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Pertemuan ke-8
BIAYA MODAL
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Keterampilan Dasar:Keterampilan Dasar: (Laporan (Laporan keuangan, Time value of money)keuangan, Time value of money)
Investasi:Investasi: (Imbalan dan Risiko, (Imbalan dan Risiko, Obligasi, Saham)Obligasi, Saham)
Keuangan Korporasi:Keuangan Korporasi: (Penganggaran (Penganggaran Modal)Modal)
Kita sudah mempelajari...
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Keuangan Korporasi:Keuangan Korporasi: (Keputusan (Keputusan Pendanaan)Pendanaan)
Biaya ModalBiaya Modal
LeverageLeverage
Struktur PermodalanStruktur Permodalan
DividendsDividends
Kita akan membahas...
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Aktiva Pasiva . Aktiva Pasiva .
Aktiva Lancar Utang JapenAktiva Lancar Utang Japen
Aktiva Tetap Utang JapanAktiva Tetap Utang Japan
Saham PreferensSaham Preferens
Saham BiasaSaham Biasa
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Aktiva Pasiva .Aktiva Pasiva .
Aktiva Lancar Utang JapenAktiva Lancar Utang Japen
Aktiva Tetap Utang JapanAktiva Tetap Utang Japan
Saham PreferensSaham Preferens
Saham BiasaSaham Biasa
The investment decisionThe investment decision
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Aktiva Pasiva .Aktiva Pasiva .
Aktiva Lancar Utang JapenAktiva Lancar Utang Japen
Aktiva Tetap Utang JapanAktiva Tetap Utang Japan
Saham PreferensSaham Preferens
Saham BiasaSaham Biasa
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Aktiva Pasiva . Aktiva Pasiva .
Aktiva Lancar Utang JapenAktiva Lancar Utang Japen
Aktiva Tetap Utang JapanAktiva Tetap Utang Japan
Saham PreferensSaham Preferens
Saham BiasaSaham Biasa
Keputusan PendanaanKeputusan Pendanaan
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Aktiva Pasiva .Aktiva Pasiva .
Aktiva Lancar Utang JapenAktiva Lancar Utang Japen
Aktiva TetapAktiva Tetap Utang Japan Utang Japan
Saham PreferensSaham Preferens
Saham BiasaSaham Biasa
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Aktiva Pasiva .Aktiva Pasiva .
Aktiva Lancar Utang JapenAktiva Lancar Utang Japen
Utang JapanUtang Japan
Saham PreferensSaham Preferens
Saham BiasaSaham Biasa
}
Struktur PermodalanStruktur Permodalan
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Pentingnya Biaya Modal Bagi InvestorBagi Investor, tingkat imbalan , tingkat imbalan
sekuritas adalah sekuritas adalah manfaatmanfaat dari dari investasi.investasi.
Bagi ManajerBagi Manajer, tingkat imbalan , tingkat imbalan sekuritas yang sama adalah sekuritas yang sama adalah biayabiaya atas atas pemerolehan dana yang dibutuhkan pemerolehan dana yang dibutuhkan untuk menjalankan perusahaan.untuk menjalankan perusahaan.
Dengan kata lain, biaya pemerolehan Dengan kata lain, biaya pemerolehan dana adalah dana adalah biaya modal biaya modal perusahaan.perusahaan.
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Bagaimana cara perusahaan memperoleh modal?
Menerbitkan obligasiMenerbitkan obligasi Menerbitkan saham preferensMenerbitkan saham preferens Menerbitkan saham biasaMenerbitkan saham biasa Setiap penerbitan sekuritas berimplikasi Setiap penerbitan sekuritas berimplikasi
tingkat imbalantingkat imbalan bagi investor. bagi investor. Tingkat imbalan ini adalah Tingkat imbalan ini adalah biayabiaya bagi bagi
perusahaan.perusahaan. ““Biaya modal”Biaya modal” mengacu pada the mengacu pada the
weighted average cost of capitalweighted average cost of capital (WACC) (WACC) – rata-rata tertimbang biaya dana. – rata-rata tertimbang biaya dana.
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Biaya Biaya UtangUtang
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Biaya Utang
Dari sudut pandang emiten (perusahaan Dari sudut pandang emiten (perusahaan penerbit), penerbit), biaya modalbiaya modal adalah: adalah:
the the rate of returnrate of return required by investors, required by investors, adjusted for adjusted for flotation costsflotation costs (any costs (any costs
associated with issuing new bonds), and associated with issuing new bonds), and adjusted for adjusted for taxes.taxes.
