92
Setelah asumsi angka
pertumbuhan
HRUM diketahui.
maka
selanjutnya
akan dicari
nilai interinsiknya.
Nilai
interinsik
untuk
HRUM
tahun
2011
dijabarkan
sebagai
berikut:
Tabel 4.47. Estimasi Arus Kas HRUM Untuk Tahun 2011
HRUM
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
7.206.034.771.831
11.574.242.711.193
18.590.403.540.832
29.859.673.106.455
1.548.593.214.960
2.487.331.007.744
3.995.119.881.913
6.416.911.469.028
387.148.303.740
621.832.751.936
998.779.970.478
1.604.227.867.257
1.161.444.911.220
1.865.498.255.808
2.996.339.911.435
4.812.683.601.771
278.891.033.678
392.916.651.508
553.562.059.692
779.887.929.804
140.646.607.987
225.904.818.516
362.845.487.417
582.797.873.033
381.614.842.558
612.944.975.957
984.504.536.124
1.581.298.843.562
522.261.450.545
838.849.794.473
1.347.350.023.540
2.164.096.716.595
918.074.494.352
1.419.565.112.843
2.202.551.947.586
3.428.474.814.980
Sumber: hitungan penulis
WACC=
9,74%
terminal value =
free cash flow
2014
=
3.428.474.814.980
=
35.211.636.486.398
k
wacc
9,74%
firm value =
918.074.494.352
+
1.419.565.112.843
+
2.202.551.947.586
+
(1+9,74%)1
(1+9,74%)2
(1+9,74%)3
3.428.474.814.980
+
35.211.636.486.398
(1+9,74%)
4
(1+9,74%)
4
=
918.074.494.352
+
1.419.565.112.843
+
2.202.551.947.586
+
3.428.474.814.980
+
35.211.636.486.398
firm value =
30.328.051.179.258
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value =
736.412.000.000
number of shares
=
2.700.000.000
firm value =
debt value
+
equity value
30.328.051.179.258 =
736.412.000.000
+
equity value
equity value
=
29.591.639.179.258
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