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Website:
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Lampiran 1
Costa Rica Central and South Amer ica
Czech Republic Eastern Europe & Russi a
El Salvador Central and South Amer ica
Kuwait Middle East Aa2 60 5.40% 0.90%
New Zealand Australia & New Zealan d
Lampiran 1 (Lanjutan) Country Risk Premiums Damodaran
Country Region Long-Term Rating Adj. Default Spread Total Risk Premium Country Risk Premium
Peru Central and South America Baa3 200 7.50% 3.00%
Turkmenistan Eastern Europe & Russia B2 550 12.75% 8.25%
Ukraine Eastern Europe & Russia B2 550 12.75% 8.25%
Lampiran 2 Harga Saham PT. Austindo Nusantara Jaya, Tbk (ANJT)
Harga Saham 2014 2015
Harga saham PT. Dharma Satya Nusantara, Tbk (DSNG)
Harga Saham 2014 2015
Harga Saham Indeks Harga Saham Gabungan (IHSG)
Harga Saham 2014 2015
(dalam Rupiah) Open High Low Close Open High Low Close
Triwulan 1 4.737,63 4.769,22 4.737,22 4.768,27 5,490.9800 5,518.6750 5,484.0460 5,518.6750
Triwulan 2 4.847,20 4.878,58 4.845,60 4.878,58 4,887.3700 4,930.2500 4,874.0700 4,910.6580
Triwulan 3 5.115,81 5.151,00 5.102,41 5.137,57 4,189.4700 4,223.9080 4,168.2240 4,223.9080
Triwulan 4 5.117,94 5.226,94 5.175,64 5.226,94 4,574.0600 4,595.5130 4,571.7570 4,593.0080
Lampiran 3 Hasil Statistika untuk menentukan Beta
Variables Entered/Removedb
Lampiran 3 (Lanjutan)
Lampiran 4
Laporan Posisi Keuangan ANJT
Deskripsi (Dalam US$) 2014 2015
Kas 30,134,307 19,104,326
Piutang usaha 1,499,481 14,578,658
Persediaan 12,718,960 8,971,071
Sewa dibayar di muka-lancar 18,785,978 20,295,976
Aset lancar lainnya 2,372,402 2,066,263
Total Aset Lancar 65,511,128 65,016,294
Aset tetap 125,130,064 162,381,590
Sewa dibayar di muka 24,936,667 9,799,861
Investasi jangka panjang 148,530,019 160,026,636
Aset tidak lancar lainnya 79,921,583 86,545,851
Total Aset Tidak Lancar 378,518,333 418,753,938
Total Aset 444,029,461 483,770,232
Utang usaha 6,260,242 (1,392,287)
Utang lain-lain - pihak ketiga 6,047,534 (1,957,730)
Utang pajak 4,511,398 2,402,992
Biaya masih harus dibayar 8,101,433 2,424,365
Utang jangka pendek lainnya 760,685 135,886
Utang bank jangka pendek 149,204 -
Utang bank – lancer 27,808,589 40,244,250
Total Liabilitas Jangka Pendek 53,639,085 41,857,476
Liabilitas pajak tangguhan - neto 10,009,231 3,471,198
Liabilitas imbalan kerja karyawan - 10,971,639
Penghasilan ditangguhkan 253,993 57,842,919
Liabilitas jangka panjang lainnya 4,666,356 1,834,895
Total Liabilitas Jangka Panjang 14,929,580 74,120,651
Saldo laba 375,107,709 367,088,657
Pendapatan komprehensif lainnya 353,087 703,448
Total Ekuitas 375,460,796 367,792,105
Total Liabilitas dan Ekuitas 444,029,461 483,770,232
Lampiran 4 (Lanjutan)
Laporan Laba Rugi ANJT
Deskripsi (Dalam US$) 2014 2015
Penjualan 152,174,742 133,262,118
Biaya dan Beban
Beban Pokok Pendapatan 91,115,342 70,179,992
Beban Penjualan dan distribusi 2,424,824 3,369,818
Beban Umum dan Administrasi 12,490,177 11,911,324
Beban Operasi Lainnya 30,736,717 33,283,192
Total Biaya dan Beban 136,767,060 118,744,325
Penghasilan Keuangan 5,519,069 3,373,962
Pendapatan lain-lain 13,553,747 12,430,817
EBITDA 34,480,498 30,322,571
