Lampiran 1
Daftar Populasi – Sampel Perusahaan Perbankan di Bursa Efek Indonesia
Tahun 2010 – 2012
No Kode
Saham Nama Emiten
Kriteria
1 AGRO Bank Rakyat Indonesia
Agro Niaga Tbk X √ √ -
2 BABP Bank ICB Bumi Putra
Tbk √ √ √ Sampel 1
3 BACA Bank Capital Indonesia
Tbk √ √ √ Sampel 2
4 BAEK Bank Ekonomi Raharja
Tbk √ √ X -
5 BBCA Bank Central Asia Tbk √ √ √ Sampel 3
6 BBKP Bank Bukopin Tbk √ √ √ Sampel 4
7 BBNI Bank Negara Indonesia
(Persero) Tbk √ √ √ Sampel 5
8 BBNP Bank Nusantara
Parahyangan Tbk √ √ X -
9 BBRI Bank Rakyat Indonesia
(Persero) Tbk √ √ √ Sampel 6
10 BBTN Bank Tabungan Negara
(Persero) Tbk X √ √ -
11 BCIC Bank Mutiara Tbk √ √ X -
12 BDMN Bank Danamon
Indonesia Tbk √ √ √ Sampel 7
13 BEKS Bank Pundi Indonesia
Tbk √ √ √ Sampel 8
17 BMRI Bank Mandiri (Persero)
Tbk √ √ √
20 BNII Bank Internasional
26 INPC Bank Artha Graha
32 SDRA Bank Himpunan Saudara
1906 Tbk √ √ √
Kriteria 2 : Perusahaan yang melaporkan secara publik laporan keuangan
tahunan yang telah diaudit untuk masa tahun 2010 – 2012.
Kriteria 3 : Perusahaan perbankan yang sahamnya aktif diperdagangkan dan
memiliki data harga saham yang lengkap pada tahun 2010 – 2012.
Lampiran 2
BNGA 626 1.18 1.557 1.173
Langkah Perhitungan NOPAT Perusahaan Perbankan
Tahun 2009-2012 (dalam Jutaan Rupiah)
Kode2012 0,82755 0,17245 6.010.082 331.117 6.341.199 1.093.535,93
BACA 2009 0,23275 0,76725 29.246 86.185 115.431 88.564,46
2010 0,20227 0,79773 29.041 105.268 134.309 107.142,89
2011 0,18954 0,81046 34.31 275.361 309.671 250.977,02
2012 0,23732 0,76268 62.561 269.311 331.872 253.112,01
BBCA 2009 0,239 0,761 8.945.092 8.033.181 16.978.273 12.920.516,98
2010 0,20407 0,79593 10.653..269 7.723.774 18.377.043 14.626.868,48
2011 0,20567 0,79433 13.618.758 7.730.157 21.348.915 16.958.099,26
2012 0,20207 0,79793 14.686.046 7.647.167 22.333.213 17.820.376,10
BBKP 2009 0,30384 0,69616 520.333 2.201.904 2.722.237 1.895.122,86
2010 0,2613 0,7387 667.065 1.926.959 2.594.024 1.916.205,86
2011 0,21153 0,78847 940.404 2.376.334 3.316.738 2.615.140,15
2012 0,21206 0,78794 1.059.370 2.498.043 3.557.413 2.803.024,65
BBNI 2009 0,27795 0,72205 3.443.949 8.294.120 11.738.069 8.475.525,98
2011 0,22155 0,77845 7.461.308 7.495.982 14.957.290 11.643.427,80
2012 0,20801 0,79199 8.899.562 7.245.524 16.145.086 12.786.742,84
BBRI 2009 0,26113 0,73887 9.891.228 12.284.838 22.176.066 16.385.141,03
2010 0,23047 0,76953 14.908.230 11.448.953 26.357.183 20.282.739,86
2011 0,19535 0,80465 18.775.880 13.275.304 32.051.184 25.789.958,16
2012 0,21678 0,78322 23.859.572 12.599.060 36.458.632 28.555.261,20
BDMN 2009 0,31927 0,68073 2.370.560 6.220.816 8.591.376 5.848.446,13
2010 0,25435 0,74565 4.001.531 4.509.295 8.510.826 6.346.138,69
2011 0,25209 0,74791 4.611.556 6.033.390 10.644.946 7.961.471,15
2012 0,24975 0,75025 5.487.246 5.936.173 11.423.419 8.570.427,78
