LAMPIRAN - 2

PROYEKSI SEWA TANAH

favehotel Umalas
Jl. Raya Petitenget 7, Umalas, Bali, Indonesia
2018 2019 2020 2021 2022 2023 2024 2025 2026
Deskripsi
1 2 3 4 5 6 7 8 9
Mulai Berakhir
HGB 237 2,300 I Made Pugeg 24-Apr-08 24-Apr-38
HGB 238 1,950 I Made Suetja 24-Apr-08 24-Apr-38
HGB 239 2,050 I Made Gde Suwirka 24-Apr-08 24-Apr-38
6,300
Sewa tanah per m2 5% Rp 165 Rp 173 Rp 182 Rp 182 Rp 191 Rp 191 Rp 201 Rp 201 Rp 211
LAMPIRAN - 1
PROYEKSI PENDAPATAN

favehotel Umalas
Jl. Raya Petitenget 7, Umalas, Bali, Indonesia 504.5 504.75 505 505.25 505.5 505.75 506 506.25 506.5
2018 2019 2020 2021 2022 2023 2024 2025 2026
Asumsi
1 2 3 4 5 6 7 8 9

Kamar
Standard Room 54 54 54 54 54 54 54 54 54
Pool & Rice Field view Room 47 47 47 47 47 47 47 47 47
Superior Room 18 18 18 18 18 18 18 18 18
Jumlah kamar (Total rooms) 119 119 119 119 119 119 119 119 119

Jumlah Time Share Unit 14 14 14 14 14 14 14 14 14

Jumlah hari hak pemilik Time Share menggunakan kamar per tahun 21 21 21 21 21 21 21 21 21
Jumlah total hari hak pemilik time share 294 294 294 294 294 294 294 294 294

Jumlah hari (Number of days in period) 365 365 366 365 365 365 366 365 365
Total kamar yang tersedia (Total rooms available) 43,435 43,435 43,554 43,435 43,435 43,435 43,554 43,435 43,435
Occupancy 65% 65% 65% 65% 65% 65% 65% 65% 65%
Total kamar terisi (Total rooms occupied) 28,233 28,233 28,310 28,233 28,233 28,233 28,310 28,233 28,233
Total pemilik Time share menginap 294 294 294 294 294 294 294 294 294
Total paid rooms occupied 27,939 27,939 28,016 27,939 27,939 27,939 28,016 27,939 27,939
Average room rate (x Rp 1.000) 7% 230.00 246.10 263.33 281.76 301.48 322.59 345.17 369.33 395.18
Room revenue 6,425,913 6,875,726 7,377,396 7,872,019 8,423,060 9,012,675 9,670,261 10,318,611 11,040,914
LAMPIRAN - 2
DISCOUNTED CASH FLOW (DCF)

favehotel Umalas
Jl. Raya Petitenget 7, Umalas, Bali, Indonesia x Rp.1000,-
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Keterangan
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

PENDAPATAN (REVENUE)
- Kamar (Rooms) Rp 6,425,913 Rp 6,875,726 Rp 7,377,396 Rp 7,872,019 Rp 8,423,060 Rp 9,012,675 Rp 9,670,261 Rp 10,318,611 Rp 11,040,914 Rp 11,813,778 Rp 12,675,739 Rp 13,525,594 Rp 14,472,386 Rp 15,485,453 Rp 16,615,308 Rp 17,729,295 Rp 18,970,346 Rp 20,267,756 Rp 22,007,831 Rp 23,484,039 Rp 7,848,173
- Makanan dan Minuman (Food & Beverages) 35% Rp 2,249,069 Rp 2,406,504 Rp 2,582,088 Rp 2,755,207 Rp 2,948,071 Rp 3,154,436 Rp 3,384,591 Rp 3,611,514 Rp 3,864,320 Rp 4,134,822 Rp 4,436,509 Rp 4,733,958 Rp 5,065,335 Rp 5,419,909 Rp 5,815,358 Rp 6,205,253 Rp 6,639,621 Rp 7,093,715 Rp 7,702,741 Rp 8,219,414 Rp 2,746,860
- Pendapatan Lainnya (Other revenue) 5.0% Rp 321,296 Rp 343,786 Rp 368,870 Rp 393,601 Rp 421,153 Rp 450,634 Rp 483,513 Rp 515,931 Rp 552,046 Rp 590,689 Rp 633,787 Rp 676,280 Rp 723,619 Rp 774,273 Rp 830,765 Rp 886,465 Rp 948,517 Rp 1,013,388 Rp 1,100,392 Rp 1,174,202 Rp 392,409
TOTAL PENDAPATAN (TOTAL REVENUE) Rp 8,996,278 Rp 9,626,017 Rp 10,328,354 Rp 11,020,827 Rp 11,792,285 Rp 12,617,745 Rp 13,538,365 Rp 14,446,056 Rp 15,457,280 Rp 16,539,289 Rp 17,746,035 Rp 18,935,832 Rp 20,261,341 Rp 21,679,634 Rp 23,261,432 Rp 24,821,013 Rp 26,558,484 Rp 28,374,858 Rp 30,810,963 Rp 32,877,655 Rp 10,987,442

