70
Tabel 4.10. Cost of Equity BORN
BORN
Cost of Equity
2010
Ket
N
=
151
apendix a
CoVariance =
0,000160212
apendix a
Variance =
0,000113962
apendix a
Return IHSG =
9,92%
a
ß
=
1,405833903
b
SBI =
6,64%
c
Cost of Equity =
11,25%
c
+
(b x (a-c))
Sumber: SBI. IHSG. dan hitungan penulis
3. Mencari WACC
Tabel 4.11. WACC BORN
BORN
Weighted Cost of Capital
2010
Keterangan
Cost of debt
1,41%
a
Cost of Equity
11,25%
b
Percent of debt
11,12%
a
/
(a+b) x 100%
c
Percent of equity
88,88%
b
/
(a+b) x 100%
d
WACC
10,15%
(a x c) + (b x d)
Sumber: hitungan penulis
4. Mencari discounted cash flow.
Dasar asumsi
pertumbuhan
BORN
dengan
menggunakan
rata-rata
pertumbuhan
industri
batu
bara.
Detail
mencari
nilai
asumsi.
dilampirkan
di appendix
b. Angka
pertumbuhan
rata-rata industri batu bara dijabarkan sebagai berikut:
Tabel 4.12. Pertumbuhan
Rata-rata Industri Batu Bara 2006/2007 - 2010
2006/2007 - 2010
Sales
39,49%
Operating income
59,70%
Capital Expenditure
14,89%
depreciation
97,97%
Working Capital
51,22%
Sumber: hitungan penulis
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