Lampiran 1 Daftar Populasi – Sampel Perusahaan Perbankan di Bursa Efek Indonesia Tahun 2010 – 2012 No
Kode Saham
1
AGRO
2
BABP
3
BACA
4
BAEK
5
BBCA
6
BBKP
7
BBNI
8
BBNP
9
BBRI
10
BBTN
11
BCIC
12
BDMN
13
BEKS
14
BJBR
15
BJTM
16
BKSW
17
BMRI
18
BNBA
19
Kriteria 1
Kriteria 2
Kriteria 3
Sampel
X
√
√
-
√
√
√
Sampel 1
√
√
√
Sampel 2
√
√
X
-
√
√
√
Sampel 3
√
√
√
Sampel 4
√
√
√
Sampel 5
√
√
X
-
√
√
√
Sampel 6
X
√
√
-
√
√
X
-
√
√
√
Sampel 7
√
√
√
Sampel 8
√
X
√
-
√
X
√
-
√
√
√
Sampel 9
√
√
√
Bank Bumi Arta Tbk
√
√
√
BNGA
Bank CIMB Niaga Tbk
√
√
√
Sampel 10 Sampel 11 Sampel 12
20
BNII
Bank Internasional Indonesia Tbk
X
√
√
-
21
BNLI
Bank Permata Tbk
√
√
√
22
BSIM
Bank Sinar Mas Tbk
√
X
√
Sampel 13 -
23
BSWD
√
√
X
24
BTPN
√
√
√
25
BVIC
Bank Swadesi Tbk Bank Tabungan Pensiunan Nasional Tbk Bank Victoria International Tbk
√
√
√
Nama Emiten Bank Rakyat Indonesia Agro Niaga Tbk Bank ICB Bumi Putra Tbk Bank Capital Indonesia Tbk Bank Ekonomi Raharja Tbk Bank Central Asia Tbk Bank Bukopin Tbk Bank Negara Indonesia (Persero) Tbk Bank Nusantara Parahyangan Tbk Bank Rakyat Indonesia (Persero) Tbk Bank Tabungan Negara (Persero) Tbk Bank Mutiara Tbk Bank Danamon Indonesia Tbk Bank Pundi Indonesia Tbk Bank Jabar Banten Tbk Bank Pembangunan Daerah Jawa Timur (Tbk) Bank QNB Kesawan Tbk Bank Mandiri (Persero) Tbk
Sampel 14 Sampel 15
106
Universitas Sumatera Utara
Bank Artha Graha International Tbk Bank Mayapada International Tbk Bank Windu Kentjana International Tbk
√
√
√
Sampel 16
X
√
X
-
√
√
√
MEGA
Bank Mega Tbk
√
√
√
30
NISP
Bank NISP OCBC Tbk
√
√
√
31
PNBN
Bank Pan Indonesia Tbk
√
√
√
32
SDRA
Bank Himpunan Saudara 1906 Tbk
√
√
√
Sampel 17 Sampel 18 Sampel 19 Sampel 20 Sampel 21
26
INPC
27
MAYA
28
MCOR
29
Keterangan: Kriteria 1
: Perusahaan perbankan yang terdaftar di Bursa Efek Indonesia secara konsisten dan tidak pernah di-suspend pada tahun 2010 – 2012.
Kriteria 2
: Perusahaan yang melaporkan secara publik laporan keuangan tahunan yang telah diaudit untuk masa tahun 2010 – 2012.
Kriteria 3
: Perusahaan perbankan yang sahamnya aktif diperdagangkan dan memiliki data harga saham yang lengkap pada tahun 2010 – 2012.
Lampiran 2 Harga Saham Perusahaan Perbankan Tahun 2009-2012 (dalam Rupiah) Kode Perusahaan BABP
2009
2010
2011
2012
88
119
128
142
BACA
98
97
145
127
BBCA
3.777
5.852
7.421
7.971
BBKP
328
593
662
641
BBNI
1.545
2.972
3.873
3.819
BBRI
6.281
9.292
6.158
6.846
BDMN
3.956
5.565
5.502
5.413
BEKS
80
135
138
142
BKSW
693
831
703
684
BMRI
3.455
5.888
6.783
7.533
BNBA
104
138
153
176
107
Universitas Sumatera Utara
BNGA
626
1.18
1.557
1.173
BNLI
645
1.424
1.608
1.416
BTPN
2.281
9.679
4.825
4.321
BVIC
115
135
141
126
INPC
65
76
92
114
MCOR
103
138
150
215
MEGA
2.688
2.642
3.456
3.36
NISP
757
1.211
1.24
1.241
PNBN
666
1.049
920
765
SDRA
165
276
197
468
Rata-rata
1.96
2.069
2.796
2.025
Tertinggi
6.281
9.679
7.421
7.971
Terendah
65
76
92
114
Lampiran 3 Langkah Perhitungan NOPAT Perusahaan Perbankan Tahun 2009-2012 (dalam Jutaan Rupiah) Kode Perusahaan BABP
BACA
BBCA
BBKP
BBNI
EBIT
NOPAT
11.324
Beban Bunga 430.072
441.396
196.570,12
0,69398
17.535
435.035
452.57
314.076,10
-0,2374
12,374
-125
460.867
335.865
415.598,08
2012
0,82755
0,17245
6.010.082
331.117
6.341.199
1.093.535,93
2009
0,23275
0,76725
29.246
86.185
115.431
88.564,46
2010
0,20227
0,79773
29.041
105.268
134.309
107.142,89
2011
0,18954
0,81046
34.31
275.361
309.671
250.977,02
2012
0,23732
0,76268
62.561
269.311
331.872
253.112,01
2009
0,239
0,761
8.945.092
8.033.181
16.978.273
12.920.516,98
2010
0,20407
0,79593
10.653..269
7.723.774
18.377.043
14.626.868,48
2011
0,20567
0,79433
13.618.758
7.730.157
21.348.915
16.958.099,26
2012
0,20207
0,79793
14.686.046
7.647.167
22.333.213
17.820.376,10
