Nama : Faiz Luthfi Saka

NIM : 12030118130275

Keterangan
Risk free rate 7%
Market return 10%
Return SIDO 20%
Beta 0.27
CAPM 1.02%

Valuation of PT Industri Jamu dan Farmasi Sido Muncul Tbk dan

Derive the Projected Income
(Rupiah amount in millions)
Information
Common shareholder's equity at beginning of year
Comprehensive income available for common shareholders
Required Income (Re*BVt-1;RE=1.02%)
Residual Income (Cit-(Re*BVt-1))

Assume that company can growth by 5%

Residual Income = [ CI5*(1+g) ] -(Re*BV5)
Residual Income 1,414,020

Valuation of PT Industri Jamu dan Farmasi Sido Muncul Tbk dan

Present Value of Residual Income Year+1 through Year
(Rupiah amount in millions)
Information
Common shareholder's equity at beginning of year
Comprehensive income available for common shareholders
Required Income (Re*BVt-1;RE=1.02%)
Residual Income (Cit-(Re*BVt-1))
Present value factors (Re=1.27%)
Present value of residual income
Sum of present value of residual income year+1 - year+5

Continuing value 1,414,020

Present value of continuing value 145,846,702

Present values residual income year+1 through year+5 5,743,217.21

Present value of continuing value in year+6 and beyond 145,846,702
Total present value of residual income 151,589,919.04
Book value of equity 1,500,000
Present value common shareholders equity before discounted 153,089,919
Midyear discounting adjusment factor 1.01
Total present value of common equity 153,870,677.62
Divide by shares outstanding 30,000
Estimated value per share 5,103
 Farmasi Sido Muncul Tbk dan Entitas Anak
e Projected Income
amount in millions)
Year+1 Year+2 Year+3 Year+4 Year+5
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
929,757 1,022,733 1,125,006 1,237,507 1,361,257
15,300 15,300 15,300 15,300 15,300
945,057 1,038,033 1,140,306 1,252,807 1,376,557

Farmasi Sido Muncul Tbk dan Entitas Anak

al Income Year+1 through Year+5
amount in millions)
Year+1 Year+2 Year+3 Year+4 Year+5
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
929,757 1,022,733 1,125,006 1,237,507 1,361,257
15,300 15,300 15,300 15,300 15,300
945,057 1,038,033 1,140,306 1,252,807 1,376,557
0.99 1.00 1.00 1.00 1.00
935,514.75 1,038,032.70 1,140,305.97 1,252,806.57 1,376,557.22
5,743,217.21