110
equity value
(717.159.638.218)
Share value =
number of shares
=
2.304.131.850
=
(311)
Nilai
interinsik PTBA untuk 2010 adalah Rp-311.
Tabel 4.74. Estimasi Arus Kas PTBA Untuk Tahun 2011
PTBA
Estimasion Of Free Cash flow
2011 (forecast)
2012 (forecast)
2013 (forecast)
2014 (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
9.837.684.938.239
12.236.459.796.338
15.220.140.641.565
18.931.348.200.755
2.804.313.867.775
3.488.104.580.984
4.338.627.607.876
5.396.538.172.177
701.078.466.944
872.026.145.246
1.084.656.901.969
1.349.134.543.044
2.103.235.400.831
2.616.078.435.738
3.253.970.705.907
4.047.403.629.133
1.240.788.147.597
1.331.410.498.366
1.428.651.553.928
1.532.994.718.793
1.850.744.995.404
2.302.021.956.559
2.863.336.170.915
3.561.518.605.116
3.269.306.640
4.066.479.005
5.058.030.134
6.291.356.429
1.854.014.302.045
2.306.088.435.565
2.868.394.201.049
3.567.809.961.545
1.490.009.246.384
1.641.400.498.539
1.814.228.058.785
2.012.588.386.380
Sumber: hitungan penulis
WACC=
46,46%
terminal value =
free cash flow
2014
=
2.012.588.386.380
=
4.331.947.572.196
k
wacc
46,46%
firm value =
1.490.009.246.384
+
1.641.400.498.539
+
1.814.228.058.785
+
(1+46,46%)1
(1+46,46%)2
(1+46,46%)3
2.012.588.386.380
+
4.331.947.572.196
(1+46,46%)
4
(1+46,46%)
4
= 1.490.009.246.384
+
1.641.400.498.539
+
1.814.228.058.785
+
2.012.588.386.380
+
4.331.947.572.196
firm value =
3,738,953,312,160
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
3,738,953,312,160 =
86.450.000.000
+
equity value
equity value
=
3.652.503.312.159
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