2009
0,30384
0,69616
520.333
2.201.904
2.722.237
1.895.122,86
2010
0,2613
0,7387
667.065
1.926.959
2.594.024
1.916.205,86
2011
0,21153
0,78847
940.404
2.376.334
3.316.738
2.615.140,15
2012
0,21206
0,78794
1.059.370
2.498.043
3.557.413
2.803.024,65
2009
0,27795
0,72205
3.443.949
8.294.120
11.738.069
8.475.525,98
2010
0,25199
0,74801
5.485.460
7.099.714
12.585.174
9.413.879,75
Tahun
Tax
(1-T)
EBT
2009
0,55466
0,44534
2010
0,30602
2011
108
Universitas Sumatera Utara
BBRI
BDMN
BEKS
BKSW
BMRI
BNBA
BNGA
BNLI
BTPN
2011
0,22155
0,77845
7.461.308
7.495.982
14.957.290
11.643.427,80
2012
0,20801
0,79199
8.899.562
7.245.524
16.145.086
12.786.742,84
2009
0,26113
0,73887
9.891.228
12.284.838
22.176.066
16.385.141,03
2010
0,23047
0,76953
14.908.230
11.448.953
26.357.183
20.282.739,86
2011
0,19535
0,80465
18.775.880
13.275.304
32.051.184
25.789.958,16
2012
0,21678
0,78322
23.859.572
12.599.060
36.458.632
28.555.261,20
2009
0,31927
0,68073
2.370.560
6.220.816
8.591.376
5.848.446,13
2010
0,25435
0,74565
4.001.531
4.509.295
8.510.826
6.346.138,69
2011
0,25209
0,74791
4.611.556
6.033.390
10.644.946
7.961.471,15
2012
0,24975
0,75025
5.487.246
5.936.173
11.423.419
8.570.427,78
2009
-0,1968
119,681
-112.69
99.263
-13.428
(16.070,80)
2010
-0,467
146,699
-166.31
74.83
-91.482
(134.203,16)
2011
-0,1418
114,176
-171.58
273.451
101.876
116.317,66
2012
0,31303
0,68697
68.22
495.47
563.69
387.237,35
2009
0,37555
0,62445
6.388
132.286
138.674
86.595,27
2010
0,70133
0,29867
4.058
120.274
124.332
37.134,15
2011
0,60244
0,39756
15.55
135.811
151.361
60.174,51
2012
-0,1431
114,307
-34.424
163.85
129.426
147.942,82
2009
0,33496
0,66504
10.824.074
15.821.849
26.645.923
17.720.717,45
2010
0,32944
0,67056
13.972.162
14.413.041
28.385.203
19.034.089,50
2011
0,23111
0,76889
16.512.035
15.954.037
32.466.072
24.962.732,73
2012
0,21755
0,78245
20.504.268
15.019.850
35.524.118
27.795.938,82
2009
0,31452
0,68548
41.158
99
140.158
96.075,55
2010
0,26179
0,73821
36.548
111.331
147.879
109.165,36
2011
0,26187
0,73813
57.016
118.848
175.864
129.809,82
2012
0,26271
0,73729
77.467
125.031
202.498
149.300,68
2009
0,27256
0,72744
2.165.587
5.161.062
7.326.649
5.329.675,20
2010
0,24397
0,75603
3.389.504
5.122.137
8.511.641
6.435.021,52
2011
0,27661
0,72339
4.391.782
6.864.464
11.256.246
8.142.627,14
2012
0,26561
0,73439
5.786.927
6.486.352
12.273.279
9.013.372,69
2009
0,36595
0,63405
766.622
3.192.960
3.959.582
2.510.574,63
2010
0,18905
0,81095
1.238.133
2.798.118
4.036.251
3.273.181,59
2011
0,25785
0,74215
1.558.818
3.966.675
5.525.493
4.100.748,96
2012
0,27538
0,72462
1.888.081
4.377.456
6.265.537
4.540.102,71
2009
0,32432
0,67568
622.218
1.644.604
2.266.822
1.531.656,28
2010
0,25765
0,74235
1.127.264
2.065.517
3.192.781
2.370.145,60
109
Universitas Sumatera Utara
BVIC
INPC
MCOR
MEGA
NISP
PNBN
SDRA
2011
0,20973
0,79027
1.771.620
2.829.705
4.601.325
3.636.301,74
2012
0,20373
0,79627
2.485.314
3.221.858
5.707.172
4.544.461,38
2009
0,26139
0,73861
62.604
501.977
564.581
417.005,71
2010
0,18879
0,81121
131.657
607.796
739.453
599.849,00
2011
0,21667
0,78333
239.239
645.613
884.852
693.130,80
2012
0,18616
0,81384
252.594
719.535
972.129
791.157,08
2009
0,35011
0,64989
64.408
1.114.060
1.178.468
765.872,46
2010
0,28823
0,71177
117.551
918.249
1.035.800
737.248,94
2011
0,20127
0,79873
125.739
961.737
1.087.476
868.595,28
2012
0,04621
0,95379
139.81
1.033.193
1.173.003
1.118.795,34
2009
0,30374
0,69626
23.079
165.001
188.08
130.952,71
2010
0,25177
0,74823
37.813
201.248
239.061
178.873,74
2011
0,25139
0,74861
48.375
298.89
347.265
259.965,99
2012
0,2651
0,7349
128.018
330.137
458.155
336.700,16
2009
0,1612
0,8388
640.749
2.179.095
2.819.844
2.365.284,00
2010
0,08579
0,91421
