MRAT MBTO

2017 2016 2017 2016

Return on equity (ROE) -0.35% -1.15% -5.98% 1.24%
Operating profit margin 0.01058 5E-07 -0.0232 0.03595

Return on asset (ROA) -0.0035 -0.0112 -0.0316 0.01241

Equity multiplier 0.99361 1.02964 1.89142 1.61015
Return on equity (ROE) -0.35% -1.15% -5.98% 2.00%

Net operating profit margin -0.37% -1.61% -3.38% 1.29%

Operating asset turnover 1.35413 1.35288 2.55002 2.38921
Return on operating assets -0.50% -2.18% -8.61% 3.07%

Return on operating assets -0.50% -2.18% -9.39% 2.84%

Return on investment assets -0.35% -1.12% -3.16% 1.24%

Return on business assets -0.0085 -0.033 -0.1255

(ROBA)
Financial leverage gain 40.7% 34.9% 47.6% #DIV/0!
Return on equity (ROE) -0.35% -1.15% -5.98% 2.00%

Net profit margin (ROS)

Asset turnover
 MRAT
2017
Total assets Rp 366,731,414,004
Equity Rp 369,089,199,975
Operating profit Rp 3,645,061,742
Total revenue Rp 344,678,666,245
Interest expense Rp 5,568,603,458
Income tax (net) Rp 72,238,875
Investment income
Interest income Rp 567,970,732
Net profit
Net investment profit after tax
Net interest expense after tax
NOPAT Rp (1,283,332,109)
NIPAT

Net operating assets Rp 254,595,440,268

Operating assets Rp 361,409,362,592

Operating liabilities Rp 106,813,922,324
Average operating assets Rp 254,539,141,237
MRAT MBTO
2016 2017 2016
Rp 497,354,419,089 Rp 780,669,761,787 Rp 709,959,168,088
Rp 483,037,173,864 Rp 412,742,622,543 Rp 440,926,897,711
Rp 173,216 Rp (17,005,066,559) Rp 24,644,369,286
Rp 344,361,345,265 Rp 731,577,343,628 Rp 685,443,920,925
Rp 4,747,208,360 Rp 14,818,644,267 Rp 13,093,228,894
Rp (1,467,163,793) Rp 6,967,392,602 Rp (2,967,619,292)

Rp 664,733,259 Rp 165,492,106 Rp 230,089,979

31.658.218.720

Rp (5,549,465,678) Rp (24,690,826,118) Rp 8,813,611,079

Rp 254,482,842,206 Rp 262,897,674,985 Rp 310,884,193,981

Rp 348,354,794,516 Rp 515,145,533,292 Rp 466,168,751,557

Rp 93,871,952,310 Rp 252,247,858,307 Rp 155,284,557,576
254,539,141,237 Rp 286,890,934,483
-24690826118
 MBTO
2016 2017
Beginning Balance Sheet
Beg. Net Working Capital Rp 317,477,456,457 Rp 268,136,225,035
Beg. Net Long-Term Assets Rp 237,197,154,055 Rp 260,285,678,445
Net Operating Assets Rp 554,674,610,512 Rp 528,421,903,480

Net Debt Rp 170,218,135,490 Rp 258,954,309,946

Preferred Stock Rp - Rp 258,954,309,946
Shareholder's Equity Rp 440,926,897,711 Rp 412,742,622,543
Net Capital Rp 611,145,033,201 Rp 671,696,932,489

Income Statement
Sales Rp 685,443,920,925 Rp 731,577,343,628
Net operating profits after tax Rp 8,813,611,079 Rp (24,690,826,118)
Net interest expense after tax Rp 2,100,309,334 Rp 3,493,449,050
Net income Rp 6,713,301,745 Rp (28,184,275,168)
Preferred dividends Rp - Rp -
Net income to common Rp 6,713,301,745 Rp (28,184,275,168)

Operating Return on Assets -2.28%

Return on Common Equity -6.83% 1.52%
Book Value of Assets Growth Rate
Book Value of Common Eqity Growth Rate
Net Operating Asset Turnover

Net income Rp 6,713,301,745 Rp (28,184,275,168)