PENGELUARAN (EXPENDITURES)
Harga Pokok Pendapatan (Cost of Sales)
- Kamar (Rooms) 25.0% Rp 1,606,478 Rp 1,718,932 Rp 1,844,349 Rp 1,968,005 Rp 2,105,765 Rp 2,253,169 Rp 2,417,565 Rp 2,579,653 Rp 2,760,229 Rp 2,953,445 Rp 3,168,935 Rp 3,381,399 Rp 3,618,097 Rp 3,871,363 Rp 4,153,827 Rp 4,432,324 Rp 4,742,586 Rp 5,066,939 Rp 5,501,958 Rp 5,871,010 Rp 1,962,043
- Makanan dan Minuman (Food & Beverages) 70.0% Rp 1,574,349 Rp 1,684,553 Rp 1,807,462 Rp 1,928,645 Rp 2,063,650 Rp 2,208,105 Rp 2,369,214 Rp 2,528,060 Rp 2,705,024 Rp 2,894,376 Rp 3,105,556 Rp 3,313,771 Rp 3,545,735 Rp 3,793,936 Rp 4,070,751 Rp 4,343,677 Rp 4,647,735 Rp 4,965,600 Rp 5,391,919 Rp 5,753,590 Rp 1,922,802
- Departemen lainnya (Other Operated Department) 50.0% Rp 160,648 Rp 171,893 Rp 184,435 Rp 196,800 Rp 210,577 Rp 225,317 Rp 241,757 Rp 257,965 Rp 276,023 Rp 295,344 Rp 316,893 Rp 338,140 Rp 361,810 Rp 387,136 Rp 415,383 Rp 443,232 Rp 474,259 Rp 506,694 Rp 550,196 Rp 587,101 Rp 196,204
Harga Pokok Pendapatan (Cost of Sales) Rp 3,341,475 Rp 3,575,378 Rp 3,836,246 Rp 4,093,450 Rp 4,379,991 Rp 4,686,591 Rp 5,028,536 Rp 5,365,678 Rp 5,741,275 Rp 6,143,165 Rp 6,591,384 Rp 7,033,309 Rp 7,525,641 Rp 8,052,436 Rp 8,639,960 Rp 9,219,234 Rp 9,864,580 Rp 10,539,233 Rp 11,444,072 Rp 12,211,700 Rp 4,081,050
Beban Tidak Terdistribusi (Undistributed Expenses)
- Beban Penjualan dan Pemasaran (Sales & Marketing) 5.0% Rp 449,814 Rp 481,301 Rp 516,418 Rp 551,041 Rp 589,614 Rp 630,887 Rp 676,918 Rp 722,303 Rp 772,864 Rp 826,964 Rp 887,302 Rp 946,792 Rp 1,013,067 Rp 1,083,982 Rp 1,163,072 Rp 1,241,051 Rp 1,327,924 Rp 1,418,743 Rp 1,540,548 Rp 1,643,883 Rp 549,372
- Beban Umum dan Adminstrasi (General & Admin) 15.0% Rp 1,349,442 Rp 1,443,903 Rp 1,549,253 Rp 1,653,124 Rp 1,768,843 Rp 1,892,662 Rp 2,030,755 Rp 2,166,908 Rp 2,318,592 Rp 2,480,893 Rp 2,661,905 Rp 2,840,375 Rp 3,039,201 Rp 3,251,945 Rp 3,489,215 Rp 3,723,152 Rp 3,983,773 Rp 4,256,229 Rp 4,621,644 Rp 4,931,648 Rp 1,648,116
- Beban Pemeliharaan dan Energy (Property Maintenance & Energy) 12.0% Rp 1,079,553 Rp 1,155,122 Rp 1,239,402 Rp 1,322,499 Rp 1,415,074 Rp 1,514,129 Rp 1,624,604 Rp 1,733,527 Rp 1,854,874 Rp 1,984,715 Rp 2,129,524 Rp 2,272,300 Rp 2,431,361 Rp 2,601,556 Rp 2,791,372 Rp 2,978,522 Rp 3,187,018 Rp 3,404,983 Rp 3,697,316 Rp 3,945,319 Rp 1,318,493
- Beban Personalia 5.0% Rp 449,814 Rp 481,301 Rp 516,418 Rp 551,041 Rp 589,614 Rp 630,887 Rp 676,918 Rp 722,303 Rp 772,864 Rp 826,964 Rp 887,302 Rp 946,792 Rp 1,013,067 Rp 1,083,982 Rp 1,163,072 Rp 1,241,051 Rp 1,327,924 Rp 1,418,743 Rp 1,540,548 Rp 1,643,883 Rp 549,372
- Marketing & Operating Fees untuk Manajemen (Management Fee) 5.0% Rp 449,814 Rp 481,301 Rp 516,418 Rp 551,041 Rp 589,614 Rp 630,887 Rp 676,918 Rp 722,303 Rp 772,864 Rp 826,964 Rp 887,302 Rp 946,792 Rp 1,013,067 Rp 1,083,982 Rp 1,163,072 Rp 1,241,051 Rp 1,327,924 Rp 1,418,743 Rp 1,540,548 Rp 1,643,883 Rp 549,372
- Pajak Property (Property Taxes) 10.0% Rp 88,609 Rp 88,609 Rp 97,470 Rp 97,470 Rp 107,217 Rp 107,217 Rp 117,939 Rp 117,939 Rp 129,733 Rp 129,733 Rp 142,706 Rp 142,706 Rp 156,977 Rp 156,977 Rp 172,674 Rp 172,674 Rp 189,942 Rp 189,942 Rp 208,936 Rp 208,936 Rp 229,829
- Asuransi Property (Insurance) Rp 133,006 Rp 130,291 Rp 127,577 Rp 124,862 Rp 122,148 Rp 119,434 Rp 116,719 Rp 114,005 Rp 111,290 Rp 108,576 Rp 105,862 Rp 103,147 Rp 100,433 Rp 97,718 Rp 95,004 Rp 92,290 Rp 89,575 Rp 86,861 Rp 84,146 Rp 81,432 Rp 78,718
- Cadangan Penggantian (Reserve for Replacement) 1.5% Rp 134,944 Rp 144,390 Rp 154,925 Rp 165,312 Rp 176,884 Rp 189,266 Rp 203,075 Rp 216,691 Rp 231,859 Rp 248,089 Rp 266,191 Rp 284,037 Rp 303,920 Rp 325,195 Rp 348,921 Rp 372,315 Rp 398,377 Rp 425,623 Rp 462,164 Rp 493,165 Rp 164,812
Beban Tidak Terdistribusi (Undistributed Expenses) Rp 4,134,995 Rp 4,406,218 Rp 4,717,881 Rp 5,016,392 Rp 5,359,009 Rp 5,715,370 Rp 6,123,847 Rp 6,515,978 Rp 6,964,940 Rp 7,432,900 Rp 7,968,093 Rp 8,482,940 Rp 9,071,092 Rp 9,685,336 Rp 10,386,401 Rp 11,062,105 Rp 11,832,458 Rp 12,619,866 Rp 13,695,851 Rp 14,592,148 Rp 5,088,084
TOTAL PENGELUARAN (TOTAL EXPENDITURES) Rp 7,476,470 Rp 7,981,595 Rp 8,554,126 Rp 9,109,842 Rp 9,739,000 Rp 10,401,960 Rp 11,152,382 Rp 11,881,656 Rp 12,706,215 Rp 13,576,064 Rp 14,559,477 Rp 15,516,249 Rp 16,596,733 Rp 17,737,772 Rp 19,026,361 Rp 20,281,338 Rp 21,697,037 Rp 23,159,099 Rp 25,139,923 Rp 26,803,848 Rp 9,169,134
NET OPERATING INCOME (NOI) Rp 1,519,808 Rp 1,644,421 Rp 1,774,227 Rp 1,910,985 Rp 2,053,284 Rp 2,215,784 Rp 2,385,983 Rp 2,564,400 Rp 2,751,065 Rp 2,963,225 Rp 3,186,558 Rp 3,419,583 Rp 3,664,607 Rp 3,941,863 Rp 4,235,070 Rp 4,539,675 Rp 4,861,447 Rp 5,215,759 Rp 5,671,040 Rp 6,073,807 Rp 1,818,308
- Insentive Fee untuk Manajemen (Management Fee) 5.0% Rp 75,990 Rp 82,221 Rp 88,711 Rp 95,549 Rp 102,664 Rp 110,789 Rp 119,299 Rp 128,220 Rp 137,553 Rp 148,161 Rp 159,328 Rp 170,979 Rp 183,230 Rp 197,093 Rp 211,754 Rp 226,984 Rp 243,072 Rp 260,788 Rp 283,552 Rp 303,690 Rp 90,915
- Pembagian Keuntungan Pemilik Unit Time Share 1 Rp 377,995 Rp 404,454 Rp 433,964 Rp 463,060 Rp 495,474 Rp 530,157 Rp 568,839 Rp 606,977 Rp 649,466 Rp 694,928 Rp 745,632 Rp 795,623 Rp 851,317 Rp 910,909 Rp 977,371 Rp 1,042,900 Rp 1,115,903 Rp 1,362,538 Rp - Rp - Rp -
NOI setelah Insentif Manajemen dan Pembagian Keuntungan Rp 1,065,822 Rp 1,157,746 Rp 1,251,551 Rp 1,352,376 Rp 1,455,146 Rp 1,574,838 Rp 1,697,845 Rp 1,829,203 Rp 1,964,046 Rp 2,120,136 Rp 2,281,598 Rp 2,452,981 Rp 2,630,060 Rp 2,833,861 Rp 3,045,946 Rp 3,269,792 Rp 3,502,472 Rp 3,592,433 Rp 5,387,488 Rp 5,770,116 Rp 1,727,392

- Pendapatan dari Penyewaan Ruko (Pendapatan diluar manajemen Hotel) 5.0% Rp 1,300,000 Rp 1,365,000 Rp 1,433,250 Rp 1,504,913 Rp 1,580,158 Rp 1,659,166 Rp 1,742,124 Rp 1,829,231 Rp 1,920,692 Rp 2,016,727 Rp 2,117,563 Rp 2,223,441 Rp 2,334,613 Rp 2,451,344 Rp 2,573,911 Rp 2,702,607 Rp 2,837,737 Rp 2,979,624 Rp 3,128,605 Rp 3,285,035 Rp 3,449,287
NOI setelah Insentif Manajemen dan Pembagian Keuntungan di tambah pendapatan dari sewa Ruko Rp 2,365,822 Rp 2,522,746 Rp 2,684,801 Rp 2,857,288 Rp 3,035,304 Rp 3,234,004 Rp 3,439,969 Rp 3,658,433 Rp 3,884,738 Rp 4,136,862 Rp 4,399,161 Rp 4,676,422 Rp 4,964,673 Rp 5,285,205 Rp 5,619,857 Rp 5,972,398 Rp 6,340,209 Rp 6,572,057 Rp 8,516,093 Rp 9,055,152 Rp 5,176,679