BEKS 2009 -0,1968 119,681 -112.69 99.263 -13.428 (16.070,80)
BMRI 2009 0,33496 0,66504 10.824.074 15.821.849 26.645.923 17.720.717,45
2010 0,32944 0,67056 13.972.162 14.413.041 28.385.203 19.034.089,50
2011 0,23111 0,76889 16.512.035 15.954.037 32.466.072 24.962.732,73
2012 0,21755 0,78245 20.504.268 15.019.850 35.524.118 27.795.938,82
BNBA 2009 0,31452 0,68548 41.158 99 140.158 96.075,55
2010 0,26179 0,73821 36.548 111.331 147.879 109.165,36
2011 0,26187 0,73813 57.016 118.848 175.864 129.809,82
2012 0,26271 0,73729 77.467 125.031 202.498 149.300,68
BNGA 2009 0,27256 0,72744 2.165.587 5.161.062 7.326.649 5.329.675,20
2010 0,24397 0,75603 3.389.504 5.122.137 8.511.641 6.435.021,52
2011 0,27661 0,72339 4.391.782 6.864.464 11.256.246 8.142.627,14
2012 0,26561 0,73439 5.786.927 6.486.352 12.273.279 9.013.372,69
BNLI 2009 0,36595 0,63405 766.622 3.192.960 3.959.582 2.510.574,63
2010 0,18905 0,81095 1.238.133 2.798.118 4.036.251 3.273.181,59
2011 0,25785 0,74215 1.558.818 3.966.675 5.525.493 4.100.748,96
2012 0,27538 0,72462 1.888.081 4.377.456 6.265.537 4.540.102,71
BTPN 2009 0,32432 0,67568 622.218 1.644.604 2.266.822 1.531.656,28
2011 0,20973 0,79027 1.771.620 2.829.705 4.601.325 3.636.301,74
2012 0,20373 0,79627 2.485.314 3.221.858 5.707.172 4.544.461,38
BVIC 2009 0,26139 0,73861 62.604 501.977 564.581 417.005,71
2010 0,18879 0,81121 131.657 607.796 739.453 599.849,00
2011 0,21667 0,78333 239.239 645.613 884.852 693.130,80
2012 0,18616 0,81384 252.594 719.535 972.129 791.157,08
INPC 2009 0,35011 0,64989 64.408 1.114.060 1.178.468 765.872,46
2010 0,28823 0,71177 117.551 918.249 1.035.800 737.248,94
2011 0,20127 0,79873 125.739 961.737 1.087.476 868.595,28
2012 0,04621 0,95379 139.81 1.033.193 1.173.003 1.118.795,34
MCOR 2009 0,30374 0,69626 23.079 165.001 188.08 130.952,71
2010 0,25177 0,74823 37.813 201.248 239.061 178.873,74
2011 0,25139 0,74861 48.375 298.89 347.265 259.965,99
2012 0,2651 0,7349 128.018 330.137 458.155 336.700,16
MEGA 2009 0,1612 0,8388 640.749 2.179.095 2.819.844 2.365.284,00
2010 0,08579 0,91421 1.041.115 1.910.379 2.951.494 2.698.291,73
2011 0,09902 0,90098 1.191.316 2.485.184 3.676.500 3.312.453,31
2012 0,12043 0,87957 1.566.014 2.238.937 3.804.951 3.346.703,90
NISP 2009 0,28798 0,71202 612.155 1.641.134 2.253.289 1.604.380,93
2010 0,25059 0,74941 428.316 1.525.155 1.953.471 1.463.958,49
2011 0,25174 0,74826 1.005.875 1.931.724 2.937.599 2.198.081,91
2012 0,251 0,749 1.222.241 2.358.155 3.580.396 2.681.709,25
PNBN 2009 0,26428 0,73572 1.406.145 4.150.677 5.556.822 4.088.249,28
2010 0,25471 0,74529 1.897.611 3.981.493 5.879.104 4.381.654,45
2011 0,24969 0,75031 2.736.366 4.982.909 7.719.275 5.791.827,30
2012 0,25115 0,74885 3.042.464 6.024.990 9.067.454 6.790.120,71
SDRA 2009 0,30265 0,69735 51.115 166.219 217.334 151.557,67
2010 0,26546 0,73454 81.604 181.217 262.821 193.051,24