1.041.115
1.910.379
2.951.494
2.698.291,73
2011
0,09902
0,90098
1.191.316
2.485.184
3.676.500
3.312.453,31
2012
0,12043
0,87957
1.566.014
2.238.937
3.804.951
3.346.703,90
2009
0,28798
0,71202
612.155
1.641.134
2.253.289
1.604.380,93
2010
0,25059
0,74941
428.316
1.525.155
1.953.471
1.463.958,49
2011
0,25174
0,74826
1.005.875
1.931.724
2.937.599
2.198.081,91
2012
0,251
0,749
1.222.241
2.358.155
3.580.396
2.681.709,25
2009
0,26428
0,73572
1.406.145
4.150.677
5.556.822
4.088.249,28
2010
0,25471
0,74529
1.897.611
3.981.493
5.879.104
4.381.654,45
2011
0,24969
0,75031
2.736.366
4.982.909
7.719.275
5.791.827,30
2012
0,25115
0,74885
3.042.464
6.024.990
9.067.454
6.790.120,71
2009
0,30265
0,69735
51.115
166.219
217.334
151.557,67
2010
0,26546
0,73454
81.604
181.217
262.821
193.051,24
2011
0,26077
0,73923
121.807
264.902
386.709
285.865,66
2012
0,25893
0,74107
160.367
369.5
529.867
392.667,97
Keterangan: EBT
= Earning Before Tax
EBIT
= Earning Before Interest and Tax
NOPAT
= Net Operating Profit After Tax 110
Universitas Sumatera Utara
Lampiran 4 Langkah Perhitungan Cost of Debt Perusahaan Perbankan Tahun 2009-2012 (dalam Jutaan Rupiah) Kode Tahun Perusahaan BABP
BACA
BBCA
BBKP
BBNI
BBRI
BDMN
BEKS
BKSW
2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010
Beban Bunga
Total Utang
Proporsi Utang
Cost of Debt
430.072 435.035 460.867 331.117 86.185 105.268 275.361 269.311 8.033.181 7.723.774 7.730.157 7.647.167 2.201.904 1.926.959 2.376.334 2.498.043 8.294.120 7.099.714 7.495.982 7.245.524 12.284.838 11.448.953 13.275.304 12.599.060 6.220.816 4.509.295 6.033.390 5.936.173 99.263 74.830 273.451 495.470 132.286 120.274
6.465.837 7.946.608 6.676.733 6.719.964 2.954.669 3.855.534 4.086.151 5.008.389 254.535.631 289.851.060 339.165.506 390.067.244 34.631.954 44.597.408 52.809.369 60.693.088 208.322.445 215.431.004 261.215.137 289.778.215 289.689.648 367.612.492 420.078.955 486.455.011 82.695.967 99.597.545 116.582.650 127.057.997 1.472.270 1.305.059 5.529.798 7.028.754 2.169.298 2.411.792
92,29% 91,76% 91,46% 90,30% 9,59% 10,16% 8,86% 9,24% 90,14% 89,47% 88,97% 88,80% 93,63% 93,92% 92,35% 92,70% 91,58% 86,67% 87,35% 86,94% 91,40% 90,93% 89,40% 88,23% 83,95% 84,37% 81,86% 81,56% 103,28% 83,57% 92,27% 91,57% 92,40% 93,12%
6,65% 5,47% 6,90% 4,93% 2,92% 2,73% 6,74% 5,38% 3,16% 2,66% 2,28% 1,96% 6,36% 4,32% 4,50% 4,12% 3,98% 3,30% 2,87% 2,50% 4,24% 3,11% 3,16% 2,59% 7,52% 4,53% 5,18% 4,67% 6,74% 5,73% 4,95% 7,05% 6,10% 4,99%
Cost of Debt After Tax 2,96% 3,80% 8,54% 0,85% 2,24% 2,18% 5,46% 4,10% 2,40% 2,12% 1,81% 1,56% 4,43% 3,19% 3,55% 3,24% 2,87% 2,47% 2,23% 1,98% 3,13% 2,40% 2,54% 2,03% 5,12% 3,38% 3,87% 3,51% 8,07% 8,41% 5,65% 4,84% 3,81% 1,49%
111
Universitas Sumatera Utara
BMRI
BNBA
BNGA
BNLI
BTPN
BVIC
INPC
MCOR
MEGA
NISP
2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009
135.811 163.850 15.821.849 14.413.041 15.954.037 15.019.850 99.000 111.331 118.848 125.031 5.161.062 5.122.137 6.864.464 6.486.352 3.192.960 2.798.118 3.966.675 4.377.456 1.644.604 2.065.517 2.829.705 3.221.858 501.977 607.796 645.613 719.535 1.114.060 918.249 961.737 1.033.193 165.001 201.248 298.890 330.137 2.179.095 1.910.379 2.485.184 2.238.937 1.641.134
2.701.244 3.781.586 359.318.341 407.704.515 489.237.296 559.085.843 1.988.575 2.226.392 2.487.017 2.961.011 95.827.902 129.812.352 148.431.639 174.760.569 51.107.365 65.829.724 92.187.794 119.303.061 20.233.933 30.305.282 41.033.943 51.356.205 6.729.657 9.562.163 10.590.449 12.883.648 14.469.305 16.008.637 18.031.095 18.621.443 2.497.482 3.833.040 5.895.160 5.739.581 36.281.380 47.230.741 57.032.639 65.219.108 32.915.296
