118
(1+33,46%)
4
(1+33,46%)
4
=
40.520.996.706
+
49.374.316.361
+
59.940.418.308
+
firm value =
72.451.124.738
+
174.388.473.651
216.532.506.191
equity value
25.284.766.661
Share value =
number of shares
=
539.368.500
=
47
Nilai
interinsik PKPK untuk tahun 2010 adalah Rp47.
Tabel 4.86. Estimasi Arus Kas PKPK Untuk Tahun 2011
PKPK
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
404.550.584.128
563.493.008.484
784.881.750.437
1.093.251.119.167
88.555.871.824
123.348.269.885
171.810.128.117
239.311.991.575
22.138.967.956
30.837.067.471
42.952.532.029
59.827.997.894
66.416.903.868
92.511.202.414
128.857.596.088
179.483.993.681
49.401.868.071
61.744.361.344
77.170.485.785
96.450.651.471
59.195.142.897
82.452.109.742
114.846.422.665
159.968.020.713
16.102.632.336
22.429.137.654
31.241.240.898
43.515.499.701
75.297.775.233
104.881.247.396
146.087.663.563
203.483.520.414
40.520.996.706
49.374.316.361
59.940.418.308
72.451.124.738
Sumber: hitungan penulis
WACC=
33.46%
terminal value =
free cash flow
2014
=
72.451.124.738
=
216.532.506.191
k
wacc
33,46%
firm value =
40.520.996.706
+
49.374.316.361
+
59.940.418.308
+
(1+33,46%)1
(1+33,46%)2
(1+33,46%)3
72.451.124.738
+
216.532.506.191
Setelah firm value diketahui. maka selanjutnya
mencari share value.
debt value =
186.491.829.605
number of shares
=
539.368.500
firm value =
debt value
+
equity value
174.388.473.651 =
186.491.829.605
+
equity value
equity value
=
(12.103.355.953)
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