122
equity value
(89.785.375.900)
Share value =
number of shares
=
831.204.669
= (108).
Nilai
interinsik ATPK untuk tahun 2009 adalah Rp-108.
Tabel 4.92. Estimasi Arus Kas ATPK Untuk Tahun 2010
ATPK
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
6.116.760.000
7.562.923.783
9.350.998.919
11.561.822.291
(10.488.800.000)
-
-
-
(2.622.200.000)
-
-
-
(7.866.600.000)
-
-
-
7.369.800.000
10.366.220.398
14.580.928.295
20.509.256.197
1.642.380.000
723.081.891
894.037.568
1.105.411.686
1.642.380.000
723.081.891
894.037.568
1.105.411.686
3.284.760.000
1.446.163.783
1.788.075.136
2.210.823.372
(3.781.560.000)
8.920.056.615
12.792.853.159
18.298.432.824
Sumber: hitungan penulis
WACC=
3,85%
terminal value =
free cash flow
2013
=
18.298.432.824
=
475.581.055.942
k
wacc
3,85%
firm value =
(3.781.560.000)
+
(8.920.056.615)
+
12.792.853.159
+
(1+3,85%)1
(1+3,85%)2
(1+3,85%)3
18.298.432.824
+
475.581.055.942
(1+3,85%)
4
(1+3,85%)
4
=
(3.781.560.000)
+
(8.920.056.615)
+
12.792.853.159
+
18.298.432.824
+
475.581.055.942
firm value =
440.706.809.758
Setelelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value =
7.659.505.439
number of shares =
831.204.669
firm value =
debt value
+
equity value
440.706.809.758 =
7.659.505.439
+
equity value
equity value =
433.047.304.319
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