75,16% 81,47% 91,10% 90,75% 88,65% 99,99% 82,75% 83,67% 83,93% 85,32% 89,53% 90,41% 88,99% 88,53% 91,36% 89,26% 90,98% 90,52% 90,85% 87,78% 87,96% 86,91% 91,45% 92,79% 89,73% 90,37% 93,76% 93,82% 93,98% 93,42% 89,23% 88,03% 91,36% 88,65% 91,42% 91,54% 92,12% 91,66% 88,83%
5,03% 4,33% 4,40% 3,54% 3,26% 2,69% 4,98% 5,00% 4,78% 4,22% 5,39% 3,95% 4,62% 3,71% 6,25% 4,25% 4,30% 3,67% 8,13% 6,82% 6,90% 6,27% 7,46% 6,36% 6,10% 5,58% 7,70% 5,74% 5,33% 5,55% 6,61% 5,25% 5,07% 5,75% 6,01% 4,04% 4,36% 3,43% 4,99%
2,00% 4,95% 2,93% 2,37% 2,51% 2,10% 3,41% 3,69% 3,53% 3,11% 3,92% 2,98% 3,35% 2,73% 3,96% 3,45% 3,19% 2,66% 5,49% 5,06% 5,45% 5,00% 5,51% 5,16% 4,78% 4,55% 5,00% 4,08% 4,26% 5,29% 4,60% 3,93% 3,80% 4,23% 5,04% 3,70% 3,93% 3,02% 3,55%
112
Universitas Sumatera Utara
PNBN
SDRA
2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012
1.525.155 1.931.724 2.358.155 4.150.677 3.981.493 4.982.909 6.024.990 166.219 181.217 264.902 369.500
39.942.316 53.244.018 70.190.261 66.210.409 95.635.577 108.857.192 131.144.850 2.150.071 2.852.188 4.612.588 7.083.402
89,81% 88,99% 88,69% 86,04% 88,65% 87,26% 88,09% 89,45% 87,87% 90,70% 92,94%
3,82% 3,63% 3,36% 6,27% 4,16% 4,58% 4,59% 7,73% 6,35% 5,74% 5,22%
2,86% 2,71% 2,52% 4,61% 3,10% 3,43% 3,44% 5,39% 4,67% 4,25% 3,87%
Lampiran 5 Langkah Perhitungan Cost of Equity Perusahaan Perbankan Tahun 2009-2012 Kode Perusahaan BABP
BACA
BBCA
BBKP
BBNI
BBRI
Tahun
Risk Free
2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010
7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66%
Return Market 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10%
Beta Perusahaan 57,77% 53,02% 8,07% 0,22% 1,28% 26,29% 8,02% 4,04% 60,49% 41,22% 4,64% 5,21% 106,98% 43,56% 2,43% 13,03% 138,46% 27,73% 3,76% 13,17% 102,60% 44,12%
Cost of Equity 7,52% 6,36% 12,01% 6,18% 7,94% 4,72% 11,76% 4,70% 5,85% 3,23% -0,14% 0,53% 4,18% 3,00% -7,98% 1,07% 3,05% 4,51% -3,24% -1,33% 4,34% 2,94%
113
Universitas Sumatera Utara
BDMN
BEKS
BKSW
BMRI
BNBA
BNGA
BNLI
BTPN
BVIC
INPC
2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009
6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89%
4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16%
1,70% 18,80% 44,54% 32,28% 5,99% 21,43% 18,27% 27,73% 4,83% 2,75% 32,26% 13,15% 4,46% 4,99% 103,95% 61,87% 3,72% 14,97% 83,97% 80,37% 5,57% 12,05% 112,66% 12,84% 4,29% 15,39% 67,59% 68,34% 5,74% 9,78% 78,87% 13,61% 6,85% 3,99% -5,39% 139,01% 5,60% 13,74% 66,48%
-10,56% -1,59% 6,41% 4,11% 4,64% -2,28% 7,33% 4,56% 0,57% 5,19% 6,84% 6,03% -0,77% 4,28% 4,30% 6,13% -3,39% 0,30% 5,01% -0,68% 3,13% 1,49% 3,98% 6,07% -1,35% 0,13% 5,60% 0,51% 3,75% 2,38% 5,20% 5,98% 7,65% 6,35% 8,19% -6,53% 3,27% 0,78% 5,63%
114
Universitas Sumatera Utara
MCOR
MEGA
NISP
PNBN
SDRA
2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012
6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48% 7,89% 6,66% 6,54% 4,48%
40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13% 67,16% 40,10% 4,78% 13%
68,51% 4,69% 11,91% 7,86% 33,37% 6,27% 4,17% -8,67% -6,68% 5,64% 5,64% 6,12% 107,22% 4,95% 5,40% 76,85% 45,63% 4,21% 4,11% 54,63% 57,94% 4,01% 7,40%
0,50% 0,05% 1,51% 7,45% 4,01% 5,72% 4,64% 8,29% 8,02% 3,38% 4,01% 7,77% -3,36% 0,98% 4,09% 5,26% 2,80% -1,58% 4,63% 6,07% 1,56% -2,33% 3,28%
Lampiran 6 Langkah Perhitungan WACC Perusahaan Perbankan Tahun 2009-2012 Kode Tahun Perusahaan BABP
BACA
BBCA
2009 2010 2011 2012 2009 2010 2011 2012 2009 2010
Proporsi Utang
Cost of Debt After Tax
Proporsi Ekuitas
Cost of Equity
WACC
92,29% 91,76% 91,46% 90,30% 9,59% 10,16% 8,86% 9,24% 90,14% 89,47%
2,96% 3,80% 8,54% 0,85% 2,24% 2,18% 5,46% 4,10% 2,40% 2,12%
7,71% 8,24% 8,54% 9,70% 90,41% 89,84% 91,14% 90,76% 9,86% 10,53%
7,52% 6,36% 12,01% 6,18% 7,94% 4,72% 11,76% 4,70% 5,85% 3,23%
7,19% 7,85% 8,50% 0,79% 1,38% 23,84% 7,79% 4,05% 8,13% 6,24%