Change in net working capital Rp - Rp (49,341,231,422)
Change in net long-term assets Rp - Rp 23,088,524,390
Change in net debt Rp - Rp 88,736,174,456
Free cash flow to equity Rp 6,713,301,745 Rp 86,804,606,320
Net operating profits after tax Rp 8,813,611,079 Rp (24,690,826,118)
Change in net working capital Rp - Rp (49,341,231,422)
Change in net long-term assets Rp - Rp 23,088,524,390
Free cash flow to capital Rp 8,813,611,079 Rp 1,561,880,914
 MBTO
2018 2019 2020
Current assets
Rp 262,773,500,534 Rp 275,912,175,561 Rp 289,707,784,339 Current liabilities
Rp 273,299,962,367 Rp 286,964,960,486 Rp 301,313,208,510 Net working capital
Rp 536,073,462,902 Rp 562,877,136,047 Rp 591,020,992,849
Short-term debt
Rp 304,225,338,961 Rp 358,724,832,486 Rp 424,293,958,012 Long-term debt
Rp - Rp - Rp - Cash and equivalent
Rp 420,997,474,993.86 Rp 429,417,424,493.74 Rp 438,005,772,983.61 Net debt
Rp 725,222,813,955 Rp 788,142,256,980 Rp 862,299,730,996
Total assets
Average total assets
Rp 768,156,210,809.40 Rp 806,564,021,349.87 Rp 846,892,222,417.36 EBIT (operating income)
Rp (29,628,991,341.60) Rp (23,703,193,073) Rp (18,962,554,458.62) Operating ROA
Rp 3,668,121,502.50 Rp 3,851,527,578 Rp 4,044,103,956.51
Rp (33,297,112,844.10) Rp (27,554,720,650.91) Rp (23,006,658,415.13) Common stock
Rp - Rp - Rp -
Rp (33,297,112,844) Rp (27,554,720,651) Rp (23,006,658,415) Asumsi
- Current asset diperkirakan menu
sebelumnya tinggi --> net working
- Karena tahun 2017 non-current
akan meningkat, jadinya cash nai
- Karena tadi sudah dijelaskan lon
asset terus meningkat --> net long
- Short-term debt naik dari 2016 k
term debt naik 5%
Rp (33,297,112,844) Rp (27,554,720,651) Rp (23,006,658,415)
- Long-term debt turun 2.5%
Rp (5,362,724,501) Rp 13,138,675,027 Rp 13,795,608,778
- Cash and bank turun 1.5% karen
Rp 13,014,283,922 Rp 13,664,998,118 Rp 14,348,248,024
- Net debt turun
Rp 45,271,029,015 Rp 54,499,493,525 Rp 65,569,125,526 - Shareholder's equity naik 2%
Rp 4,322,356,749 Rp 141,099,729 Rp 14,418,610,309
Rp (29,628,991,342) Rp (23,703,193,073) Rp (18,962,554,459) - Penjualan naik 5%, karena strat
Rp (5,362,724,501) Rp 13,138,675,027 Rp 13,795,608,778 - Core
Rp 13,014,283,922 Rp 13,664,998,118 Rp 14,348,248,024
Rp (37,280,550,763) Rp (50,506,866,218) Rp (47,106,411,261)
 2017 2016 2018 2019
Rp 520,384,083,342 Rp 472,762,014,033
Rp 252,247,858,307 Rp 155,284,557,576
Rp 268,136,225,035 Rp 317,477,456,457

Rp 230,210,098,952 Rp 136,210,560,858 Rp 276,252,118,742 Rp 331,502,542,490.88

Rp 33,982,761,044 Rp 40,600,837,108 Rp 33,133,192,018 Rp 32,304,862,217
Rp 5,238,550,050 Rp 6,593,262,476 Rp 5,159,971,799 Rp 5,082,572,222
Rp 258,954,309,946 Rp 170,218,135,490 Rp 304,225,338,961 Rp 358,724,832,486

Rp 780,669,761,787 Rp 709,959,168,088
Rp 745,314,464,938
Rp (17,005,066,559) Rp 24,644,369,286
-2.28%

