Damodaran (2012) Mengatakan bahwa untuk mengestimasi uang kas
suatu perusahaan yang dapat mengembalikan kepada pemegang saham berdasarkan
beberapa tahap. Pertama setiap pengeluaran investasi yang dikeluarkan harus
dikurangi terlebih dahulu dengan net
income perusahaan sehingga dapat merepresentasikan cash flow keluar. Lalu depresiasi ditambahkan lagi karena secara
akunting kedua hal ini bukan merupakan pengeluaran uang kas melainkan uang non
kas.
Kedua, pertambahan modal kerja akan mengurangi cash flow perusahaan, sedangakan
menurunkan modal kerja meningkatkan cash
flow yang tersedia bagi pemegang saham. Sehingga hanya dipertimbangkan saja
modal kerja non kas.
Tahap terakhir dimana perusahaan terdapat hutang baru maupun
yang telah dibayarkan dalam cash flow perusahaan.
Sehingga pembayaran pokok hutang merepresentasikan uang kas keluar sedangkan
penerbitan hutang baru akan merepresentasikan uang yang masuk.
Pada pertimbangan disetiap tahap-tahap, memperbolehkan untuk cash flow berdampak pada pengeluaran
investasi, perubahan modal kerja dan perubahan hutang, dapat didefinisikan
bahwa cash flow yang tersisa dari
perubahan perubahan ini sebagai Free Cash
Flow to Equity (FCFE):
FCFE = Net Income - (Capital Expenditure - Depreciation) - (Change in Non Cash Working Capital)
+ (New Debt Issued - New Debt Repayment)
atau dalam bahasa Indonesia :
FCFE = Keuntungan bersih - (Pengeluaran modal - Depresiasi) - (Perubahan Modal Kerja non-tunai)
+ (Penerbitan Hutang baru - Pembayaran Hutang Baru)
FCFE dan proyeksinya akan menjadi dasar perhitungan untuk
mencari NPV, PI, IRR dan PBP pada setiap kepemilikan saham suatu perusahaan
maupun suatu investasi.
Hope this article help you bro!!
Hope this article help you bro!!
Penerbitan Hutang baru sama Pembayaran Hutang Baru itu dilihat dari mana? terima kasih..
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