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Example: Tax effects of financing with debt
with stockwith stock with debtwith debt
EBITEBIT 400,000 400,000 400,000 400,000
- interest expense- interest expense 0 0 (50,000)(50,000)
EBTEBT 400,000 400,000 350,000 350,000
- taxes (34%)- taxes (34%) (136,000)(136,000) (119,000)(119,000)
EATEAT 264,000 264,000 231,000 231,000
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Example: Tax effects of financing with debt
with stockwith stock with debtwith debt
EBITEBIT 400,000 400,000 400,000 400,000
- interest expense- interest expense 0 0 (50,000)(50,000)
EBTEBT 400,000 400,000 350,000 350,000
- taxes (34%)- taxes (34%) (136,000)(136,000) (119,000)(119,000)
EATEAT 264,000 264,000 231,000 231,000
Now, suppose the firm pays $50,000 in Now, suppose the firm pays $50,000 in dividends to the stockholders.dividends to the stockholders.
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Example: Tax effects of financing with debt
with stockwith stock with debtwith debt
EBITEBIT 400,000 400,000 400,000 400,000
- interest expense- interest expense 0 0 (50,000)(50,000)
EBTEBT 400,000 400,000 350,000 350,000
- taxes (34%)- taxes (34%) (136,000)(136,000) (119,000)(119,000)
EATEAT 264,000 264,000 231,000 231,000
- dividends- dividends (50,000) (50,000) 0 0
Retained earnings Retained earnings 214,000 214,000 231,000 231,000
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-= 11 After-tax Before-tax MarginalAfter-tax Before-tax Marginal % cost of % cost of x tax% cost of % cost of x tax Debt Debt rateDebt Debt rate
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-= 11 After-tax Before-tax MarginalAfter-tax Before-tax Marginal % cost of % cost of x tax% cost of % cost of x tax Debt Debt rateDebt Debt rate
KKdd = k = kd d (1 - T) (1 - T)
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-= 11 After-tax Before-tax MarginalAfter-tax Before-tax Marginal % cost of % cost of x tax% cost of % cost of x tax Debt Debt rateDebt Debt rate
KKdd = k = kd d (1 - T) (1 - T)
.066 = .10 (1 - .34).066 = .10 (1 - .34)
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Example: Cost of Debt
Prescott Corporation issues a Prescott Corporation issues a $1,000$1,000 par, par, 20 year20 year bond paying the market bond paying the market rate of rate of 10%.10%. Coupons are annual. Coupons are annual. The bond will sell for par since it pays The bond will sell for par since it pays the market rate, but flotation costs the market rate, but flotation costs amount to amount to $50$50 per bond. per bond.
What is the pre-tax and after-tax What is the pre-tax and after-tax cost cost of debtof debt for Prescott Corporation? for Prescott Corporation?
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Pre-tax cost of debtPre-tax cost of debt: (using TVM): (using TVM)
P/Y = 2P/Y = 2 N = 40N = 40
PMT = -50PMT = -50
FV = -1000FV = -1000
PV = 950PV = 950
solve: I = solve: I = 10.61%10.61% = kd = kd After-tax cost of debtAfter-tax cost of debt::
Kd = kd (1 - T)Kd = kd (1 - T)
Kd = .1061 (1 - .34)Kd = .1061 (1 - .34)
Kd = .07 = Kd = .07 = 7%7%
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Pre-tax cost of debtPre-tax cost of debt: (using TVM): (using TVM)
P/Y = 2P/Y = 2 N = 40N = 40
PMT = -50PMT = -50
FV = -1000FV = -1000 So, a 10% bondSo, a 10% bond
PV = 950PV = 950 costs the firmcosts the firm
solve: I = solve: I = 10.61%10.61% = kd = kd only only 7%7% (with (with After-tax cost of debtAfter-tax cost of debt:: flotation costs)flotation costs)
Kd = kd (1 - T) Kd = kd (1 - T) since the interestsince the interest
Kd = .1061 (1 - .34) Kd = .1061 (1 - .34) is tax deductible.is tax deductible.
Kd = .07 = Kd = .07 = 7%7%
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Cost of Preferred Stock
Finding the Finding the costcost of preferred stock of preferred stock is similar to finding the is similar to finding the rate of rate of returnreturn, (from Chapter 8) except , (from Chapter 8) except that we have to consider the that we have to consider the flotation costsflotation costs associated with associated with issuing preferred stock.issuing preferred stock.
