123
(1+3,85%)
4
(1+3,85%)
4
=
7.625.267.634
+
7.827.615.479
+
11.311.917.153
+
firm value =
13.697.962.834
+
342.591.991.010
356.013.637.439
equity value
433.047.304.319
Share value =
number of shares
=
831.204.669
=
521
Nilai
interinsik ATPK untuk tahun 2010 adalah Rp521.
Tabel 4.93. Estimasi Arus Kas ATPK Untuk Tahun 2011
ATPK
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
8.519.951.842
11.867.325.087
16.529.835.768
23.024.183.507
-
-
-
-
-
-
-
-
-
-
-
-
9.211.060.472
11.512.338.872
14.388.565.432
17.983.384.393
1.246.666.762
3.212.359.292
2.418.698.746
3.368.972.599
339.126.076
472.364.100
657.949.533
916.448.959
1.585.792.838
3.684.723.392
3.076.648.279
4.285.421.558
7.625.267.634
7.827.615.479
11.311.917.153
13.697.962.834
Sumber: hitungan penulis
WACC=
3,85%
terminal value =
free cash flow
2014
=
13.697.962.834
=
356.013.637.439
k
wacc
3,85%
firm value =
7.625.267.634
+
7.827.615.479
+
11.311.917.153
+
(1+3,85%)1
(1+3,85%)2
(1+3,85%)3
13.697.962.834
+
356.013.637.439
Setelah 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
342.591.991.010 =
7.659.505.439
+
equity value
equity value
=
334.932.485.571
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