1 pembelanjaan perusahaan lecture 7a – valuation on debt / bond
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PEMBELANJAAN PEMBELANJAAN PERUSAHAANPERUSAHAAN
PEMBELANJAAN PEMBELANJAAN PERUSAHAANPERUSAHAAN
LECTURE 7a – VALUATION LECTURE 7a – VALUATION ON DEBT / BONDON DEBT / BOND
PP/MB-IPB/10 22
Basic Valuation ModelBasic Valuation Model
V0 = CF1 + CF2 + … + CFn
(1 + k)1 (1 + k)2 (1 + k)n
Where:
V0 = value of the asset at time zero
CFt = cash flow expected at the end of year t
k = appropriate required return (discount rate)
n = relevant time period
PP/MB-IPB/10 33
What is a Bond?What is a Bond?
A bond is a long-term debt instrument that pays the bondholder a specified amount of periodic interest over a specified period of
time.
(note that a bond = debt)
PP/MB-IPB/10 44
General Features of Debt General Features of Debt InstrumentsInstruments
The bond’s principal is the amount borrowed by the
company and the amount owed to the bond holder on the
maturity date.
The bond’s maturity date is the time at which a bond
becomes due and the principal must be repaid.
The bond’s coupon rate is the specified interest rate (or $
amount) that must be periodically paid.
PP/MB-IPB/10
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