109
(1+46,46%)
4
(1+46,46%)
4
= (3.213.072.000.000)
+
1.028.963.857.933
+
1.063.600.888.128
+
1.087.186.647.365
+
firm value =
(630.709.638.218)
2.340.088.807.750
equity value
9.729.546.279.355
Share value =
number of shares
=
2.304.131.850
= 4.222
Nilai
interinsik PTBA untuk 2009 adalah Rp4.222.
Tabel 4.73. Estimasi Arus Kas PTBA Untuk Tahun 2010
PTBA
Estimasion Of Free Cash flow
2010 (actual)
2011 (forecast)
2012 (forecast)
2013 (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
7.909.154.000.000
10.253.770.237.403
13.293.432.405.217
17.234.182.258.880
2.279.884.000.000
2.715.432.025.193
3.520.403.836.064
4.564.004.200.433
569.971.000.000
678.858.006.298
880.100.959.016
1.141.001.050.108
1.709.913.000.000
2.036.574.018.895
2.640.302.877.048
3.423.003.150.324
1.156.334.000.000
1.249.149.389.984
1.349.414.787.162
1.457.728.180.802
5.498.225.000.000
2.256.114.631.577
2.924.924.848.023
3.791.999.416.536
581.094.000.000
644.919.369
1.191.928.059
1.545.267.225
6.079.319.000.000
2.256.759.550.946
2.926.116.776.082
3.793.544.683.761
(3.213.072.000.000)
1.028.963.857.933
1.063.600.888.128
1.087.186.647.365
Sumber: hitungan penulis
WACC=
46,46%
terminal value =
free cash flow
2013
=
1.087.186.647.365
=
2.340.088.807.750
k
wacc
46,46%
firm value =
(3.213.072.000.000)
+
1.028.963.857.933
+
1.063.600.888.128
+
(1+46,46%)1
(1+46,46%)2
(1+46,46%)3
1.087.186.647.365
+
2.340.088.807.750
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value =
86.450.000.000
number of shares =
2.304.131.850
firm value =
debt value
+
equity value
(630.709.638.218) =
86.450.000.000
+
equity value
equity value =
(717.159.638.218)
 |