89
(1+28,33%)
4
(1+28,33%)
4
=
41.915.757.959
+
50.954.704.526
+
61.918.686.352
+
firm value =
75.208.039.825
+
218.505.646.025
265.462.962.866
Tabel 4.40. Pertumbuhan
Rata-rata Industri Batu Bara
rata-rata
sal
39,29%
op inc
21,89%
capex
14,11%
depre
24,98%
wc
51,88%
Sumber: hitungan penulis
Nilai
interinsik untuk GTBO tahun 2011 dijabarkan sebagai berikut:
Tabel 4.41. Estimasi Arus Kas GTBO Untuk Tahun 2011
GTBO
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
35.708.602.921
49.738.027.526
69.279.422.318
96.498.365.444
7.816.591.021
10.887.623.361
15.165.222.554
21.123.432.314
1.954.147.755
2.721.905.840
3.791.305.639
5.280.858.079
5.862.443.266
8.165.717.521
11.373.916.916
15.842.574.236
42.699.648.829
52.046.575.461
63.439.538.532
77.326.414.150
5.224.997.653
7.277.828.193
10.137.187.943
14.119.951.264
1.421.336.482
1.979.760.262
2.757.581.152
3.840.997.296
6.646.334.135
9.257.588.455
12.894.769.096
17.960.948.560
41.915.757.959
50.954.704.526
61.918.686.352
75.208.039.825
Sumber: hitungan penulis
WACC=
28,33%
terminal value =
free cash flow
2014
=
75.208.039.825
=
265.462.962.866
k
wacc
28,33%
firm value =
41.915.757.959
+
50.954.704.526
+
61.918.686.352
+
(1+28,33%)1
(1+28,33%)2
(1+28,33%)3
75.208.039.825
+
265.462.962.866
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value
=
584.971.450
number of shares
=
2.500.000.000
 |