Mata kuliah
: F0922 - Pengantar Analisis Pendapatan Tetap
Dan Ekuitas
Tahun
: 2010
ANALISIS EKUITAS: COMPANY ANALYSIS
Pertemuan 11
-mupo-
ANALISIS EKUITAS: COMPANY ANALYSIS
Materi :
1. Review : COMPANY ANALYSIS
2. Kasus : mengenai COMPANY ANALYSIS
Bina Nusantara University
3
1. COMPANY ANALYSIS
1.1 Financial Statements
1.1.1 Balance Sheet
• Common Sized
• Trend or Indexed
1.1.2 Income Statement
• Common Sized
• Trend or Indexed
1.1.3 Statement of Cash Flows
Consolidated Statement of Income for HewlettPackard, 2005
Consolidated Balance Sheet for Hewlett-Packard,
2005
Statement of Cash Flows for Hewlett-Packard,
2005
1.2 Profitability Measures
1.2.1 ROE: measures the profitability for
contributors of equity capital
1.2.2 ROA: measures the profitability for all
contributors of capital
1.2.3 Leverage has a significant effect on
profitability measures
Nodett’s Profitability over the Business Cycle
Impact of Financial Leverage on ROE
Summary of Key Financial Ratios
Summary of Key Financial Ratios (cont’)
Kasus:
Columbia Inc. reported the following financial data in its December 31,
2006 report to shareholders.
Preferred Stock, 8%, $100 Par
Common Stock, $10 par, 20,000 Shares
Issued and Outstanding
Paid-In Capital in Excess of Par
Retained Earnings
$ 40,000
200,000
160,000
170,000
In 2007, the firm reported the following (presented in partial form).
Operating income
Interest expense
Earnings before tax
Tax
Net income
$120,000
30,000
$ 90,000
40,000
$ 50,000
On July 15, 2007, the common stock was split 2 for 1. The common stock
dividends were declared and paid as follows.
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
$0.28
0.28
0.15
0.15
The year-end market price for 2007 was $18.00.
Required:
For 2007, compute:
a.
b.
c.
d.
e.
f.
g.
h.
Earnings per share
Dividends per share based on ending shares
The degree of financial leverage
Percentage of earnings retained
Dividend payout
Dividend yield
Price/Earnings ratio
Book value per share