Name: Date:

STUDI KASUS
Bussiness Valuation
Discounted Cash Flow (DCF) Tools
[PT Astra Argo Lestari Tbk]

CORPORATE FINANCE
13 - 17 Januari 2020

Copyright © 2019 by Kiran Executive Development Program. Kiran Executive Development Program is a member of business unit of PT Kiran
Resources Indonesia. All rights reserved. Written permission must be secured from the publisher to use or reproduce any part of this
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Published in Jakarta, by PT Kiran Resources Indonesia.
 Input
Last Fiscal Year 2018
Corporate tax rate 25%

Catatan:
Area kuning menandakan area untuk diisi sendiri oleh user
In Billion IDR - PT Astra Argo Lestari Tbk (Book Value)
Actual Forecast period
2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E
Net sales 0 0 0 0 0
Growth, % 0.0% 0.0% 0.0%
COGS 0
0 0 0 0 0
Gross profit 0 0 0 0 0 0 0 0 0
Margin, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
OPEX 0 0 0 0 0
Growth, % 0.00% #DIV/0! #DIV/0!
in % of net sales 0.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total costs 0 0 0 0 0 0 0 0 0
Growth, % 0.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBITDA 0 0 0 0 0 0 0 0 0
Margin, % 0.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Depreciation #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
in % of net sales 0.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBIT 0 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Tax (25%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capex #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
in % of net sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Working Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
in % of net sales 0.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Increase/Decrease in NWC 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Unlevered Free Cash Flow 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
WACC 0.0% 0.0% 0.0% 0.0% 0.0%
Discount Period 1.0 2.0 3.0 4.0
Discount Factor 1.00 1.00 1.00 1.00 1.00
Present value of free cash flow #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

DCF-valuation Implied multiples 2018A 2019E 2020E 2021E 2022E

Enterprise value ("EV") #DIV/0! Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less: Total debt [hide row on output]
Plus: Cash and Cash Equi. [hide row on output]
Net debt (negative number equals net cash position) 0 [hide row on output]
Equity value ("market cap") #DIV/0! EBITDA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Outstanding shares [hide row on output]
Price per share #DIV/0! EBIT #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Terminal Value
Terminal Year Free Cash Flow #DIV/0!
Perpetuity Growth Rate Perpetuity Growth Rate is the growth rate assumption based on average GDP
Terminal Year EBITDA 0
Terminal Value - Perpetuity Method #DIV/0!
Implied Exit Multiple #DIV/0! Implied Exit Multiple uses Discount Period of 0.5
Discount Period 4.5 Discount Period reflects Mid-Year Discounting
Discount Factor 1.0 Discounting Factor uses WACC as dicount rate for N based Discount Period
Present Value of Terminal Value #DIV/0! Terminal Value - Perpetuity Method * Discount Factor
% of Enterprise Value #DIV/0! PV-TV divided by EV

IDR - USD Exchange Rate

In Billion IDR
Forecast period
2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E
Unlevered Free Cash Flow (FCFF) 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Change in Net Debt - - - - -
#DIV/0! #DIV/0!
Net Interest - - - - -
#DIV/0! #DIV/0!
Free Cash Flow to Equity (FCFE) 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
WACC Calculation (Book Value)

Comments

Target Capital Structure

Debt to Total Capitalization Obtained from Last Audited Financial Statement

Equity to Total Capitalization Obtained from Last Audited Financial Statement

Debt to Equity Ratio Obtained from Last Audited Financial Statement

Cost of Equity

Risk-free rate 7 days Bank Indonesia Reverse Repo Rate

Expected Market Risk of Return (Average yield 5 Years Indonesian Corporate
Market risk Premium
Bond Obtained from ibpa.co.id) - (Risk Free Rate)
Levered Beta Avg Volatility Share/Avg Volatility Index

Size Premium Market Cap / IDX Cap

Cost of Equity 0.0%

Cost of Debt

Cost of Debt Average Interest Rate from Loan - Data from Audited Financial Statement

Corporate tax rate 25.0% Obtained from Input sheet

After Tax Cost of Debt 0.0%

WACC 0.0%
Comparable Companies Unlevered Beta

Levered Beta Market Value Market Value Equity/ Total Unlevered

Company Debt/ Equity Tax Rate
(1) of Debt (2) of Equity (3) Assets Beta (4)
[XYZ] #DIV/0! #DIV/0! 25% #DIV/0!
[XYZ] #DIV/0! #DIV/0! 25% #DIV/0!
[XYZ] #DIV/0! #DIV/0! 25% #DIV/0!
[XYZ] #DIV/0! #DIV/0! 25% #DIV/0!
[XYZ] #DIV/0! #DIV/0! 25% #DIV/0!

Median #VALUE! #DIV/0! #DIV/0! #DIV/0!

Mean #DIV/0! #DIV/0! #DIV/0! #DIV/0!

(1) From Bloomberg

(2) Book Value of Debt
(3) From Bloomberg
(4) Unlevered Beta = Predicted Levered Beta / (1 + Debt/Equity) x (1-t))

Mean Target
Mean Target Relevered
Relevered Beta Unlevered Marginal Tax
Debt/ Equity Beta
Beta Rate

Target Company #DIV/0! #DIV/0! 25% #DIV/0!

*Notes
If Comparable Companies unavailable use Avg Volatility Share/Avg Volatility Index