Matakuliah
Tahun
Versi
: F0392/Simulasi Perdagangan di Bursa Efek
: 2005
: 1/3
Pertemuan 03
Analisis Rasio Keuangan
1
Learning Outcomes
Pada akhir pertemuan ini, diharapkan mahasiswa
akan mampu :
• Mampu menerapkan analisis rasio
keuangan dari laporan keuangan
2
Outline Materi
• Rasio Likuiditas
• Rasio Profitabilitas
• Manajemen Aset dan Hutang
3
Financial Statement Analysis
• Historical ==> Analyst ==> Future
• Accounting v. Economic Earnings
Economic earnings maintains productive capacity
• ROE & Leverage:
ROE = (1 - t)[ROA + (ROA - i) D/E]
ROE increases with D if ROA > i
4
Decomposition of ROE
Net Profit / Pretax profit
(tax burden)
x
Pretax Profit / EBIT
(interest
burden)
x
EBIT / Sales
(profit margin)
x
Sales / Assets
(asset
turnover)
x
Assets / Equity
(equity multiplier)
5
ROE analysis
• ROE = tax burden x ROA x Leverage
factor
• Leverage factor = Interest burden x
leverage
• ROA = EBIT/Assets (= ROS x ATO)
Meaningful for same industry only
Ex: Utility & supermarket chain
• Can differ within industry
Ex: Wal-Mart and Neiman Marcus
(Low ROS, High ATO; High ROS, low ATO)
6
Ratio Analysis
• Turnover ratios: Use average B/S amount
• Comparability
• Accounting v. Economic Earnings
FIFO v. LIFO
Economic v. Acctg. Depreciation
International Practices
Reserving & Intangibles
Depreciation
7
Tugas
Kerjakan dan kumpulkan pada Pert 04
• Tugas 03-1
• Tugas 03-2
• Tugas 03-3
8