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Journal : Journal of Consumer Study and Applied Marketing

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 AFIFAH NUR HIDAYAH, AFIFAH NUR Agusta, Angela Ahmad Farkhan, Ahmad Ahmad Sarwadi, Ahmad Alfaeza, M. Daffa Ghazan Andika Putra Perdana, Andika Putra ANDRIA AGUSTA Anisa, Bismi Ansoriyah, Faizatul Aprillia Dewi Pramarti, Aprillia Dewi Arvyaty , Arvyaty Asti Gumartifa Astria, Henni Azzahra, Lazira Bambang Triratma, Bambang Barokah, Fitri Barokah, Fitri Basinun, Basinun Basith, Assyafa'ul Bayu Hendro Wicaksono Budi Prayitno Cyintia Kumalasari Dedi Fardiaz Desiderius Priyo Sudibyo, Desiderius Priyo Dhafet, Nur Aeni Muhlisa Dicki Hartanto Dima, Damsir Dinar, Dinar Dirgantara, Erwan Edi Pramono Singgih, Edi Pramono Efendi, Darda Eka Apriani, Eka 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 Ganisa, Ratu Hadi Setyawan, Hadi Haliatur Rahma, Haliatur Haryanti, Rina Herlina Hasibuan, Ledia Sari Hendra Irawan Herman Hernani, NFN Hidayat, Ahid Inanpi Hidayati Sumiasih, Inanpi Hidayati Indah Widiati, Indah Indra Ibrahim IQBAL, MUHAMMAAD Ishlahiyah, Nur Ismail, Syofianis Istikomah, Endang Jean Elisabet Tambunan, Jean Elisabet Jumsu Trisno Kartini Kartini Kaur, Naginder Khulaifiyah, Khulaifiyah Kirana Wahyu Kinanti, Kirana Wahyu Kitri, Mandra Lazuardi Kurnia Saputri, Kurnia Kusnadi Kusumaningdyah Nurul Handayani, Kusumaningdyah Nurul Laba Udarno Leilani, Cinta Octavia Linarta, Arie Maimunah, Maimunah Mareta Fitriana, Mareta Marhamah Marhamah Marhamah Marliasari, Sherly Martinius Martinius Masagus Sulaiman Masrul Masrul Masrul Maulana, Rezky Mulyadi, Asal Wahyudi Erlin Nefri, Jhon Novitri, Safriyani Nugroho, Purwanto Setyo Nuri Andarwulan Nurmalinda Nurmalinda Nurrahman, Kemas Muhammad Rizki Nusyirwan Nusyirwan Oktadela, Resy Prasetya, Raynaldi Nugraha Putri Octa Hadiyanti, Putri Octa Putri, Dea Amelia Putri, Miranti Eka Qathrunnada, Sausan Rahma Wira Nita Reflin Restania, Mela Resy Oktadela Rita Noveriza Rizki, Tri Rizki, Vania Fidela rizqiani, diyah ayu Roedhy Poerwanto Rohaya, Siti Rositasari, Tri safiuddin, Asrun Sajida Salwa, Sevilla Samsudin, Dafrizal Santi Erliana, Santi Saptika Saranani, Muhamad Safiuddin Saraswaty, Dwi Rara SEDARNAWATI YASNI Septarini, Dian Serly Marliasari Shalawati, Shalawati Shannora Yuliasari Singh, Amreet Kaur Jageer Sitti Rahmaniar Abubakar, Sitti Rahmaniar Sofyan, Yuan Efano Sri Hartati SRI RAHAYU Sri Wahyuni Sulaiman Sulaiman Sumardi . Syahbudi, Syahbudi Syarif Firmansyah Syofiani, Syofianis Taruna Shafa Arzam, Taruna Shafa Titis Srimuda Pitana, Titis Srimuda Tjahja Muhandri Tohirin Tohirin Tri Yuni Iswati UMMI RASYIDAH Wahyu Ramadhan Waliyani, Waliyani Wiendu Nuryanti Wiwik Setyaningsih Yosafat Winarto, Yosafat Yulia Yulia Yulianto Yulianto