PT ABC Tbk

Neraca Konsolidasi
31 Des 2016- 31 Des 2019
Dalam Jutaan Rupiah
2016 2017 2018 2019
Kas dan Setara Kas 30,874 27,263 43,043 90,403
Investasi Jangka Pendek 57,187 60,816 49,738 12,200
Piutang Usaha 575,443 647,482 606,628 783,620
Persediaan 476,800 573,933 525,133 586,869
Aktiva Lancar Lain 65,987 69,621 92,927 105,890
Aktiva Lancar 1,206,290 1,379,115 1,317,469 1,578,982

Aktiva Tetap Bersih 90,922 116,612 120,089 136,681

Aset Tidak Lancar Lain 51,543 30,023 28,521 26,312
Aktiva Tidak Lancar 142,465 146,634 148,609 162,993
Aktiva 1,348,755 1,525,749 1,466,079 1,741,975

Hutang Usaha 395,317 426,180 418,529 513,537

Hutang Bank 416,114 460,731 405,439 467,264
Hutang Lancar Lain 114,739 103,599 68,342 105,729
Kewajiban Lancar 926,169 990,510 892,310 1,086,530

Hutang Jangka Panjang - - - -

Kewajiban Tidak Lancar Lain 122,285 145,409 175,410 188,908
Kewajiban Tidak Lancar 122,285 145,409 175,410 188,908
Total Kewajiban 1,048,454 1,135,919 1,067,720 1,275,438

Modal Saham & Saldo Laba 294,057 378,852 391,705 458,387

Kewajiban dan Ekuitas 1,348,755 1,525,749 1,466,079 1,741,975

28.25% 2.98% 13.82%

13.12% -3.91% 18.82%
PT ABC Tbk
Laporan Laba-Rugi Konsolidasian
31 Des 2016 - 31 Des 2019
Dalam Jutaan Rupiah
2016 2017 2018 2019
Penjualan Bersih 3,576,415 4,353,190 4,788,474 5,561,514
Beban Pokok Penjualan 3,158,065 3,833,040 4,322,547 5,018,228
Laba Kotor 418,349 520,149 465,927 543,285
Beban Usaha 336,381 398,087 378,894 406,880
Laba Usaha 81,968 122,062 87,032 136,406
Laba/Beban Lain-lain 28,007 67,872 29,021 40,086
Beban Bunga Bersih (34,252) (45,554) (44,232) (32,280)
Laba Sebelum Pajak 75,723 144,381 71,822 144,211
Pajak (26,709) (28,699) (18,820) (35,553)
Laba Bersih 47,191 110,722 49,593 102,503

Pembayaran Dividen (16,074) (25,718) (36,740) (27,671)

2016 2017 2018 2019

Laba Usaha 81,968 122,062 87,032 136,406
Depresiasi 21,413 23,347 25,500 24,523
EBITDA 103,381 145,409 112,532 160,928

21.72% 10.00% 16.14%

Asumsi Keuangan

2017 2018 2019 2020 2021

Sales Growth 22% 10% 16% 16% 15%
HPP % 0.88302550126641 0.880513 0.902698 89% 89%

Beban Usaha excl depresiasi % 8.81% 8.61% 7.38% 8.27% 8.27%

Laba/Beban Lain2 % 0.783% 1.559% 0.606% 1% 1%

Tax Rate 25% 25%

(Dalam Hari)
Perputaran Piutang 54.29 46.24 51 51 51
Perputaran Persediaan 54.65 44.34 42.69 42 42
Perputaran Hutang Usaha 40.58 35.34 37.35 35 35

Asumsi Depresiasi aset saat ini (tahun) 9

Asumsi Depresiasi aset baru (tahun) 10

Pembelian Aset Tetap 2020 2021

Aset Baru 100,000

Penjualan Harta Tetap 0 0

Bunga Hutang Jangka Panjang 10% 10%

2020 2021
Penarikan Hutang Jangka panjang 100000
Jadwal Pelunasan 60000
 2022 2023 2024 2025 2026 2027 2028
13% 12% 10% 9% 8% 8% 8%
89% 89% 89% 89% 89% 89% 89%

