Corporate Tax 25%

NWC/Sales 3%

DATA GIVEN
PT. DFAI Tbk.
Analysis of Projected Financial Statements (in billion Rupiah)

2014 2015 2016 2017 2018E 2019E 2020E 2021E 2022E 2023E
Net sales 12,162.92 13,330.80 16,209.20 14,078.40
Operating income 1,435.22 1,986.29 1,264.32 985.49

Sales growth 9.60% 21.59% -12.08% 6.40% 6.40% 6.40% 6.40% 6.40% 4.50%
Operating margin 11.80% 14.90% 7.80% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%

Capital expenditures 494.90 510.83 536.37 563.19 591.00 621.00 652.00 685.00 719.00 755.00
Depreciation expense 108.84 114.00 120.27 125.71 133.00 139.00 146.00 152.00 160.00 169.00

Net sales 14,078.40 14,979.42 15,938.10 16,958.14 18,043.46 19,198.24 20,062.16

Operating income 1,048.56 1,115.67 1,187.07 1,263.04 1,343.88 1,404.35
Income Tax 262.14 278.92 296.77 315.76 335.97 351.09

NWC 422.35 449.38 478.14 508.74 541.30 575.95 601.86

Changes in NWC 27.03 28.76 30.60 32.56 34.64 25.92

ANSWER
FCFF Year 1 Year 2 Year 3 Year 4 Year 5 TV
2019E 2020E 2021E 2022E 2023E 2024E
EBIT(1-Tc) (20-21) - 786.42 836.75 890.30 947.28 1,007.91 1,053.26
MINUS Capital expenditures (given) - cash outlflows so we have to deduct 591.00 621.00 652.00 685.00 719.00 755.00
ADD Depreciation expense (given) - Depreciation is non cash transaction, AND cash outflo 133.00 139.00 146.00 152.00 160.00 169.00
MINUS Changes in NWC (given) - the changes in CA > CL, means cash outflows is bigge 27.03 28.76 30.60 32.56 34.64 25.92

FCFF (=29-30+31-32) 301.39 325.99 353.70 381.72 414.26 441.35 5

Terminal Value 3,651.00 5
10
Discount factor (WACC) 16.59%
1 2 3 4 5
PV FCFF 258.51 239.82 223.19 206.60 1,887.18
Enterprise Value 2,815.29 Billions
Market Value of Debt (40% of Value) 1,126.12 Billions
Intrinsic Value of Equity 1,689.18 Billions 6

Price per share (value of equity/number of shares) 1,689.18 1

7

Total Point 30
* Masing-masing jawaban diberikan nilai 60% - 80% jika proses
tetapi hasil akhir salah
 The Company
Weighted Average Cost of Capital

Kd 11.46% BBB debt yield

Risk-free rate 7.25% Data yield obligasi pemerintah 30 tahun
Market risk premium 8.20% Data market risk premium
Debt/Total capital 40.00%
Shares outstanding 1 billion
Tax rate 25.00%

Financial Data on Industry

Beta % Debt
AACP 1.10 10.60%
NNIC 1.85 27.20%
CCDT 0.75 7.00%
YYRP 1.96 34.90%
Industry Average 1.42 19.93%
Question 4.2
Leverage of DFAI 40.00%
Unlevered Beta 1.19 2
Levered Beta 1.79 3

Beta (levered) 1.79 Hasil perhitungan

Ke 21.92% Perhitungan CAPM

WACC 16.59%
5