81
equity value
32.028.410.593.540
Share value =
number of shares
=
3.333.330.000
=
9.609
Nilai
interinsik BYAN untuk tahun 2010 adalah Rp9.609.
Tabel 4.28. Estimasi Nilai Arus Kas Untuk Tahun 2011
BYAN
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
12.056.349.635.817
16.620.376.835.441
22.912.152.890.075
31.585.730.892.621
955.944.991.537
1.317.825.583.466
1.816.698.956.334
2.504.424.818.697
238.986.247.884
329.456.395.867
454.174.739.084
626.106.204.674
716.958.743.653
988.369.187.600
1.362.524.217.251
1.878.318.614.023
2.385.865.692.523
2.931.866.816.707
3.602.819.327.948
4.427.318.129.142
247.034.968.981
340.552.024.453
469.470.706.263
647.192.582.083
825.805.313.044
1.138.420.492.943
1.569.378.639.591
2.163.479.425.813
1.072.840.282.025
1.478.972.517.396
2.038.849.345.855
2.810.672.007.896
2.029.984.154.150
2.441.263.486.910
2.926.494.199.344
3.494.964.735.268
Sumber: hitungan penulis
WACC=
10,75%
terminal value =
free cash flow
2014
=
3.494.964.735.268
=
32.511.105.004.729
k
wacc
10,75%
firm value =
2.029.984.154.150
+
2.441.263.486.910
+
2.926.494.199.344
+
(1+10,75%)1
(1+10,75%)2
(1+10,75%)3
3.494.964.735.268
+
32.511.105.004.729
(1+10,75%)
4
(1+10,75%)
4
= 2.029.984.154.150
+
2.441.263.486.910
+
2.926.494.199.344
+
3.494.964.735.268
+
32.511.105.004.729
firm value =
29.910.771.056.359
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
29.910.771.056.359
=
3.619.677.000.000
+
equity value
equity value
= 26.291.094.056.359
 |