71
Setelah
asumsi
angka
rata-rata
pertumbuhan
perusahaan
batu
bara
diketahui.
maka
selanjutnya
akan dicari nilai interinsiknya.
Nilai
interinsik
untuk BORN tahun 2011
dijabarkan sebagai berikut:
Tabel 4.13. Estimasi Arus Kas BORN Tahun 2009
BORN
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
3.832.935.057.151
5.338.843.129.676
7.436.402.010.022
10.358.063.256.678
839.027.105.505
1.168.669.448.098
1.627.823.785.378
2.267.373.619.251
209.756.776.376
292.167.362.024
406.955.946.344
566.843.404.813
629.270.329.129
876.502.086.073
1.220.867.839.033
1.700.530.214.438
691.355.717.443
1.382.711.434.887
2.765.422.869.773
5.530.845.739.547
560.847.388.001
781.196.701.634
1.088.118.264.792
1.515.625.137.300
152.565.207.945
212.506.003.916
295.996.723.687
412.289.812.141
713.412.595.946
993.702.705.551
1.384.114.988.479
1.927.914.949.442
607.213.450.625
1.265.510.815.409
2.602.175.720.327
5.303.461.004.543
Sumber: hitungan penulis
WACC=
10,15%
terminal value =
free cash flow
2014
=
5.303.461.004.543
=
52.242.331.016.717
k
wacc
10,15%
firm value =
607.213.450.625
+
1.265.510.815.409
+
2.602.175.720.327
+
(1+10,15%)1
(1+10,15%)2
(1+10,15%)3
5.303.461.004.543
+
5.303.461.004.543
(1+10,15%)
4
(1+10,15%)
4
=
607.213.450.625
+
1.265.510.815.409
+
2.602.175.720.327
+
5.303.461.004.543
+
5.303.461.004.543
firm value =
42,629,782,205,444
Setelah firm value diketahui. maka proses selanjutnya
mencari share value.
debt value =
10.331.000.000
number of shares
=
17.693.000.000
firm value =
debt value
+
equity value
42.629.782.205.443
=
10.331.000.000
+
equity value
equity value
= 42.619.451.205.443
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