9-Leverage and Capital Structure

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9-Leverage and Capital Structure

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LEVERAGE AND CAPITAL STRUCTURE1I. Leverage.Leverage: penggunaan asset atau dana dengan biaya tetap untuk meningkatkan return kepada pemilik.

LeverageReturn & RiskLeverageReturn & Risk2A. Analisis Breakeven (CVP Analysis)

OPERATING LEVERAGESales revenue

TOTAL LEVERAGECGSGross profitsOperating costsEBITFINANCIALLEVERAGEInterestEBTTaxEATPreferred stock dividendsEarnings available for common stockholders EPS3

4FCTVCQTRTC2500000250025005001001000300025001000200200035002500150030030004000250020004004000450025002500500500050002500300060060005500250035007007000600025004000800800065002500450090090007000

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Kenaikan variabelPengaruh terhadap BEPFCNaik VCNaikPTurun

6B. Operating Leverage

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8 -40% +40%

EBIT$ 6,000$ 10,000$ 14,000Interest2,0002,0002,000EBT4,0008,00012,000Tax (40%)1,6003,2004,800EAT2,4004,8007,200Preferred stock dividend2,4002,4002,400Earnings available for common stockholders02,4004,800EPS02,44,8 -100% + 100%DFL = 2,5 = 2,59D. Total Leverage

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11II. Capital Structure of the Firm.

12Penilaian Eksternal Capital Structure

Financial leverage berasal dari penggunaan dana berbiaya tetap (preferred stock dan debt). Ukuran langsung tingkat hutang adalah debt ratio dan debt equity ratio. Semakin tinggi nilai rasio ini, maka semakin tinggi financial leverage perusahaan (semakin berisiko). Ukuran kemampuan perusahaan dalam memenuhi kewajiban pembayaran yang bersifat tetap adalah the times interest earned ratio dan the fixed payment coverage ratio yang memberikan informasi tak langsung terhadap leverage.

Perbedaan tingkat leverage antar industri dan lini bisnis, karena perbedaan karakteristik operasi di industri dan lini bisnis. Industri/lini bisnisDebt RatioTime interest earned ratioManufacturing industries:Books publishingElectronic computers65,3%55,4%2,94,8Wholesaling industries:FurniturePetrolium products68,5%64,3%2,72,9Retailing industries:AutoDepartment stores76,3%59,9%22Service industries:AccountingAdvertising49,8%71,7%84,113Capital Stucture Theory.Franco Modigliani dan Merton H. Miller (1958) dengan asumsi pasar sempurna, membuktikan capital structure yang dipilih oleh perusahaan tidak berpengaruh terhadap nilai perusahaanProbabilitas bangkrut berasal dari business dan financial risks.factor lain yang mempengaruhi business risk adalah Revenue stabilityCost stabilityCapital structure policy involves a trade-off between risk and return:Using more debt raises the risk borne by stockholders.However, using more debt generally leads to a higher expected rate of return on equity.Higher risk tends to lower a stocks price, but a higher expected rate of return raises it. Therefore, the optimal capital structure must strike a balance between risk and return so as to maximize the rms stock price. 14Four primary factors inuence capital structure decisions.1. Business risk, or the riskiness inherent in the rms operations if it used no debt. The greater the rms business risk, the lower its optimal debt ratio.2. The rms tax position. A major reason for using debt is that interest is deductible, which lowers the effective cost of debt3. Financial exibility, or the ability to raise capital on reasonable terms under adverse conditions. Corporate treasurers know that a steady supply of capital is necessary for stable operations, which is vital for long-run success. 4. Managerial conservatism or aggressiveness This factor does not affect the true optimal, or value-maximizing, capital structure, but it does inuence the manager determined target capital structure.15Business risk depends on a number of factors, the more important of which are listed below:1. Demand variability. The more stable the demand for a rms products, other things held constant, the lower its business risk.2. Sales price variability. Firms whose products are sold in highly volatile markets are exposed to more business risk than similar rms whose output prices are more stable.3. Input cost variability. Firms whose input costs are highly uncertain are exposed to a high degree of business risk.4. Ability to adjust output prices for changes in input costs. Some rms are better able than others to raise their own output prices when input costs rise. The greater the ability to adjust output prices to reect cost conditions, the lower the degree of business risk.5. Ability to develop new products in a timely, cost-effective manner. Firms in such high-tech industries as drugs and computers depend on a constant stream of new products. The faster its products become obsolete, the greater a rms business risk.6. Foreign risk exposure. Firms that generate a high percentage of their earnings overseas are subject to earnings declines due to exchange rate uctuations. Also, if a rm operates in a politically unstable area, it may be subject to political risks. 7. The extent to which costs are xed: operating leverage. If a high percentage of costs are xed, hence do not decline when demand falls, then the rm is exposed to a relatively high degree of business risk. This factor is called operating leverage.16

