Mata kuliah
: F0922 - Pengantar Analisis Pendapatan Tetap
Dan Ekuitas
Tahun
: 2010
ANALISIS EKUITAS: INDUSTRY ANALYSIS
Pertemuan 10
-mupo-
ANALISIS EKUITAS: INDUSTRY ANALYSIS
Materi:
1.
Review : INDUSTRY ANALYSIS
2.
Kasus : mengenai Industry Analysis
Bina Nusantara University
3
1. INDUSTRY ANALYSIS
1.1 Sensitivity to business cycles
1.2 Factors affecting sensitivity of earnings to
business cycles:
• Sensitivity of sales of the firm’s product to the
business cycles
• Operating leverage
• Financial leverage
1.3 Industry life cycles
Returns on Equity, 2005
Rate of Return, 2005
Industry Cyclicality
Operating Leverage of Firms A and B Throughout
the Business Cycle
A stylized Depiction of the Business Cycle
1.3 Industry life cycles
Stage
Start-up
Consolidation
Maturity
Relative Decline
Sales Growth
Rapid & Increasing
Stable
Slowing
Minimal or Negative
The Industry Life Cycle
2. Kasus :
Dibawah ini adalah data rasio keuangan sebuah perusahaan berbanding
dengan rata-rata industrinya pada periode yang sama. Berikan analisa
anda dari sisi:
a) kemampuan membayar hutang
jangka pendek
a) analisa investasi
a) analisa profitabilitas
a) analisa solvabilitias
a) kesimpulan
Rasio
Quick Ratio
Inventory Turn over
Days’ Sales in Receivable
Operating Profit Margin
Net Profit Margin
Debt Ratio
Times Interest Earned
Return on Equity
Dividend Payout Ratio
Price Earning Ratio
Perusahaan
0,7 times
4,3 times
25,1 days
19,7 %
6,7%
57.6%
19,2 times
2,4%
35%
4,3 x
Rata-rata industri
1,5 times
4,0 times
28,6 days
15%
18,3%
32,8%
31,8 times
5.1%
25%
5,6 x