Pertemuan ke-8

BIAYA MODAL

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)

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Keuangan Korporasi:Keuangan Korporasi: (Keputusan (Keputusan Pendanaan)Pendanaan)

Biaya ModalBiaya Modal

LeverageLeverage

Struktur PermodalanStruktur Permodalan

DividendsDividends

Kita akan membahas...

Aktiva Pasiva . Aktiva Pasiva .

Aktiva Lancar Utang JapenAktiva Lancar Utang Japen

Aktiva Tetap Utang JapanAktiva Tetap Utang Japan

Saham PreferensSaham Preferens

Saham BiasaSaham Biasa

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

Aktiva Pasiva .Aktiva Pasiva .

Aktiva Lancar Utang JapenAktiva Lancar Utang Japen

Aktiva Tetap Utang JapanAktiva Tetap Utang Japan

Saham PreferensSaham Preferens

Saham BiasaSaham Biasa

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

Aktiva Pasiva .Aktiva Pasiva .

Aktiva Lancar Utang JapenAktiva Lancar Utang Japen

Aktiva TetapAktiva Tetap Utang Japan Utang Japan

Saham PreferensSaham Preferens

Saham BiasaSaham Biasa

Aktiva Pasiva .Aktiva Pasiva .

Aktiva Lancar Utang JapenAktiva Lancar Utang Japen

Utang JapanUtang Japan

Saham PreferensSaham Preferens

Saham BiasaSaham Biasa

}

Struktur PermodalanStruktur Permodalan

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.

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.

Biaya Biaya UtangUtang

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.

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

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.

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

-= 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

-= 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)

-= 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)

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?

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%

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%

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.

Cost of Preferred Stock

Recall:Recall:

Cost of Preferred Stock

Recall:Recall:

kkpp = = = =

DDPoPo

DividendDividend PricePrice

Cost of Preferred Stock

Recall:Recall:

kkpp = = = =

From the From the firm’sfirm’s point of view: point of view:

DDPoPo

DividendDividend PricePrice

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

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

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?

Cost of Preferred Stock

Cost of Preferred Stock

kpkp = = DividendDividendNet PriceNet Price

DDNPoNPo ==

Cost of Preferred Stock

kpkp = = = =

= == =

DividendDividendNet PriceNet Price

DDNPoNPo

8.008.0074.0074.00

Cost of Preferred Stock

kpkp = = = =

= = 10.81% = = 10.81%

DividendDividendNet PriceNet Price

DDNPoNPo

8.008.0074.0074.00

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?

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.

Cost of Internal Equity

Cost of Internal Equity

1) 1) Dividend Growth ModelDividend Growth Model

Cost of Internal Equity

1) 1) Dividend Growth ModelDividend Growth Model

kkcc = + g = + gDD11

PoPo

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

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

Cost of External Equity

Dividend Growth ModelDividend Growth Model

Cost of External Equity

Dividend Growth ModelDividend Growth Model

kkncnc = + g = + g

Cost of External Equity

DD11

NPoNPo

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!

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.

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%

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)