Base year

Revenue growth rate

Revenues
EBIT (Operating) margin
EBIT (Operating income)
Tax rate
EBIT(1-t)
- Reinvestment
FCFF

Rp

17%
2,643,724,434.00
12.72%

Rp
Rp
Rp

15%
3,048,126,514.24
13.17%
401,548,482.16
25%
301,161,361.62
383,086,078.85
(81,924,717.23)

Rp

Rp

336,202,965.00

Rp

Rp

25%
252,152,223.75

Rp

11.02%
0.900753433
(73,793,970.29)

1.05564285
2,504,373,930.00 Rp
10.07%

1.05564285
2,887,460,008.85
10.43%

Cost of capital
PV Factor
PV(FCFF)

Sales to capital ratio

Invested capital
ROIC

Rp

Estimation of Current Cost of Capital

Equity
Number of Shares outstanding =
Current Market Price per share =

Rp

8,700,000,000.00
1,100.00
Equity

Market Value
Weight in Cost of Capital
Cost of Component

Debt

Rp 9,570,000,000,000.00 Rp
99.99%
11.02%

825,848,899.28
0.01%
14.84%

Rp
Rp

2,187,382,982.00
(3,620,139.00)
5
21.20%
30.00%
0.81
7%
4.96%

Debt
Book Value of Straight Debt =
Interest Expense on Debt =
Average Maturity =
Pre-tax Cost of Debt =
Tax Rate =
Unlevered beta =
Riskfree Rate =
Equity Risk Premium used in cost of equity =

2
Rp
Rp
Rp
Rp
Rp

Rp

Rp

13%
3,451,165,359.06
13.90%
479,855,884.69
25%
359,891,913.52
381,794,699.46
(21,902,785.95)

11%
3,835,913,016.05
14.56%
558,572,912.02
25%
418,929,684.02
364,467,638.69
54,462,045.33

Rp
Rp
Rp
Rp
Rp

Rp
Rp
Rp
Rp
Rp

9%
4,183,990,289.07
14.91%
623,930,588.36
25%
467,947,941.27
329,730,147.73
138,217,793.54

11.02%
0.900753433
(19,729,009.63) Rp

11.02%
0.900753433
49,056,874.30 Rp

11.02%
0.900753433
124,500,152.03

1.05564285
3,269,254,708.32 Rp
11.01%

1.05564285
3,633,722,347.01 Rp
11.53%

1.05564285
3,963,452,494.74
11.81%

Preferred Stock

Capital

Rp
Rp

0.00%
-

9,570,825,848,899.28
100.00%
11.02%

Sales To Capital Ratio

Revenues
Book value of equity
Book value of debt
Cash and cross holdings

Rp
Rp
Rp
Rp

1.05564285
2,643,724,434.00
730,017,770.00
2,187,382,982.00
413,026,822.00

Terminal Years

Rp
Rp
Rp

7%
4,476,869,609.31 Rp
15.00%
671,530,441.40 Rp
25%
503,647,831.05 Rp
277,441,674.63 Rp
226,206,156.42 Rp

Rp

11.02%
0.900753433
203,755,971.95

Rp
Rp

Rp

7%
4,790,250,481.96
15.00%
718,537,572.29 Rp
25%
538,903,179.22
251,488,150.30 Rp
287,415,028.92
11.02%

1.05564285 After 5 Years

4,240,894,169.37
11.88%

15.00%

Terminal Value

Rp

6,023,648,499.43

PV (Terminal Value)

Rp
Rp
Rp

5,425,822,064.90
5,709,612,083.25
5,316,577,179.25
8,700,000.00
611.10
1100
180%

Instrinsic Value
Equity Value

Number of shares
Estimated value /share
Price
Price as % of value

382,334,607.29

1,988,008,389.67

Laporan Posisi Keuangan

ASET LANCAR

Kas
Piutang
Persediaan
ASET TIDAK LANCAR
JUMLAH ASET
LIABILITAS JANGKA PENDEK
LIABILITAS JANGKA PANJANG
JUMLAH LIABILITAS
EKUITAS
JUMLAH LIABILITAS DAN EKUITAS

WIKA BETON Q1 2014

WIKA BETON Q2 2014
Rp 1,545,089,032,653.00 Rp
2,460,928,122,171.00
Rp
255,013,034,959.00 Rp
879,172,056,652.00

