0043_ANALISIS LAPORAN KEUANGAN_121

LMFEUI

The DuPont Model (ROE)

ROE = Net Profit Total Asset : (1- Debt )
Margin X Ratio

Turnover

Net Income X Sales : Total Debt )
Total Assets ( 1-
Sales
Total Assets

Dupont LMFEUI

ROE = Net Income = Net Income × Net Sales
Common Equity Net Sales Common Equity

Sales = Sales × Total Assets
Equity Total Assets Equity

ROE = Net Income × Sales × Total Assets
Sales Total Assets Common Equity

= Profit x Total Asset x Financial

Margin Turnover Leverage

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Dupont LMFEUI

EBIT × Sales = EBIT
Sales Total Assets Total Assets

EBIT − Interest Expense = Net BeforeTax
Total Assets Total Assets Total Assets

Net BeforeTax (NBT)× TotalAssets = Net BeforeTax (NBT)
Total Assets CommonEquity CommonEquity

Net BeforeTax × 100% − IncomeTaxes  = Net Income
CommonEquity Net BeforeTax  CommonEquity

ESaBlIeTs× Sales − InterestExpense × CoTmotmaloAnEssqeutsity×100% − IncomeTaxes  = ROE
Tot Assets Tot Assets  Net BeforeTax 

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Dupont LMFEUI

1. EBIT = Operating Profit Margin
Sales

2. Sales = Total Asset Turnover
Total Assets

3. Interest Expense = Interest Expense Rate
Total Assets

4. Total Assets = Financial Leverage Multiplier
Common Equity

5. 100% − Income Taxes  = Tax Retention Rate
 Net Before Tax 

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LMFEUI

Analisis komponen

Analisis lainnya dapat dilakukan dengan
melihat komponen dari laporan keuangan
secara detail. Misal :

Membandingkan aktiva tetap, persediaan,
piutang dengan perusahaan lain.
Melihat kualitas aktiva perusahaan
Memahami kebijakan akuntansi yang
digunakan untuk melakukan pencatatan
komponen tersebut.

LMFEUI

Intepretasi rasio

Rasio diintepretasikan dengan membandingkan angka
tersebut dengan rata-rata industri, perusahaan lain maupun

rasio perusahaan pada periode sebelumnya.
Akan sangat ideal jika perusahaan memiliki standar yang

mencerminkan kinerja optimal yang dapat diraih atau
kondisi yang diinginkan oleh pemilik perusahaan

Rasio dapat bervariasi sesuai dengan jenis industri, kegiatan
perusahaan, ukuran dan kebijakan akuntansi. Sehingga
sebelum melakukan analisis harus memahami dahulu hal
tersebut.

LMFEUI

Importance of
Relative Financial Ratios

Compare to other entities
Examine a firm’s performance relative to:

The aggregate economy
Its industry or industries
Its major competitors within the industry
Its past performance (time-series analysis)

106

LMFEUI

Comparing to
The Aggregate Economy

Most firms are influenced by economic
expansions and contractions in the business
cycle

Analysis helps you estimate the future
performance of the firm during subsequent
business cycles

107

LMFEUI

Comparing to
A Firm’s Industry

Most popular comparison

Industries affect the firms within them
differently, but the relationship is always
significant

The industry effect is strongest for industries
with homogenous products

Examine the industry’s performance relative to
aggregate economic activity

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LMFEUI

Comparing to
A Firm’s Major Competitors

Industry averages may not be representative

Select a subset of competitors to compare to
using cross-sectional analysis, or

Construct a composite industry average from
industries the firm operates in

109

LMFEUI

Keterbatasan

Penggunaan rasio dipengaruhi oleh kualitas laporan
keuangan.
Besarnya angka-angka dalam laporan keuangan
dipengaruhi oleh metode dan estimasi yang digunakan
dalam menyusun laporan keuangan.
Tidak ada perusahaan yang sama sehingga sulit untuk
menilai secara mutlak baik tidaknya sebuah perusahaan.
Analisa akan sulit dilakukan untuk perusahaan
konglomerat
Analisa dilakukan atas L/K yang merupakan informasi
masa lalu, sehingga tidak memperhitungkan masa
depan.

LMFEUI

Restaurants

Investment in stores and equipment dominate the
other items own or leased
High gross profit margin
High marketing expense
Revenue from franchise revenue regognition
Impact on interest and inflation to consumer
spending

111

LMFEUI

Agriculture

Dominant asset are fixed asset or inventory
Harvest plant or
Non Harvest plant

Review the recognition of revenue and expenses
Some asset are deferred charges
Nonfinancial information

Location
Number of area
Types of agriculture

112

LMFEUI

Utilities

Significant asset in property, plant and equipment
Regulated industry – separate revenue from
regulated businesses
Some assets are deferred expenses
Sometimes, assets are presented in reverse order
Small inventories and receivables
Small turnover ratio

113

LMFEUI

Insurance

Unclassified balance sheet
Regulated by ministry of finance related to
investment
Investment dominant assets – review the risk of
investment
Small component of current asset and current
liability
Deep analysis in expense recognition

114

LMFEUI

Financial Institution

Banking, multifinance and other financial
institution
Unclassified balance sheet
Credit is dominant asset
Review the sources of credit
Review the regulation requirements

115

LMFEUI

Construction

Asset dominant: equipment and claim to the
customer
Review the collection period
Review the revenue recognition percentage of
completion or completion method
Gross profit margin relative small
Nonfinancial data:

Type of product infrastructure or building
Major customer government or private

116

LMFEUI

Real estate

Asset dominant inventory : building unsold
Review the quality of inventory
Gross margin small
Review the sales mechanism cash or credit
(finance company or manage by the company)
Higher volatility in changes macroeconomic
Non financial data :

Location
Number of area
Types of product

117

LMFEUI

Property

Property investment is dominant asset – building,
apartment
Nonfinancial information location, square feet,
types
Revenue form rent
Dominant expenses are depreciation and
maintenance cost
Review the major source of fund
Check the collateral of existing debt

118

LMFEUI

Main Refernces

Business Analysis and Valuation Using Financial Statements
ninth edition by, Krishna G. Palepu, Victor L. Bernard, and Paul
M. Healy

Financial Statement Reporting and Analysis
third edition by Wild, Subramanyam, Hasley,

Financial Statement Analysis, A Global Perspective
international edition by Thomas R. Robinson, Paul Munter and
Julia Grant

Investment Analysis and Portfolio Management
Seventh Edition by Frank K. Reilly & Keith C. Brown

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