86
debt value
=
620.485.326.000
number of shares
firm value
=
21.853.730.000
=
debt value
+
equity value
1.982.211.380.749
=
620.485.326.000
+
equity value
equity value =
1.361.726.054.749
equity value
1.361.726.054.749
Share value =
number of shares
=
21.853.730.000
=
62
Nilai
interinsik DEWA tahun 2010 adalah Rp62.
Tabel 4.36. Estimasi Arus Kas DEWA Tahun 2011
DEWA
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
2.062.722.837.800
2.075.098.381.295
2.087.548.173.289
2.100.072.659.246
34.823.141.289
35.032.066.740
35.242.245.663
35.453.685.580
8.705.785.322
8.758.016.685
8.810.561.416
8.863.421.395
26.117.355.966
26.274.050.055
26.431.684.247
26.590.264.185
1.681.292.934.079
2.219.872.867.821
2.930.979.753.382
3.869.880.315.787
8.437.800.689
8.488.424.247
8.539.351.527
8.590.584.351
1.769.419.610
1.780.035.447
1.790.714.975
1.801.458.576
10.207.220.298
10.268.459.693
10.330.066.501
10.392.042.926
1.697.203.069.747
2.235.878.458.182
2.947.081.371.127
3.886.078.537.045
Sumber: hitungan penulis
WACC=
67,07%
terminal value =
free cash flow
2014
=
3.886.078.537.045
=
5.794.158.564.603
k
wacc
67,07%
firm value =
1.697.203.069.747
+
2.235.878.458.182
+
2.947.081.371.127
+
(1+67,07%)1
(1+67,07%)2
(1+67,07%)3
3.886.078.537.045
+
5.794.158.564.603
(1+67,07%)
4
(1+67,07%)
4
= 1.697.203.069.747
+
2.235.878.458.182
+
2.947.081.371.127
+
3.886.078.537.045
+
5.794.158.564.603
firm value =
3.691.418.397.576
Setelah firm value diketahui. maka proses selanjutnya
mencari share value.
 |