Depresiasi & Amortisasi 125,000 226,600
EBIT 34,355,498 30,095,971
Beban Bunga 533,134 2,176,248
EBT 33,822,364 27,919,723
Pajak (15,554,160) (8,943,927)
EAT 18,268,204 18,975,796
Lampiran 4 (Lanjutan) Laporan Posisi Keuangan DSNG
Deskripsi (Dalam Jutaan Rupiah) 2014 2015
Kas 1.070.461 798.488
Piutang usaha 327.823 349.357
Persediaan 712.761 717.875
Sewa dibayar di muka-lancar 9.321 7.454
Aset lancar lainnya 280.532 439.639
Total Aset Lancar 2.400.898 2.312.813
Aset tetap 1.962.477 1.948.490
Investasi jangka panjang 75.848 80.730
Biaya ditangguhkan – neto 100.621 86.759
Aset tidak lancar lainnya 2.632.701 3.422.020
Total Aset Tidak Lancar 4.771.647 5.537.999
Total Aset 7.172.545 7.850.812
Utang usaha 421.416 343.824
Utang lain-lain - pihak ketiga 15.411 707
Utang pajak 156.679 44.385
Utang jangka pendek lainnya 366.332 333.327
Utang bank jangka pendek 656.955 936.635
Utang sewa pembiayaan - lancar 8.234 3.542
Utang bank – lancar 488.165 436.354
Total Liabilitas Jangka Pendek 2.113.192 2.098.774
Liabilitas pajak tangguhan - neto 17.462 18.033
Liabilitas imbalan kerja karyawan 372.155 248.638
Utang sewa pembiayaan 1.469 1.657
Utang bank 2.376.879 2.942.685
Liabilitas jangka panjang lainnya - 36.467
Total Liabilitas Jangka Panjang 2.767.965 3.247.480
Modal disetor 2.252.185 2.431.540
Tambahan modal disetor-neto 41.146 75.481
Total Ekuitas 2.293.331 2.507.021
Total Liabilitas dan Ekuitas 7.174.488 7.853.275
Lampiran 4 (Lanjutan)
Laporan Laba Rugi DSNG
Deskripsi (Dalam Jutaan rupiah) 2014 2015
Penjualan 4.898.479 4.425.060
Biaya dan Beban
Beban Pokok Pendapatan (3.189.046) (3.250.076)
Beban Penjualan dan distribusi (263.664) (262.944) Beban Umum dan Administrasi (310.649) (352.361) Beban Operasi Lainnya (81.569) (7.805) Total Biaya dan Beban (3.844.928) (3.873.186) Pendapatan Operasi Lainnya 20.942 49.176 Penghasilan Keuangan 954 129.276
EBITDA 1.075.447 730.326
Depresiasi & Amortisasi 196.282 224.281
EBIT 879.165 506.045
Beban Bunga (234.125) (325.337)
EBT 645.040 180.708
Pajak (222.743) (124.168)
EAT 422.297 56.540
Lampiran 5
Lampiran 5 (Lanjutan)
Lampiran 6
Basis Penilaian Var. Fund Multiple Indk. NPE Bobot
Bobot
Lampiran 6 (Lanjutan)
Keterangan
Indikasi NPE
4,315,295,617,6 19
Premi Kendali 35% 20-35 Kep-196/BL/2012 Bapepam
Value as Freely Traded
5,825,649,083,7 85
Diskon untuk lack of
marketability 10% 10-30 Kep-196/BL/2012 Bapepam
NPE 100% saham ANJT
5,243,084,175,4 07
Jumlah Saham
3,335,525,000.0
0
Nilai Intrinsik
1,571.89
<
1,610Overvuled
Lampiran 6 (Lanjutan)
Lampiran 6 (Lanjutan)
Basis Penilaian Var. Fund Multiple Indk. NPE Bobot Bobot Tertimbang
P/S
Diskon untuk lack of marketability 10% 10-30 Kep-196/BL/2012 Bapepam
NPE 100% saham DSNG
Lampiran 7
Perhitungan Abnormal Earning (AE) ANJT
Tahun Periode BV Begining ROE ROE x Bei Abnormal Earng Deviden (1-k) Ei BV End
i Bei Ei Ei-(r x Bei) KEi Bei+(1-k) Ei