2011 0,26077 0,73923 121.807 264.902 386.709 285.865,66
2012 0,25893 0,74107 160.367 369.5 529.867 392.667,97
Keterangan:
EBT
= Earning Before Tax
Lampiran 4
Langkah Perhitungan
Cost of Debt
Perusahaan Perbankan
Tahun 2009-2012 (dalam Jutaan Rupiah)
Kode
Perusahaan Tahun Beban Bunga Total Utang
2010 1.525.155 39.942.316 89,81% 3,82% 2,86%
Langkah Perhitungan
Cost of Equity
Perusahaan Perbankan
Tahun 2009-2012
Kode
Perusahaan Tahun Risk Free
2010 6,66% 40,10% 68,51% 0,50%
Lampiran 7
Langkah Perhitungan Modal Diinvestasikan
Perusahaan Perbankan
Tahun 2009-2012 (dalam Jutaan Rupiah)
Nama
Bank Tahun kewajiban
Ekuitas Pemegang
Saham Modal Diinvestasikan
BABP 2009 6.403.807 539.863 6.943.670 2010 7.874.349 713.292 8.587.641 2011 6.623.873 623.093 7.246.966 2012 6.677.607 721.871 7.399.478 BACA 2009 2.917.525 27.856.693 30.774.218
2010 3.781.447 34.107.844 37.889.291 2011 4.045.132 42.027.340 46.072.472 2012 4.970.263 49.220.587 54.190.850 BBCA 2009 253.268.191 27.856.693 281.124.884
2010 288.186.824 34.107.844 322.294.668 2011 336.544.685 42.027.340 378.572.025 2012 386.780.654 49.220.587 436.001.241 BBKP 2009 34.445.407 2.356.515 36.801.922
2010 44.275.877 2.886.947 47.162.824 2011 52.290.902 4.374.094 56.664.996 2012 60.076.736 4.776.435 64.853.171 BBNI 2009 207.119.193 19.143.582 226.262.775
2010 213.417.460 33.119.626 246.537.086 2011 258.559.593 37.843.024 296.402.617 2012 286.282.873 43.525.291 329.808.164 BBRI 2009 285.012.924 27.257.381 312.270.305 2010 361.557.930 36.673.110 398.231.040 2011 415.011.318 49.820.329 464.831.647 2012 480.647.464 64.881.779 545.529.243 BDMN 2009 79.775.621 15.805.751 95.581.372
2010 95.863.389 18.449.787 114.313.176 2011 111.554.284 25.836.501 137.390.785 2012 121.120.794 28.733.311 149.854.105 BEKS 2009 1.463.683 -46.694 1.416.989
2010 404.931.100 41.542.808 446.473.908 2011 484.377.594 62.654.408 547.032.002 2012 552.384.429 76.532.87 552.460.962 BNBA 2009 1.966.262 414.610 2.380.872
2010 2.203.689 434.660 2.638.349 2011 2.458.595 476.131 2.934.726 2012 2.931.693 509.385 3.441.078 BNGA 2009 93.210.174 11.210.407 104.420.581
2010 126.961.722 13.767.417 140.729.139 2011 146.372.351 18.369.491 164.741.842 2012 171.618.028 22.651.912 194.269.940 BNLI 2009 48.910.900 4.835.512 53.746.412
2010 63.699.679 7.917.273 71.616.952 2011 90.309.777 9.136.208 99.445.985 2012 116.850.040 12.495.534 129.345.574 BTPN 2009 20.066.589 2.038.313 22.104.902
2010 30.039.867 4.217.291 34.257.158 2011 40.894.091 5.617.198 46.511.289 2012 51.043.405 7.733.927 58.777.332 BVIC 2009 6.660.787 629.350 7.290.137
2010 9.463.669 742.663 10.206.332 2011 10.487.282 1.212.114 11.699.396 2012 12.772.468 1.372.779 14.145.247 INPC 2009 13.966.634 963.069 14.929.703 2010 15.917.413 1.054.458 16.971.871 2011 17.946.225 1.154.341 19.100.566 2012 18.495.329 1.310.660 19.805.989 MCOR 2009 2.482.334 301.392 2.783.726
