74
Tabel 4.17. Pertumbuhan
BUMI
bumi
sal
37,34%
op inc
21,16%
capex
17,20%
depre
10,15%
wc
36,01%
Sumber: hitungan penulis
Setelah asumsi untuk tahun 2009. 2010. dan 2011 diketahui. maka selanjutnya akan
dicari nilai interinsiknya.
Nilai interinsik untuk BUMI tahun 2009. 2010. dan 2011
dijabarkan sebagai berikut:
Tabel 4.18. Estimasi Arus Kas BUMI Tahun 2009
BUMI
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
30.261.177.536.400
38.940.364.828.015
53.479.376.643.789
73.446.762.474.876
5.531.778.700.000
9.808.946.600.000
11.317.722.081.453
15.543.375.739.210
1.382.944.675.000
2.452.236.650.000
2.829.430.520.363
3.885.843.934.802
4.148.834.025.000
7.356.709.950.000
8.488.291.561.090
11.657.531.804.407
11.635.320.000.000
11.678.756.600.000
12.863.588.402.257
14.168.623.617.234
1.325.400.000.000
10.217.352.600.000
5.235.378.684.305
7.190.091.560.965
5.011.849.900.000
2.996.183.900.000
2.500.128.217.707
3.433.591.318.496
6.337.249.900.000
13.213.536.500.000
7.735.506.902.012
10.623.682.879.461
9.446.904.125.000
5.821.930.050.000
13.616.373.061.335
15.202.472.542.180
Sumber: hitungan penulis
WACC=
15,44%
terminal value =
free cash flow
2012
=
15.202.472.542.180
= 98.453.063.138.880
k
wacc
15,44%
firm value =
9.446.904.125.000
+
5.821.930.050.000
+
13.616.373.061.334
+
(1+15,44%)1
(1+15,44%)2
(1+15,44%)3
15.202.472.542.180
+
98.453.063.138.880
(1+15,44%)
4
(1+15,44%)
4
=
9.446.904.125.000
+
5.821.930.050.000
+ 13.616.373.061.334
+
15.202.472.542.180 +
98.453.063.138.880
firm value =
85.397.477.042.719
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