240,000 1,280,000 1,320,000
INTERNAL RATE OF RETURN (IRR) =irr(-4000000,1240000,1280000,1320000,1360000,1400000) Enter

3,840,000
MARR 15.00% -160,000
NET PRESENT VALUE (Rp.) 159,547,321 0.12 Solution
INTERNAL RATE OF RETURN (IRR) 18.94% 18.94% Using the Computer,
PAYBACK PERIODE 3,12 Thn 17.96% IRR(discount rate, {C
PROFITABILITY INDEKS 1.04 =IRR(10,{-10,000, 4,0
30.65% IFF >

12% -10,000 4,000 4,500 5,000

 2017 2018
2,100,000 2,150,000
400,000 400,000
1,700,000 1,750,000
340,000 350,000
1,360,000 1,400,000
1,360,000 1,400,000
00,1360000,1400000) Enter 18.94%
18.94% 18.94%
18.94%

Solution
Using the Computer, select IRR( function and enter the inputs as follows:
IRR(discount rate, {CF0, CF1, CF2, CF3, CF4} Enter
=IRR(10,{-10,000, 4,000, 4500, 5,000, 6,000} Enter = 30,65%
30.65% IFF >10% so we would " accept the project ".

6,000 30.65%
 Sumber Modal Struktur Modal % Biaya WACC
1 2 3 4 5 = (3 x 4)
Bonds 300,000 0.83 4.20% 3.50%
Preffered Stock (PS) 240,000 0.67 10.00% 6.67%
Common Stock (CS) 360,000 1.00 14.83% 14.83%
Returned Earning (R/E) 300,000 0.833333333 13.95% 11.63%
Total 1,200,000 3.33 36.63%

3.18 6%
36.00 14.83%

WACC = wd.rd (1-T)+wp.rp+wcrs

Sumber Modal Nilai Buku Tertimbang Biaya WACC
1 2 3 4 5 = (3 x 4)
Bonds 20,000,000 100% 4.20% 4.20%
Preffered Stock (PS) 5,000,000 25% 10.00% 2.50%
Common Stock (CS) 20,000,000 100% 14.83% 14.83%
Returned Earning (R/E) 5,000,000 25% 13.95% 3.49%
Total 50,000,000 2.50 25.02%

Bonds 20,000 5.40%

0.001

0.10% 5.20%

Sumber Modal No. Serie Harga Nilai Pasar

1 2 3 4
Bonds 20,000,000 1,100 22,000,000
Preffered Stock (PS) 5,000,000 90 4,500,000
Common Stock (CS) 20,000,000 80 40,000,000
Total 45,000,000 66,500,000

Marketing Value Weights

 Sumber Modal Nilai Pasar Tertimbang Biaya Perubahan WACC
1 2 3 4 Awal Menjadi
Bonds 22,000,000 69% 4.20% 4.20% 2.89%
Preffered Stock (PS) 4,500,000 14% 10.00% 2.50% 1.41%
Common Stock (CS) 32,000,000 100% 14.83% 14.83% 14.83%
Returned Earning (R/E) 8,000,000 25% 13.95% 3.49% 3.49%
Total 66,500,000 2.08 25.02% 22.61%

Marginal Value Weights

Nilai Biaya
Sumber Modal Biaya
Marginal Tertimbang
Debt 50% 5.14% 2.57%
Preffered Stock (PS) 25% 17.11% 4.28%
Common Stock (CS) 25% 16.00% 4.00%
Total 100% 10.85%

Sumber Modal Nilai Buku Harga Pasar Biaya

Long Terms Debt 3,000,000 2,800,000 4.80%
Preffered Stock (PS) 102,000 150,000 9.00%
Common Stock (CS) 1,108,000 2,500,000 13.00%
4,210,000 5,450,000
6.67% 4.667%
Book Value

Nilai Biaya
Sumber Modal Nilai Buku WACC
Tertimbang Tertimbang
Long Terms Debt 3,000,000 2941% 4.80% 141.18%
Preffered Stock (PS) 102,000 100% 9.00% 9.00%
Common Stock (CS) 1,108,000 1086% 13.00% 141.22%
Total 4,210,000 41 291.39%

Marketing Value Weights

Nilai Biaya
Sumber Modal Market Value Tertimbang Tertimbang WACC

Long Terms Debt 2,800,000 1866.67% 4.80% 89.60%

Preffered Stock (PS) 150,000 100.00% 9.00% 9.00%
Common Stock (CS) 2,500,000 1666.67% 13.00% 216.67%
Total 5,450,000 36 315.27%
 = [ ﴾ 4
12 ) ﴾ 1- 0,35 ) 0.06
] ﴾
+
2
12
x