2010 3.800.792 521.420 4.322.212 2011 5.870.195 557.634 6.427.829 2012 5.697.433 734.726 6.432.159 MEGA 2009 35.886.253 3.403.242 39.289.495
2011 108.342.604 15.888.131 124.230.735 2012 130.577.283 17.733.570 148.310.853 SDRA 2009 2.135.185 253.625 2.388.810
2010 2.837.137 393.574 3.230.711 2011 4.600.058 473.174 5.073.232 2012 7.060.033 537.907 7.597.940
Lampiran 8
Langkah Perhitungan EVA
Perusahaan Perbankan
Tahun 2009-2012 (dalam Jutaan Rupiah)
KodePerusahaan Tahun NOPAT WACC
Modal
Diinvestasikan EVA
BABP 2009 196.570,12 7,19% 6.943.670 -302.364,67
2010 314.076,10 7,85% 8.587.641 -360.343,58
2011 415.598,08 8,50% 7.246.966 -200.487,63
2012 1.093.535,93 0,79% 7.399.478 1.035.201,2
BACA 2009 88.564,46 1,38% 30.774.218 -334.982,57
2010 107.142,89 23,84% 37.889.291 -8.924.772,2
2011 250.977,02 7,79% 46.072.472 -3.339.675,7
2012 253.112,01 4,05% 54.190.850 -1.939.318,6
BBCA 2009 12.920.516,98 8,13% 281.124.884 -9.939.111,3
2010 14.626.868,48 6,24% 322.294.668 -5.475.903,3
2011 16.958.099,26 2,12% 378.572.025 8.922.828,35
2012 17.820.376,10 1,97% 436.001.241 9.218.663,3
BBKP 2009 1.895.122,86 10,96% 36.801.922 -2.138.307,1
2010 1.916.205,86 5,65% 47.162.824 -746.528,56
2011 2.615.140,15 3,46% 56.664.996 653.319.577
2012 2.803.024,65 3,96% 64.853.171 236.570.732
BBNI 2009 8.475.525,98 14,29% 226.262.775 -23.848.088
2010 9.413.879,75 5,83% 246.537.086 -4.963.572,3
2011 1.643.427,80 2,43% 296.402.617 4.449.217,97
2012 12.786.742,84 3,44% 329.808.164 1.437.394,31
BBRI 2009 16.385.141,03 11,69% 312.270.305 -20.111.442
2010 20.282.739,86 6,18% 398.231.040 -4.333.395,6
2011 25.789.958,16 2,45% 464.831.647 14.385.910
2012 28.555.261,20 4,00% 545.529.243 6.720.458,43
2010 6.346.138,69 7,89% 114.313.176 -2.677.313
2011 7.961.471,15 4,25% 137.390.785 2.116.076,28
2012 8.570.427,78 6,81% 149.854.105 -1.637.282,1
BEKS 2009 (16.070,80) 7,74% 1.416.989 -125.676,67
2010 134.203,16) 11,58% 1.552.726 -314.086,22
2011 116.317,66 5,58% 5.959.556 -216.420,82
2012 387.237,35 4,67% 7.632.343 31.106,21
BKSW 2009 86.595,27 5,97% 2.326.919 -52.340.918
2010 37.134,15 2,29% 2.567.382 -21.694.178
2011 60.174,51 2,61% 3.561.091 -32.765.954
2012 147.942,82 4,96% 4.549.859 -77.742.958
BMRI 2009 17.720.717,45 11,92% 391.454.803 -28.944.119
2010 19.034.089,50 7,87% 446.473.908 -16.113.133
2011 24.962.732,73 2,65% 547.032.002 10.492.972,7
2012 27.795.938,82 2,10% 552.460.962 16.173.144,2
BNBA 2009 96.075,55 17,31% 2.380.872 -316.055,45
2010 109.165,36 16,22% 2.638.349 -318.673,7
2011 129.809,82 3,86% 2.934.726 166.526.131
2012 149.300,68 4,42% 3.441.078 -29.666.567
BNGA 2009 5.329.675,20 15,31% 104.420.581 -10.653.818
2010 6.435.021,52 3,93% 140.729.139 906.204.985
2011 8.142.627,14 3,45% 164.741.842 2.460.542,36
2012 9.013.372,69 4,18% 194.269.940 895.727.303
BNLI 2009 2.510.574,63 9,46% 53.746.412 -2.574.296,7
