80
(1+10,75%)
4
(1+10,75%)
4
=
2.564.883.000.000
+
2.804.960.701.007
+
3.416.964.993.973
+
equity value
20.887.604.213.952
Share value =
number of shares
=
3.333.330.000
= 6.266
Nilai
interinsik BYAN untuk tahun 2009 adalah Rp6.266.
Tabel 4.27. Estimasi Arus Kas BYAN Untuk Tahun 2010
BYAN
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
8.745.624.000.000
11.240.703.838.364
14.447.616.634.538
18.569.444.531.239
1.307.832.000.000
3.489.716.346.027
4.485.313.789.569
5.764.949.868.720
326.958.000.000
872.429.086.507
1.121.328.447.392
1.441.237.467.180
980.874.000.000
2.617.287.259.520
3.363.985.342.177
4.323.712.401.540
1.807.013.000.000
2.165.467.236.305
2.595.027.457.750
3.109.798.843.213
(34.167.000.000)
1.421.326.166.443
1.826.822.933.927
2.348.005.764.415
257.171.000.000
556.467.628.374
715.224.872.027
919.274.709.762
223.004.000.000
1.977.793.794.817
2.542.047.805.954
3.267.280.474.177
2.564.883.000.000
2.804.960.701.007
3.416.964.993.973
4.166.230.770.576
Sumber: hitungan penulis
WACC=
10,75%
terminal value =
free cash flow
2013
=
4.166.230.770.576
=
38.755.402.791.133
k
wacc
10,75%
firm value =
2.564.883.000.000
+
2.804.960.701.007
+
3.416.964.993.973
+
(1+10,75%)1
(1+10,75%)2
(1+10,75%)3
4.166.230.770.576
+
38.755.402.791.133
4.166.230.770.576
+
38.755.402.791.133
firm value =
35.648.087.593.540
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value =
3.619.677.000.000
number of shares =
3.333.330.000
firm value =
debt value
+
equity value
35.648.087.593.540 =
3.619.677.000.000
+
equity value
equity value = 32.028.410.593.540
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