STOCK VALUATION

PT ASTRA INTERNASIONAL

JUNI ASTRIANDARI
55121120027
OUTLINE
01 PROFILE

02 VALUASI

03 REKOMENDASI
PROFILE

SEGMEN OTOMOTIF
PT. ASTRA
Penyediaan dan Pembuatan
INTERNASIONAL Komponen Otomotif

SEJAK TAHUN 1957 SEGMEN JASA KEUANGAN

Pembiayaan Otomotif dan Asuransi

SEGMEN ALAT BERAT DAN

PERTAMBANGAN SEGMEN INFRASTUKTUR
DAN LOGISTIK

SEGMEN TEKNOLOGI
INFORMASI

SEGMEN PROPERTY
VALUASI
Financial Information (mil. Rp) 2019 2020
Sales at the end of year 0 237,166,000 175,046,000
EBITDA 27,443,000 14,049,000
Depreciation & Amortisations 1,259,000 1,640,000
EBIT 26,184,000 12,409,000
Operating Investment
Fixed Assets 65,976,000 55,311,000
Working Capital (CA-CL) 29,096,000 95,072,000 46,572,000 101,883,000

Marketable Securities 24,730,000 48,405,000

Total Assets 351,958,000 338,203,000
Share Capital 147,847,000 155,662,000
Reserves 0 0
Total Debt 92,301,000 79,481,000
Total Capital 240,148,000 235,143,000
Market Value of Debt na. na.

WACC Value Weights WACC

Kd 9.34% 79,481,000 33.80% 3.16%
Ke 5.72% 155,662,000 66.20% 3.79%
235,143,000 6.94%
7 VALUE DRIVERS
7 Value Drivers Step by Step method to value a Company
Last Year
If Planning Period Is
Year Year
For Free Cash Flow
1 Sales growth Rate (g) 2.11% 0 1 2

2 Operating Profit Margin (m) 9.57% Step 1 Take sales value for the latest reported period 175,046,000 175,046,000 178,745,251
Step 2 Find the sales growth rate   2% 2%
3 Cash Tax Rate (t) 25% Step 3 Apply the sales growth rate to the last reported sales   178,745,251 182,522,679

4 Incremental Fixed Capital Investment (IFCI) 17% Step 4 Find the operating profit margin   10% 10%
Step 5 Apply operating profit margin to sales   17,104,083 17,465,544
5 Incremental Working Capital Investment (IWCI) -28% Step 6 Take the tax rate   25% 25%

6 Planning Period (n) (Years) 2 years Step 7 Cashflow after tax   12,828,062 13,099,158
Step 8 Compute FC and WC Investment      
7 Weighted Average Cost of Capital (WACC) 6.94%   Fixed Asset Investment   -635,102 -648,523
  Working Capital Investment   1,040,697 1,062,690
Step 9 Free Cash Flow after deducting FC and WC Investment   13,233,658 13,513,325
Step 10 Look at the Cost of Capital   7% 7%
Step 11 Use cost of capital to arrive at discount factor   0.935 0.874
Step 12 Apply discount factor to free cash flow to arrive at PV   12,374,495 11,815,645

Step 13 Add previous year's operating value to arrive at cummulative value   12,374,495 24,190,140
         
      If Planning Period Is
  Year Year
For Continuing Value
  1 2
Step 14 Take Free Cash Flow from Step 7   12,828,062 13,099,158
Step 15 Divide by WACC   184,762,297 188,666,883
Step 16 Use cost of capital to arrive at discount factor   0.935 0.874
Step 17 Use discount factor to arrive at PV of continuing value in year 0 (today) 172,767,065 164,964,646
         
      If Planning Period Is
  Year Year
For Shareholder Value
  1 2
Step 18 Get cumulative value from step 13   12,374,495 24,190,140
Step 19 Get continuing value from step 17   172,767,065 164,964,646
Step 20 Add to get business value   185,141,560 189,154,786
Step 21 Value of marketable securities   48,405,000 48,405,000
Step 22 Add to get corporate value   233,546,560 237,559,786
Step 23 External debt & obligation   79,481,000 79,481,000
Step 24 Shareholder value   154,065,560 158,078,786
 Discount Free Cash Cumulative Continuing PV of
PV of FCF
Year Factor 6,94% Flow PV of FCF Value Continuing
(A) (B) (C = A x B) (D) (E) (F = A x E)
1 0.935 13,233,658 12,374,495 12,374,495 184,762,297 172,767,065
2 0.874 13,513,325 11,815,645 24,190,140 188,666,883 164,964,646

Discount Continuing
PV of Continuing Value
Year Factor 6,94% Value
(A) (B) (C) = (A) x (B)
1 0.935 184,762,297 172,767,065
2 0.874 188,666,883 164,964,646

If Planning Period Is
For Shareholder Value 1 Year 2 Year
Operational value 12,374,495 24,190,140
Continuing Value 172,767,065 164,964,646
Business Value 185,141,560 189,154,786
Add: Marketable Securities 48,405,000 48,405,000
Corporate Value 233,546,560 237,559,786
Less: Market Value of External Debts and Obligations 79,481,000 79,481,000
Shareholders Value in Year 0 (Today) 154,065,560 158,078,786
Outstanding Share (mil.) 40,483 40,483
Share Price 5,769 5,868
REKOMENDASI

VALUASI = 5.868
> PRICE = 6.225

KESIMPULAN
HARGA VALUASI LEBIH KECIL DARI HARGA SAHAM, MAKA
REKOMENDASINYA ADALAH NO BUY

CATATAN :
PRICE ASII BERDASARKAN PADA KAMIS, 24 NOVEMBER 2022
TERIMA KASIH