101
(1+42,23%)
4
(1+42,23%)
4
= 11.856.519.150.000
+
13.426.958.891.586
+
15.525.213.313.399 +
equity value
82.466.010.007.076
Share value =
number of shares
=
1.129.925.000
= 72.983
Nilai
interinsik ITMG untuk tahun 2009 adalah Rp72.983.
Tabel 4.61. Estimasi Arus Kas ITMG Untuk Tahun 2010
ITMG
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
15.865.330.200.000
20.930.857.146.304
27.613.719.686.651
36.430.305.247.562
15.712.775.800.000
16.302.280.193.714
21.507.317.754.637
28.374.234.248.365
3.928.193.950.000
4.075.570.048.428
5.376.829.438.659
7.093.558.562.091
11.784.581.850.000
12.226.710.145.285
16.130.488.315.978
21.280.675.686.274
3.037.759.900.000
3.640.355.401.545
4.362.486.794.811.73
5.227.866.220.652.28
2.465.673.700.000
2.311.203.718.497
3.806.903.189.745
5.022.381.874.811
500.148.900.000
128.902.936.747
1.160.858.607.645
1.531.500.786.770
2.965.822.600.000
2.440.106.655.244
4.967.761.797.390
6.553.882.661.581
11.856.519.150.000
13.426.958.891.587
15.525.213.313.399
19.954.659.245.345
Sumber: hitungan penulis
WACC=
42,23%
terminal value =
free cash flow
2013
=
19.954.659.245.345
=
47.249.595.040.309
k
wacc
42,23%
firm value =
11.856.519.150.000
+
13.426.958.891.586
+
15.525.213.313.399
+
(1+42,23%)1
(1+42,23%)2
(1+42,23%)3
19.954.659.245.345
+
47.249.595.040.309
19.954.659.245.345
+
47.249.595.040.309
firm value =
36.789.861.093.236
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value =
620.485.326.000
number of shares =
1.129.925.000
firm value =
debt value
+
equity value
36.789.861.093.236 =
620.485.326.000
+
equity value
equity value = 36.169.375.767.236
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