121
Untuk
mencari
nilai
interinsik
tahun
2009
dan
2010.
penulis
menggunakan
data
actual. Nilai
interinsik
untuk ATPK tahun 2009. 2010. dan 2011 dijabarkan
sebagai
berikut:
Tabel 4.91. Estimasi Arus Kas ATPK Untuk Tahun 2009
ATPK
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
2.832.000.000
6.116.760.000
5.893.372.408
5.678.143.059
(29.720.500.000)
(10.488.800.000)
-
-
(7.430.125.000)
(2.622.200.000)
-
-
(22.290.375.000)
(7.866.600.000)
-
-
7.549.000.000
7.369.800.000
10.811.046.828
15.859.145.910
74.678.700.000
75.877.300.000
(111.693.796)
(107.614.674)
25.600.000
107.500.000
(111.693.796)
(107.614.674)
74.704.300.000
75.984.800.000
(223.387.592)
(215.229.349)
(89.445.675.000)
(76.481.600.000)
11.034.434.421
16.074.375.259
Sumber: hitungan penulis
WACC=
93,03%
terminal value =
free cash flow
2014
=
16.074.375.258
=
17.279.058.017
k
wacc
93,03%
firm value =
(89.445.675.000)
+
(76.481.600.000)
+
11.034.434.420
+
(1+93,03%)1
(1+93,03%)2
(1+93,03%)3
16.074.375.258
+
17.279.058.017
(1+93,03%)
4
(1+93,03%)
4
=
(89.445.675.000)
+
(76.481.600.000)
+
11.034.434.420
+
16.074.375.258
+
17.279.058.017
firm value =
(62.928.023.169)
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value
= 26.857.352.731
number of shares = 831.204.669
firm value
=
debt value
+
equity value
(62.928.023.169) =
26.857.352.731
+
equity value
equity value =
(89.785.375.900)
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