Discount Rate 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09% 12.09%
Discount Factor 0.8921 0.7959 0.7100 0.6335 0.5651 0.5042 0.4498 0.4013 0.3580 0.3194 0.2849 0.2542 0.2268 0.2023 0.1805 0.1610 0.1436 0.1282 0.1143 0.1020 0.0910
PV NOI 2,110,626 2,007,852 1,906,336 1,809,966 1,715,330 1,630,479 1,547,242 1,468,007 1,390,669 1,321,181 1,253,401 1,188,675 1,125,820 1,069,226 1,014,290 961,645 910,749 842,220 973,629 923,587 471,045
Total Present Value Rp 27,641,974
Total Nilai Properti Rp 27,642,000
 RESUME PENILAIAN
Klien : PT. Seminyak Bali Jaya Kondotel dan Property
Tanggal Inspeksi : 19 Februari 2018 sampai dengan 21 Februari 2018
Tanggal Penilaian : 31 Desember 2017
Pendekatan Penilaian : Pendekatan Pendapatan
Alamat Properti : favehotel Umalas Jalan Petitenget No. 7, Kelurahan Kerobokan Kelod,
Kecamatan Kuta Utara, Kabupaten Badung, Provinsi Bali

Luas
No. Uraian Indikasi Nilai Pasar
(m²)
1. Hotel Bintang 2 dan Shopping Arcades (Ruko) Rp 27,642,000,000
Jumlah kamar : 119 unit
Luas tanah 6,300
Luas Bangunan 5,723

2. Kelebihan tanah di bagian belakang (Excess land) 2,040 Rp 4,486,000,000

Total Rp 32,128,000,000

Note
- Alas Hak tanah : HGB di atas HM
- Status tanah : Sewa, dengan sisa masa sewa tanah 21 tahun
- Sewa tanah berakhir : 24 April 2038
Market Positioning of fave hotel
COMPARABLE DATA
Service Charge
Hotel Star Area (Sqm) Occupancy Rate Base Rent (USD) Base Rent (Rp)
(USD)
#REF! *** #REF!
#REF! **** #REF!
#REF! ** #REF!

Fave Hotel Umalas ***

SCORING
Building
Hotel Location Facilty Number of Rooms Building Design Type of Rooms Operator
Maintenance
#REF! 4.0 3.5 3.5 3.5 3.5 3.5 3.5
#REF! 4.5 4.5 3.0 4.0 4.0 4.0 4.0
#REF! 3.5 3.0 4.0 3.0 3.0 3.5 3.0

Fave Hotel Umalas 3.0 3.5 4.0 3.5 3.5 3.5 3.5

RESULT OF MARKET POSITIONING

Building
Hotel Location Facilty Number of Rooms Building Design Type of Rooms Operator
Maintenance
Correlation #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Weight #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Fave Hotel Umalas #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Mean #REF!
Standard Deviasi #REF!

Max Average Min

Rental Rate #REF! #REF! #REF!
#REF! #REF! Market Positioning
#REF!
Hotel Rating #REF! 5
#REF! #REF! #REF! 4.5
#REF! #REF!
4
#REF! #REF!
Fave Hotel Umalas #REF! 3.5
3
2.5
#REF!
2
1.5
1
4.5
4
3.5
3
2.5
#REF!
2
1.5
1
0.5
0
0.5 1 1.5 2 2.5 3 3.5 4 4.5
 Rental
Rate/Sqm
#REF!
#REF!
#REF!
-
#REF!

Rental
Rate/Sqm
#REF!
#REF!

#REF!
#REF!
#REF!

#REF!

ing

#REF!
 #REF!

3.5 4 4.5
Market Positioning of fave hotel
COMPARABLE DATA
Service Charge
Hotel Star Area (Sqm) Occupancy Rate Base Rent (USD) Base Rent (Rp)
(USD)
#REF! *** #REF!
#REF! **** #REF!
#REF! ** #REF!

Fave Hotel Umalas ***

SCORING
Building
Hotel Location Facilty Number of Rooms Building Design Type of Rooms Operator
Maintenance
#REF! 4.0 3.5 3.5 3.5 3.5 3.5 3.5
#REF! 4.5 4.5 3.0 4.0 4.0 4.0 4.0
#REF! 3.5 3.0 4.0 3.0 3.0 3.5 3.0
0.0 0.0
Fave Hotel Umalas 3.0 3.5 4.0 3.5 3.5 3.5 3.5

RESULT OF MARKET POSITIONING

Building
Hotel Location Facilty Number of Rooms Building Design Type of Rooms Operator
Maintenance
Correlation #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Weight #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF!
Fave Hotel Umalas #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Mean #REF!
Standard Deviasi #REF!

Max Average Min

Rental Rate #REF! #REF! #REF!
#REF! #REF! Market Positioning
#REF!
Hotel Rating #REF! 5
#REF! #REF! #REF! 4.5
#REF! #REF!
4
#REF! #REF!
Fave Hotel Umalas #REF! 3.5
3
2.5
#REF!
2
1.5
1
4.5
4
3.5
3
2.5
#REF!
2
1.5
1
0.5
0
0.5 1 1.5 2 2.5 3 3.5 4 4.5
 Rental
Rate/Sqm
#REF!
#REF!
#REF!
-
#REF!

Rental
Rate/Sqm
#REF!
#REF!

#REF!
#REF!
#REF!
#REF!
#REF!

ing

#REF!
 #REF!

3.5 4 4.5
Country and Equity Risk Premiums
Date of update: Januari 2021
Enter the current risk premium for a mature equity market
Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)

