97
debt value =
3.619.677.000.000
number of shares =
5.207.142.000
firm value =
debt value
+
equity value
1.394.684.220 =
3.619.677.000.000
+
equity value
equity value = (3.618.282.315.779)
equity value
(3.618.282.315.779)
Share value =
number of shares
=
5.207.142.000
=
(695)
Nilai
interinsik INDY untuk tahun 2010 adalah Rp-695.
Tabel 4.55. Estimasi Arus Kas INDY Untuk Tahun 2011
INDY
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
4.492.270.952.074
5.359.361.350.623
6.393.816.043.818
7.627.939.399.428
683.068.094.337
814.912.720.914
972.205.770.130
1.159.859.252.676
170.767.023.584
203.728.180.228
243.051.442.533
289.964.813.169
512.301.070.753
611.184.540.685
729.154.327.598
869.894.439.507
1.827.036.601.945
2.665.117.189.776
3.887.634.012.192
5.670.931.946.530
429.622.593.322
512.547.606.004
611.478.661.745
729.505.219.398
205.568.239.106
245.246.666.404
292.583.755.369
349.057.767.680
635.190.832.428
757.794.272.408
904.062.417.114
1.078.562.987.078
1.704.146.840.270
2.518.507.458.053
3.712.725.922.674
5.462.263.398.958
Sumber: hitungan penulis
WACC=
45,81%
terminal value =
free cash flow
2014
=
5.462.263.398.958
=
11.923.784.406.542
k
wacc
45,81%
firm value =
1.704.146.840.270
+
2.518.507.458.053
+
3.712.725.922.674
+
(1+45,81%)1
(1+45,81%)2
(1+45,81%)3
5.462.263.398.958
+
11.923.784.406.542
(1+45,81%)
4
(1+45,81%)
4
= 1.704.146.840.270
+
2.518.507.458.053
+
3.712.725.922.674
+
5.462.263.398.958
+
11.923.784.406.542
firm value =
7.397.393.086.335
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value
=
5.014.241.182.000
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