117
equity value
(63.230.119.014)
Share value =
number of shares
=
539.368.500
= (117).
Nilai
interinsik PKPK untuk tahun 2009 adalah Rp-117.
Tabel 4.85. Estimasi Arus Kas PKPK Untuk Tahun 2010
PKPK
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
290.440.471.584
373.301.587.600
479.802.537.658
616.687.640.208
27.772.793.710
115.892.800.929
148.956.398.336
191.452.863.573
6.943.198.428
28.973.200.232
37.239.099.584
47.863.215.893
20.829.595.283
86.919.600.697
111.717.298.752
143.589.647.679
39.526.598.313
47.367.425.475
56.763.624.796
68.023.732.928
43.671.890.008
47.201.965.469
60.668.434.228
77.976.814.633
5.656.016.000
18.480.181.678
23.752.478.853
30.528.934.267
49.327.906.008
65.682.147.147
84.420.913.082
108.505.748.900
11.028.287.588
68.604.879.024
84.060.010.467
103.107.631.708
Sumber: hitungan penulis
WACC=
33,46%
terminal value =
free cash flow
2013
=
103.107.631.707
=
308.154.690.237
k
wacc
33,46%
firm value =
11.028.287.587
+
68.604.879.024
+
84.060.010.466
+
(1+33,46%)1
(1+33,46%)2
(1+33,46%)3
103.107.631.707
+
308.154.690.237
(1+33,46%)
4
(1+33,46%)
4
=
11.028.287.587
+
68.604.879.024
+
84.060.010.466
+
103.107.631.707
+
308.154.690.237
firm value =
211.776.596.266
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value =
186.491.829.605
number of shares =
539.368.500
firm value =
debt value
+
equity value
211.776.596.266
=
186.491.829.605
+
equity value
equity value =
25.284.766.661
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