Country Africa Moody's rating Rating-based Default Spread

Abu Dhabi Middle East Aa2 0.44%
Albania Eastern Europe & Russia B1 3.98%
Andorra (Principality of) Western Europe Caa1 6.63%
Angola Africa Caa1 6.63%
Argentina Central and South America Ca 10.60%
Armenia Eastern Europe & Russia Ba3 3.18%
Aruba Caribbean Baa1 1.41%
Australia Australia & New Zealand Aaa 0.00%
Austria Western Europe Aa1 0.35%
Azerbaijan Eastern Europe & Russia Ba2 2.65%
Bahamas Caribbean Ba2 2.65%
Bahrain Middle East B2 4.86%
Bangladesh Asia Ba3 3.18%
Barbados Caribbean Caa1 6.63%
Belarus Eastern Europe & Russia B3 5.75%
Belgium Western Europe Aa3 0.53%
Belize Central and South America Caa3 8.83%
Benin Africa B2 4.86%
Bermuda Caribbean A2 0.75%
Bolivia Central and South America B2 4.86%
Bosnia and Herzegovina Eastern Europe & Russia B3 5.75%
Botswana Africa A2 0.75%
Brazil Central and South America Ba2 2.65%
Bulgaria Eastern Europe & Russia Baa1 1.41%
Burkina Faso Africa B2 4.86%
Cambodia Asia B2 4.86%
Cameroon Africa B2 4.86%
Canada North America Aaa 0.00%
Cape Verde Africa B2 4.86%
Cayman Islands Caribbean Aa3 0.53%
Chile Central and South America A1 0.62%
China Asia A1 0.62%
Colombia Central and South America Baa2 1.68%
Congo (Democratic Republic of) Africa Caa1 6.63%
Congo (Republic of) Africa Caa2 7.96%
Cook Islands Australia & New Zealand B1 3.98%
Costa Rica Central and South America B2 4.86%
Côte d'Ivoire Africa Ba3 3.18%
Croatia Eastern Europe & Russia Ba1 2.21%
Cuba Caribbean Caa2 7.96%
Curacao Caribbean A3 1.06%
Cyprus Western Europe Ba2 2.65%
Czech Republic Eastern Europe & Russia Aa3 0.53%
Denmark Western Europe Aaa 0.00%
Dominican Republic Caribbean Ba3 3.18%
Ecuador Central and South America Caa3 8.83%
Egypt Africa B2 4.86%
El Salvador Central and South America B3 5.75%
Estonia Eastern Europe & Russia A1 0.62%
Ethiopia Africa B2 4.86%
Fiji Asia Ba3 3.18%
Finland Western Europe Aa1 0.35%
France Western Europe Aa2 0.44%
Gabon Africa Caa1 6.63%
Georgia Eastern Europe & Russia Ba2 2.65%
Germany Western Europe Aaa 0.00%
Ghana Africa B3 5.75%
Greece Western Europe Ba3 3.18%
Guatemala Central and South America Ba1 2.21%
Guernsey (States of) Western Europe Aaa 0.00%
Honduras Central and South America B1 3.98%
Hong Kong Asia Aa3 0.53%
Hungary Eastern Europe & Russia Baa3 1.95%
Iceland Western Europe A2 0.75%
India Asia Baa3 1.95%
Indonesia Asia Baa2 1.68%
Iraq Middle East Caa1 6.63%
Ireland Western Europe A2 0.75%
Isle of Man Western Europe Aa3 0.53%
Israel Middle East A1 0.62%
Italy Western Europe Baa3 1.95%
Jamaica Caribbean B2 4.86%
Japan Asia A1 0.62%
Jersey (States of) Western Europe Aaa 0.00%
Jordan Middle East B1 3.98%
Kazakhstan Eastern Europe & Russia Baa3 1.95%
Kenya Africa B2 4.86%
Korea Asia Aa2 0.44%
Kuwait Middle East A1 0.62%
Kyrgyzstan Eastern Europe & Russia B2 4.86%
Laos Asia Caa2 7.96%
Latvia Eastern Europe & Russia A3 1.06%
Lebanon Middle East C 17.50%
Liechtenstein Western Europe Aaa 0.00%
Lithuania Eastern Europe & Russia A3 1.06%
Luxembourg Western Europe Aaa 0.00%
Macao Asia Aa3 0.53%
Macedonia Eastern Europe & Russia Ba3 3.18%
Malaysia Asia A3 1.06%
Maldives Asia B3 5.75%
Mali Africa Caa1 6.63%
Malta Western Europe A2 0.75%
Mauritius Africa Baa1 1.41%
Mexico Central and South America Baa1 1.41%
Moldova Eastern Europe & Russia B3 5.75%
Mongolia Asia B3 5.75%
Montenegro Eastern Europe & Russia B1 3.98%
Montserrat Caribbean Baa3 1.95%
Morocco Africa Ba1 2.21%
Mozambique Africa Caa2 7.96%
Namibia Africa Ba3 3.18%
Netherlands Western Europe Aaa 0.00%
New Zealand Australia & New Zealand Aaa 0.00%
Nicaragua Central and South America B3 5.75%
Niger Africa B3 5.75%
Nigeria Africa B2 4.86%
Norway Western Europe Aaa 0.00%
Oman Middle East Ba3 3.18%
Pakistan Asia B3 5.75%
Panama Central and South America Baa1 1.41%
Papua New Guinea Asia B2 4.86%
Paraguay Central and South America Ba1 2.21%
Peru Central and South America A3 1.06%
Philippines Asia Baa2 1.68%
Poland Eastern Europe & Russia A2 0.75%
Portugal Western Europe Baa3 1.95%
Qatar Middle East Aa3 0.53%
Ras Al Khaimah (Emirate of) Middle East Aaa 0.00%
Romania Eastern Europe & Russia Baa3 1.95%
Russia Eastern Europe & Russia Baa3 1.95%
Rwanda Africa B2 4.86%
Saudi Arabia Middle East A1 0.62%
Senegal Africa Ba3 3.18%
Serbia Eastern Europe & Russia Ba3 3.18%
Sharjah Middle East Baa2 1.68%
Singapore Asia Aaa 0.00%
Slovakia Eastern Europe & Russia A2 0.75%
Slovenia Eastern Europe & Russia A3 1.06%
Solomon Islands Asia B3 5.75%
South Africa Africa Ba2 2.65%
Spain Western Europe Baa1 1.41%
Sri Lanka Asia Caa1 6.63%
St. Maarten Caribbean Baa3 1.95%
St. Vincent & the Grenadines Caribbean B3 5.75%
Suriname Central and South America Caa3 8.83%
Swaziland Africa B3 5.75%
Sweden Western Europe Aaa 0.00%
Switzerland Western Europe Aaa 0.00%
Taiwan Asia Aa3 0.53%
Tajikistan Eastern Europe & Russia B3 5.75%
Tanzania Africa B2 4.86%
Thailand Asia Baa1 1.41%
Togo Africa B3 5.75%
Trinidad and Tobago Caribbean Ba1 2.21%
Tunisia Africa B2 4.86%
Turkey Western Europe B2 4.86%
Turks and Caicos Islands Caribbean Baa1 1.41%
Uganda Africa B2 4.86%
Ukraine Eastern Europe & Russia B3 5.75%
United Arab Emirates Middle East Aa2 0.44%
United Kingdom Western Europe Aa3 0.53%
United States North America Aaa 0.00%
Uruguay Central and South America Baa2 1.68%
Uzbekistan Eastern Europe & Russia B1 3.98%
Venezuela Central and South America C 17.50%
Vietnam Asia Ba3 3.18%
Zambia Africa Ca 10.60%
Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP
Algeria 57.25 13.44% 8.72%
Brunei 80 5.54% 0.82%
Gambia 63.75 11.02% 6.30%
Guinea 53.5 16.34% 11.62%
Guinea-Bissau 62 11.98% 7.26%
Guyana 65.75 10.05% 5.33%
Haiti 52.75 16.34% 11.62%
Iran 59.25 13.44% 8.72%
Korea, D.P.R. 50.75 16.34% 11.62%
Liberia 53.5 16.34% 11.62%
Libya 58.25 13.44% 8.72%
Madagascar 63.25 11.02% 6.30%
Malawi 58.75 13.44% 8.72%
Myanmar 63.75 11.02% 6.30%
Sierra Leone 58.75 13.44% 8.72%
Somalia 50.5 16.34% 11.62%
Sudan 38.25 23.90% 19.18%
Syria 47 23.90% 19.18%
Yemen, Republic 50 23.90% 19.18%
Zimbabwe 52.25 16.34% 11.62%

Rating Default spread in basis points

A1 62
A2 75
A3 106
Aa1 35
Aa2 44
Aa3 53
Aaa 0
B1 398
B2 486
B3 575
Ba1 221
Ba2 265
Ba3 318
Baa1 141
Baa2 168
Baa3 195
C 1750
Ca 1060
Caa1 663
Caa2 796
Caa3 883
NR NA
 4.72% Updated January 1, 2021
Yes
1.10 Updated January 1, 2021