2015 0 367,792,105 9.10% 33,472,662.01 (3,306,548.51) 2,005,468 31,467,194 399,259,299 2016 1 404,571,316 9.10% 36,819,928.21 (3,637,203.36) 2,206,014 34,613,914 439,185,229 2017 2 445,028,447 9.10% 40,501,921.03 (4,000,923.69) 2,426,616 38,075,305 483,103,752 2018 3 489,531,292 9.10% 44,552,113.13 (4,401,016.06) 2,669,277 41,882,836 531,414,128 2019 4 538,484,421 9.10% 49,007,324.44 (4,841,117.67) 2,936,205 46,071,119 584,555,540 2020 5 592,332,863 9.10% 53,908,056.89 (5,325,229.43) 3,229,826 50,678,231 643,011,094 2021 6 651,566,150 9.10% 59,298,862.58 (5,857,752.38) 3,552,808 55,746,054 707,312,204 2022 7 716,722,764 9.10% 65,228,748.83 (6,443,527.61) 3,908,089 61,320,660 778,043,424 2023 8 788,395,041 9.10% 71,751,623.72 (7,087,880.38) 4,298,898 67,452,726 855,847,767 2024 9 867,234,545 9.10% 78,926,786.09 (7,796,668.41) 4,728,788 74,197,998 941,432,543 2025 10 953,958,000 9.10% 86,819,464.70 (8,576,335.25) 5,201,667 81,617,798 1,035,575,798
Tahun Periode Discount
Nilai Vo
2015 0 9.10% 399,259,299 399,259,299 2016 1 9.10% 0.916582 (3,637,203) (3,333,796) 2017 2 9.10% 0.840123 (4,000,924) (3,361,267) 2018 3 9.10% 0.770041 (4,401,016) (3,388,965) 2019 4 9.10% 0.705806 (4,841,118) (3,416,891) 2020 5 9.10% 0.646929 (5,325,229) (3,445,047) 2021 6 9.10% 0.592964 (5,857,752) (3,473,436) 2022 7 9.10% 0.5435 (6,443,528) (3,502,058) 2023 8 9.10% 0.498162 (7,087,880) (3,530,916) 2024 9 9.10% 0.456607 (7,796,668) (3,560,012) 2025 10 9.10% 0.418518 (8,576,335) (3,589,347) Total Abnormal Earning 364,657,565
Jumlah Saham 3,335,525,000
Harga/share 1,507 < 1,610
Undervalued
Perhitungan Abnormal Earning (AE) DSNG
Tahun Periode BV Begining ROE ROE x Bei Abnormal Earng Deviden (1-k) Ei BV End
i Bei Ei Ei-(r x Bei) KEi Bei+(1-k) Ei
2015 0 2,507,021 24.46% 613,340.20 383,169.56 65,455 547,885 3,054,906 2016 1 2,757,723 24.46% 674,674.22 421,486.51 72,001 602,673 3,360,396 2017 2 3,033,495 24.46% 742,141.64 463,635.17 79,201 662,941 3,696,436 2018 3 3,336,845 24.46% 816,355.81 509,998.68 87,121 729,235 4,066,080 2019 4 3,670,529 24.46% 897,991.39 560,998.55 95,833 802,158 4,472,688 2020 5 4,037,582 24.46% 987,790.53 617,098.41 105,417 882,374 4,919,956 2021 6 4,441,341 24.46% 1,086,569.58 678,808.25 115,958 970,611 5,411,952 2022 7 4,885,475 24.46% 1,195,226.54 746,689.07 127,554 1,067,672 5,953,147 2023 8 5,374,022 24.46% 1,314,749.19 821,357.98 140,310 1,174,440 6,548,462 2024 9 5,911,424 24.46% 1,446,224.11 903,493.78 154,340 1,291,884 7,203,308 2025 10 6,502,567 24.46% 1,590,846.52 993,843.15 169,775 1,421,072 7,923,639
Tahun Periode Discounted Tingkat
Diskon Nilai Vo
2015 0 9.18% 3,054,906 3,054,906
2016 1 9.18% 0.91591 421,487 386,044
2017
2 9.18% 0.838891 463,635 388,939 2018 3 9.18% 0.768349 509,999 391,857 2019
4 9.18% 0.703738 560,999 394,796 2020 5 9.18% 0.644561 617,098 397,757 2021
6 9.18% 0.59036 678,808 400,741 2022 7 9.18% 0.540716 746,689 403,747
2023
8 9.18% 0.495247 821,358 406,775
2024 9 9.18% 0.453602 903,494 409,827 2025
10 9.18% 0.415459 993,843 412,901 Total Abnormal Earning 7,048,289
Jumlah Saham 10,598,500,000 Harga/share
665 > 600
Undervalued
Lampiran 8
Rekonsiliasi Nilai ANJT dan DSNG
Metode Penilaian Nilai Wajar Saham Bobot (%) Nilai
ANJT -
- Free Cash Flow To Firm 1,507.17 20% 301.43 - Relative Valuation 1,571.89 60% 943.14 - Abnormal Earning 1,506.58 20% 301.32
Nilai Intrinsik ANJT 1,545.88
DSNG
- Free Cash Flow To Firm 416.83 20% 83.37 - Relative Valuation 466.20 20% 93.24 - Abnormal Earning 665.03 60% 399.02
Nilai Intrinsik DSNG 575.62