Rp 412,741,865,276 Rp 440,926,206,400

i
nt asset diperkirakan menurun karena current liabilities (utang jangka pendek) tahun
mnya tinggi --> net working capital 2018 menurun 2%
a tahun 2017 non-current asset tinggi maka diasumsikan pada tahun 2019-2020 total asset
eningkat, jadinya cash naik current asset naik --> net working capital 2019-2020 naik 5%
a tadi sudah dijelaskan long term asset 2016 ke 2017 naik, maka diasumsikan non current
rus meningkat --> net long term asset naik 5%
term debt naik dari 2016 ke 2017 diasumsikan akan terus meningkat sampai 2020 --> short-
bt naik 5%
erm debt turun 2.5%
and bank turun 1.5% karena harus bayar utang yang short term dimana turun terus
ebt turun
holder's equity naik 2%

alan naik 5%, karena strateginya bagus hehe

 2020 20%

Rp 397,803,050,989
Rp 31,497,240,662
Rp 5,006,333,639
Rp 424,293,958,012
 MBTO (PT MARTINA BERTO TBK)
2016 2017
Beginning Balance Sheet
Beg. Net Working Capital Rp 317,477,456,457 Rp 268,136,225,035
Beg. Net Long-Term Assets Rp 237,197,154,055 Rp 260,285,678,445
Net Operating Assets Rp 554,674,610,512 Rp 528,421,903,480

Net Debt Rp 170,218,135,490 Rp 258,954,309,946

Preferred Stock Rp - Rp -
Shareholder's Equity Rp 440,926,897,711 Rp 412,742,622,543
Net Capital Rp 611,145,033,201 Rp 671,696,932,489

Income Statement
Sales Rp 685,443,920,925 Rp 731,577,343,628
Net operating profits after tax Rp 8,813,611,079 Rp (24,690,826,118)
Net interest expense after tax Rp 2,100,309,334 Rp 3,493,449,050
Net income Rp 6,713,301,745 Rp (28,184,275,168)
Preferred dividends Rp - Rp -
Net income to common Rp 6,713,301,745 Rp (28,184,275,168)

Net income Rp 6,713,301,745 Rp (28,184,275,168)

Change in net working capital Rp - Rp (49,341,231,422)
Change in net long-term assets Rp - Rp 23,088,524,390
Change in net debt Rp - Rp 88,736,174,456
Free cash flow to equity Rp 6,713,301,745 Rp 86,804,606,320

Net operating profits after tax Rp 8,813,611,079 Rp (24,690,826,118)

Change in net working capital Rp - Rp (49,341,231,422)
Change in net long-term assets Rp - Rp 23,088,524,390
Free cash flow to capital Rp 8,813,611,079 Rp 1,561,880,914

MRAT (PT MUSTIKA RATU TBK)

2016 2017
Beginning Balance Sheet
Beg. Net Working Capital Rp 278,859,549,167 Rp 277,448,984,214
Beg. Net Long-Term Assets Rp 110,305,672,387 Rp 113,091,512,551
Net Operating Assets Rp 389,165,221,554 Rp 390,540,496,765

Net Debt Rp 65,345,020,714 Rp 80,186,000,132

Preferred Stock Rp - Rp -
Shareholder's Equity Rp 369,089,199,975 Rp 366,731,414,004
Net Capital Rp 434,434,220,689 Rp 446,917,414,136

Income Statement
Sales Rp 344,361,345,265 Rp 344,678,666,245
Net operating profits after tax Rp (5,549,465,678) Rp (1,283,332,109)
Net interest expense after tax Rp 2,387,354,156 Rp 1,074,453,862
Net income Rp (7,936,819,834) Rp (2,357,785,971)
Preferred dividends Rp - Rp -
Net income to common Rp (7,936,819,834) Rp (2,357,785,971)

Net income Rp (7,936,819,834) Rp (2,357,785,971)

Change in net working capital Rp - Rp (1,410,564,953)
Change in net long-term assets Rp - Rp 2,785,840,164
Change in net debt Rp - Rp 14,840,979,418
Free cash flow to equity Rp (7,936,819,834) Rp 11,107,918,236

Net operating profits after tax Rp (5,549,465,678) Rp (1,283,332,109)

Change in net working capital Rp - Rp (1,410,564,953)
Change in net long-term assets Rp - Rp 14,840,979,418
Free cash flow to capital Rp (5,549,465,678) Rp (14,713,746,574)
MBTO (PT MARTINA BERTO TBK)
2018 2019 2020