115
Universitas Sumatera Utara
BBKP
BBNI
BBRI
BDMN
BEKS
BKSW
BMRI
BNBA
BNGA
BNLI
2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009
88,97% 88,80% 93,63% 93,92% 92,35% 92,70% 91,58% 86,67% 87,35% 86,94% 91,40% 90,93% 89,40% 88,23% 83,95% 84,37% 81,86% 81,56% 103,28% 83,57% 92,27% 91,57% 92,40% 93,12% 75,16% 81,47% 91,10% 90,75% 88,65% 99,99% 82,75% 83,67% 83,93% 85,32% 89,53% 90,41% 88,99% 88,53% 91,36%
1,81% 1,56% 4,43% 3,19% 3,55% 3,24% 2,87% 2,47% 2,23% 1,98% 3,13% 2,40% 2,54% 2,03% 5,12% 3,38% 3,87% 3,51% 8,07% 8,41% 5,65% 4,84% 3,81% 1,49% 2,00% 4,95% 2,93% 2,37% 2,51% 2,10% 3,41% 3,69% 3,53% 3,11% 3,92% 2,98% 3,35% 2,73% 3,96%
11,03% 11,20% 6,37% 6,08% 7,65% 7,30% 8,42% 13,33% 12,65% 13,06% 8,60% 9,07% 10,60% 11,77% 16,05% 15,63% 18,14% 18,44% -3,28% 16,43% 7,73% 8,43% 7,60% 6,88% 24,84% 18,53% 8,90% 9,25% 11,35% 0,01% 17,25% 16,33% 16,07% 14,68% 10,47% 9,59% 11,01% 11,47% 8,64%
-0,14% 0,53% 4,18% 3,00% -7,98% 1,07% 3,05% 4,51% -3,24% -1,33% 4,34% 2,94% -10,56% -1,59% 6,41% 4,11% 4,64% -2,28% 7,33% 4,56% 0,57% 5,19% 6,84% 6,03% -0,77% 4,28% 4,30% 6,13% -3,39% 0,30% 5,01% -0,68% 3,13% 1,49% 3,98% 6,07% -1,35% 0,13% 5,60%
2,12% 1,97% 10,96% 5,65% 3,46% 3,96% 14,29% 5,83% 2,43% 3,44% 11,69% 6,18% 2,45% 4,00% 11,45% 7,89% 4,25% 6,81% 7,74% 11,58% 5,58% 4,67% 5,97% 2,29% 2,61% 4,96% 11,92% 7,87% 2,65% 2,10% 17,31% 16,22% 3,86% 4,42% 15,31% 3,93% 3,45% 4,18% 9,46%
116
Universitas Sumatera Utara
BTPN
BVIC
INPC
MCOR
MEGA
NISP
PNBN
SDRA
2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012
89,26% 90,98% 90,52% 90,85% 87,78% 87,96% 86,91% 91,45% 92,79% 89,73% 90,37% 93,76% 93,82% 93,98% 93,42% 89,23% 88,03% 91,36% 88,65% 91,42% 91,54% 92,12% 91,66% 88,83% 89,81% 88,99% 88,69% 86,04% 88,65% 87,26% 88,09% 89,45% 87,87% 90,70% 92,94%
3,45% 3,19% 2,66% 5,49% 5,06% 5,45% 5,00% 5,51% 5,16% 4,78% 4,55% 5,00% 4,08% 4,26% 5,29% 4,60% 3,93% 3,80% 4,23% 5,04% 3,70% 3,93% 3,02% 3,55% 2,86% 2,71% 2,52% 4,61% 3,10% 3,43% 3,44% 5,39% 4,67% 4,25% 3,87%
10,74% 9,02% 9,48% 9,15% 12,22% 12,04% 13,09% 8,55% 7,21% 10,27% 9,63% 6,24% 6,18% 6,02% 6,58% 10,77% 11,97% 8,64% 11,35% 8,58% 8,46% 7,88% 8,34% 11,17% 10,19% 11,01% 11,31% 13,96% 11,35% 12,74% 11,91% 10,55% 12,13% 9,30% 7,06%
0,51% 3,75% 2,38% 5,20% 5,98% 7,65% 6,35% 8,19% -6,53% 3,27% 0,78% 5,63% 0,50% 0,05% 1,51% 7,45% 4,01% 5,72% 4,64% 8,29% 8,02% 3,38% 4,01% 7,77% -3,36% 0,98% 4,09% 5,26% 2,80% -1,58% 4,63% 6,07% 1,56% -2,33% 3,28%
10,41% 3,42% 3,33% 12,21% 6,10% 5,62% 4,86% 4,58% 14,80% 4,86% 5,43% 8,84% 8,06% 4,29% 5,73% 4,95% 7,45% 4,01% 4,22% 3,86% 2,82% 4,06% 3,24% 3,84% 13,50% 2,96% 2,84% 14,70% 7,93% 3,53% 3,52% 10,59% 11,13% 4,22% 4,12%
Keterangan: WACC
= Weighted Average Cost of Capital
117
Universitas Sumatera Utara
Lampiran 7 Langkah Perhitungan Modal Diinvestasikan Perusahaan Perbankan Tahun 2009-2012 (dalam Jutaan Rupiah) Nama Bank BABP
BACA
BBCA
BBKP
BBNI
BBRI
BDMN
BEKS
BKSW
BMRI
Tahun
kewajiban
2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009
6.403.807 7.874.349 6.623.873 6.677.607 2.917.525 3.781.447 4.045.132 4.970.263 253.268.191 288.186.824 336.544.685 386.780.654 34.445.407 44.275.877 52.290.902 60.076.736 207.119.193 213.417.460 258.559.593 286.282.873 285.012.924 361.557.930 415.011.318 480.647.464 79.775.621 95.863.389 111.554.284 121.120.794 1.463.683 1.296.163 5.496.315 6.985.678 2.148.426 2.389.259 2.668.518 3.689.769 356.346.034
Ekuitas Pemegang Saham 539.863 713.292 623.093 721.871 27.856.693 34.107.844 42.027.340 49.220.587 27.856.693 34.107.844 42.027.340 49.220.587 2.356.515 2.886.947 4.374.094 4.776.435 19.143.582 33.119.626 37.843.024 43.525.291 27.257.381 36.673.110 49.820.329 64.881.779 15.805.751 18.449.787 25.836.501 28.733.311 -46.694 256.563 463.241 646.665 178.493 178.123 892.573 860.090 35.108.769
