100
Untuk
mencari
nilai
interinsik
tahun
2009
dan
2010.
penulis
menggunakan
data
actual
dan
forecast.
Nilai
interinsik
untuk
ITMG
tahun
2009.
2010.
dan 2011
dijabarkan sebagai berikut:
Tabel 4.60. Estimasi Arus Kas ITMG Untuk Tahun 2009
ITMG
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
14.178.960.000.000
15.865.330.200.000
22.336.197.292.750
31.446.285.908.418
14.207.619.600.000
15.712.775.800.000
13.104.151.990.562
18.448.839.105.497
3.551.904.900.000
3.928.193.950.000
3.276.037.997.641
4.612.209.776.374
10.655.714.700.000
11.784.581.850.000
9.828.113.992.922
13.836.629.329.123
2.757.020.000.000
3.037.759.900.000
3.695.064.311.800
4.494.594.937.651
3.127.380.000.000
2.465.673.700.000
4.302.961.468.994
6.057.976.424.251
736.565.800.000
500.148.900.000
1.092.227.952.162
1.537.706.352.191
3.863.945.800.000
2.965.822.600.000
5.395.189.421.156
7.595.682.776.442
9.548.788.900.000
11.856.519.150.000
8.127.988.883.566
10.735.541.490.332
Sumber: hitungan penulis
WACC=
12,52%
terminal value =
free cash flow
2012
=
10.735.541.490.332
= 85.777.068.360.424
k
wacc
12,52%
firm value =
9.548.788.900.000
+
11.856.519.150.000
+
8.127.988.883.565
+
(1+12,52%)1
(1+12,52%)2
(1+12,52%)3
10.735.541.490.332
+
85.777.068.360.424
(1+12,52%)
4
(1+12,52%)
4
=
9.548.788.900.000
+
11.856.519.150.000
+
8.127.988.883.565
+
10.735.541.490.332
+
85.777.068.360.424
firm value =
83.777.184.007.076
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value
= 1.311.174.000.000
number of shares = 1.129.925.000
firm value
=
debt value
+
equity value
83.777.184.007.076 =
1.311.174.000.000
+
equity value
equity value = 82.466.010.007.076
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