96
debt value
= 5.094.614.988.000
number of shares = 5.207.142.000
firm value
=
debt value
+
equity value
5.683.920.237
=
5.094.614.988.000
+
equity value
equity value =
(5.088.931.067.762)
equity value
(5.088.931.067.762)
Share value =
number of shares
=
5.207.142.000
= (977).
Nilai
interinsik INDY untuk tahun 2009 adalah Rp-977.
Tabel 4.54. Estimasi Arus Kas INDY Untuk Tahun 2010
INDY
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
3.765.467.000
4.839.734.633
6.220.485.087
7.995.156.274
619.653.000
1.502.512.770
1.931.171.642
2.482.124.602
154.913.250
375.628.192
482.792.910
620.531.150
464.739.750
1.126.884.577
1.448.378.731
1.861.593.451
1.252.501.300
1.500.957.950
1.798.700.543
2.155.505.851
3.606.366.300
611.958.252
786.546.674
1.010.944.242
988.202.700
239.589.593
307.943.224
395.797.782
4.594.569.000
851.547.845
1.094.489.899
1.406.742.024
(2.877.327.950)
1.776.294.683
2.152.589.376
2.610.357.278
Sumber: hitungan penulis
WACC=
45,81%
terminal value =
free cash flow
2013
=
2.610.357.278
=
5.698.249.083
k
wacc
45,81%
firm value =
(2.877.327.950)
+
1.776.294.683
+
2.152.589.375
+
(1+45,81%)1
(1+45,81%)2
(1+45,81%)3
2.610.357.278
+
5.698.249.083
(1+45,81%)
4
(1+45,81%)
4
=
(2.877.327.950)
+
1.776.294.683
+
2.152.589.375
+
2.610.357.278
+
5.698.249.083
firm value =
1.394.684.220
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
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