Modal Diinvestasikan 6.943.670 8.587.641 7.246.966 7.399.478 30.774.218 37.889.291 46.072.472 54.190.850 281.124.884 322.294.668 378.572.025 436.001.241 36.801.922 47.162.824 56.664.996 64.853.171 226.262.775 246.537.086 296.402.617 329.808.164 312.270.305 398.231.040 464.831.647 545.529.243 95.581.372 114.313.176 137.390.785 149.854.105 1.416.989 1.552.726 5.959.556 7.632.343 2.326.919 2.567.382 3.561.091 4.549.859 391.454.803
118
Universitas Sumatera Utara
BNBA
BNGA
BNLI
BTPN
BVIC
INPC
MCOR
MEGA
NISP
PNBN
2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010
404.931.100 484.377.594 552.384.429 1.966.262 2.203.689 2.458.595 2.931.693 93.210.174 126.961.722 146.372.351 171.618.028 48.910.900 63.699.679 90.309.777 116.850.040 20.066.589 30.039.867 40.894.091 51.043.405 6.660.787 9.463.669 10.487.282 12.772.468 13.966.634 15.917.413 17.946.225 18.495.329 2.482.334 3.800.792 5.870.195 5.697.433 35.886.253 46.933.168 56.767.988 64.815.898 31.880.794 39.206.090 52.450.758 69.326.730 65.818.628 95.361.000
41.542.808 62.654.408 76.532.87 414.610 434.660 476.131 509.385 11.210.407 13.767.417 18.369.491 22.651.912 4.835.512 7.917.273 9.136.208 12.495.534 2.038.313 4.217.291 5.617.198 7.733.927 629.350 742.663 1.212.114 1.372.779 963.069 1.054.458 1.154.341 1.310.660 301.392 521.420 557.634 734.726 3.403.242 4.366.219 4.876.388 5.933.301 4.137.300 4.532.506 6.590.379 8.951.574 10.741.780 12.239.609
446.473.908 547.032.002 552.460.962 2.380.872 2.638.349 2.934.726 3.441.078 104.420.581 140.729.139 164.741.842 194.269.940 53.746.412 71.616.952 99.445.985 129.345.574 22.104.902 34.257.158 46.511.289 58.777.332 7.290.137 10.206.332 11.699.396 14.145.247 14.929.703 16.971.871 19.100.566 19.805.989 2.783.726 4.322.212 6.427.829 6.432.159 39.289.495 51.299.387 61.644.376 70.749.199 36.018.094 43.738.596 59.041.137 78.278.304 76.560.408 107.600.609
119
Universitas Sumatera Utara
SDRA
2011 2012 2009 2010 2011 2012
108.342.604 130.577.283 2.135.185 2.837.137 4.600.058 7.060.033
15.888.131 17.733.570 253.625 393.574 473.174 537.907
124.230.735 148.310.853 2.388.810 3.230.711 5.073.232 7.597.940
Lampiran 8 Langkah Perhitungan EVA Perusahaan Perbankan Tahun 2009-2012 (dalam Jutaan Rupiah) Kode Perusahaan BABP
BACA
BBCA
BBKP
BBNI
BBRI
BDMN
7,19%
Modal Diinvestasikan 6.943.670
-302.364,67
314.076,10
7,85%
8.587.641
-360.343,58
2011
415.598,08
8,50%
7.246.966
-200.487,63
2012
1.093.535,93
0,79%
7.399.478
1.035.201,2
2009
88.564,46
1,38%
30.774.218
-334.982,57
2010
107.142,89
23,84%
37.889.291
-8.924.772,2
2011
250.977,02
7,79%
46.072.472
-3.339.675,7
2012
253.112,01
4,05%
54.190.850
-1.939.318,6
2009
12.920.516,98
8,13%
281.124.884
-9.939.111,3
2010
14.626.868,48
6,24%
322.294.668
-5.475.903,3
2011
16.958.099,26
2,12%
378.572.025
8.922.828,35
2012
17.820.376,10
1,97%
436.001.241
9.218.663,3
2009
1.895.122,86
10,96%
36.801.922
-2.138.307,1
2010
1.916.205,86
5,65%
47.162.824
-746.528,56
2011
2.615.140,15
3,46%
56.664.996
653.319.577
2012
2.803.024,65
3,96%
64.853.171
236.570.732
2009
8.475.525,98
14,29%
226.262.775
-23.848.088
2010
9.413.879,75
5,83%
246.537.086
-4.963.572,3
2011
1.643.427,80
2,43%
296.402.617
4.449.217,97
2012
12.786.742,84
3,44%
329.808.164
1.437.394,31
2009
16.385.141,03
11,69%
312.270.305
-20.111.442
2010
20.282.739,86
6,18%
398.231.040
-4.333.395,6
2011
25.789.958,16
2,45%
464.831.647
14.385.910
2012
28.555.261,20
4,00%
545.529.243
6.720.458,43
2009
5.848.446,13
11,45%
95.581.372
-5.091.204,2
Tahun
NOPAT
WACC
2009
196.570,12
2010
EVA
120
Universitas Sumatera Utara
BEKS
BKSW
BMRI
BNBA
BNGA
BNLI
BTPN
BVIC
INPC
2010
6.346.138,69
7,89%
