Since we already have
the data, now we can analysis for each company using Dupont three part
analysis.
Perusahaan
A
|
2011
|
2010
|
2009
|
ROE
|
0.2749
|
0.4232
|
0.3015
|
Tax
burden
|
0.7494
|
0.8291
|
0.7628
|
Interest
burden
|
1.0659
|
1.0365
|
1.0869
|
EBIT
Margin
|
0.2306
|
0.3913
|
0.2656
|
Asset
Turnover
|
0.6088
|
0.5777
|
0.6949
|
Leverage
|
2.4515
|
2.1790
|
1.9701
|
Perusahaan
B
|
2011
|
2010
|
2009
|
ROE
|
0.3086
|
0.3283
|
0.4113
|
Tax
burden
|
0.7293
|
0.7568
|
0.7360
|
Interest
burden
|
0.9171
|
0.9880
|
1.0044
|
EBIT
Margin
|
0.1448
|
0.1441
|
0.1861
|
Asset
Turnover
|
0.9431
|
1.0711
|
1.1401
|
Leverage
|
3.3779
|
2.8445
|
2.6234
|
Perusahaan
C
|
2011
|
2010
|
2009
|
ROE
|
0.0698
|
0.1205
|
0.2650
|
Tax
burden
|
0.9248
|
0.6977
|
1.2875
|
Interest
burden
|
0.4022
|
0.7919
|
0.6499
|
EBIT
Margin
|
0.0431
|
0.0549
|
0.0610
|
Asset
Turnover
|
1.5369
|
1.5009
|
1.8280
|
Leverage
|
2.8183
|
2.6459
|
2.8398
|
Now we already have the
result of our calculation by using three point Dupont analysis. We can begin
the analsysis by looking at four important part the ROE, EBIT, Asset Turnover,
and Leverage.
ROE
Perusahaan A has strong ROE over 3 years. According resul the range is between 27% - 42%, with
the highgest result is in 2010 with 42.3 %. Perusahaan B’s ROE has range
between 30% - 41%. Perusahaan C has a down trending ROE. In 2009 it was
strong at 26% (above the average). In 2010 it matched the S&P 500 30
year average at around 12%. Then in 2011 it fell well below the average
to 7%.
EBIT
EBIT is one profit
indicator for company so if investor want to know if company is profitabel they
can see the EBIT value of company. If we compare the three company above we can
see that perusahaan A has the strongest EBIT. Perusaaan B also have a strong in
profit margin but they has also a drop in 2011. Perusahaan C is weakest of all
three company, in 2011 the EbIT value is less than a third of perusahaan A.
Asset
Turnover
Perusahaan A is the weakest
of three company in this point but even with low asset turnover they still have
a high value of EBIT so investor would still consider to looking into company.
Perusahaan B has a fairly high asset turnover and quite consitent from year to
year. Perusahaan C is the strongest in this point, their asset turnover is more
than double of that perusahaan A and over 50% higher than perusahaan B. This make up for their low profit
margin.
Leverage
Perusahaan A has the
least amount of leverage of three company. This low amount leverage and high
value of ROE mean that a good portion of return are coming from sales or
because effective management.
Perusahaan B has the
highest leverage this mean that perusahaan B will be more affected during a
downturn but would gain more in bull run. And now, finally we see that perusahaan C for the size
and profit margin, their leverage would be considered high. In one side this
mean that perusahaan C not only face the possibility of being hit hard in a bad
economy and that meaning they do not have brand power to keep the customer and
in other side their leverage hasn’t significantly change.
Source: How to use DuPont Analysis for Financial
Analysis Soft-Drink Example _ The
Financial Intern.htm (dengan
penyesuaiaan)
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