Matakuliah Tahun Versi F 0392Simulasi Perdagangan di Bursa

Matakuliah Tahun Versi : F 0392/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