PT MNC

Cash Forecast
For the Year Ended December 31, 2014 (in million)

Cash, January 1, 2014

Cash collections
Accounts receivable, January 1, 2014
Sales a
Total potential cash collections
Less: Accounts receivable, December 31,
2014 b
Penghasilan bunga
Total cash available
Cash disbursements
Accounts payable, January 1, 2014

631,009

Purchases
Total potential cash disbursements

2,706,944
3,337,953

Accounts payable, December 31, 2014

Utang pajak
Beban tunai
Cash, December 31, 2014
Cash balance desired
Cash excess (deficiency)
Computation:
a) Sales 2014
b) Ending Accounts Receivable
c) Cost of sales 2014 *
Ending inventory (assumption)
Goods available for sale
Less: Beginning inventory
Purchases

110% * Rp 6,522,347 =
Rp7.174.582 * 90/360 =
110% * (Rp 2.850.657-Rp 87.321) =
=
=
=
=

* Cost of sales 2013 excluding depreciation and amortization: Rp 2.850.657 - Rp 87.321 =

d) Ending Accounts Payable

Rp 2.763.336 * (Rp 631.009 / Purchase 2013)

e) Gross profit
Rp 7.174.582 - Rp 3.039.670 =
Less: Net income *
Depreciation, amortization (all non cash)

Other cash expenses

* Net income 2014: =110%* Rp 1.809.842 ( Net income 2013) + 10% * (Rp 133.713 + Rp 4

14 (in million)

574,761

2,712,218
7,174,582
9,886,800
(1,793,646)

200,864
1,896,490

8. Bagian rugi bersih entitas asosiasi, keuntungan/ (k

8,093,154
33,761
8,701,676

2,097,354
6,604,322
500,000
6,104,322

10% * Rp 6,522,347 =
p7.174.582 * 90/360 =
.850.657-Rp 87.321) =
=
=
=
=

7,174,582
1,793,646
3,039,670
1,000,000
4,039,670
1,332,726
2,706,944

p 2.850.657 - Rp 87.321 = Rp 2.763.336

631.009 / Purchase 2013)

3.039.670 =
2,013,335
225,087

Asumsi yang digunakan:

1. Penjualan meningkat 10% pada tahun 2014.
2. Semua beban meningkat 10%.
3. Semua beban dibayar tunai.
4. Saldo kas akhir yang diharapkan Rp 500.000.(000.
5. Utang pajak yang ada dilunasi.
6. Penghasilan bunga didapat tunai, meningkat sesua
7. Keuntungan dan kerugian lain-lain tidak dapat dipr

4,134,912
(2,238,422)

1,896,490

+ 10% * (Rp 133.713 + Rp 4.053+Rp 87.321)

tahun 2014.

n Rp 500.000.(000.000)

ai, meningkat sesuai peningkatan penjualan.

ain tidak dapat diprediksi trendnya.

asi, keuntungan/ (kerugian) kurs mata uang asing, bagian laba bersih perusahaan asosiasi, depresiasi dan amo

iasi, depresiasi dan amortisasi merupakan non-kas.

Valuation of PT MNC Common Stock

HISTORICAL FIGURES
2012
2013
Sales growth
Net profit margin (Net income/Sales)
Net working capital turnover (Sales/Avg. NWC)
Fixed assets turnover
Total operating assets/Total equity
Cost of equity
Sales
Net income
Net working capital
Fixed assets
Total operating assets
Long-term liabilities
Total stockholders' equity
Residual Income Computation
Net income
Beginning equity
Required equity return
Expected income
Residual income
Discount factor
Present value of residual income
Cumulative present value of residual income
Terminal value of residual income
Beginning book value of equity
Value of equity
Common share outstanding
Value of equity per share

6265260
1763019

6522347
1809842

2014

FORECAST HORIZON
2015
2016

2017

TERMINAL YEAR
2018
2019