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Cost of Preferred Stock
Recall:Recall:
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Cost of Preferred Stock
Recall:Recall:
kkpp = = = =
DDPoPo
DividendDividend PricePrice
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Cost of Preferred Stock
Recall:Recall:
kkpp = = = =
From the From the firm’sfirm’s point of view: point of view:
DDPoPo
DividendDividend PricePrice
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Cost of Preferred Stock
Recall:Recall:
kkpp = = = =
From the From the firm’sfirm’s point of view: point of view:
kkpp = = = =
DDPoPo
DividendDividend PricePrice
DividendDividendNet PriceNet Price
DDNPoNPo
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Cost of Preferred Stock
Recall:Recall:
kkpp = = = =
From the From the firm’sfirm’s point of view: point of view:
kkpp = = = =
NPo = price - flotation costs!NPo = price - flotation costs!
DDPoPo
DividendDividend PricePrice
DividendDividendNet PriceNet Price
DDNPoNPo
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Example: Cost of Preferred
If Prescott Corporation issues If Prescott Corporation issues preferred stock, it will pay a preferred stock, it will pay a dividend of dividend of $8$8 per year and per year and should be valued at should be valued at $75$75 per share. per share. If flotation costs amount to If flotation costs amount to $1$1 per share, what is the cost of per share, what is the cost of preferred stock for Prescott?preferred stock for Prescott?
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Cost of Preferred Stock
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Cost of Preferred Stock
kpkp = = DividendDividendNet PriceNet Price
DDNPoNPo ==
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Cost of Preferred Stock
kpkp = = = =
= == =
DividendDividendNet PriceNet Price
DDNPoNPo
8.008.0074.0074.00
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Cost of Preferred Stock
kpkp = = = =
= = 10.81% = = 10.81%
DividendDividendNet PriceNet Price
DDNPoNPo
8.008.0074.0074.00
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Cost of Common Stock
There are 2 sources of Common There are 2 sources of Common Equity:Equity:
1) 1) Internal common equityInternal common equity (retained (retained earnings), and earnings), and
2) 2) External common equityExternal common equity (new (new common stock issue)common stock issue)
Do these 2 sources have the same Do these 2 sources have the same cost?cost?
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Cost of Internal Equity
Since the stockholders own the firm’s Since the stockholders own the firm’s retained earnings, the cost is simply retained earnings, the cost is simply the stockholders’ required rate of the stockholders’ required rate of return.return.
Why?Why? If managers are investing If managers are investing
stockholders’ funds, stockholders will stockholders’ funds, stockholders will expect to earn an acceptable rate of expect to earn an acceptable rate of return.return.
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Cost of Internal Equity
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Cost of Internal Equity
1) 1) Dividend Growth ModelDividend Growth Model
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Cost of Internal Equity
1) 1) Dividend Growth ModelDividend Growth Model
kkcc = + g = + gDD11
PoPo
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Cost of Internal Equity
1) 1) Dividend Growth ModelDividend Growth Model
kkcc = + g = + g
2) 2) Capital Asset Pricing Model (CAPM)Capital Asset Pricing Model (CAPM)
DD11
PoPo
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Cost of Internal Equity
1) 1) Dividend Growth ModelDividend Growth Model
kkcc = + g = + g
2) 2) Capital Asset Pricing Model (CAPM)Capital Asset Pricing Model (CAPM)
kkjj = k = krfrf + + jj (k (kmm - k - krf rf ))
DD11
PoPo
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Cost of External Equity
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Dividend Growth ModelDividend Growth Model
Cost of External Equity
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Dividend Growth ModelDividend Growth Model
kkncnc = + g = + g
Cost of External Equity
DD11
NPoNPo
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Dividend Growth ModelDividend Growth Model
kkncnc = + g = + g
Cost of External Equity
DD11
NPoNPo
Net proceeds to the firmNet proceeds to the firmafter flotation costs!after flotation costs!
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Weighted Cost of Capital
The weighted cost of capital is just The weighted cost of capital is just the weighted average cost of all of the weighted average cost of all of the financing sources.the financing sources.
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Weighted Cost of Capital
CapitalCapital
Source Cost StructureSource Cost Structure
debt 6% 20%debt 6% 20%
preferred 10% 10%preferred 10% 10%
common 16% 70%common 16% 70%
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Weighted cost of capital =Weighted cost of capital =
.20 (6%) + .10 (10%) + .70 (16%).20 (6%) + .10 (10%) + .70 (16%)
= = 13.4%13.4%
Weighted Cost of Capital(20% debt, 10% preferred, 70% common)