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Sri Yuliani
Balai Besar Penelitian dan Pengembangan Pascapanen Pertanian, Bogor
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Journal : Journal of Consumer Study and Applied Marketing

 1 
Optimal Capital Structure Analysis of PT Bluebird TBK Yuliani, Sri; Kitri, Mandra Lazuardi
Journal of Consumer Studies and Applied Marketing Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jcsam.v3i1.387

Abstract

PT Bluebird Tbk, a leading Indonesian road transportation company, plans to acquire 1,000 electric vehicles (EVs) by 2025, which will require an investment of IDR 1.8 trillion. Currently, the company's capital structure consists of 25.24% debt and 74.76% equity, a proportion that differs significantly from the Indonesian road transportation industry average of 51.63% debt and 48.37% equity. This difference suggests that PT Bluebird Tbk may not yet have reached an optimal capital structure. Achieving an optimal mix between debt and equity is important for minimising the company's cost of capital and maximising its overall value. The planned expansion provides an opportunity for PT Bluebird Tbk to evaluate and potentially restructure its capital structure. This study utilised the Cost of Capital approach to identify the optimal capital structure, with the Weighted Average Cost of Capital (WACC) formula to analyse various debt and equity scenarios. The Damodaran Synthetic Rating is utilised to estimate the cost of debt, while the Capital Asset Pricing Model (CAPM) is applied to calculate the cost of equity. The results indicate that the optimal capital structure for PT Bluebird Tbk consists of 32% debt and 68% equity. Therefore, the most favourable financing strategy for the expansion involves raising IDR 742,475 million through debt and IDR 438,711 million through equity to achieve this optimal structure.
Co-Authors Adawiyah, Dita Ahmad Farkhan, Ahmad Ahmad Sarwadi, Ahmad Andika Putra Perdana, Andika Putra ANDRIA AGUSTA Anisa, Bismi Aprillia Dewi Pramarti, Aprillia Dewi Asti Gumartifa Astria, Henni Bambang Triratma, Bambang Barokah, Fitri Barokah, Fitri Basinun, Basinun Basith, Assyafa'ul Budi Prayitno Cyintia Kumalasari Dedi Fardiaz Desiderius Priyo Sudibyo, Desiderius Priyo Dicki Hartanto Dirgantara, Erwan Edi Pramono Singgih, Edi Pramono Efendi, Darda Eka Haryati Yuliany Elida, Yusti Emma Indira Mandayaningrum, Emma Indira Eni Hayani Erni Setyowati Fahrezi, Mhd Ryan Fikri, Muhammad Aziz Finza Larasati Fitriany, Sonia Gagoek Hardiman Hadi Setyawan, Hadi Haryanti, Rina Herlina Herman Hernani, NFN Idayani, Andi Inanpi Hidayati Sumiasih, Inanpi Hidayati Indah Widiati, Indah Indra Ibrahim Ishlahiyah, Nur Istikomah, Endang Jean Elisabet Tambunan, Jean Elisabet Kaur, Naginder Khulaifiyah, Khulaifiyah Kirana Wahyu Kinanti, Kirana Wahyu Kitri, Mandra Lazuardi Kurnia Saputri, Kurnia Kusumaningdyah Nurul Handayani, Kusumaningdyah Nurul Laba Udarno Leilani, Cinta Octavia Linarta, Arie Mardatillah, Annisa Mareta Fitriana, Mareta Marhamah Marhamah Masagus Sulaiman Masrul Mulyadi, Asal Wahyudi Erlin Novitri, Safriyani Nugroho, Purwanto Setyo Nuri Andarwulan Nurmalinda Nurmalinda Nurrahman, Kemas Muhammad Rizki Prasetya, Raynaldi Nugraha Putri Octa Hadiyanti, Putri Octa Putri, Dea Amelia Putri, Miranti Eka Qathrunnada, Sausan Rahma Wira Nita Restania, Mela Resy Oktadela Rizki, Tri Rizki, Vania Fidela rizqiani, diyah ayu Roedhy Poerwanto Rohaya, Siti Rositasari, Tri Sailun, Betty Sajida Sajida Salwa, Sevilla Samsudin, Dafrizal Saptika Saraswaty, Dwi Rara SEDARNAWATI YASNI Septarini, Dian Serly Marliasari Shannora Yuliasari Singh, Amreet Kaur Jageer Sofyan, Yuan Efano Sri Hartati SRI RAHAYU Sulaiman Sulaiman Sumardi . Syahbudi, Syahbudi Syarif Firmansyah Syofiani, Syofianis Titis Srimuda Pitana, Titis Srimuda Tjahja Muhandri Tohirin Tohirin Tri Yuni Iswati Waliyani, Waliyani Wiendu Nuryanti Wiwik Setyaningsih Yosafat Winarto, Yosafat Yulia Yulia Yulianto Yulianto