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Chapter 13 - Managing for Shareholder Value

Chapter 13 - Managing for Shareholder Value. Tujuan Pembelajaran. Mahasiswa mampu untuk : Menggunakan market value added untuk mengidentifikasikan nilai yang diciptakan untuk pemegang saham perusahaan publik Menaksir nilai perusahaan dengan menggunakan discounted free cash-flow model .

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Chapter 13 - Managing for Shareholder Value

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  1. Chapter 13 - Managing for Shareholder Value

  2. TujuanPembelajaran • Mahasiswamampuuntuk: • Menggunakanmarketvalueaddeduntukmengidentifikasikannilai yang diciptakanuntukpemegangsahamperusahaanpublik • Menaksirnilaiperusahaandenganmenggunakandiscounted free cash-flow model. • Mengidentifikasikanpemicunilai yang dapatdikelolauntukmenciptkannilaipemegangsaham • Mendefinisikan, menghitung, danmenginterpretasikan return on invested capital dan economic value added (EVA) • Mendiskusikanstrukturpaketkompensasimanajemendanisu-isu yang terkaitdalamperancangannya

  3. PokokBahasan • Marketvalueadded • Penilaianusaha – Kunciuntukmenciptakannilaipemegangsaham • Pemicunilai • Economic value added (EVA) • Pembayaranuntukkinerja

  4. Top Creators of Shareholder Valuefor 2001 ($ Millions) invested cost of MVA capital return capital GenElect 339,200 82,111 20.0% 9.4% Microsoft 325,872 26,343 21.5% 13.7% Wal-Mart 221,166 65,677 12.4% 8.9% Intel 169,980 41,397 9.0% 16.2% Citigroup 155,695 104,210 14.7% 12.0%

  5. Market Value Added MVA = Firm Value - Invested Capital Firmvalue = market value of the firm’s outstanding debt and equity securities. InvestedCapital = the sum total of the funds that have been invested in the firm.

  6. Value Creation • The combination of opportunity and execution. • Opportunities must be recognized. • Employees must be ready, willing, and able to take advantage of the opportunities.

  7. Business Valuation:The Accounting Model • Using the P/E ratio: • If a firm’s P/E ratio is 20, then a dollar increase in earnings per share will create $20 in additional equity value per share. • Problem: ignores R&D, which would reduce earnings per share, but should increase future earnings!

  8. Business Valuation:Free Cash Flow Valuation Model • Value = the PV of the firm’s projected free cash flows for all future years. Value = FCF + FCF + FCF + … + Terminal value ( 1+k)1 (1+k)2 (1+k)3 (1+k)n

  9. Value Drivers Variables that managers can tweak to increase firm value. Examples: • sales growth • operating profit margin • net working capital-to-sales ratio • property, plant and equipment-to-sales ratio • cost of capital

  10. Economic Value Added Net operating weighted average invested EVAt = profit after - cost of x capital t-1 tax (NOPAT)t capital (kwacc) alternative definition: Return on weighted average invested EVAt = invested - cost of x capital t-1 capital (ROIC)t capital (kwacc)

  11. Paying for Performance Shareholder and manager interests are aligned when: • contributions of individuals and groups toward creation of shareholder value are measured using EVA, and • rewards are structured accordingly.

  12. Components of a Firm’s Compensation Policy • base pay • bonus: quarterly, semi-annual, or annual • long-term compensation: options, grants

  13. Designing a Compensation Program 1) How much to pay? 2) Base pay versus at-risk or incentive compensation 3) Linking incentive compensation to performance 4) Paying with a cash bonus versus equity

  14. Penutup • Tugas

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