Analisis Rasio

Penggunaan Analisis Rasio

Untuk menilai

Kemampulabaan (profitabilitas)

Likuiditas

Aktivitas (Turnover)

Efisiensi Biaya

Solvabilitas

Financial Analysis of Ratios

Financial Ratios:
 Liquidity Ratios

Assess the ability of the firm to cover current obligations

 Leverage Ratios

Assess the ability of the firm to cover long-term debt
obligations

Operational Ratios:
 Activity (Turnover) Ratios

Assess the volume of business activity relative to the
amount of resources used by the firm.

 Profitability Ratios

Assess the profits of the firm relative to the amount of
resources used by the firm.

Liquidity Ratios

Leverange Ratio

Current Ratio

Debt Ratio

Quick Ratio

Time Interest Earned Ratio

Cash Ratio

Cash Coverage Ratio

Activity Ratio

Profitability Ratio

Inventory Turnover Ratio

Return on Assets (ROA)

Return on Equity

Fixed Asset Turnover

Net Profit margin

Total Asset Turnover

Basic Earning Power

The DuPont Model

Analisis Rasio Keuangan

Metode :
 Comparative Anaysis
 Trend Analysis

Hasil :

Brings together:

Profitability

Activity

Leverage

Trend Rasio perusahaan dari waktu ke waktu

 Trend Rasio keuangan industri dari waktu ke waktu
 Informasi posisi rasio keuangan perusahaan thd rasio
industri

The DuPont Model

Dupont Analysis
Profit Total Asset
ROE = Net
Margin X Turnover

Debt
: ( 1 - Ratio
)

=
Net Income
Sales
X
Total
Assets
Sales

Total Debt

( 1- Total Assets

Masalah pada analisis

Keuangan

Example:
CyberDragon
Corporation

Data Pembanding
Efek Inflasi
Manipulasi kondisi keuangan
Perbedaan kebijakan operasi
Sulit menyatakan kondisi perusahaan
pada umumnya.

CyberDragons
Balance Sheet ($000)
Assets:
Liabilities & Owners' Equity:
Cash
$2,540
Accounts Payable
9,721
Marketable securities 1,800
Notes Payable
8,500
Accounts Receivable 18,320
Accrued taxes payable
3,200
Inventories
27,530
Other current liabilities
4,102
Total Current Assets50,190
Total Current Liabilities 25,523
Plant and Equipment 43,100
Long-term debt (bonds) 22,000
less accum deprec. 11,400
Total Liabilities
47,523
Net Plant & Equip.
31,700 Common Stock ($10 par) 13,000
Total Assets
81,890 Paid in capital
10,000
Retained earnings
11,367
Total stockholders' equity 34,367
Total liabilities & equity
81,890

CyberDragons
Sales (all credit)
Income
Cost of Goods Sold
Statement
Gross Profit
Operating Expenses:
Selling
(6,540)
General & Administrative
(9,400)
Total Operating Expenses
(15,940)
Earnings before interest and taxes (EBIT)
Interest charges:
Interest on bank notes:
(850)
Interest on bonds:
(2,310)
Total Interest charges
Earnings before taxes (EBT)
Taxes
Net Income

What is their Total Asset Turnover?

112,760
81,890

The industry average is 1.82 times.

The firm needs to figure out how to squeeze
more sales dollars out of its assets.

11,520

(3,160)
8,600
(3,344)

5,016

What is the firms Accounts

Receivable Turnover?
112,760

= 1.38 times

$112,760
(85,300)
31,500

18,320

6.16 times

CyberDragon turns their A/R over 6.16

times per year. The industry average
is 8.2 times. Is this efficient?

What is the firms Inventory

Turnover?
85,300

27,530

3.10 times

CyberDragon turns their inventory over 3.1

times per year. The industry average
is 3.9 times. Is this efficient?

Low inventory turnover:

The firm may have too much
inventory, which is expensive
because:

Inventory takes up costly
warehouse space.

Some items may become
spoiled or obsolete.

What is the firms Fixed Asset

Turnover?
112,760

31,700

= 3.56 times

If the industry average is 4.6 times, what

does this tell us about CyberDragon?

How does Leverage work?

Suppose we have an all
equity-financed firm worth
$100,000. Its earnings this
year total $15,000.

ROE =

15,000
100,000

3. Leverage Ratios
(financing decisions)

Measure the impact of
using debt capital to
finance assets.

Firms use debt to lever
(increase) returns on
common equity.

How does Leverage work?

Suppose the same $100,000
firm is financed with half
equity and half 8% debt
(bonds). Earnings are still
$15,000.

= 15%
ROE =

15,000 - 4,000
50,000

= 22%

What is CyberDragons Debt

Ratio?
47,523
81,890

= 58%

If the industry average is 47%, what

does this tell us?
Can leverage make the firm more profitable?
Can leverage make the firm riskier?

4. Return on Equity

How well are the firms

managers maximizing
shareholder wealth?

What is the firms Times Interest

Earned Ratio?
11,520
3,160

= 3.65 times

The industry average is 6.7 times. This

is further evidence that the uses more
debt financing than average.

What is CyberDragons
Return on Equity (ROE)?
5,016
34,367

= 14.6%

The industry average is 17.54%.

Is this what we would expect, given the
firms leverage?

Conclusion:

Even though CyberDragon
has higher leverage than
the industry average, they
are much less efficient, and
therefore, less profitable.

Hitung kinerja perusahaan dari sisi :

- Likuiditas
-Solvabilitas(leverage)
-Profitabilitas
-Aktivitas
-Efisiensi Biaya :

Hitung kinerja perusahaan

dari sisi

Likuiditas : Current, Quick dan Cash ratio

Solvabilitas(leverage) : Debt ratio, Bunga
jgka panjang thd laba operasi

Profitabilitas: operating profit margin, ROA

dan ROE

Jika diketahui sebuah perusahaan

memiliki rasio keuangan yaitu :
Total asset turnover 2 kali, ROA
8% dan ROE 12%. Hitunglah net
profit marginnya dan debt
rationya

Aktivitas :Inventory Turn Over, Total Asset

turn over

Efisiensi Biaya : HPP thd Penjualan bersih,

Biaya penjualan thd penjualan bersih

Soal

PT ES Beye & Jus Kala memiliki ROE hanya 5%

untuk tahun lalu.Namun demikian, manajemen telah
merancanag operasi baru untuk meningkatkan
kinerja perusahaan. Rancangan operasi baru ini
menyebabkan rasio hutang (Debt Ratio) menjadi
60%, dan menghasilkan kewajiban tetap berupa
beban bunga sebesar 300 juta. Manajemen
mengharapkan EBIT sebesar Rp 1 Milyar dari
penjualan sebesar Rp 10 Milyar serta diharapkan
memiliki rasio Total Asset Turnover sebesar 2 kali.
Pada kondisi seperti ini, tarif pajak adalah 40 %.
Berapa ROE perusahaan jika perubahan dilakukan?