108
Untuk
mencari
nilai
interinsik
tahun
2009
dan
2010.
penulis
menggunakan
data
actual. Nilai
interinsik
untuk PTBA tahun 2009.
2010. dan 2011 dijabarkan
sebagai
berikut:
Tabel 4.72. Estimasi Arus Kas PTBA Untuk Tahun 2009
PTBA
Estimasion Of Free Cash flow
2009 (actual)
2010 (actual)
2011 (forecast)
2012 (forecast)
Sales
Operating income
Less: tax
Net operating profits after tax
Plus: depreciation expense
Less investments:
In net working capital
In new capital (CAPEX)
Total net investment for the period
Free cash flow
8.947.854.000.000
7.909.154.000.000
10.365.448.687.599
13.584.578.893.678
3.516.419.000.000
2.279.884.000.000
2.412.878.822.111
3.162.230.956.685
879.104.750.000
569.971.000.000
603.219.705.528
790.557.739.171
2.637.314.250.000
1.709.913.000.000
1.809.659.116.584
2.371.673.217.514
1.100.544.000.000
1.156.334.000.000
1.249.700.049.724
1.350.604.768.414
5.402.483.000.000
5.498.225.000.000
2.357.221.764.077
3.089.288.846.928
64.487.000.000
581.094.000.000
4.163.988.440
5.457.171.337
5.466.970.000.000
6.079.319.000.000
2.361.385.752.517
3.094.746.018.265
1.100.544.000.000
(3.213.072.000.000)
697.973.413.790
627.531.967.664
Sumber: hitungan penulis
WACC=
4,91%
terminal value =
free cash flow
2012
=
627.531.967.663
= 12.778.737.526.400
k
wacc
4,91%
firm value =
1.100.544.000.000
+
(3.213.072.000.000)
+
697.973.413.790
+
(1+4,91%)1
(1+4,91%)2
(1+4,91%)3
627.531.967.663
+
12.778.737.526.400
(1+4,91%)
4
(1+4,91%)
4
=
1.100.544.000.000
+
(3.213.072.000.000)
+
697.973.413.790
+
627.531.967.663
+
12.778.737.526.400
firm value =
9.801.143.279.355
Setelah firm value diketahui. maka selanjutnya
mencari share value.
debt value
= 71.597.000.000
number of shares = 2.304.131.850
firm value
=
debt value
+
equity value
9.801.143.279.355 =
71.597.000.000
+
equity value
equity value =
9.729.546.279.355
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