114.313.176
-2.677.313
2011
7.961.471,15
4,25%
137.390.785
2.116.076,28
2012
8.570.427,78
6,81%
149.854.105
-1.637.282,1
2009
(16.070,80)
7,74%
1.416.989
-125.676,67
2010
134.203,16)
11,58%
1.552.726
-314.086,22
2011
116.317,66
5,58%
5.959.556
-216.420,82
2012
387.237,35
4,67%
7.632.343
31.106,21
2009
86.595,27
5,97%
2.326.919
-52.340.918
2010
37.134,15
2,29%
2.567.382
-21.694.178
2011
60.174,51
2,61%
3.561.091
-32.765.954
2012
147.942,82
4,96%
4.549.859
-77.742.958
2009
17.720.717,45
11,92%
391.454.803
-28.944.119
2010
19.034.089,50
7,87%
446.473.908
-16.113.133
2011
24.962.732,73
2,65%
547.032.002
10.492.972,7
2012
27.795.938,82
2,10%
552.460.962
16.173.144,2
2009
96.075,55
17,31%
2.380.872
-316.055,45
2010
109.165,36
16,22%
2.638.349
-318.673,7
2011
129.809,82
3,86%
2.934.726
166.526.131
2012
149.300,68
4,42%
3.441.078
-29.666.567
2009
5.329.675,20
15,31%
104.420.581
-10.653.818
2010
6.435.021,52
3,93%
140.729.139
906.204.985
2011
8.142.627,14
3,45%
164.741.842
2.460.542,36
2012
9.013.372,69
4,18%
194.269.940
895.727.303
2009
2.510.574,63
9,46%
53.746.412
-2.574.296,7
2010
3.273.181,59
10,41%
71.616.952
-4.185.011,2
2011
4.100.748,96
3,42%
99.445.985
696.601.055
2012
4.540.102,71
3,33%
129.345.574
227.575.644
2009
1.531.656,28
12,21%
22.104.902
-1.166.680,8
2010
2.370.145,60
6,10%
34.257.158
279.060.703
2011
3.636.301,74
5,62%
46.511.289
1.023.343,02
2012
4.544.461,38
4,86%
58.777.332
1.685.794,29
2009
417.005,71
4,58%
7.290.137
833.405.671
2010
599.849,00
14,80%
10.206.332
-910.971,73
2011
693.130,80
4,86%
11.699.396
124.502.346
2012
791.157,08
5,43%
14.145.247
229.316.825
2009
765.872,46
8,84%
14.929.703
-553.945,75
121
Universitas Sumatera Utara
MCOR
MEGA
NISP
PNBN
SDRA
2010
737.248,94
8,06%
16.971.871
-631.428,36
2011
868.595,28
4,29%
19.100.566
499.635.891
2012
1.118.795,34
5,73%
19.805.989
-15.565.017
2009
130.952,71
4,95%
2.783.726
-68.608.401
2010
178.873,74
7,45%
4.322.212
-143.310,7
2011
259.965,99
4,01%
6.427.829
223.241.134
2012
336.700,16
4,22%
6.432.159
652.407.421
2009
2.365.284,00
3,86%
39.289.495
847.716.345
2010
2.698.291,73
2,82%
51.299.387
1.251.803,48
2011
3.312.453,31
4,06%
61.644.376
809.071.252
2012
3.346.703,90
3,24%
70.749.199
1.056.045,59
2009
1.604.380,93
3,84%
36.018.094
222.524.193
2010
1.463.958,49
13,50%
43.738.596
-4.439.260,3
2011
2.198.081,91
2,96%
59.041.137
449.611.532
2012
2.681.709,25
2,84%
78.278.304
456.237.735
2009
4.088.249,28
14,70%
76.560.408
-7.163.006,5
2010
4.381.654,45
7,93%
107.600.609
-4.148.925,1
2011
5.791.827,30
3,53%
124.230.735
1.403.106,97
2012
6.790.120,71
3,52%
148.310.853
1.569.693,94
2009
151.557,67
10,59%
2.388.810
-101.334,09
2010
193.051,24
11,13%
3.230.711
-166.414,41
2011
285.865,66
4,22%
5.073.232
715.819.771
2012
392.667,97
4,12%
7.597.940
800.103.779
Keterangan: NOPAT
= Net Operating Profit After Tax
WACC
= Weighted Average Cost of Capital
EVA
= Economic Value Added
Lampiran 9 Langkah Perhitungan MVA Perusahaan Perbankan Tahun 2009-2012 (dalam Jutaan Rupiah) Kode Perusahaan BABP
2009
Harga Saham 87,92
Jumlah Saham Beredar 5.000.000.000
2010
119,17
2011
127,58
Tahun
500
Market Value Added -60.4
5.486.078.541
548.608
105.168
5.486.078.541
548.608
151.306
Book Value
122
Universitas Sumatera Utara
BACA
BBCA
BBKP
BBNI
BBRI
BDMN
BEKS
BKSW
BMRI
2012
142,42
5.486.078.541
548.608
232.719
2009
3.777,08
4.532.646.624
453.265
16.666.904
2010
5.852,08
4.532.646.624
453.265
26.072.146
2011
7.420,83
4.532.646.624
453.265
33.182.735
2012
7.970,83
4.550.852.657
455.085
35.818.988
2009
3.777,08
24.665.010.000
1.540.938
91.620.778
2010
5.852,08
24.665.010.000
1.540.938
142.800.674
2011
7.420,83
24.665.010.000
1.540.938
181.493.908
2012
7.979,17
24.665.010.000
1.540.938
