116
Untuk
mencari
nilai
interinsik
tahun
2009
dan
2010,
penulis
menggunakan
data
actual
dan
forecast.
Nilai
interinsik
untuk
PKPK
tahun
2009.
2010.
dan 2011
dijabarkan sebagai berikut:
Tabel 4.84. Estimasi Arus Kas PKPK Untuk Tahun 2009
PKPK
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
383.836.032.612
290.440.471.584
367.063.833.959
463.901.802.202
45.846.918.684
27.772.793.710
94.618.646.469
119.580.728.359
11.461.729.671
6.943.198.428
23.654.661.617
29.895.182.090
34.385.189.013
20.829.595.283
70.963.984.852
89.685.546.269
45.181.257.581
39.526.598.313
48.079.284.605
58.482.584.052
30.929.464.025
21.835.945.004
47.597.129.389
60.154.098.717
769.906.318
5.656.016.000
16.137.776.709
20.395.209.243
31.699.370.343
27.491.961.004
63.734.906.099
80.549.307.959
45.181.257.581
32.864.232.592
55.308.363.358
67.618.822.361
Sumber: hitungan penulis
WACC=
39,32%
terminal value =
free cash flow
2014
=
67.618.822.361
=
171.989.084.888
k
wacc
39,32%
firm value =
45.181.257.581
+
32.864.232.591
+
55.308.363.358
+
(1+39,32%)1
(1+39,32%)2
(1+39,32%)3
67.618.822.361
+
171.989.084.888
(1+39,32%)
4
(1+39,32%)
4
=
45.181.257.581
+
32.864.232.591
+
55.308.363.358
+
67.618.822.361
+
171.989.084.888
firm value =
133.424.253.456
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value
= 196.654.372.471
number of shares = 539.368.500
firm value
=
debt value
+
equity value
133.424.253.456 =
196.654.372.471
+
equity value
equity value =
(63.230.119.014)
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