a Sumber Dana % ALTERNATIF 1 % ALTERNATIF 2

2.000.000.000 X 30% 2.000.000.000 X 15%

600,000,000 300,000,000
Hutang Jangka Panjang(8%) 30% 15%
I = 8% x 600.000.000 I = 8% x 300.000.000
48,000,000 24,000,000
2.000.000.000 X 10% 2.000.000.000 X 20%
200,000,000 400,000,000
Saham Preveren (10%) 10% 20%
PD = 200.000.000x10% PD = 400.000.000x20%
20,000,000 40,000,000
2.000.000.000 X 60% 2.000.000.000 X 65%
1,200,000,000 1,300,000,000
Saham Biasa (1.000) 60% 65%
S=1.200.000.000 : 1.000 S = 1.300.000.000 : 1.000
1,200,000 1,300,000

b. DFL : EBIT
EBIT-I-PD/1-t
DFL: 12,000,000,000
12,000,000,000 - 36,000,000

DFL: 12,000,000,000
11,964,000,000 - 85,714,286
DFL: 12,000,000,000
11,878,285,714
DFL: 1.0102
 EPS : (EBIT-I)(1-t)-PD/S
(EBIT-84.000.000) x (1-30%) - 60,000,000 = (EBIT-60.000.000) x (1-30%) -
1,700,000 1,800,000

EPS : (EBIT-84.000.000) x 0.7 - 60,000,000 = (EBIT-60.000.000) x 0.7 -

1,700,000 = 1,800,000

EPS : 0,70 EBIT -58,800,000 - 60,000,000 = 0,70 EBIT -42,000,000 -

1,700,000 1,800,000

EPS : 0,70 EBIT -118,800,000 = 0,70 EBIT -102,000,000

1,700,000 1,800,000

EPS : 1260000 EBIT -173,400,000,000,000 = 1190000 EBIT -213,840,000,000,000

EPS : 70000 EBIT = 40,440,000,000,000
EPS : 577,714,286
T
D/1-t
00,000
- 60,000,000
0.7
 60,000,000

60,000,000

60,000,000

-213,840,000,000,000
40,440,000,000,000