1.30%
2.00% 1.30% + 2.00% + 9.00% = 12.30%
9.00%

WACC = 0,1299 = 12,99%

12.30%
Portfolio Return = (0,3) x(1-0,25)x 8%) + (0,7 x 14%)
= 0,018 + 0,098 =0,116 atau = 11,6%

0.018
0.098
0.116
 6
0.12 ) ﴾
+
12
x 0.18 )
 URAIAN 2013 2013 2013

Pendapatan Advertising 600,000,000 660,000,000 726,000,000

Pendapatan Proyek Konsultan Animasi 400,000,000 440,000,000 484,000,000
Pendapatan Proyek Multimedia Konsultan 500,000,000 550,000,000 605,000,000
Pendapatan Kerjasama 100,000,000 110,000,000 121,000,000
Jumlah Pendapatan 1,600,000,000 1,760,000,000 1,936,000,000
Biaya Operasional      
Biaya Produksi 72,000,000 77,760,000 83,980,800
Biaya Marketing 48,000,000 51,840,000 55,987,200
Biaya Administrasi & Umum 60,000,000 64,800,000 69,984,000
Biaya Listrik, Telepon dan Kemanan 72,000,000 77,760,000 83,980,800
Biaya SDM 180,000,000 194,400,000 209,952,000
Depresiasi Sarana Pendidikan/Lab./Studio 14,400,000 15,552,000 16,796,160
Biaya Pemeliharaan Gedung & Peralatan 125,000,000 125,000,000 125,000,000
JUMLAH BIAYA OPERASI 571,400,000 617,112,000 666,480,960
Laba Operasi 1,028,600,000 1,142,888,000 1,269,519,040
Pajak Penghasilan 25% 154,290,000 171,433,200 190,427,856
Laba setelah Pajak 874,310,000 971,454,800 1,079,091,184
(3,000,000,000) 874,310,000 971,454,800 1,079,091,184

Payback Periode 3,06 Thn

2,924,855,984 3 thn 3,000,000,000
550,942,257 NPV Kekurangan 75,144,016
21.95% IRR Tambahan waktu 0.06
Investasi Layak
 2013 2013 NPV₁ = (3,000,000) +

798,600,000 878,460,000
532,400,000 585,640,000
NPV₁ = (3,000,000) +
665,500,000 732,050,000
133,100,000 146,410,000
2,129,600,000 2,342,560,000 NPV₁ = (3,000,000) +
   
90,699,264 97,955,205 NPV₁ = (3,000,000) +
60,466,176 65,303,470
75,582,720 81,629,338
90,699,264 97,955,205
NPV₂ = (3,000,000) +
226,748,160 244,888,013
18,139,853 19,591,041
125,000,000 125,000,000
NPV₂ = (3,000,000) +
719,799,437 777,383,392
1,409,800,563 1,565,176,608
211,470,084 234,776,491 NPV₂ = (3,000,000) +
1,198,330,479 1,330,400,117
1,198,330,479 1,330,400,117 15% NPV₂ = (3,000,000) +
Disc Rate

(I2-I1)NPV1
IRR = i₁ =
NPV1-NPV2

(15%-5%) x 1.674.247
IRR = 5% +
1.674.247 - 550.942

10% x 1.674.247
IRR = 5% +
1,123,304

167,425
IRR = 5% +
1,123,304
IRR = 5% + 14.90%
IRR = 19.90%
 874,310 971,455 1,079,091 1,198,330 1,330,400
+ + + +
(1 + 0,05)¹ (1 + 0,05)² (1 + 0,05)³ (1 + 0,05)4 (1 + 0,05)5

874,310 971,455 1,079,091 1,198,330 1,330,400

+ + + +
1.05 1.1025 1.1576 1.2155 1.2763

832,676 + 881,138 + 932,160 + 985,869 + 1,042,403

4,674,247 = 1,674,247

874,310 971,455 1,079,091 1,198,330 1,330,400

+ + + +
(1 + 0,15)¹ (1 + 0,15)² (1 + 0,15)³ (1 + 0,15)4 (1 + 0,15)5

874,310 971,455 1,079,091 1,198,330 1,330,400

+ + + +
1.15 1.3225 1.5209 1.7490 2.0114

760,270 + 734,559 + 709,520 + 685,149 + 661,444

3,550,942 = 550,942
 TB = [ ﴾
4%
12 ) ﴾ 1- 0,35

WACC = [ ﴾
4
12 ) ﴾ 1-
0,35

Contoh 2 :