Probability of sales0,250,50,25Sales revenue$ 400,000$ 600,000$ 800,000Fixed operating costs$ 200,000$ 200,000$ 200,000variable operating costs$ 200,000$ 300,000$ 400,000EBIT$ 0$ 100,000$ 200,000

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18Pengaruh capital structure, EBIT terhadap EPS sebagai berikut:

17,50010%10,00010%19

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Analisis breakeven untuk: Menentukan tingkat operasi untuk menutup seluruh biaya operasi Mengevaluasi tingkat profitabilitas diberbagai tingkat sales.Perubahan price dan costs terhadap operating breakeven point. Price, $ 12.5 per unit, Operating BEP = = 333,5 unit FC, $3,000, Operating BEP = = 600 unit VC, $ 7.5 per unit Operating BEP = = 1,000 unit P= $ 12.5, VC = $ 7.5 per unit, dan FC = $ 3,000, Operating BEP = = 600 unitOperating leverage: penggunaan fixed operating costs untuk meningkatkan pengaruh perubahan sales terhadap EBIT.Contoh.P/unit = $ 10, VC/unit = $ 5, FC = $ 2,500, BEP = 500 unit Sales = 1,000 unit, EBIT = $ 2,500 Sales = 1,500 unit, EBIT = $ 5,000Kenaikan sales 50% menyebabkan kenaikan 100% EBITPenurunan sales 50% menyebabkan penurunan 100% EBITPengukuran DOL (Degree of operating leverage).DOL = = = 2DOL pada tingkat sales awal Q = = =2

A. Financial LeverageFinancial leverage: penggunaan fixed financial costs untuk meningkatkan pengaruh perubahan EBIT terhadap EPS.Fixed financial costs: Interest on debt Preferred stock dividendsDFL (Degree of financial leverage) = DFL (Degree of financial leverage) = Contoh.Perusahaan makanan memiliki hutang obligasi $ 20,000 dengan tingkat bunga 10 persen mengharapkan EBIT $ 10,000. Perusahaan juga mengeluarkan preferred stock sebanyak 600 lembar dengan dividen $ 4 per lembar per tahun dan saham biasa sebanyak 1,000 lembar.Total leverage: penggunaan fixed costs (operating dan financial) untuk meningkatkan pengaruh perubahan sales terhadap EPS.DTL (Degree of total leverage) = DTL (Degree of total leverage) = DTL = DOL X DFLContoh.Perusahaan manufaktur computer mengharapkan sales 20,000 unit dengan harga jual $ 5 per unit. VC per unit = $ 2, FC = $ 10,000, interest = $ 20,000, preferred stock dividend =$ 12,000. Tax = 40%. Saham biasa = 5,000 lembar.Capital: dana jangka panjang perusahaan (hutang + ekuitas).Balance Sheet

AssetsCurrent liabilities Debt capital Total capital Equity capital

Long terma debt

Stockholders equity:Preferred stockCommon stockRetained earnings

Perbedaan Debt Capital dan Equity CapitalCharacteristicsType of capital

DebtEquity

Voice in managementNoYes

Claims on income and assetsSenior to equitySubordinate to debt

MaturityStatedNone

Tax treatmentInterest deductionNo deduction

Contoh.Perusahaan minuman ringan sedang menyiapkan untuk mengambil keputusan dalam capital structurenya dengan mengestimasi penjualan dan EBIT. Perusahaan memprediksi penjualan sebesar $ 400,000 dengan probabilitas 25%, penjualan $ 600,000 dengan probabilitas 50%, dan penjuaan $ 800,000 dengan probabilitas 25%. Fixed operating costs total $ 200,000 dan variable operating costs sama dengan 50% dari penjualan.Manajer keuangan harus menerima EBIT dan probabilitasnya sebagai given ketika menyusun capital structurenya. Capital structure perusahaan secara langsung berpengaruh terhadap financial risknya. Kebangkrutan akan terjadi jika perusahaan tidak mampu memenuhi kewajiban finansialnya. Semakin besarFixed cost financing (debt, financial lease, and preferred stock), maka semakin tinggi financial risk and leveragenya.Contoh.Struktur perusahaan minuman ringan.Current capital structure

