76
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value = 37.950.772.050.000
number of shares = 20.773.400.000
firm value =
debt value
+
equity value
19.553.628.076.962 = 37.950.772.050.000 +
equity value
equity value = (18.397.143.973.037)
equity value
(18.397.143.973.037)
Share value =
number of shares
=
20.773.400.000
=
(885)
Nilai
interinsik BUMI untuk 2010 adalah Rp-885.
Tabel 4.20. Estimasi Arus Kas BUMI Tahun 2011
BUMI
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
46.552.694.924.498
55.653.135.616.600
66.532.592.989.149
79.538.841.447.406
10.226.768.388.080
12.225.967.346.132
14.615.983.454.060
17.473.216.333.836
2.556.692.097.020
3.056.491.836.533
3.653.995.863.515
4.368.304.083.459
7.670.076.291.060
9.169.475.509.599
10.961.987.590.545
13.104.912.250.377
12.619.047.506.274
13.635.043.987.953
14.732.841.322.689
15.919.025.536.794
3.786.780.819.435
4.527.046.754.998
5.412.024.962.404
6.470.004.790.949
1.442.370.202.349
1.724.334.640.795
2.061.419.425.195
2.464.399.859.539
5.229.151.021.784
6.251.381.395.792
7.473.444.387.599
8.934.404.650.488
15.059.972.775.549
16.553.138.101.759
18.221.384.525.634
20.089.533.136.682
Sumber: hitungan penulis
WACC=
58,02%
terminal value =
free cash flow
2014
=
20.089.533.136.682
=
34.625.139.834.944
k
wacc
58,02%
firm value =
15.059.972.775.549
+
16.553.138.101.759
+
18.221.384.525.634
+
(1+58,02%)1
(1+58,02%)2
(1+58,02%)3
20.089.533.136.682
+
34.625.139.834.944
(1+58,02%)
4
(1+58,02%)
4
= 15.059.972.775.549
+
16.553.138.101.759
+
18.221.384.525.634
+
20.089.533.136.682
+
34.625.139.834.944
firm value =
29.552.589.767.094
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
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