!
!
"
!
"
!
#
#
$
$
Current Liabilities
Long Liabilities
Shareholders’ Equity Current Asset
Fixed Asset
1. Tangible fixed Asset 2. Intangible fixed Asset
Net working
→
→
!
! ""## $$
%&' (
%&' ( ##
→
→&'&'
) *+,
) *+,
-. ) / / . & .0
. ) / / . & .0
-- 11 ,, "
" %% 22 (( "
" %% 22 ((
- ,
- , "" "" $$ 33 $$
→
→ "" "" ,, !! # 3# 3 44 44 # 3
# 3
→
→5 35 3 ,, 66 44
→→
→→ ,, !!
→
% (8
)
5 3
7
)
5 3
7
)
) ,, ##
4
4
#
# == >
> ## 44 ##
%
%
?
?
(=(=∞
+
=
t
g
1
7)7
7)7++ 8 @1+8 @1+
9 )) 8 *+A
9 )) 8 *+A
8 BA
8 BA
#
#
8 @*++8 @*++# 8 @1++
# 8 @1++
8 @B+
8 @B+
'
!
C
6
'
!
C
6
8 @1*+8 @1*+)
5 3
7
,
&
C
6
&
C
6
< #
< # %%
)
)
&
&
((8 @D1+ 8 @D1+
"
" 8 @*++8 @*++
%
%&& ## ( 8 @1++( 8 @1++ <
< 8 @B+8 @B+
&
C
6
&
C
6
. ! 8
. ! 8 && ;; = <= < ==
8 @D1+ ; @*++
8 @D1+ ; @*++
8 @B1+
8 @B1+
& C 6 8 .
& C 6 8 . "" ## "" == 8 @B1+
8 @B1+ "" @1++@1++ "" @B+@B+
&
&
&
&
& % & (, & % & (,
2 ! 2 !
& 8
& 8 "" ##
8 < # G
8 < # G :: .. ##
& % & (, # # & % & (, # #
# 6 # 6 & 8 .
& 8 . "" >> # 6# 6
8 '0. G % *
&
% & (
&
% & (
& 8
& 8
#
#
#
# 88 ## ;;
#
# ;; ##
& 8 @B1+
& 8 @B1+ "" %@1*+ ; @1++ ; @B+(%@1*+ ; @1++ ; @B+( 8 @H+
'
3
)
&
'
3
)
&
0 100 200 300 400 500
600 MVA
Book equity Equity (Market) Preferred stock Debt
?
&
7
?
&
7
?
? ## 44
!
!
==(
WACC
g
)
)
g
1
(
FCF
V
HV
Op at time t t−
+
=
Value of operations by discounting the free cash flows at the cost of capital.
0
-4.545
8.264
15.026
1 2 3 4
rc=10%
g = 6%
FCF= -5.00 10.00 20.00 21.2
=
=
%
%
&
&
C
C
6
6
22&& ( 8( 8 88 ::
8 @D*H=JD
8 @D*H=JD "" @D+@D+ 8
8 @IFH=JD@IFH=JD ==
#
&
&
"
"
'
'
%&' (
%&' (
&'
&'
=
=
.
. &'&'
&
&
7
&
!
&
7
&
!
&
&
%
%
!
!
(,(,# # #
# %% 88 .2<.2< ((
6
6 %%)) CC 4848
)/8
)/8 22 << ((
9 !
&
)/ 8 """"""""""""""""""""""""""""""""""""""""""""""""""""
-- // ## %% GG 22 .(.( .
0
)
5 3
0
)
5 3
&
& 66
% = =4
% = =4 ## 66 ## *++A(*++A(
#
# !! ##
=
=
+
+
+
+
g
)
1
(
0
!
&
0
!
&
&
!
&
!
&
& ,,
9 )) 9 ))
#
# %% # 6# 622
% (
% (
6
.
0
5 3
.
0
5 3
%
%
#
#
(( ## 44#
# 44 6
6 44 66
6
6 !!
−
−
−
−
WACC
CR
.
0
5 3
.
0
5 3
>
> 44
#
# & =& =
4
4 ##
6
6 66 !!
>
> 44
#
G
/
0 !
G
/
0 !
)
% / 0)(
)
% / 0)(
/
/ 66
!
! .. 66
#
#
6
6 !! ,,
t
1
t
t
Capital
NOPAT
&
.
G
/ 0)
&
.
G
/ 0)
[
]
g
WACC
WACC
EROIC
Capital
MVA
t t t−
−
=
Jika selisih (spread) antara return
ekspektasian, EROICt, dan return yg
.
0
5 3
&
.
0
5 3
&
!
! == 66
@*4+++4
@*4+++4 ##
#
# BA4BA4 9 ))9 )) ##
*+A= *+A=
!
! ## %% 8HA(8HA(
6
6 %%
C
C 2)/8FLA(=2)/8FLA(=
! '
! ' ## %% 8DA(8DA(
6
9
&
9
&
3
BA
HAE
3
BA
HAE
!
! !! ''
HA
HA HAHA DADA DADA
)/
)/ FLAFLA FLAFLA 1FA1FA 1FA1FA
5 3
5 3 BABA HAHA BABA HAHA
&
& %I++=+(%I++=+( %IH+=+(%IH+=+( I++=+I++=+ ILB=+ILB=+
, & , &
= == =
G
/ 0)
&
G
/ 0)
&
!
! !! ''
)
) ++ @FL+@FL+ @FL+@FL+ @1F+@1F+ @1F+@1F+ 5 3
5 3 BABA HAHA BABA HAHA
<
< ** @*4+B+@*4+B+ @*4+H+@*4+H+ @*4+B+@*4+B+ @*4+H+@*4+H+ .
.** @HI@HI @HI=H@HI=H @D1@D1 @D1=D@D1=D / 0)
/ 0)++ L=*AL=*A L=1AL=1A *B=HA*B=HA *B=FA*B=FA &
.3
6
.3
6
)
5 !
)
5 !
< $
< $
!
! %% (( 66
#
# %% !! (=(=
3
3 %%## (=(=
) ,
.
. 66
#
# %%
6
6
(
( ==
# #
# #,,
!
! "" !!
%
% ((
3
3
3
E
E
# ,
# ,
!
!
<
< ## ## ##
%
% 66 ## ((
6
6 %% (
"
"
.
.
!
!
!
!
#
# ## 66
% = =4
% = =4 ((
!
! % = =4% = =4
(
(
/
'
'
3
3 ## 66
% = =4
% = =4 66 (
(
#
# ==
3
3 66 %%
0
0
#
#
(( ## %)%)#
<
)
<
)
#
# 44 ##
%
% ##
2
2 GG (( ##
# #
' 6
' 6 %% MM GG ((
# #
# # %% ## !!
(= (= .
.