2010 3.273.181,59 10,41% 71.616.952 -4.185.011,2
2011 4.100.748,96 3,42% 99.445.985 696.601.055
2012 4.540.102,71 3,33% 129.345.574 227.575.644
BTPN 2009 1.531.656,28 12,21% 22.104.902 -1.166.680,8
2010 2.370.145,60 6,10% 34.257.158 279.060.703
2011 3.636.301,74 5,62% 46.511.289 1.023.343,02
2012 4.544.461,38 4,86% 58.777.332 1.685.794,29
BVIC 2009 417.005,71 4,58% 7.290.137 833.405.671
2010 599.849,00 14,80% 10.206.332 -910.971,73
2011 693.130,80 4,86% 11.699.396 124.502.346
2012 791.157,08 5,43% 14.145.247 229.316.825
2010 737.248,94 8,06% 16.971.871 -631.428,36
2011 868.595,28 4,29% 19.100.566 499.635.891
2012 1.118.795,34 5,73% 19.805.989 -15.565.017
MCOR 2009 130.952,71 4,95% 2.783.726 -68.608.401
2010 178.873,74 7,45% 4.322.212 -143.310,7
2011 259.965,99 4,01% 6.427.829 223.241.134
2012 336.700,16 4,22% 6.432.159 652.407.421
MEGA 2009 2.365.284,00 3,86% 39.289.495 847.716.345
2010 2.698.291,73 2,82% 51.299.387 1.251.803,48
2011 3.312.453,31 4,06% 61.644.376 809.071.252
2012 3.346.703,90 3,24% 70.749.199 1.056.045,59
NISP 2009 1.604.380,93 3,84% 36.018.094 222.524.193
2010 1.463.958,49 13,50% 43.738.596 -4.439.260,3
2011 2.198.081,91 2,96% 59.041.137 449.611.532
2012 2.681.709,25 2,84% 78.278.304 456.237.735
PNBN 2009 4.088.249,28 14,70% 76.560.408 -7.163.006,5
2010 4.381.654,45 7,93% 107.600.609 -4.148.925,1
2011 5.791.827,30 3,53% 124.230.735 1.403.106,97
2012 6.790.120,71 3,52% 148.310.853 1.569.693,94
SDRA 2009 151.557,67 10,59% 2.388.810 -101.334,09
2010 193.051,24 11,13% 3.230.711 -166.414,41
2011 285.865,66 4,22% 5.073.232 715.819.771
2012 392.667,97 4,12% 7.597.940 800.103.779
Keterangan:
NOPAT
= Net Operating Profit After Tax
WACC
= Weighted Average Cost of Capital
EVA
= Economic Value Added
Lampiran 9
Langkah Perhitungan MVA
Perusahaan Perbankan
Tahun 2009-2012 (dalam Jutaan Rupiah)
KodePerusahaan Tahun
Harga Saham
Jumlah Saham
Beredar Book Value
Market Value Added BABP 2009 87,92 5.000.000.000 500 -60.4
2010 119,17 5.486.078.541 548.608 105.168
2012 142,42 5.486.078.541 548.608 232.719
BACA 2009 3.777,08 4.532.646.624 453.265 16.666.904
2010 5.852,08 4.532.646.624 453.265 26.072.146
2011 7.420,83 4.532.646.624 453.265 33.182.735
2012 7.970,83 4.550.852.657 455.085 35.818.988
BBCA 2009 3.777,08 24.665.010.000 1.540.938 91.620.778
2010 5.852,08 24.665.010.000 1.540.938 142.800.674
2011 7.420,83 24.665.010.000 1.540.938 181.493.908
2012 7.979,17 24.665.010.000 1.540.938 195.265.370
BBKP 2009 328,08 5.713.859.028 812.062 1.062.541
2010 592,92 6.154.100.296 826.656 2.822.233
2011 661,67 7.955.034.791 1.006.749 4.256.859
2012 640,83 7.970.061.291 1.008.252 4.099.202
BBNI 2009 1.545 15.273.940.510 7.789.288 15.808.950
2010 2.072,08 18.648.656.458 9.054.807 29.586.701
2011 3.872,92 18.648.656.458 9.054.807 63.169.948
2012 2.818,75 18.648.656.458 9.054.807 43.511.093