Sovereign CDS, net of

Total Equity Risk PremiumCountry Risk Premium US Total Equity Risk Premium2
Country Risk Premium3Has to be sorted in ascending orde
5.20% 0.48% 0.46% 5.22% 0.50% Rating
9.08% 4.36% NA NA NA A1
11.98% 7.26% NA NA NA A2
11.98% 7.26% 7.27% 12.69% 7.97% A3
16.34% 11.62% NA NA NA Aa1
8.21% 3.49% NA NA NA Aa2
6.27% 1.55% NA NA NA Aa3
4.72% 0.00% 0.00% 4.72% 0.00% Aaa
5.10% 0.38% 0.00% 4.72% 0.00% B1
7.63% 2.91% NA NA NA B2
7.63% 2.91% NA NA NA B3
10.05% 5.33% 2.95% 7.95% 3.23% Ba1
8.21% 3.49% NA NA NA Ba2
11.98% 7.26% NA NA NA Ba3
11.02% 6.30% NA NA NA Baa1
5.31% 0.59% 0.04% 4.76% 0.04% Baa2
14.40% 9.68% NA NA NA Baa3
10.05% 5.33% NA NA NA C
5.54% 0.82% NA NA NA Ca
10.05% 5.33% NA NA NA Caa1
11.02% 6.30% NA NA NA Caa2
5.54% 0.82% NA NA NA Caa3
7.63% 2.91% 1.92% 6.82% 2.10% NR
 6.27% 1.55% 0.47% 5.24% 0.52%
10.05% 5.33% NA NA NA
10.05% 5.33% NA NA NA
10.05% 5.33% 5.64% 10.90% 6.18%
4.72% 0.00% 0.19% 4.93% 0.21%
10.05% 5.33% NA NA NA
5.31% 0.59% NA NA NA
5.40% 0.68% 0.67% 5.45% 0.73%
5.40% 0.68% 0.33% 5.08% 0.36%
6.56% 1.84% 1.29% 6.13% 1.41%
11.98% 7.26% NA NA NA
13.44% 8.72% NA NA NA
9.08% 4.36% NA NA NA
10.05% 5.33% 5.90% 11.19% 6.47%
8.21% 3.49% NA NA NA
7.14% 2.42% 1.05% 5.87% 1.15%
13.44% 8.72% NA NA NA
5.88% 1.16% NA NA NA
7.63% 2.91% 0.96% 5.77% 1.05%
5.31% 0.59% 0.28% 5.03% 0.31%
4.72% 0.00% 0.00% 4.72% 0.00%
8.21% 3.49% NA NA NA
14.40% 9.68% NA NA NA
10.05% 5.33% 3.85% 8.94% 4.22%
11.02% 6.30% 7.55% 12.99% 8.27%
5.40% 0.68% 0.47% 5.24% 0.52%
10.05% 5.33% NA NA NA
8.21% 3.49% NA NA NA
5.10% 0.38% 0.02% 4.74% 0.02%
5.20% 0.48% 0.09% 4.82% 0.10%
11.98% 7.26% NA NA NA
7.63% 2.91% NA NA NA
4.72% 0.00% 0.00% 4.72% 0.00%
11.02% 6.30% NA NA NA
8.21% 3.49% 1.38% 6.23% 1.51%
7.14% 2.42% NA NA NA
4.72% 0.00% NA NA NA
9.08% 4.36% NA NA NA
5.31% 0.59% 0.50% 5.27% 0.55%
6.85% 2.13% 0.71% 5.50% 0.78%
5.54% 0.82% 0.62% 5.40% 0.68%
6.85% 2.13% 1.01% 5.83% 1.11%
6.56% 1.84% 1.05% 5.87% 1.15%
11.98% 7.26% 6.75% 12.12% 7.40%
5.54% 0.82% 0.09% 4.82% 0.10%
5.31% 0.59% NA NA NA
5.40% 0.68% 0.54% 5.31% 0.59%
6.85% 2.13% 1.20% 6.04% 1.32%
10.05% 5.33% NA NA NA
5.40% 0.68% 0.05% 4.77% 0.05%
4.72% 0.00% NA NA NA
9.08% 4.36% NA NA NA
6.85% 2.13% 0.73% 5.52% 0.80%
10.05% 5.33% 3.83% 8.92% 4.20%
5.20% 0.48% 0.19% 4.93% 0.21%
5.40% 0.68% 0.52% 5.29% 0.57%
10.05% 5.33% NA NA NA
13.44% 8.72% NA NA NA
5.88% 1.16% 0.70% 5.49% 0.77%
23.90% 19.18% NA NA NA
 4.72% 0.00% NA NA NA
5.88% 1.16% 0.67% 5.45% 0.73%
4.72% 0.00% NA NA NA
5.31% 0.59% NA NA NA
8.21% 3.49% NA NA NA
5.88% 1.16% 0.47% 5.24% 0.52%
11.02% 6.30% NA NA NA
11.98% 7.26% NA NA NA
5.54% 0.82% NA NA NA
6.27% 1.55% NA NA NA
6.27% 1.55% 1.22% 6.06% 1.34%
11.02% 6.30% NA NA NA
11.02% 6.30% NA NA NA
9.08% 4.36% NA NA NA
6.85% 2.13% NA NA NA
7.14% 2.42% 1.33% 6.18% 1.46%
13.44% 8.72% NA NA NA
8.21% 3.49% NA NA NA
4.72% 0.00% 0.00% 4.72% 0.00%
4.72% 0.00% 0.02% 4.74% 0.02%
11.02% 6.30% NA NA NA
11.02% 6.30% NA NA NA
10.05% 5.33% 3.36% 8.40% 3.68%
4.72% 0.00% 0.00% 4.72% 0.00%
8.21% 3.49% 3.67% 8.74% 4.02%
11.02% 6.30% 4.28% 9.41% 4.69%
6.27% 1.55% 0.72% 5.51% 0.79%
10.05% 5.33% NA NA NA
7.14% 2.42% NA NA NA
5.88% 1.16% 0.81% 5.61% 0.89%
 6.56% 1.84% 0.44% 5.20% 0.48%
5.54% 0.82% 0.68% 5.47% 0.75%
6.85% 2.13% 0.42% 5.18% 0.46%
5.31% 0.59% 0.51% 5.28% 0.56%
4.72% 0.00% NA NA NA
6.85% 2.13% 0.99% 5.80% 1.08%
6.85% 2.13% 1.24% 6.08% 1.36%
10.05% 5.33% 3.49% 8.54% 3.82%
5.40% 0.68% 0.89% 5.70% 0.98%
8.21% 3.49% 2.71% 7.69% 2.97%
8.21% 3.49% 1.38% 6.23% 1.51%
6.56% 1.84% NA NA NA
4.72% 0.00% NA NA NA
5.54% 0.82% 0.56% 5.33% 0.61%
5.88% 1.16% 0.83% 5.63% 0.91%
11.02% 6.30% NA NA NA
7.63% 2.91% 2.70% 7.68% 2.96%
6.27% 1.55% 0.49% 5.26% 0.54%
11.98% 7.26% NA NA NA
6.85% 2.13% NA NA NA
11.02% 6.30% NA NA NA
14.40% 9.68% NA NA NA
11.02% 6.30% NA NA NA
4.72% 0.00% 0.00% 4.72% 0.00%
4.72% 0.00% 0.00% 4.72% 0.00%
5.31% 0.59% NA NA NA
11.02% 6.30% NA NA NA
10.05% 5.33% NA NA NA
6.27% 1.55% 0.39% 5.15% 0.43%
11.02% 6.30% NA NA NA
 7.14% 2.42% NA NA NA
10.05% 5.33% 4.62% 9.78% 5.06%
10.05% 5.33% 3.08% 8.10% 3.38%
6.27% 1.55% NA NA NA
10.05% 5.33% NA NA NA
11.02% 6.30% 3.95% 9.05% 4.33%
5.20% 0.48% NA NA NA
5.31% 0.59% 0.07% 4.80% 0.08%
4.72% 0.00% 0.00% 4.72% 0.00%
6.56% 1.84% 1.04% 5.86% 1.14%
9.08% 4.36% NA NA NA
23.90% 19.18% NA NA NA
8.21% 3.49% 1.26% 6.10% 1.38%
16.34% 11.62% NA NA NA

Default Spread
7.96%
0.75%
5.75%
10.60%
6.63%
4.86%
10.60%
7.96%
10.60%
10.60%
7.96%
5.75%
7.96%
5.75%
 7.96%
10.60%
17.50%
17.50%
17.50%
10.60%
Has to be sorted in ascending order
Default spread in basis points
62
75
106
35
44
53
0
398
486
575
221
265
318
141
168
195
1750
1060
663
796
883
NA
 I.26 SUKU BUNGA PINJAMAN RUPIAH YANG DIBERIKAN
MENURUT KELOMPOK BANK DAN JENIS PINJAMAN
(Persen Per Tahun)

