79
Untuk
mencari
nilai
interinsik
tahun
2009
dan
2010.
penulis
menggunakan
data
actual
dan forecast.
Nilai
interinsik
untuk
BYAN
tahun
2009.
2010.
dan 2011
dijabarkan sebagai berikut:
Tabel 4.26. Estimasi Arus Kas BYAN Untuk Tahun 2009
BYAN
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
7.752.866.000.000
8.745.624.000.000
11.052.875.166.784
13.968.820.229.696
365.022.000.000
1.307.832.000.000
2.849.117.758.611
3.600.765.699.668
91.255.500.000
326.958.000.000
712.279.439.653
900.191.424.917
273.766.500.000
980.874.000.000
2.136.838.318.958
2.700.574.274.751
1.533.075.000.000
1.807.013.000.000
2.198.010.859.008
2.673.612.052.773
(331.196.000.000)
(34.167.000.000)
1.433.225.179.835
1.811.335.474.588
351.732.000.000
257.171.000.000
485.934.093.571
614.132.150.607
20.536.000.000
223.004.000.000
1.919.159.273.406
2.425.467.625.195
1.786.305.500.000
2.564.883.000.000
2.415.689.904.560
2.948.718.702.328
Sumber: hitungan penulis
WACC=
11,22%
terminal value =
free cash flow
2012
=
2.948.718.702.328
= 26.280.063.853.214
k
wacc
11,22%
firm value =
1.786.305.500.000
+
2.564.883.000.000
+
2.415.689.904.560
+
(1+11,22%)1
(1+11,22%)2
(1+11,22%)3
2.948.718.702.328
+
26.280.063.853.214
(1+11,22%)
4
(1+11,22%)
4
=
1.786.305.500.000
+
2.564.883.000.000
+
2.415.689.904.560
+
2.948.718.702.328
+
26.280.063.853.214
firm value =
24.537.189.213.952
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value
= 3.649.585.000.000
number of shares = 3.333.330.000
firm value
=
debt value
+
equity value
24.537.189.213.952 =
3.649.585.000.000
+
equity value
equity value = 20.887.604.213.952
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