26%
86%
-4%

Rp
720,957,676,099.00 Rp
Rp 1,103,313,437,297.00 Rp
Rp 2,648,402,469,950.00 Rp

665,285,799,910.00
1,195,792,504,032.00
3,656,720,626,203.00

Rp 1,452,133,675,896.00 Rp
Rp
392,704,387,858.00 Rp
Rp 1,844,838,063,754.00 Rp

1,200,461,643,391.00
384,571,841,354.00
1,585,033,484,744.00

-9%

Rp
803,564,406,196.00 Rp
Rp 2,648,402,469,950.00 Rp

2,071,687,141,458.00
3,656,720,626,202.00

61%

Rp
Rp
Rp
Rp
Rp

864,378,451,329.00
735,006,383,245.00
129,372,068,084.00
107,407,768,093.00
116,043,736,569.00

3%

4%
18%

-1%
-7%

18%

Laporan Laba Rugi

LABA (RUGI) DARI OPERASI SEBELUM PAJAK

Rp
Rp
Rp
Rp
Rp

LABA (RUGI) BERSIH

Rp

78,896,636,430.00 Rp

90,382,368,659.00

7%

LABA (RUGI) BERSIH PER SAHAM DASAR

Rp

9.23 Rp

19.82

47%

Laporan Arus Kas

AKTIVITAS OPERASI
AKTIVITAS INVESTASI
AKTIVITAS PENDANAAN

Rp
Rp
Rp

(59,372,971,381.00) Rp
(54,483,666,518.00) Rp
(44,157,148,821.00) Rp

(78,828,897,352.00)
(135,473,591,530.00)
1,093,474,545,533.00

PENJUALAN BERSIH
BEBAN POKOK PENJUALAN
LABA KOTOR
LABA (RUGI) USAHA

814,035,691,013.00
685,976,410,694.00
128,059,280,319.00
114,094,985,019.00
105,294,910,682.00

Mengidentifikasi Outstanding Company dengan rasio keuangan Big Five Number Phil Town
Indikator
Return On Equity (ROE)
Equity Growth
Sales Growth
Earning Growth
Operating Cash Flow Growth

>15%

Untuk Investasi 5 Tahun :

Karena 759<1200 maka harga saham WTON overvalued
Untuk Investasi 20 Tahun :
Karena 1557>1200 maka harga saham WTON undervalued

-33%
61%
3%
7%
15%

4%
1%
-3%
5%

15%
58%
2576%

3.4.1 Analisis Rasio Likuiditas

WIKA BETON
Q1
Q2
1.064012947
0.56753133
0.175612644
0.035098652
0.696585238

2.0499848
1.495793166
0.732361639
0.3446986
0.433457638

39%
62%
104%
213%
-21%

2.295818542
0.696585238
0.488703065

0.765093075
0.433457638
0.1856322

-42%
-21%
-38%

3.4.3 Rasio Aktivitas

Average Collection Period
Inventory Turn Over
Total Fixed Asset Turn Over
Total Assets Turn Over

0.951479447
0.743336603
0.307368574

1.104797943
0.727169843
0.236380774

8%
-1%
-12%

3.4.4 Rasio Profitabilitas

Operating Profit Margin
Net Profit Margin
Return on Asset (ROA)
Return on Equity (ROE)
Gross Profit Margin
Earning Power

0.129349256
0.096920365
3%
10%
0.157314086
0.039757896

0.134251075
0.104563422
2%
4%
0.149670631
0.031734373

2%
4%
-9%
-33%
-2%
-11%

Nilai Fundamental Saham

Rasio pertumbuhan EPS
Rasio harga saham terhadap EPS (PER)
PB/V Ratio
Rata" PER

9.23
82.34019502 Rp
8.242966668
60.34265048

19.82
38.35
3.197275536

47%

Estimasi EPS masa depan (5&20 tahun)

Nilai Saham di Masa Mendatang

27.7985753
1677.439713

76.69714605
4628.109077
1,519.31 Rp
1,557.29

Current Ratio
Quick Ratio
Cash Ratio
Working Capital to total assets ratio
Debt Ratio
3.4.2 Analisis Rasio Solvabilitas (Leverage)
Total Debt to Equity Ratio
Total Debt to Total Capital Assets Ratio
Long term debt to total equity ratio

Sticker Price atau Minimum Acceptable Return

Margin of Safety (MOS) Price

Harga Saham Saat ini

Rp
Rp

Rp
759.65 Rp
1,200.00

-32%
-38%

3,114.58