75
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value
= 35.006.328.504.000
number of shares = 20.773.400.000
firm value
=
debt value
+
equity value
85.397.477.042.719
=
35.006.328.504.000
+
equity value
equity value
=
50.391.148.538.719
equity value
50.391.148.538.719
Share value =
number of shares
=
20.773.400.000
= 2.425
Nilai
interinsik BUMI untuk 2009 adalah Rp2.425.
Tabel 4.19. Estimasi Arus Kas BUMI Tahun 2010
BUMI
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
38.940.364.828.015
50.195.144.552.532
64.702.848.773.438
83.403.657.399.912
5.531.778.700.000
9.945.059.109.512
12.819.440.233.551
16.524.592.372.147
1.382.944.675.000
2.486.264.777.378
3.204.860.058.388
4.131.148.093.037
4.148.834.025.000
7.458.794.332.134
9.614.580.175.163
12.393.444.279.110
11.678.756.600.000
12.943.066.412.367
14.344.246.899.961
15.897.115.302.632
10.217.352.600.000
4.052.753.695.568
5.224.105.076.655
6.734.007.517.353
2.996.183.900.000
1.935.371.724.701
2.494.744.564.241
3.215.790.724.530
13.213.536.500.000
5.988.125.420.269
7.718.849.640.896
9.949.798.241.882
2.614.054.125.000
14.413.735.324.231
16.239.977.434.227
18.340.761.339.860
Sumber: hitungan penulis
WACC=
58,02%
terminal value =
free cash flow
2013
=
18.340.761.339.860
=
31.611.059.438.331
k
wacc
58,02%
firm value =
2.614.054.125.000
+
14.413.735.324.231
+
16.239.977.434.227
+
(1+58,02%)1
(1+58,02%)2
(1+58,02%)3
18.340.761.339.860
+
31.611.059.438.331
(1+58,02%)
4
(1+58,02%)
4
=
2.614.054.125.000
+
14.413.735.324.231
+
16.239.977.434.227
+
18.340.761.339.860
+
31.611.059.438.331
firm value =
19.553.628.076.962
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