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TUGAS PASAR MODAL DAN MANAJEMEN KEUANGAN

Chapter 9 Halaman 295 No. 23-26 ERIKA PRATIWI (1206328976) Kelas : 21 C

FAKULTAS EKONOMI PROGRAM MAGISTER AKUNTANSI DAN PENDIDIKAN PROFESI AKUNTANSI UNIVERSITAS INDONESIA JAKARTA SEPTEMBER 2013

23. Finding the Required Return. Juggernaut Satellite Corporation earned $10 million for the fiscal year ending yesterday, the firm also paid out 20% of its earning as dividends yesterday. The firm will continue to pay 20% of its earning as annual, end-of-year dividends. The remaining 80% of earning is retained by the company for use in projects. The company has 2 million shares of common stock outstanding. The current stock price is $85. The historical return on equity of 16% is expected to continue in the future. What is the required rate of return on the stock? g = ROEx b = 0.16 x 0.18 = 0.128 = 12.8% dividend per share =

=
R= =

= $1 = 0.1412 = 14.13%

24. Dividend growth. Four year ago, Bling Diamond, Inc., paid a dividend of $1.20 per share. Bling paid dividend of $1.93 per share yesterday. Dividends will grow over the next five years at the same rate they grew over the last four years. Thereafter, dividends will grow 7% per year. What will Bling Diamond;s cash dividend be in 7 year? FV = PV (1+r)t $1.93 = $1.2 (1+r)4 r= )1/4 -1

= 0.1261 = 12.61% D7 = D0 (1+g1)5 (1+g2)2 = $1.93 (1+0.1261)5 (1+0.07)2 = $4

25. Price-Earnings Ratio. Consider Pasific Energy Company and U.S Bluechips, Inc., both of which reported earnings of $750,000. Without new projects, both firm will continue to generate earnings of $750,000 in perpetuity. Assume that all earnings are paid as dividends and that bith firm require a 14% rate of return. a. What is the current PE ratio for each company? P= = PE = = = $ 5,357,142.86 = 7.14 kali
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b. Pasific Energy Company has a new project that will generate additional earnings of $100,000 each year in perpetuity. Calculate the new PE ratio of the company. P= = PE = = = $ 6,071,428.57 = 8.10 kali

c. U.S Bluechips has a new project that will increase earnings by $200,000 in perpetuity. Calculate the new PE ratio of the firm P= = PE = = = $ 6,785,714.29 = 9.05 kali

26. Growth Opportunities. The Stambaugh Corporation currently has earnings per share of $8.25. The company has no growth and pays out all earnings as dividends. It has a new project which will require an investment of $1.60 per share in one year. The projects in only a two-year project and it will increase earnings in the two years following the investment by $2.10 and $2.45, respectively. Investors require a 12% return on Stambaugh stock. a. What is the value per share of the companys stock assuming the firm does not undertake the investment opportunity? P= = = $ 68.75

b. If the company does undertake the investment, what is the value per share now? NPVGO = C1/ (1+r) + C2/(1+r)2 + C3/ (1+r)3 = -$1.6/ (1+12%) + $2.1/(1+12%)2 + $2.45/ (1+12%)3 = $1.99 P = $ 68.75 + 1.99 = $ 70.74

c. Again, assume the company undertakes the investment. What will the price per share be four years from today? Setelah proyek berakhir, dan meningkatkan pendapatan, harga saham akan kembali ke $ 68,75.