113
Setelah
asumsi
angka
rata-rata
pertumbuhan
perusahaan
batu
bara
diketahui.
maka
selanjutnya
akan dicari nilai interinsiknya.
Nilai
interinsik
untuk BRAU tahun 2011
dijabarkan sebagai berikut:
Tabel 4.79. Estimasi Arus Kas BRAU 2011
BRAU
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
13.353.610.315.354
18.600.062.256.594
25.907.773.836.366
36.086.585.942.385
2.923.097.011.525
4.071.542.085.807
5.671.195.615.861
7.899.331.269.466
730.774.252.881
1.017.885.521.452
1.417.798.903.965
1.974.832.817.366
2.192.322.758.644
3.053.656.564.355
4.253.396.711.896
5.924.498.452.099
1.298.909.757.142
1.623.427.544.929
2.029.022.400.627
2.535.950.504.909
1.953.943.219.512
2.721.620.945.235
3.790.908.812.279
5.280.305.344.569
531.523.833.355
740.352.321.043
1.031.226.682.373
1.436.381.625.631
2.485.467.052.867
3.461.973.266.277
4.822.135.494.652
6.716.686.970.199
1.005.765.462.918
1.215.110.843.006
1.460.283.617.870
1.743.761.986.809
Sumber: hitungan penulis
WACC=
7,94%
terminal value =
free cash flow
2014
=
1.743.761.986.809
=
21.969.844.922.148
k
wacc
7,94%
firm value =
1.005.765.462.918
+
1.215.110.843.006
+
1.460.283.617.870
+
(1+7,94%)1
(1+7,94%)2
(1+7,94%)3
1.743.761.986.809
+
21.969.844.922.148
(1+7,94%)
4
(1+7,94%)
4
= 1.005.765.462.918
+
1.215.110.843.006
+
1.460.283.617.870
+
1.743.761.986.809
+
21.969.844.922.148
firm value =
20.606.926.515.895
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value =
6.812.194.000.000
number of shares
=
34.900.000.000
firm value =
debt value
+
equity value
20.606.926.515.895 =
6.812.194.000.000
+
equity value
equity value
=
13.794.732.515.895
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