I + (N - Nb)/2
Ki Ki =
(N - Nb)/2
m

V = I (PVIFAr%; 15) + M (PVIFAr%; 15)

V = $ 120 (3,3522) + $ 1,000 (0,4972)

$ 900 = $ 120 (3,3522) + $ 1,000 (0,4972)

$ 900 = $ 402,30 + $ 497,20 = $ 899,50 Reguler Method

120 + (1,000-
900)/5
Ki =
 Ki =
(1,000 + 900)/2

140
Ki = = 15%
950

Kd = Ki (1-T) Contoh 3 :
Kd = 15% (1-35%% ) = 9,75%

9.75%

Contoh 4 :
K p = D p / Pn
15
Kp = = 15.46%
100 - 3

Kp = 15 : (100 - 3) = 15 : 97 = 15,46%

Biaya Saham = 15 : (100 - 3) = 15,46%

Contoh 4 : D1 = Do(1+g) = $ 8

D1 8
Ks =
Po
=
80
=

D1 = Do(1+g) = $ 8(1+0,09) = $ 8,72

8.72
872.00%

D1
Ks =
Po
+ g =
 8.72
Ks =
100
+ 9% =

D1
Ks =
r-g
+ g

5
Ks =
50
+ 6% =

D1
Ks = + g
Po(1 – f)

5
Ks = + 6%
50(1 –9%)

5
Ks =
45.5
+ 6% =

Ks = 10% + 8% =

Ks = rf + b (rm + rf)

Ke = 10% x (1- 25%)

D1 = Do(1+g) = $ 3(1+0,06) = $ 3,18

3.18 3.18
CS Baru Ks = + 6%
40(1 –0,1) 36

CS Baru Ks = 8.83% + 6% =
 5
Ks = + 6% =
36

D1 = Do(1+g) = $ 3(1+0,06) = $ 3,18

3.18
Ks = + 6%
Laba ditahan 40
= 0.0795 + 6% 13.95%

WACC = wd.rd (1-T)+wp.rp+wcrs

WACC = [ ﴾
4
12 ) ﴾ 1-
0,35

20,000,000
Mortgage Bonds MB = = 20,000
1,000

5,000,000
PS = = 50,000
100

20,000,000
CS = = 500,000
40
 1.99%
2.00%
9.00%
12.99%

) 0.06 ]
2
) 0.06
] + ﴾ 12
x 0.12 ) +

Contoh 1 :
PT. DBS mengeluarkan obligasi dengan nominal per lembar Rp. 25.000 dengan umur 10 tahun. Hasil penjualan ne
perusahaan sebesar Rp. 24.250 bunga per tahun 4 % dengan tingkat pajak 30 %.

Penyelesaian :
Bunga per tahun = Rp. 25.000 x 4% = Rp. 1.000
1.000 + (25.000 – 24.250) / 10 1000 + 75
Ki = ------------------------------------------- = --------------- = 0,0437 = 4,37 %
(24.250 + 25.000) / 2 24.625

Kd = 4,37% (1-0,3) = 3,06%

Contoh 3 :
PT. Media Animator Inc. menjual saham preferen dengan nilai nominal Rp. 15.000,- harga jual saham
preferen sebesar Rp. 18.900,-. Deviden tiap tahun Rp. 1.500,- biaya penerbitan saham setiap lembar
sebesar Rp. 150

Penyelesaian :
Kp = 1.500 / (18.900 – 150) = 8 %

10%
 18%

16%

16.99%

18%

0.088333

14.83%
 17%

3.18

2
) 0.06
] + ﴾ 12
x 0.12 ) +
 1.99% + 2.00% + 9.00% = 12.99%

WACC = 0,1299 = 12,99%

6
﴾ 12
x 0.18 )

Portfolio Return = (0,3) x(1-0,25)x 8%) + (0,7 x 14%)

= 0,116 atau = 11,6%
0 tahun. Hasil penjualan netto yang diterima

WACC

1,075
24,625
4.37%
3.06%
 arga jual saham
m setiap lembar
 6
﴾ 12
x 0.18 )
%) + (0,7 x 14%)
6%

1.80%
9.80%
11.60%