Long term debt$ 0

Common stcok equity (25,000 shares @20)$ 500,000

Total capital$ 500,000

Jika perusahaan mempertimbangkan 7 alternatif capital structure sbb:Debt ratioCapital structureShares of common stock outstanding (000)

Total AssetsDebtEquity

0%$ 500,000$ 0$ 500,00025

10%$ 500,000$ 50,000$ 450,00022,5

20%$ 500,000$ 100,000$ 400,00020

30%$ 500,000$ 150,000$ 350,00017,5

40%$ 500,000$ 200,000$ 300,00015

50%$ 500,000$ 250,000$ 250,00012,5

60%$ 500,000$ 300,000$ 200,00010

DEBT = 0%

Probabiity of EBIT0,250,50,25

EBIT$ 0$ 100,000$ 200,000

Interest$ 000

EBT$ 0$ 100,000$ 200,000

Tax (40%)$ 0$ 40,000$ 80,000

EAT$ 0$ 60,000$ 120,000

EPS (25,000 shares)$ 02.44.8

Expected EPS2.4

SD of EPS1.7

CV of EPS0.71

DEBT = 30%

Probabiity of EBIT0,250,50,25

EBIT$ 0$ 100,000$ 200,000

Interest($ 15,000)($ 15,000)($ 15,000)

EBT($ 15,000)$ 85,000$ 185,000

Tax (40%)($ 6,000)$ 34,000$ 74,000

EAT($ 9,000)$ 51,000$ 111,000

EPS (25,000 shares)($ 0.51)2.916.34

Expected EPS2.91

SD of EPS2.42

CV of EPS0.83

DEBT = 60%

Probabiity of EBIT0,250,50,25

EBIT$ 0$ 100,000$ 200,000

Interest($ 49,500)($ 49,500)($ 49,500)

EBT($ 49,500)$ 50,500$ 150,500

Tax (40%)($ 19,800)$ 20,200$ 60,200

EAT($ 29,700)$ 30,300$ 90,300

EPS (25,000 shares)($ 2.97)3.039.03

Expected EPS3.03

SD of EPS4.24

CV of EPS1.40

Dengan cara yang sama, maka berikut ini disajikan berbagai alternative capital structure dengan expected EPS, SD, dan CV of EPS.CAPITAL STRUCTURE(Debt Ratio)Expected EPSSD of EPSCV of EPS

0%$ 2.4$ 1.70.71

10%2.551.880.74

20%2.722.130.78

30%2.912.420.83

40%3.122.830.91

50%3.183.391.07

60%3.034.241.4

The EBIT-EPS Approach to Capital Stucture.The EBIT-EPS approach adalah pendekatan dalam pemilihan capital structure yang memaksimalkan EPS dalam interval EPS yang diharapkan (owners return). Penggunaan EPS ini, karena rasio ini mempengaruhi harga pasar saham dan akhirnya mempengaruhi kemakmuran pemilik.Contoh.Perusahaan minuman ringan dengan capital structure 0%, 30%, dan 60% dengan EBIT $100,000 dan $200,000.Capital StructureDebt RatioEBIT

$ 100,000$ 200,000

EPS

0%$ 2.4$ 4.8

30%2.916.34

60%3.039.03

Financial Breakeven Point adalah tingkat EBIT yang diperlukan untuk menutup kewajiban financial atau tingkat EBIT yang memberikan EPS=0EPS = , dimana PD = preferred stock dividend dan n = outstanding sharesDebt ratio 0% dan 30%.

EBIT= $50

Debt ratio 30% dan 60%.EBIT = ? Capital structure dengan debt ratio 0% pada tingkat EBIT 0 sampai $ 50 memberikan EPS yang tertinggi Capital structure dengan debt ratio 30% pada tingkat EBIT $50 sampai $ 95 memberikan EPS yang tertinggi Capital structure dengan debt ratio 60% pada tingkat EBIT diatas $95 memberikan EPS yang tertinggi