Download - Analisis Economic Value Edded (EVA)
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ECONOMIC VALUE ADDEDECONOMIC VALUE ADDED (EVA)(EVA)
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Economic Value AddedEconomic Value Added (EVA) (EVA)
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Economic Value AddedEconomic Value Added (EVA) (EVA)
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1.1. Pengertian EVAPengertian EVA
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2.2. Karakteristik EVAKarakteristik EVA
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3.3. Manfaat EVAManfaat EVA
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3.3. Manfaat EVAManfaat EVA
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4.4. Keunggulan EVAKeunggulan EVA
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5.5. Kelemahan EVAKelemahan EVA
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6.6. Tolak Ukur EVATolak Ukur EVA
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7.7. Perhitungan EVAPerhitungan EVA
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Perhitungan EVAPerhitungan EVA1. 1. Menghitung tingkat biaya utang (Kd*), perusahaan.Menghitung tingkat biaya utang (Kd*), perusahaan.
Kd = Kd = Biaya bunga tahunanBiaya bunga tahunan x 100% x 100% Total utang jk panjangTotal utang jk panjang
Kd* = [ Kd (1-T)]Kd* = [ Kd (1-T)]Atau:Atau:
Kd* = (1 – Kd* = (1 – TaxTax) x ) x Biaya bunga tahunanBiaya bunga tahunan x 100% x 100% Total utang jk panjangTotal utang jk panjang
Ket: Ket: Kd Kd = biaya utang sebelum pajak= biaya utang sebelum pajakKd*= biaya utang setelah pajakKd*= biaya utang setelah pajakT = tarif pajak yang dikenakanT = tarif pajak yang dikenakan
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Perhitungan EVAPerhitungan EVA2. 2. Menghitung tingkat biaya modal (Ke), perusahaan dgMenghitung tingkat biaya modal (Ke), perusahaan dg melakukan pendekatan PER.melakukan pendekatan PER.
Ke = Ke = 11 x 100% x 100%PERPER
Atau:Atau:Ke = Ke = EPSEPS x 100% x 100%
pp
Ket: Ket: Ke Ke = biaya saham biasa = biaya saham biasaPER = Price Earning RatioPER = Price Earning RatioEPS = Earning per shareEPS = Earning per sharep = harga penutupan saham sekarangp = harga penutupan saham sekarang
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Perhitungan EVAPerhitungan EVA3. 3. Menghitung biaya modal saham preferen (Kp), Menghitung biaya modal saham preferen (Kp),
perusahaan dg melakukan pendekatan PER.perusahaan dg melakukan pendekatan PER.
Kp = Kp = Dp Dp x 100% x 100% PnPn
Ket: Ket: Kp Kp = biaya saham preferen = biaya saham preferenDp = deviden per lembar sahamDp = deviden per lembar sahamPn = harga saham preferen per lembar sahamPn = harga saham preferen per lembar saham
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Perhitungan EVAPerhitungan EVA4. 4. Menghitung NOPAT (Menghitung NOPAT (Net Operating Profit After TaxNet Operating Profit After Tax))
NOPAT = EAT + Biaya bungaNOPAT = EAT + Biaya bunga
Ket: Ket: NOPAT = NOPAT = Net Operating after TaxNet Operating after Tax
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Perhitungan EVAPerhitungan EVA6. 6. Menghitung WACC (Menghitung WACC (Weighted Average of CapitalWeighted Average of Capital))
WACC = (Kd x Wd) + (Ke x We) + (Kp x Wp) WACC = (Kd x Wd) + (Ke x We) + (Kp x Wp) Ket: Ket:
WACC WACC = = Weighted Average of CapitalWeighted Average of Capital (biaya (biaya modalmodal
rata-rata)rata-rata)Kd Kd = biaya utang= biaya utangKe Ke = biaya saham biasa= biaya saham biasaKp Kp = biaya utang= biaya utangWdWd = persentase utang dari modal= persentase utang dari modalWeWe = persentase saham biasa dari modal= persentase saham biasa dari modalWpWp = persentase saham preferen dari modal= persentase saham preferen dari modal
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Perhitungan EVAPerhitungan EVA
7. 7. Menghitung capital chargesMenghitung capital charges
Capital chargesCapital charges = WACC – = WACC – Invested CapitalInvested Capital
8. 8. Menghitung EVAMenghitung EVA
EVA = NOPAT - EVA = NOPAT - Capital charges Capital charges
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7.7. Perhitungan EVA Perhitungan EVA Langkah-langkah perhitungan EVALangkah-langkah perhitungan EVA
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6.6. Tolak Ukur EVATolak Ukur EVA
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TugasTugas Hitunglah Hitunglah EVAEVA Dan lakukan analisis terhadap Dan lakukan analisis terhadap EVA EVA
tersebut.tersebut.