BBRI 2009 6.281,25 13.329.852.499 6.164.926 77.563.210
2010 9.191,67 24.669.162.000 6.167.291.00 220.583.505
2011 6.158,33 24.669.162.000 6.167.291.00 145.753.549
2012 6.845,83 24.669.162.000 6.167.291.00 162.713.598
BDMN 2009 3.956,25 8.390.383.116 5.303.992 27.890.461
2010 5.564,58 8.417.125.466 5.317.363 41.520.405
2011 5.502,08 9.584.643.365 5.901.122 46.834.353
2012 5.412,5 9.584.643.365 5.901.122 45.975.760
BEKS 2009 80 853.750.000 85.375 -17.075
2010 134,92 5.976.250.000 597.625 208.691
2011 137,75 9.258.512.230 925.851 349.509
2012 142,42 10.755.117.153 1.075.512 456.232
BKSW 2009 693,33 626.523.750 156.631 277.757
2010 830,83 626.523.750 156.631 363.904
2011 703,33 3.561.787.518 890.447 1.614.665
2012 684,17 3.561.787.518 890.447 1.546.421
BMRI 2009 3.455 20.970.116.804 10.485.058 61.966.696
2010 5.887,5 20.996.494.741 10.498.247 113.118.616
2012 7.533,33 23.333.333.332 11.666.667 164.111.033
BNBA 2009 104 2.310.000.000 231 9.24
2010 138,08 2.310.000.000 231 87.965
2011 152,67 2.310.000.000 231 121.668
2012 176 2.310.000.000 231 175.56
BNGA 2009 625,83 23.934.863.660 1.552.420 13.426.736
2010 1.18 23.934.863.660 1.552.420 26.690.719
2011 1.556,67 25.131.606.843 1.612.257 37.509.361
2012 1.173,33 25.131.606.843 1.612.257 27.875.411
BNLI 2009 645 7.743.125.924 1.300.534 3.693.782
2010 1.424,17 9.033.646.911 1.461.849 11.403.600
2011 1.607,5 9.033.646.911 1.461.849 13.059.738
2012 1.415,83 10.676.128.167 1.667.159 13.448.424
BTPN 2009 2.280,83 943.936.190 94.394 2.058.564
2010 9.679,17 1.132.723.428 113.272 10.850.551
2011 4.825 5.663.617.140 113.272 27.213.681
2012 4.320,83 5.840.287.257 116.806 25.118.082
BVIC 2009 114,92 3.846.740.180 384.674 57.393
2010 135,08 4.096.447.315 409.645 143.703
2011 140,58 6.547.670.888 654.767 265.705
2012 126,33 6.604.344.442 660.434 173.893
INPC 2009 64,67 8.575.076.227 950.804 -396.25
2010 75,5 8.575.076.227 950.804 -303.39
2011 92,33 8.575.076.227 950.804 -159.07
2012 114,25 8.575.076.227 950.804 28.898
MCOR 2009 103 2.742.245.170 274.225 8.226
2010 137,92 3.756.875.883 375.688 142.46
2011 149,67 3.756.875.883 375.688 186.604
2012 214,83 4.282.838.507 428.284 491.798
MEGA 2009 2.687,5 3.181.224.188 1.590.612 6.958.928
2010 2.641,67 3.181.224.188 1.590.612 6.813.133
2011 3.456,25 3.645.956.050 1.822.978 10.778.358
2012 3.360,42 3.645.956.050 1.822.978 10.428.966
NISP 2009 756,67 5.814.574.345 726.822 3.672.892
2010 1.210,83 5.814.574.345 726.822 6.313.639
2012 1.240,83 8.548.918.395 1.068.615 9.539.139
PNBN 2009 665,83 24.087.645.998 2.408.765 13.629.512
2010 1.049,17 24.087.645.998 2.408.765 22.863.271
2011 920 24.087.645.998 2.408.765 19.751.869
2012 765 24.087.645.998 2.408.765 16.018.284
SDRA 2009 165,42 1.637.956.000 163.796 107.155
2010 276,25 2.316.373.000 231.637 408.261
2011 197,25 2.316.373.000 231.637 225.268
2012 468,33 2.316.373.000 231.637 853.19
