102
equity value
36.169.375.767.236
Share value =
number of shares
=
1.129.925.000
=
32.010
Nilai
interinsik ITMG untuk tahun 2010 adalah Rp32.010.
ITMG
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
20.295.139.380.147
25.961.809.635.679
33.210.688.871.572
42.483.550.677.013
16.665.712.231.114
21.318.998.617.494
27.271.543.859.024
34.886.118.142.734
4.166.428.057.779
5.329.749.654.374
6.817.885.964.756
8.721.529.535.683
12.499.284.173.336
15.989.248.963.121
20.453.657.894.268
26.164.588.607.050
3.590.716.941.141
4.244.327.588.693
5.016.913.606.790
5.930.131.831.729
2.463.153.708.111
3.150.898.669.656
4.030.671.083.883
5.156.087.545.088
371.972.229.579
475.831.775.934
608.690.275.736
778.644.618.781
2.835.125.937.690
3.626.730.445.591
4.639.361.359.620
5.934.732.163.869
13.254.875.176.786
16.606.846.106.222
20.831.210.141.438
26.159.988.274.909
Sumber: hitungan penulis
WACC=
42,23%
terminal value =
free cash flow
2014
=
26.159.988.274.909
=
61.942.869.434.719
k
wacc
42,23%
firm value =
13.254.875.176.786
+
16.606.846.106.222
+
20.831.210.141.438
+
(1+42,23%)1
(1+42,23%)2
(1+42,23%)3
26.159.988.274.909
+
61.942.869.434.719
(1+42,23%)
4
(1+42,23%)
4
=
13.254.875.176.786
+
16.606.846.106.222
+
20.831.210.141.438
+
26.159.988.274.909
+
61.942.869.434.719
firm value =
46.295.404.859.170
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value =
936.666.000.000
number of shares
=
1.129.925.000
firm value =
debt value
+
equity value
46.295.404.859.170 =
936.666.000.000
+
equity value
equity value = 45.358.738.859.170
equity value
45.358.738.859.170
Share value
=
number of shares
=
1.129.925.000
= 40.143
Nilai
interinsik ITMG untuk tahun 2011 adalah Rp40.143.
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