105
Setelah
asumsi
angka
pertumbuhan
KKGI
diketahui.
maka
selanjutnya
akan
dicari
nilai interinsiknya.
Nilai interinsik
untuk
KKGI
tahun
2011
dijabarkan
sebagai
berikut:
Tabel 4.67. Estimasi Arus Kas KKGI Untuk Tahun 2011
KKGI
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
2.392.464.596.628
5.904.841.298.188
14.573.737.394.451
35.969.437.774.322
353.564.675.711
872.632.891.479
2.153.745.030.553
5.315.657.594.307
88.391.168.928
218.158.222.870
538.436.257.638
1.328.914.398.577
265.173.506.783
654.474.668.609
1.615.308.772.915
3.986.743.195.730
102.299.173.614
108.776.221.076
115.663.361.234
122.986.559.007
853.865.817.977
2.107.426.020.936
5.201.337.657.758
12.837.420.227.923
3.462.827.871
8.546.604.639
21.093.872.862
52.061.782.562
857.328.645.848
2.115.972.625.574
5.222.431.530.620
12.889.482.010.485
(489.855.965.450)
(1.352.721.735.888)
(3.491.459.396.471)
(8.779.752.255.748)
Sumber: hitungan penulis
WACC=
11,90%
terminal value =
free cash flow
2014
=
(8.779.752.255.748)
=
(73.808.737.340.230)
k
wacc
11,90%
firm value =
(489.855.965.450)
+
(1.352.721.735.888)
+
(3.491.459.396.471)
+
(1+11,90%)1
(1+11,90%)2
(1+11,90%)3
(8.779.752.255.748)
+
(73.808.737.340.230)
(1+11,90%)
4
(1+11,90%)
4
=
(489.855.965.450)
+
(1.352.721.735.888) +
(3.491.459.396.471)
+
(8.779.752.255.748)
+
(73.808.737.340.230)
firm value =
(56.693.564.632.464)
Setelah firm value diketahui. maka proses selanjutnya mencari share value.
debt value =
90.934.249.998
number of shares
=
1.000.000.000
firm value =
debt value
+
equity value
(56.693.564.632.464) =
90.934.249.998
+
equity value
equity value
=
(56.784.498.882.462)
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