2015 2016 2017 2018 2019

KELOMPOK BANK DAN JENIS PINJAMAN
Feb Mar Apr May

1 Bank Persero

2 Pinjaman Modal Kerja Yang Diberikan 12.30 10.86 10.54 10.00 9.72 9.75 9.70 9.38 9.18

3 Pinjaman Investasi Yang Diberikan 11.35 10.43 10.29 10.34 9.75 9.66 9.57 9.26 9.12

4 Pinjaman Konsumsi Yang Diberikan 13.08 13.04 12.35 11.20 11.44 11.02 10.99 10.92 10.78

5 Bank Pemerintah Daerah

6 Pinjaman Modal Kerja Yang Diberikan 13.50 12.59 11.74 11.23 10.80 10.77 10.75 10.75 10.64

7 Pinjaman Investasi Yang Diberikan 12.19 11.49 11.39 11.05 11.04 10.98 10.90 10.87 10.73

8 Pinjaman Konsumsi Yang Diberikan 13.49 13.11 12.77 12.21 11.75 11.72 11.69 11.67 11.72

9 Bank Swasta Nasional

10 Pinjaman Modal Kerja Yang Diberikan 12.82 12.10 11.12 10.95 10.54 10.48 10.36 10.14 10.04

11 Pinjaman Investasi Yang Diberikan 12.77 11.94 10.89 10.67 10.02 9.98 9.81 9.57 9.43

12 Pinjaman Konsumsi Yang Diberikan 13.66 13.28 12.17 11.41 11.10 11.06 11.01 10.91 10.86

13 Bank Asing dan Bank Campuran

14 Pinjaman Modal Kerja Yang Diberikan 10.79 9.21 7.83 8.04 7.83 7.72 7.57 7.64 7.59

15 Pinjaman Investasi Yang Diberikan 11.25 10.32 8.84 7.56 8.83 8.76 8.52 8.44 8.39

16 Pinjaman Konsumsi Yang Diberikan 28.93 28.45 24.90 23.87 22.91 22.87 22.79 22.17 22.24

17 Bank Umum

18 Pinjaman Modal Kerja Yang Diberikan 12.46 11.36 10.68 10.34 10.03 10.01 9.91 9.68 9.55

19 Pinjaman Investasi Yang Diberikan 12.12 11.21 10.56 10.38 9.90 9.83 9.70 9.45 9.32

20 Pinjaman Konsumsi Yang Diberikan 13.88 13.59 12.66 11.73 11.62 11.41 11.37 11.29 11.22
-Sejak periode data Agustus 2017, terdapat perubahan cakupan Bank Swasta Nasional dan Pemerintah akibat adanya perubahan status pada salah satu bank
 I.26 INTEREST RATE OF RUPIAH LOANS
BY GROUP OF BANKS AND TYPE OF LOANS
(Percent Per Annum)

2020 2021
GROUP OF BANKS AND TYPE OF LOANS
Jun Jul Aug Sep Oct Nov Dec Jan Feb

State Banks 1

9.14 9.09 9.06 9.03 8.99 8.94 8.77 8.86 8.82 Working Capital Loans 2

9.12 9.08 9.06 8.97 8.95 8.94 8.87 8.82 8.82 Investment Loans 3

10.75 10.73 10.70 10.67 10.64 10.59 10.56 10.57 10.54 Consumer Loans 4

Regional Government Banks 5

10.58 10.55 10.54 10.48 10.44 10.41 10.22 10.18 10.20 Working Capital Loans 6

10.66 10.62 10.57 10.36 10.27 10.29 10.40 10.10 10.08 Investment Loans 7

11.69 11.68 11.66 11.61 11.58 11.52 11.48 11.46 11.42 Consumer Loans 8

Private National Banks 9

9.85 9.87 9.85 9.87 9.83 9.73 9.70 9.75 9.71 Working Capital Loans 10

9.42 9.28 9.20 9.11 9.03 8.93 8.81 8.79 8.67 Investment Loans 11

10.83 10.78 10.77 10.75 10.69 10.66 10.65 10.61 10.57 Consumer Loans 12

Foreign Banks and Joint Banks 13

7.51 7.44 7.30 7.17 7.03 6.95 6.76 6.74 6.67 Working Capital Loans 14

8.24 8.08 8.00 7.58 7.51 7.43 7.24 7.18 7.10 Investment Loans 15

22.39 22.30 22.24 22.16 22.09 22.05 22.07 21.50 22.84 Consumer Loans 16

Commercial Banks 17

9.43 9.41 9.38 9.37 9.32 9.26 9.15 9.21 9.17 Working Capital Loans 18

9.30 9.21 9.16 9.06 9.01 8.98 8.88 8.83 8.77 Investment Loans 19

11.20 11.16 11.13 11.10 11.05 11.01 10.97 10.95 10.94 Consumer Loans 20
-Since the data period of August 2017, there is a channge of coverage of National Private Bank and Government Bank due to status change for one of the banks
 8.82

10.08

8.67

7.10

8.77

8.69
Global Companies Betas by Sector January 2016

Date updated: 5-Jan-21 YouTube Video explaining estimation choices and process. Notes
Created by: Aswath Damodaran, adamodar@stern.nyu.edu if you are looking for a pure-play beta, i.e., a beta f
What is this data? Beta, Unlevered beta and other risk measures US companies unlevered beta corrected for cash is your best bet.
betas can move over time, I have also reported the
Home Page: http://www.damodaran.com sector beta across time in the last column. This num
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html reasons, is less likely to be volatile over time.
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Do you want to use marginal or effective tax rates in unlevering betas? Marginal
If marginal tax rate, enter the marginal tax rate to use 27.00%

Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Advertising 61 1.08 77.50% 3.35% 0.69 11.23% 0.77 0.7654
Aerospace/Defense 72 1.07 33.05% 7.37% 0.86 5.93% 0.91 0.5940
Air Transport 17 1.61 161.36% 6.00% 0.74 19.71% 0.91 0.6543
Apparel 51 1.10 39.39% 4.75% 0.85 9.39% 0.94 0.6549
Auto & Truck 19 1.28 38.67% 7.86% 1.00 4.72% 1.05 0.7160
Auto Parts 52 1.20 24.37% 7.35% 1.02 6.59% 1.09 0.6981
Bank (Money Center) 7 0.83 216.19% 16.16% 0.32 46.36% 0.59 0.3411
Banks (Regional) 598 0.64 61.25% 16.42% 0.45 25.74% 0.60 0.3305
Beverage (Alcoholic) 23 0.78 23.41% 5.33% 0.66 1.68% 0.67 0.6156
Beverage (Soft) 41 0.79 21.60% 3.32% 0.68 3.39% 0.71 0.7605
Broadcasting 29 1.13 121.72% 9.26% 0.60 8.50% 0.65 0.6275
Brokerage & Investment Banking 39 1.13 218.88% 9.75% 0.44 24.48% 0.57 0.6202
Building Materials 42 1.09 26.29% 15.15% 0.91 5.89% 0.97 0.5248
Business & Consumer Services 169 0.93 24.72% 7.43% 0.79 5.41% 0.83 0.6474
Cable TV 13 0.94 51.96% 18.97% 0.68 2.41% 0.70 0.4219
Chemical (Basic) 48 0.99 55.12% 2.98% 0.71 7.00% 0.76 0.6892
Chemical (Diversified) 5 1.36 58.10% 1.25% 0.96 7.64% 1.03 0.5312
Chemical (Specialty) 97 0.93 25.35% 6.43% 0.78 4.44% 0.82 0.6130
Coal & Related Energy 29 0.83 94.63% 0.00% 0.49 12.92% 0.56 0.7276
Computer Services 116 1.12 39.75% 5.55% 0.87 7.89% 0.94 0.6799
Computers/Peripherals 52 1.18 9.36% 3.71% 1.11 2.72% 1.14 0.6474
Construction Supplies 46 1.02 34.78% 10.79% 0.81 6.64% 0.87 0.5214
Diversified 29 1.02 29.74% 6.52% 0.84 5.70% 0.89 0.6070
Drugs (Biotechnology) 547 0.89 15.50% 0.52% 0.80 6.50% 0.85 0.6269
Drugs (Pharmaceutical) 287 0.91 18.18% 1.88% 0.80 4.24% 0.84 0.6896
Education 38 1.15 24.33% 4.02% 0.97 8.97% 1.07 0.6972
Electrical Equipment 122 1.06 15.35% 4.44% 0.95 4.90% 1.00 0.7199
Electronics (Consumer & Office) 22 0.96 9.50% 1.05% 0.89 11.62% 1.01 0.6915
Electronics (General) 157 0.89 13.48% 6.11% 0.81 6.09% 0.86 0.6441
Engineering/Construction 61 1.06 28.24% 9.31% 0.88 8.35% 0.95 0.6438
Entertainment 118 0.88 15.20% 0.53% 0.79 5.26% 0.84 0.7648
Environmental & Waste Services 86 0.95 25.20% 2.69% 0.81 1.92% 0.82 0.7096
Farming/Agriculture 32 0.87 45.05% 6.45% 0.66 4.07% 0.68 0.6185
Financial Svcs. (Non-bank & Insuranc 235 0.80 895.89% 12.91% 0.11 3.11% 0.11 0.4639
Food Processing 101 0.64 33.01% 8.56% 0.51 3.64% 0.53 0.5418
Food Wholesalers 18 1.03 56.02% 0.52% 0.73 8.97% 0.80 0.6916
Furn/Home Furnishings 40 0.88 34.06% 4.79% 0.71 9.25% 0.78 0.6664
Green & Renewable Energy 25 0.98 64.06% 1.74% 0.67 1.44% 0.68 0.7946
Healthcare Products 265 0.83 10.69% 2.57% 0.77 3.45% 0.80 0.6221
Global Companies Betas by Sector January 2016

Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Healthcare Support Services 129 0.85 31.70% 5.65% 0.69 6.49% 0.74 0.6310
Heathcare Information and Technolo 139 0.79 12.10% 4.16% 0.73 3.56% 0.75 0.6296
Homebuilding 30 1.46 32.73% 15.91% 1.18 11.39% 1.33 0.5903
Hospitals/Healthcare Facilities 32 1.28 99.40% 8.16% 0.74 7.94% 0.80 0.6525
Hotel/Gaming 66 1.56 57.24% 2.02% 1.10 7.25% 1.19 0.6532
Household Products 140 0.73 14.85% 5.06% 0.66 3.68% 0.68 0.7334
Information Services 77 1.01 9.37% 9.75% 0.95 3.01% 0.97 0.5868
Insurance (General) 21 0.68 40.81% 12.61% 0.53 5.92% 0.56 0.4707
Insurance (Life) 26 0.98 119.95% 15.12% 0.52 19.22% 0.64 0.4603
Insurance (Prop/Cas.) 55 0.64 25.06% 10.86% 0.54 5.96% 0.58 0.3843
Investments & Asset Management 348 0.93 45.22% 4.64% 0.70 11.00% 0.78 0.3589
Machinery 125 1.05 19.65% 8.81% 0.92 4.30% 0.96 0.5858
Metals & Mining 86 0.90 23.86% 1.70% 0.77 6.04% 0.82 0.7868
Office Equipment & Services 22 1.00 47.82% 13.20% 0.74 11.13% 0.83 0.5707
Oil/Gas (Integrated) 3 1.26 44.09% 8.54% 0.95 3.46% 0.98 0.5036
Oil/Gas (Production and Exploration) 278 1.18 72.08% 0.68% 0.78 4.36% 0.81 0.7659
Oil/Gas Distribution 57 1.16 129.69% 4.55% 0.59 1.37% 0.60 0.6544
Oilfield Svcs/Equip. 135 1.21 77.44% 1.19% 0.77 7.61% 0.83 0.7390
Packaging & Container 26 0.92 55.11% 15.67% 0.66 3.68% 0.68 0.4567
Paper/Forest Products 15 1.14 37.52% 5.94% 0.89 6.81% 0.96 0.6176
Power 55 0.67 78.08% 9.91% 0.42 1.47% 0.43 0.3667
Precious Metals 93 0.76 12.69% 1.08% 0.69 7.93% 0.75 0.7766
Publishing & Newspapers 29 1.41 54.00% 5.76% 1.01 8.67% 1.10 0.5486
R.E.I.T. 238 1.21 76.73% 1.26% 0.77 2.69% 0.79 0.4901
Real Estate (Development) 25 0.85 94.70% 2.84% 0.50 11.06% 0.56 0.6852
Real Estate (General/Diversified) 11 0.78 29.22% 7.34% 0.64 15.20% 0.76 0.5515
Real Estate (Operations & Services) 61 0.92 40.79% 4.38% 0.71 6.12% 0.75 0.6408
Recreation 69 0.87 24.50% 5.78% 0.74 5.05% 0.77 0.7368
Reinsurance 2 1.16 38.52% 12.57% 0.91 19.61% 1.13 0.4135
Restaurant/Dining 79 1.34 33.70% 3.19% 1.08 2.85% 1.11 0.6957
Retail (Automotive) 30 1.30 49.71% 11.65% 0.95 3.77% 0.99 0.6174
Retail (Building Supply) 15 1.54 18.08% 13.48% 1.36 5.00% 1.43 0.7107
Retail (Distributors) 85 0.97 45.74% 12.21% 0.73 3.52% 0.75 0.6391
Retail (General) 17 0.90 21.34% 12.48% 0.78 4.66% 0.81 0.5433
Retail (Grocery and Food) 14 0.24 94.34% 13.52% 0.14 5.82% 0.15 0.4890
Retail (Online) 75 1.16 7.15% 2.93% 1.11 2.75% 1.14 0.7481
Retail (Special Lines) 85 1.28 48.26% 8.06% 0.95 8.57% 1.03 0.6683
Rubber& Tires 3 1.09 174.90% 5.30% 0.48 12.32% 0.54 0.6340
Semiconductor 70 1.00 9.71% 6.41% 0.94 2.71% 0.96 0.5537
Semiconductor Equip 40 1.07 8.03% 7.38% 1.01 5.40% 1.07 0.5698
Shipbuilding & Marine 11 1.04 62.15% 2.30% 0.71 4.31% 0.74 0.5540
Shoe 11 0.98 6.87% 6.63% 0.94 4.30% 0.98 0.5757
Software (Entertainment) 101 0.96 2.62% 0.58% 0.94 1.96% 0.96 0.7489
Software (Internet) 36 0.77 8.83% 3.30% 0.73 3.03% 0.75 0.6398
Software (System & Application) 388 0.91 6.55% 2.77% 0.87 2.68% 0.89 0.6702
Steel 32 0.95 50.24% 6.01% 0.70 11.19% 0.78 0.5662
Telecom (Wireless) 16 0.53 54.57% 3.57% 0.38 3.34% 0.39 0.6234
Telecom. Equipment 96 0.87 14.80% 3.85% 0.78 5.72% 0.83 0.6389
Global Companies Betas by Sector January 2016

Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Telecom. Services 58 0.66 83.14% 3.93% 0.41 2.77% 0.42 0.6187
Tobacco 15 0.72 30.31% 8.69% 0.59 3.54% 0.61 0.6541
Transportation 21 0.91 31.69% 10.56% 0.74 6.36% 0.79 0.5864
Transportation (Railroads) 6 0.84 22.54% 15.58% 0.73 2.12% 0.74 0.5022
Trucking 35 1.11 33.76% 9.70% 0.89 5.71% 0.94 0.6120
Utility (General) 16 0.74 74.69% 9.74% 0.48 1.41% 0.48 0.2816
Utility (Water) 17 0.73 40.46% 10.79% 0.57 1.10% 0.57 0.4501
Total Market 7582 0.94 48.33% 5.76% 0.70 6.97% 0.75 0.6017
Total Market (without financials) 6253 0.98 25.10% 4.39% 0.83 4.06% 0.86 0.6495
 Global Companies Betas by Sector January 2016

Notes
if you are looking for a pure-play beta, i.e., a beta for a business, the
unlevered beta corrected for cash is your best bet. Since even sector
betas can move over time, I have also reported the average of the this
sector beta across time in the last column. This number, for obvious
reasons, is less likely to be volatile over time.

