Required Returns

and the Cost of

Capital
15.1

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Overall Cost of
Capital of the Firm
Cost of Capital merupakan
required rate of return dari
berbagai jenis pembiayaan. Biaya
modal keseluruhan adalah rata-rata
tertimbang dari individual required
rates of return (costs).

15.2

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Market Value of
Long-Term Financing
Jenis modal

Jumlah

Long-Term Debt
Preferred Stock

Bobot

$ 35M
$ 15M

15%

Common Stock Equity $ 50M

$ 100M

15.3

35%
50%

100%

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Cost of Debt
Cost of Debt merupakan required
rate of return investasi kreditur
(lenders).
n

P0 =

Ij + Pj

j
(1
+
k
)
d
j=1

ki = kd ( 1 T )
15.4

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Determination of
the Cost of Debt
Diasumsikan perusahaan Basket Wonders
(BW) mempunyai zero-coupon bonds nilai
nominal $1,000, dengan harga pasar
sekarang $385.54 dan jatuh tempo 10 th.
Pajak BW 40%. Biaya utang (k d)BW =
$385.54 =
15.5

$0 + $1,000
(1 + k d) 10

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Determination of
the Cost of Debt
(1 + kd)10 = $1,000 / $385.54
= 2.5938
(1 + kd) = (2.5938) (1/10)
= 1.1
kd = 0.1 or 10%

15.6

ki

= 10% ( 1 .40 )

ki

= 6%

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Cost of Preferred Stock

Cost of Preferred Stock adalah
required rate of return investasi
dari preferred shareholders
perusahaan.

kP = D P / P 0
15.7

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Determination of the
Cost of Preferred Stock
Diasumsikan Basket Wonders (BW)
mempunyai preferred stock yang beredar
dengan par value $100, dividend per share
$6.30, dan harga pasar sekarang $70 per
share.

kP = $6.30 / $70
kP = 9%
15.8

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Cost of Equity
Approaches

15.9

Dividend Discount Model

Capital-Asset Pricing Model

Before-Tax Cost of Debt plus

Risk Premium

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Dividend Discount Model

Biaya modal sendiri (equity
capital),
capital) ke, adalah discount rate
yang menyamakan present value
expected future dividends
dengan harga pasar saham
sekarang
D1
D2
D
+
+...+
P0 =
(1 + ke)1 (1 + ke)2
(1 + ke)
15.10

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Constant Growth Model

Constant dividend growth :
ke = ( D1 / P0 ) + g
Asumsi : selamanya dividen akan
tumbuh konstan sebesar g.
15.11

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Determination of the
Cost of Equity Capital
Jika Basket Wonders (BW) mempunyai
saham biasa yang beredar dengan harga
pasar sekarang $64.80 per lembar, dividen
sekarang $3 perlembar, dan dividend
growth rate of 8% selamanya.

15.12

ke

= ( D 1 / P0 ) + g

ke

= ($3(1.08) / $64.80) + 0.08

ke

= 0.05 + 0.08 = 0.13 or 13%

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Growth Phases Model

Diasumsumsikan : 3 Fase
pertumbuhan:
a

D0(1 + g1)t

t=1

(1 + ke)t

P0 =

t=b+1
15.13

Da(1 + g2)ta

t=a+1

(1 + ke)t

Db(1 + g3)tb

(1 + ke)t

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Capital Asset
Pricing Model
Cost of equity capital (ke))
merupakan required rate of return
pada keseimbangan pasar.
Hubungan antara risk-return
digambarkan pada Security Market
Line (SML).
ke = Rj = Rf + (Rm Rf) j
15.14

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Determination of the
Cost of Equity (CAPM)
Jika Basket Wonders (BW) mempunyai
beta of 1.25. Risk-free rate saat ini 4% dan
expected return pasar 11.4%

ke = Rf + (Rm Rf) j
= 4% + (11.4% 4%)1.25
ke = 4% + 9.25% = 13.25%

15.15

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Before-Tax Cost of Debt

Plus Risk Premium
Cost of equity capital, ke,
merupakan Penjumlahan dari Biaya
hutang sebelum pajak dan premi
risko
ke = kd + Risk Premium*
* Risk premium disini berbeda dengan risk
premium pada CAPM
15.16

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Determination of the
Cost of Equity (kd + R.P.)
Jika Basket Wonders (BW) menambahkan
2.75% sebagai premi risiko pada biaya
utang sebelum pajak (kd).

ke = kd + Risk Premium
= 10% + 2.75%
ke = 12.75%
15.17

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Comparison of the
Cost of Equity Methods
Constant Growth Model 13.00%
Capital Asset Pricing Model 13.25%
Cost of Debt + Risk Premium 12.75%
Generally, the three methods will not agree.
We must decide how to weight
we will use an average of these three.
15.18

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Weighted Average
Cost of Capital (WACC)
n

Cost of Capital =

15.19

x=1

kx(Wx)

WACC

= 0.35(6%) + 0.15(9%) +
0.50(13%)

WACC

= 0.021 + 0.0135 + 0.065

= 0.0995 or 9.95%

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Project-Specific Required
Rate of Return Example
Assume a computer networking project is
being considered with an IRR of 19%.
Examination of firms in the networking
industry allows us to estimate an all-equity
beta of 1.5. Our firm is financed with 70%
Equity and 30% Debt at ki=6%.
The expected return on the market is
11.2% and the risk-free rate is 4%.
15.20

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Do You Accept the Project?

ke = Rf + (Rm Rf) j
= 4% + (11.2% 4%)1.5
ke = 4% + 10.8% = 14.8%
WACC = 0.30(6%) + 0.70(14.8%)
= 1.8% + 10.36% = 12.16%
IRR = 19% > WACC = 12.16%
15.21

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Soal Latihan Biaya Utang

Micro Spinoffs.Inc menerbitkan surat
utang (obligasi) dengan jatuh tempo
20 th, pada tahun yang lalu yang
dijual pada nilai nominal dengan
tingkat kupon (bunga) 8%. Saat ini
surat utang tersebut dijual dengan
harga $1.050. Jika pajak perusahaan
35%, berapa biaya utang sebelum
pajak (kd) dan setelah pajak (ki)?
15.22

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Soal Biaya Saham Preferen

Micro

Spinoffs.Inc memiliki
saham preferen yang beredar.
Saham preferen ini membayar
dividen $4 per lembar, dan
saham ini dijual dengan harga
%40. Berapakah biaya saham
preferen (kP) ?

15.23

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Soal BiayaCommon Stock

Micro Spinoffs.Inc diharapkan
memiliki pertumbuhan yang mantap
untuk dividen 5% per tahun selama
jangka waktu yang tidak terbatas.
Dividen Saham Biasa terakhir $5 per
lembar saham. Saham Biasa dijual
$60 per lembar tepat setelah
membayar dividen. Berapakan biaya
Saham Biasa (ke) perusahaan?
15.24

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

Soal WACC
Jika Reactive Industries memiliki struktur
modal seperti berikut ini, berapakah biaya
modal perusahaan (WACC), dan pajak
perusahaan 35% :
Sekuritas

15.25

Nilai Pasar

Required Rate of Return

Surat Utang (Obligasi)

$ 20 juta

6%

Saham Preferen

$10 juta

8%

Saham Biasa

$50 juta

12%

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.