Marriot Case

In: Business and Management

Submitted By bhaany
Words 1406
Pages 6
2. Cost of capital of Marriott

Cost of Capital Marriott dapat dihitung dengan perhitungan WACC, yaitu:

WACC=(1-t)*Rd*Wd + Re*We

Re, atau cost of equity dapat dihitung dengan rumus :


Rf atau risk free rate-nya dapat kami ambil dari exhibit 4 untuk long-term US Government Bond untuk tahun 1987 sebesar -2.69% (karena kami melakukan perhitungan untuk perusahaan Marriott, dengan asumsi untuk jangka panjang, maka kami menggunakan rate yang long-term)

Untuk Market Portfolio Rate-nya (Rm) kami pakai rate-nya SP500 untuk tahun 1926-1987 sebesar 12.01%

Dari soal kami ketahui Beta Levered Marriott adalah 0.97. Tetapi ini adalah beta untuk tahun 1986-1987 dengan komposisi struktur kapital yang berbeda dengan yang diinginkan (debt sebesar 60%). Dari exhibit 1, kami ketahui debt untuk tahun 1987 adalah 41% dari keseluruhan kapital. Untuk mendapatkan beta levered dengan komposisi struktur kapital yang berbeda, kami menggunakan rumus Hamada.


Bl=0,97; tax=0.34; D=2.498,8(juta dollar), E=$30*118,8million shares=3.564(juta dollar)

Bu (beta unlevered)=0,66

Dari beta unlevered ini kami gunakan untuk perhitungan beta dengan komposisi struktur kapital debt 60%.


D=0,6; E=0,4 maka didapatkan Beta Levered untuk Marriot adalah 1,32

Dengan demikian kami dapatkan CAPM, CAPM=Rf+b(Rm-Rf) sebesar 0,167

Rd, cost of debt didapatkan dengan menggunakan US government interest rate pada tahun 1988 untuk jangka maturity sebesar 30 tahun (kami asumsikan ini sesuai dengan going-concernnya Marriott) sebesar 8.95% dan tebarannya di atas Rate Premium pemerintah US sebesar 1.30%, maka kami dapatkan Cost Of Debt sebesar 8.95%+1.30%=10.25%. Dalam perhitungan ini kami juga mengasumsikan untuk tidak menggunakan perhitungan Floating Rate untuk debt.

Tax yang digunakan adalah 34%, komposisi debt sebesar 60% dan…...

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