95
(1+16,21%)
4
(1+16,21%)
4
=
(1.122.666.150)
+
2.877.327.950
+
1.617.237.699
+
1.971.618.542
+
12.162.934.988
firm value =
5.683.920.237
Tabel 4.52. Pertumbuhan
INDY
2007 - 2010
Sales
19,30%
Operating income
15,21%
Capital Expenditure
28,28%
depreciation
45,87%
Working Capital
59,11%
Sumber: hitungan penulis
Setelah asumsi untuk tahun 2009. 2010. dan 2011 diketahui. maka selanjutnya akan
dicari nilai interinsiknya.
Nilai interinsik untuk INDY tahun 2009. 2010. dan 2011
dijabarkan sebagai berikut:
Tabel 4.53. Estimasi Arus Kas INDY Untuk Tahun 2009
INDY
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
2.486.579.600
3.765.467.000
4.758.864.170
6.014.337.182
612.383.000
619.653.000
1.226.700.222
1.550.325.559
153.095.750
154.913.250
306.675.055
387.581.390
459.287.250
464.739.750
920.025.166
1.162.744.169
1.009.754.700
1.252.501.300
1.523.515.026
1.853.170.161
2.486.579.600
3.606.366.300
617.081.425
779.878.480
105.128.500
988.202.700
209.221.068
264.417.307
2.591.708.100
4.594.569.000
826.302.493
1.044.295.787
(1.122.666.150)
(2.877.327.950)
1.617.237.700
1.971.618.543
Sumber: hitungan penulis
WACC=
16,21%
terminal value =
free cash flow
2012
=
1.971.618.542
=
k
wacc
16,21%
12.162.934.988
firm value =
(1.122.666.150)
+
2.877.327.950
+
1.617.237.699
+
(1+16,21%)1
(1+16,21%)2
(1+16,21%)3
1.971.618.542
+
12.162.934.988
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
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