84
Tabel 4.33. Pertumbuhan
DEWA
2007 - 2010
Sales
0,60%
Operating income
1,69%
Capital Expenditure
14,38%
depreciation
32,03%
Working Capital
68,59%
Sumber: hitungan penulis
Untuk
mencari
nilai
interinsik
tahun
2009
dan
2010.
penulis
menggunakan
data
actual
dan forecast.
Nilai
interinsik
untuk
DEWA
tahun
2009.
2010.
dan 2011
dijabarkan sebagai berikut:
Tabel 4.34. Estimasi Arus Kas DEWA Tahun 2009
DEWA
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
1.894.100.000.000
2.050.421.100.000
2.591.358.656.357
3.275.005.161.561
30.140.800.000
35.792.200.000
667.978.770.713
844.203.451.550
7.535.200.000
8.948.050.000
166.994.692.678
211.050.862.887
22.605.600.000
26.844.150.000
500.984.078.035
633.152.588.662
1.198.500.000.000
1.273.381.900.000
1.548.913.728.824
1.884.064.583.721
(107.160.000.000)
947.239.300.000
336.021.208.982
424.669.580.612
74.410.100.000
71.584.400.000
113.927.779.043
143.983.953.551
(32.749.900.000)
1.018.823.700.000
449.948.988.026
568.653.534.164
1.253.855.500.000
281.402.350.000
1.599.948.818.834
1.948.563.638.219
Sumber: hitungan penulis
WACC=
8,94%
terminal value =
free cash flow
2012
=
1.948.563.638.219
= 21.788.914.718.820
k
wacc
8,94%
firm value =
1.253.855.500.000
+
281.402.350.000
+
1.599.948.818.833
+
(1+8,94%)1
(1+8,94%)2
(1+8,94%)3
1.948.563.638.219
+
21.788.914.718.820
(1+8,94%)
4
(1+8,94%)
4
=
1.253.855.500.000
+
281.402.350.000
+
1.599.948.818.833
+
1.948.563.638.219
+
21.788.914.718.820
firm value =
19.476.928.530.881
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
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