PERTEMUAN 12
PENILAIAN OBLIGASI (1)
dikutip dari bahan materi ajar FE-UNTAR (2011)

S1- ANALISIS KEUANGAN
Two Methods of Long-Term Financing
Resources
=
Sources
Liabilities
Debt Financing: Bondholders
Assets
Stockholders’
Equity
Equity Financing: Stockholders
Two Methods of Long-Term Financing
Bondholders
Stockholders
Why issue bonds rather than stock?
Bonds (debt)—Beban bunga akan mengurangi laba kena pajak.
Stock (equity)—Dividen dibayarkan dari laba setelah pajak
dan retained earnings (laba ditahan)
Earnings per share on common stock meningkat bila
mengeluarkan bonds dibanding menambah stock.
Alternative Financing Plans – $800,000 Earnings
12 % bonds
Preferred 9% stock, $50 par
Common stock, $10 par
Total
Earnings before interest
and income tax
Deduct interest on bonds
Income before income tax
Deduct income tax
Net income
Dividends on preferred stock
Available for dividends
Shares of common stock
Earnings per share
Plan 1
Plan 2
Plan 3
—
— $2,000,000
—
$2,000,000
1,000,000
$4,000,000 2,000,000
1,000,000
$4,000,000 $4,000,000$4,000,000
$ 800,000
—
$ 800,000
320,000
$ 480,000
—
$ 480,000
÷400,000
$
1.20
$ 800,000
—
$ 800,000
320,000
$ 480,000
180,000
$ 300,000
÷200,000
$
1.50
$ 800,000
240,000
$ 560,000
224,000
$ 336,000
90,000
$ 246,000
÷100,000
$
2.46
Characteristics of Bonds Payable

A bond contract is called a bond indenture or trust
indenture.

Long-term debt—repayable 10, 20, or 30 years
after date of issuance.

Issued in face (principal) amounts of $1,000, or
multiples of $1,000.

Contract interest rate is fixed for term (life) of the
bond.

Face amount of bond repayable at maturity date.
Characteristics of Bonds Payable

Semua obligasi yg jatuh tempo satu tanggal disebut
term bonds. Apabila jatuh tempo berseri disebut serial
bonds (obligasi berseri)

Obligasi yg ditukar dengan surat berharga lain
(securities) disebut convertible bonds.

Obligasi dapat ditebus kembali sebelum jth tempo :
callable bonds.

Obligasi/Bonds sebagai kredit perusahaan yg bersifat
umum disebut debenture bonds.
The Present-Value Concept
and Bonds Payable
Harga obligasi yang ditawarkan tergantung
beberapa faktor:
1. The face amount of the bonds
(N.Nominal), jumlah yg dibayarkan saat
jatuh tempo
2. Tanggal bunga obligasi = the contract
rate or the coupon rate.
3. Bunga Efektif = The market or effective
rate of interest.
HARGA OBLIGASI
Adalah nilai tunai (present value) dari bunga yg dibayar
selama jangka waktu obligasi ditambah nilai nominalnya.
Faktor bunga untuk menilai tunaikan jumlah bunga +
jumlah nominal = suku bunga efektif
Rumus nilai obligasi tahun 0
SBN x NN + SBN x NN ….. SBN x NN + NN
(1+SBE)¹
(1+SBE)²
(1+SBE)n
Atau
(SBN x NN) (
11
(1+SBE)n
SBE
) +NN x (
1
)
(1+SBE)n
The Present-Value Concept and
Bonds Payable
MARKET RATE = CONTRACT RATE
Sell price of bond = $1,000
$1,000
10% payable
annually
The Present-Value Concept and
Bonds Payable
MARKET RATE > CONTRACT RATE
Sell price of bond < $1,000
$1,000
10% payable
annually
–
Discount/
Disagio
The Present-Value Concept and
Bonds Payable
MARKET < CONTRACT RATE
Sell price of bond > $1,000
$1,000
10% payable
annually
+
Premium/
Agio
A $1,000, 10% bond is purchased. It pays
interest annually and will mature in two years.
$100
Today
Interest
payment
Interest
10%
payable
payment
annually
End of
Year 1
End of
Year 2
$90.91
$100 x 0.90909
$82.65
$100 x 0.82645
$826.45
$1,000 x 0.82645
$1,000.00 (rounded)
$100
$1,000
Kegiatan dan Forum SCL

a.
b.
c.
Discovery Learning:
Dosen menjelaskan secara rinci bagian 1
penilaian obligasi.
Mahasiswa diminta untuk terjun ke dunia riil
memahami secara rinci bagian 1 penilaian
obligasi.
Dosen memberikan evaluasi, sebagai guide
adalah bahan ajar dalam hybrid learning.