85
debt value
= 1.110.021.327.000
number of shares = 21.853.730.000
firm value
=
debt value
+
equity value
19.476.928.530.881 =
1.110.021.327.000
+
equity value
equity value
= 18.366.907.203.881
equity value
18.366.907.203.881
Share value =
number of shares
=
21.853.730.000
= 840
Nilai
interinsik DEWA tahun 2009 adalah Rp840.
Tabel 4.35. Estimasi Arus Kas DEWA Tahun 2010
DEWA
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
2.050.421.100.000
2.635.395.293.581
3.387.259.501.685
4.353.626.554.507
35.792.200.000
818.167.809.285
1.051.586.717.455
1.351.598.794.010
8.948.050.000
204.541.952.321
262.896.679.364
337.899.698.503
26.844.150.000
613.625.856.964
788.690.038.091
1.013.699.095.508
1.273.381.900.000
1.525.980.601.000
1.828.686.896.388
2.191.440.548.346
947.239.300.000
333.231.472.295
428.300.632.372
550.492.516.289
71.584.400.000
130.464.443.325
167.685.252.516
215.524.959.865
1.018.823.700.000
463.695.915.619
595.985.884.888
766.017.476.154
281.402.350.000
1.675.910.542.343
2.021.391.049.590
2.439.122.167.699
Sumber: hitungan penulis
WACC=
67,07%
terminal value =
free cash flow
2013
=
2.439.122.167.699
=
3.636.740.859.292
k
wacc
67,07%
firm value =
281.402.350.000
+
1.675.910.542.343
+
2.021.391.049.590
+
(1+67,07%)1
(1+67,07%)2
(1+67,07%)3
2.439.122.167.699
+
3.636.740.859.292
(1+67,07%)
4
(1+67,07%)
4
=
281.402.350.000
+
1.675.910.542.343
+
2.021.391.049.590
+
2.439.122.167.699
+
3.636.740.859.292
firm value =
1.982.211.380.749
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
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