195.265.370
2009
328,08
5.713.859.028
812.062
1.062.541
2010
592,92
6.154.100.296
826.656
2.822.233
2011
661,67
7.955.034.791
1.006.749
4.256.859
2012
640,83
7.970.061.291
1.008.252
4.099.202
2009
1.545
15.273.940.510
7.789.288
15.808.950
2010
2.072,08
18.648.656.458
9.054.807
29.586.701
2011
3.872,92
18.648.656.458
9.054.807
63.169.948
2012
2.818,75
18.648.656.458
9.054.807
43.511.093
2009
6.281,25
13.329.852.499
6.164.926
77.563.210
2010
9.191,67
24.669.162.000
6.167.291.00
220.583.505
2011
6.158,33
24.669.162.000
6.167.291.00
145.753.549
2012
6.845,83
24.669.162.000
6.167.291.00
162.713.598
2009
3.956,25
8.390.383.116
5.303.992
27.890.461
2010
5.564,58
8.417.125.466
5.317.363
41.520.405
2011
5.502,08
9.584.643.365
5.901.122
46.834.353
2012
5.412,5
9.584.643.365
5.901.122
45.975.760
2009
80
853.750.000
85.375
-17.075
2010
134,92
5.976.250.000
597.625
208.691
2011
137,75
9.258.512.230
925.851
349.509
2012
142,42
10.755.117.153
1.075.512
456.232
2009
693,33
626.523.750
156.631
277.757
2010
830,83
626.523.750
156.631
363.904
2011
703,33
3.561.787.518
890.447
1.614.665
2012
684,17
3.561.787.518
890.447
1.546.421
2009
3.455
20.970.116.804
10.485.058
61.966.696
2010
5.887,5
20.996.494.741
10.498.247
113.118.616
2011
6.783,33
23.333.333.332
11.666.667
146.611.033
123
Universitas Sumatera Utara
BNBA
BNGA
BNLI
BTPN
BVIC
INPC
MCOR
MEGA
NISP
2012
7.533,33
23.333.333.332
11.666.667
164.111.033
2009
104
2.310.000.000
231
9.24
2010
138,08
2.310.000.000
231
87.965
2011
152,67
2.310.000.000
231
121.668
2012
176
2.310.000.000
231
175.56
2009
625,83
23.934.863.660
1.552.420
13.426.736
2010
1.18
23.934.863.660
1.552.420
26.690.719
2011
1.556,67
25.131.606.843
1.612.257
37.509.361
2012
1.173,33
25.131.606.843
1.612.257
27.875.411
2009
645
7.743.125.924
1.300.534
3.693.782
2010
1.424,17
9.033.646.911
1.461.849
11.403.600
2011
1.607,5
9.033.646.911
1.461.849
13.059.738
2012
1.415,83
10.676.128.167
1.667.159
13.448.424
2009
2.280,83
943.936.190
94.394
2.058.564
2010
9.679,17
1.132.723.428
113.272
10.850.551
2011
4.825
5.663.617.140
113.272
27.213.681
2012
4.320,83
5.840.287.257
116.806
25.118.082
2009
114,92
3.846.740.180
384.674
57.393
2010
135,08
4.096.447.315
409.645
143.703
2011
140,58
6.547.670.888
654.767
265.705
2012
126,33
6.604.344.442
660.434
173.893
2009
64,67
8.575.076.227
950.804
-396.25
2010
75,5
8.575.076.227
950.804
-303.39
2011
92,33
8.575.076.227
950.804
-159.07
2012
114,25
8.575.076.227
950.804
28.898
2009
103
2.742.245.170
274.225
8.226
2010
137,92
3.756.875.883
375.688
142.46
2011
149,67
3.756.875.883
375.688
186.604
2012
214,83
4.282.838.507
428.284
491.798
2009
2.687,5
3.181.224.188
1.590.612
6.958.928
2010
2.641,67
3.181.224.188
1.590.612
6.813.133
2011
3.456,25
3.645.956.050
1.822.978
10.778.358
2012
3.360,42
3.645.956.050
1.822.978
10.428.966
2009
756,67
5.814.574.345
726.822
3.672.892
2010
1.210,83
5.814.574.345
726.822
6.313.639
2011
1.24
7.041.942.665
880.243
7.851.766
124
Universitas Sumatera Utara
PNBN
SDRA
2012
1.240,83
8.548.918.395
1.068.615
9.539.139
2009
665,83
24.087.645.998
2.408.765
13.629.512
2010
1.049,17
24.087.645.998
2.408.765
22.863.271
2011
920
24.087.645.998
2.408.765
19.751.869
2012
765
24.087.645.998
2.408.765
16.018.284
2009
165,42
1.637.956.000
163.796
107.155
2010
276,25
2.316.373.000
231.637
408.261
2011
197,25
2.316.373.000
231.637
225.268
2012
468,33
2.316.373.000
231.637
853.19
Lampiran 10 Hasil Pengolahan Data 1.
Uji Normalitas
125
Universitas Sumatera Utara
2.
Uji Autokorelasi
126
Universitas Sumatera Utara
3.
Uji Heteroskedastisitas
127
Universitas Sumatera Utara
4.
Uji Multikolinearitas
5.
Uji F (F-Test)
6.
Uji t (t-Test)
7.
Uji Koefisien Determinasi (R2)
128
Universitas Sumatera Utara