Rp 256,067,388,121 Rp 188,139,209,111 Rp 200,793,185,479

Rp 273,299,962,367 Rp 286,964,960,486 Rp 301,313,208,510
Rp 529,367,350,488 Rp 475,104,169,597 Rp 502,106,393,989

Rp 346,414,350,227 Rp 410,017,885,907 Rp 451,148,832,160

Rp - Rp - Rp -
Rp 425,124,901,219 Rp 440,004,272,762 Rp 460,244,469,309
Rp 771,539,251,446 Rp 850,022,158,669 Rp 911,393,301,469

Rp 799,658,086,640 Rp 886,069,309,359 Rp 988,463,666,982

Rp (19,752,660,894) Rp (16,197,181,933) Rp (13,314,083,549)
Rp 3,668,121,503 Rp 3,858,863,821 Rp 4,063,383,603.12
Rp (23,420,782,397) Rp (20,056,045,754.04) Rp (17,377,467,152.38)
Rp - Rp - Rp -
Rp (23,420,782,397) Rp (20,056,045,754) Rp (17,377,467,152)

Rp (23,420,782,397) Rp (20,056,045,754) Rp (17,377,467,152)

Rp (12,068,836,914) Rp (67,928,179,010) Rp 12,653,976,368
Rp 13,014,283,922 Rp 13,664,998,118 Rp 14,348,248,024
Rp 87,460,040,281 Rp 63,603,535,680 Rp 41,130,946,253
Rp 63,093,810,875 Rp 97,810,670,818 Rp (3,248,745,292)

Rp (19,752,660,894) Rp (16,197,181,933) Rp (13,314,083,549)

Rp (12,068,836,914) Rp (67,928,179,010) Rp 12,653,976,368
Rp 13,014,283,922 Rp 13,664,998,118 Rp 14,348,248,024
Rp (20,698,107,903) Rp 38,065,998,958 Rp (40,316,307,942)

MRAT (PT MUSTIKA RATU TBK)

2018 2019 2020

Rp 276,038,419,261 Rp 273,405,805,059 Rp 269,371,529,777

Rp 118,746,088,179 Rp 124,683,392,587 Rp 130,917,562,217
Rp 394,784,507,440 Rp 398,089,197,646 Rp 400,289,091,994

Rp 94,302,956,777 Rp 112,755,239,105 Rp 144,660,420,933

Rp - Rp - Rp -
Rp 372,855,828,618 Rp 380,312,945,190.23 Rp 388,679,829,984
Rp 467,158,785,395 Rp 493,068,184,296 Rp 533,340,250,917

Rp 351,889,560,550 Rp 365,585,323,385 Rp 382,556,023,842

Rp (1,000,999,045) Rp (782,781,253.21) Rp (615,266,065)
Rp 1,117,432,016 Rp 1,164,364,161 Rp 1,214,431,820
Rp (2,118,431,062) Rp (1,947,145,414) Rp (1,829,697,885)
Rp - Rp - Rp -
Rp (2,118,431,062) Rp (1,947,145,414) Rp (1,829,697,885)

Rp (2,118,431,062) Rp (1,947,145,414) Rp (1,829,697,885)

Rp (1,410,564,953) Rp (2,632,614,202) Rp (4,034,275,282)
Rp 5,654,575,628 Rp 5,937,304,409 Rp 6,234,169,629
Rp 14,116,956,645 Rp 18,452,282,328 Rp 31,905,181,828
Rp 7,754,514,909 Rp 13,200,446,707 Rp 27,875,589,595

Rp (1,000,999,045) Rp (782,781,253) Rp (615,266,065)

Rp (1,410,564,953) Rp (2,632,614,202) Rp (4,034,275,282)
Rp 5,654,575,628 Rp 5,937,304,409 Rp 6,234,169,629
Rp (5,245,009,720) Rp (4,087,471,460) Rp (2,815,160,413)
 2017 2016 2018
Current assets Rp 520,384,083,342 Rp 472,762,014,033 Rp 568,006,152,651.00
Current liabilities Rp 252,247,858,307 Rp 155,284,557,576 Rp 311,938,764,529.87
Net working capital Rp 268,136,225,035 Rp 317,477,456,457 Rp 256,067,388,121.13