Unlevered beta corrected for cash - Over time

Standard deviation in
operating income Average
Standard deviation of equity (last 10 years) 2016 2017 2018 2019 2020 (2016-21)
57.74% 14.31% 0.74 0.91 0.78 0.87 0.93 0.83
34.89% 16.42% 1.20 0.94 0.99 1.09 1.08 1.03
46.15% 48.05% 0.85 0.76 0.67 0.63 0.84 0.78
47.84% 10.37% 0.88 0.71 0.85 0.76 0.83 0.83
45.24% 28.30% 0.47 0.38 0.59 0.34 0.53 0.56
43.16% 29.29% 1.08 0.94 0.92 0.97 0.95 0.99
21.59% NA 0.47 0.41 0.32 0.43 0.56 0.46
19.48% NA 0.36 0.36 0.39 0.40 0.43 0.42
37.01% 43.00% 0.82 0.71 1.12 1.05 0.92 0.88
49.70% 7.16% 0.99 0.78 0.63 1.04 1.09 0.87
45.56% 31.02% 0.75 0.70 0.65 0.51 0.73 0.67
35.90% 50.94% 0.46 0.42 0.54 0.46 0.57 0.50
33.99% 65.44% 0.98 0.87 0.99 0.91 1.02 0.96
45.65% 18.32% 0.95 0.85 1.01 1.00 0.89 0.92
32.02% 31.06% 0.89 0.82 0.67 0.76 0.78 0.77
48.06% 33.69% 0.81 0.68 0.96 1.12 0.99 0.89
36.16% 29.88% 1.27 1.22 1.79 1.49 1.21 1.34
38.54% 12.48% 1.01 0.98 0.95 0.99 0.96 0.95
42.27% 166.17% 0.39 0.61 1.04 0.97 1.05 0.77
45.89% 11.40% 1.00 0.83 0.94 1.05 0.95 0.95
42.87% 16.74% 1.22 0.94 0.93 1.50 1.64 1.23
33.39% 25.62% 1.18 1.02 0.95 1.15 1.10 1.05
29.94% 43.94% 0.74 0.63 1.01 1.14 1.25 0.94
50.10% 37.69% 1.19 1.25 1.36 1.43 1.39 1.24
55.45% 7.70% 0.94 0.93 1.13 1.38 1.29 1.08
55.73% 37.21% 0.86 1.05 0.96 1.11 1.36 1.07
55.12% 14.73% 1.03 1.04 1.02 1.18 1.31 1.10
54.91% 324.99% 1.16 0.97 1.08 1.22 1.25 1.12
43.87% 19.57% 0.98 0.83 0.91 0.96 1.07 0.93
42.04% 12.45% 1.07 1.01 1.13 0.81 1.33 1.05
68.06% 27.21% 0.98 0.97 0.96 1.21 1.20 1.03
50.43% 12.03% 0.82 0.63 0.70 0.96 1.05 0.83
45.30% 17.71% 0.77 0.62 0.56 0.50 0.63 0.63
27.74% 39.43% 0.06 0.07 0.07 0.08 0.10 0.08
32.56% 19.79% 0.74 0.63 0.56 0.61 0.70 0.63
58.03% 21.83% 0.61 0.93 1.41 1.23 0.66 0.94
40.52% 24.32% 1.00 0.69 0.67 0.67 0.82 0.77
56.04% 96.52% 0.84 0.47 0.72 0.80 0.59 0.68
46.19% 17.83% 0.92 0.92 0.89 1.04 0.98 0.92
Global Companies Betas by Sector January 2016

Standard deviation in
operating income Average
Standard deviation of equity (last 10 years) 2016 2017 2018 2019 2020 (2016-21)
44.49% 23.65% 0.89 0.82 0.82 1.03 0.95 0.87
42.45% 33.87% 0.99 0.83 0.88 1.18 1.15 0.96
36.56% 71.78% 0.81 0.77 0.89 0.72 0.66 0.86
49.21% 19.15% 0.44 0.45 0.51 0.55 0.63 0.56
43.69% 28.72% 0.68 0.67 0.74 0.71 0.91 0.82
54.66% 4.06% 0.91 0.69 0.88 1.00 0.94 0.85
42.37% 33.30% 0.92 0.87 0.82 1.05 1.03 0.94
30.12% 33.64% 0.82 0.71 0.63 0.67 0.59 0.66
30.68% 13.19% 0.91 0.80 0.81 0.70 0.73 0.77
22.93% 28.87% 0.75 0.70 0.73 0.65 0.59 0.67
28.85% 13.93% 0.81 0.68 0.87 0.87 0.86 0.81
34.28% 19.96% 1.23 0.93 1.04 1.01 1.10 1.04
67.84% 43.63% 0.87 0.89 0.96 1.11 1.09 0.96
31.11% 10.27% 1.29 1.09 1.10 1.33 1.24 1.15
26.39% 73.81% 1.38 0.95 1.25 1.06 1.12 1.12
56.28% 154.38% 0.95 0.99 1.00 1.07 1.08 0.98
40.78% 42.75% 0.65 0.69 0.72 0.62 0.62 0.65
50.27% 40.23% 1.41 1.11 1.06 1.07 1.22 1.12
29.22% 14.05% 0.91 0.60 0.55 0.74 0.68 0.69
35.67% 23.13% 0.89 0.83 0.98 1.17 1.25 1.01
19.86% 8.37% 0.50 0.33 0.32 0.35 0.38 0.38
67.76% 75.51% 1.03 1.10 0.95 1.15 1.33 1.05
37.47% 9.42% 1.07 0.96 0.83 0.90 0.76 0.94
32.40% 28.84% 0.41 0.41 0.42 0.41 0.43 0.48
60.70% 103.87% 0.93 0.47 0.61 0.87 0.89 0.72
20.99% 144.66% 1.03 1.09 0.73 1.33 1.50 1.07
34.72% 31.94% 0.99 0.62 0.80 0.95 0.68 0.80
56.40% 13.69% 0.75 0.76 0.73 0.81 0.75 0.76
25.23% 30.07% 0.89 0.65 0.47 0.88 0.77 0.80
53.63% 9.97% 0.64 0.61 0.70 0.65 0.75 0.74
42.82% 20.95% 0.76 0.63 0.65 0.76 0.87 0.77
40.60% 25.54% 1.31 1.12 0.76 0.97 1.15 1.12
41.97% 27.75% 0.83 0.77 0.87 0.99 0.89 0.85
38.91% 5.11% 0.92 0.82 0.87 0.75 0.95 0.86
37.72% 24.45% 0.77 0.46 0.44 0.28 0.35 0.41
52.87% 53.23% 1.53 1.17 1.12 1.34 1.16 1.24
49.01% 10.73% 0.81 0.76 0.82 0.80 0.69 0.82
43.83% 28.86% 1.18 0.89 0.64 0.24 0.45 0.66
37.26% 31.50% 1.32 1.11 1.16 1.26 1.24 1.17
35.91% 50.04% 1.22 1.10 0.99 1.39 1.25 1.17
29.83% 34.03% 0.84 0.85 1.01 0.78 1.57 0.97
31.50% 21.45% 0.81 0.83 0.86 0.74 0.83 0.84
62.61% 58.98% 1.46 0.96 0.91 1.27 1.29 1.14
32.73% 40.41% 1.33 1.12 1.20 1.31 1.50 1.20
47.97% 17.34% 1.25 0.99 1.02 1.16 1.15 1.08
39.32% 46.61% 0.86 1.19 1.53 1.29 1.29 1.16
39.78% 57.80% 0.65 0.58 0.71 0.71 0.60 0.61
43.11% 17.00% 1.17 0.86 0.96 1.02 0.84 0.95
Global Companies Betas by Sector January 2016

Standard deviation in
operating income Average
Standard deviation of equity (last 10 years) 2016 2017 2018 2019 2020 (2016-21)
43.53% 27.98% 0.57 0.68 0.72 0.74 0.67 0.63
24.49% 6.19% 1.66 1.13 1.15 1.13 1.43 1.18
28.68% 22.43% 1.19 0.83 0.80 0.90 0.96 0.91
16.83% 15.14% 0.93 0.66 0.87 2.08 1.89 1.19
38.78% 126.49% 1.03 0.76 0.81 0.71 1.04 0.88
18.44% 8.77% 0.36 0.25 0.20 0.17 0.19 0.28
35.96% 14.78% 0.33 0.47 0.27 0.32 0.57 0.42
41.21% 13.11% 0.73 0.65 0.72 0.80 0.83 0.75
44.77% 13.19% 0.9 0.85 0.90 1.00 1.01 0.92
6.6659
PERHITUNGAN TINGKAT DISKONTO
Food Processing
Per tanggal 21 November 2014

WACC = Weighted Average Cost of Capital

WACC = KE * WE + (KD *( 1-t%) * WD)

KE = KRF + BETA * KM + SP

Spesific risk = 1.00%

Risk Free Rate = 6.6659% (KRF) (Indonesian Gov't bond - Newspaper)
Re Leverage Beta = 1.03
Market Risk = 6.56% (KM) Damodaran (1 Jan 2021)
Rating-based Default Spread = 1.68% RBDS Damodaran (1 Jan 2021)
Tax Rate = 0%

Cost of Equity = 12.77% (KE)

Cost of Debt = 11.00%

Weighted Equity = 61.51%

Weighted Debt = 38.49%

BOIM = 12.09%

Ave
Beta Damodaran Januari 2021 Leverage Beta Unleverage Beta
Food Processing -

Re leverage Beta
Gov't bond - Newspaper)

(1 Jan 2021)
(1 Jan 2021)

Ave
Unleverage Beta
0.64

Re leverage Beta
1.03