Short-term debt Rp 230,210,098,952 Rp 136,210,560,858 Rp 324,209,637,046

Long-term debt Rp 33,982,761,044 Rp 40,600,837,108 Rp 27,364,684,980
Cash and equivalent Rp 5,238,550,050 Rp 6,593,262,476 Rp 5,159,971,799
Net debt Rp 258,954,309,946 Rp 170,218,135,490 Rp 346,414,350,227

Total assets Rp 780,669,761,787 Rp 709,959,168,088

Average total assets Rp 745,314,464,938
EBIT (operating income) Rp (17,005,066,559) Rp 24,644,369,286
Operating ROA -2.28%

Common stock Rp 412,741,865,276 Rp 440,926,206,400

% Current assets Rp 47,622,069,309 9.15%

% Current liabilities Rp 96,963,300,731 38.44%
% Short-term debt Rp 93,999,538,094 40.83% 20.42%
% Long-term debt Rp (6,618,076,064) -19.47% -9.74%
% Sales Rp 46,133,422,703 6.31% 9.31%

2016 2017 2018

Current assets Rp 372,731,501,477 Rp 384,262,906,538 Rp 395,794,311,599
Current liabilities Rp 93,871,952,310 Rp 106,813,922,324 Rp 119,755,892,338
Net working capital Rp 278,859,549,167 Rp 277,448,984,214 Rp 276,038,419,261
% Current assets Rp 11,531,405,061 3.00%
% Current liabilities Rp 12,941,970,014 12.12%

Short-term debt Rp 89,477,965,142 Rp 102,990,351,421 Rp 116,502,737,700

Long-term debt Rp 243,762,533 Rp 49,192,657 Rp 24,871,423
Cash and equivalent Rp 24,376,706,961 Rp 22,853,543,946 Rp 22,224,652,345
Net debt Rp 65,345,020,714 Rp 80,186,000,132 Rp 94,302,956,777
% Short-term debt Rp 13,512,386,279 13.12% 15.7%
% Long-term debt Rp (194,569,876) -395.53% -49.4%
% Cash and equivalent Rp (5,818,541,513) -2.75% -0.55%
Trade receivables Rp 217,260,853,732 Rp 211,442,312,219

% Sales Rp 317,320,980 0.09% 2.09%

 2019 2020
Rp 619,986,275,093.96 Rp 676,723,270,533.06
Rp 431,847,065,982.93 Rp 475,930,085,053.82
Rp 188,139,209,111.03 Rp 200,793,185,479.24

Rp 390,400,382,514.34 Rp 430,252,517,363
Rp 24,700,075,615 Rp 25,902,648,435
Rp 5,082,572,222 Rp 5,006,333,639
Rp 410,017,885,907 Rp 451,148,832,160

10.21%
-4.87%
10.81% 11.56%

2019 2020
Rp 407,671,764,380 Rp 419,905,649,481
Rp 134,265,959,321 Rp 150,534,119,703
Rp 273,405,805,059 Rp 269,371,529,777

Rp 134,844,999,545 Rp 166,690,117,594
Rp 12,574,797 Rp 11,816,616
Rp 22,102,335,236 Rp 22,041,513,278
Rp 112,755,239,105 Rp 144,660,420,933
23.6%
-6.0%
-0.28%

3.89% 4.64%
 ESTIMATING COST OF EQUITY
Capital Asset Pricing Model (CAPM)
Rf (14/12/2017) Beta Equity Risk Premium CAPM
4.27% 0.61 7.62% 8.918%

Firm Size (MRAT)

Shares outstanding (2017) 428,000,000
Market price (30/12/17) Rp210.00

Rf (14/12/2017) Beta Equity Risk Premium Rsize

4.27% 0.61 7.62% 2.10%

Market value Rp89,880,000,000 2.10%

Firm Size (MBTO)

Shares outstanding (2017) 1,070,000,000
Market price (30/12/17) Rp135.00

Rf (14/12/2017) Beta Equity Risk Premium Rsize

4.27% 0.61 7.62% 1.30%

Market value Rp144,450,000,000 1.30%

ESTIMATING REQUIRED RETURN ON OPERATING ASSETS

CAPM
11.018% 2017 2016
Interest expense
Cost of debt
Total debt
Total MV

CAPM
10.218%