8.27% 8.27% 8.27% 8.27% 8.27% 8.27% 8.27%

1% 1% 1% 1% 1% 1% 1%

25% 25% 25% 25% 25% 25% 25%

51 51 51 51 51 51 51
42 42 42 42 42 42 42
35 35 35 35 35 35 35

2022 2023 2024 2025 2026 2027 2028

0 0 0 0 0 0 0

10% 10% 10% 10% 10% 10% 10%

2022 2023 2024 2025 2026 2027 2028

30000 10000
PT ABC Tbk
Laporan Laba-Rugi Proforma
Dalam Jutaan Rupiah

2019 2020 2021 2022

Penjualan Bersih 5,561,514 6,448,804 7,416,125 8,380,221
Beban Pokok Penjualan 5,018,228 5,694,458 6,529,994 7,564,811
Laba Kotor 543,285 754,346 886,130 815,410
Beban Operasi 533,001 612,951 692,634
Depresiasi 25,187 25,187 25,187
Beban 406,880 558,187 638,138 717,821
Laba Usaha 136,406 221,345 273,179 122,775
Laba/Beban Lain-lain 40,086 63,377 74,161 83,802
Beban Bunga Bersih (32,280) (80,090) (79,090) (73,090)
Laba Sebelum Pajak 144,211 204,632 268,251 133,488
Pajak 35,553 51,158 67,063 33,372
Laba Bersih 102,503 153,474 201,188 100,116

Pembayaran Dividen 0 0 0
 2023 2024 2025 2026 2027 2028
9,385,847 10,324,432 11,253,631 12,153,921 13,126,235 14,176,334
8,341,631 9,175,794 10,001,615 10,801,744 11,665,884 12,599,155
1,044,217 1,148,638 1,252,016 1,352,177 1,460,351 1,577,179
775,750 853,325 930,125 1,004,535 1,084,898 1,171,689
25,187 25,187 25,187 25,187 10,000 10,000
800,937 878,512 955,312 1,029,722 1,094,898 1,181,689
268,466 295,313 321,891 347,642 375,454 405,490
93,858 103,244 112,536 121,539 131,262 141,763
(70,590) (70,090) (70,090) (70,090) (70,090) (70,090)
291,735 328,468 364,338 399,092 436,626 477,164
72,934 82,117 91,084 99,773 109,157 119,291
218,801 246,351 273,253 299,319 327,470 357,873

0 0 0 0 0 0
PT ABC Tbk
Neraca Konsolidasi Proforma
Dalam Jutaan Rupiah

2019 2020 2021 2022

Kas dan Setara Kas 90,403 5,444 95,120 106,213
Investasi Jangka Pendek 12,200 12,200 12,200 12,200
Piutang Usaha 783,620 901,066 1,036,226 1,170,935
Persediaan 586,869 852,649 793,309 884,686
Aktiva Lancar Lain 105,890 105,890 105,890 105,890
Aktiva Lancar 1,578,982 1,877,249 2,042,745 2,279,924

Aktiva Tetap Bersih 136,681 211,494 186,308 161,121

Aset Tidak Lancar Lain 26,312 26,312 26,312 26,312
Aktiva Tidak Lancar 162,993 237,806 212,620 187,433
Aktiva 1,741,975 2,115,055 2,255,364 2,467,357

Hutang Usaha 513,537 633,143 632,264 774,141

Hutang Bank 467,264 467,264 467,264 467,264
Hutang Lancar Lain 105,729 105,729 105,729 105,729
Kewajiban Lancar 1,086,530 1,206,136 1,205,257 1,347,134

Hutang Jangka Panjang - 100,000 40,000 10,000

Kewajiban Tidak Lancar Lain 188,908 188,908 188,908 188,908
Kewajiban Tidak Lancar 188,908 288,908 228,908 198,908
Total Kewajiban 1,275,438 1,495,044 1,434,165 1,546,041

Modal Saham & Saldo Laba 120,000 120,000 120,000 120,000

346,537 500,011 701,200 801,316
Total Ekuitas 466,537 620,011 821,200 921,316
Kewajiban dan Ekuitas 1,275,438 2,115,055 2,255,364 2,467,357
- - -
2023 2024 2025 2026 2027 2028
150,258 274,653 427,422 610,789 795,829 999,077
12,200 12,200 12,200 12,200 12,200 12,200
1,311,447 1,442,592 1,572,425 1,698,219 1,834,077 1,980,803
959,859 1,055,845 1,150,871 1,242,940 1,342,376 1,449,766
105,890 105,890 105,890 105,890 105,890 105,890
2,539,654 2,891,180 3,268,808 3,670,039 4,090,371 4,547,736

135,934 110,747 85,560 60,374 50,374 40,374

26,312 26,312 26,312 26,312 26,312 26,312
162,246 137,059 111,872 86,686 76,686 66,686
2,701,900 3,028,239 3,380,681 3,756,724 4,167,057 4,614,421

799,882 879,871 959,059 1,035,784 1,118,646 1,208,138

467,264 467,264 467,264 467,264 467,264 467,264
105,729 105,729 105,729 105,729 105,729 105,729
1,372,875 1,452,864 1,532,052 1,608,777 1,691,639 1,781,131

- - - - - -
188,908 188,908 188,908 188,908 188,908 188,908
188,908 188,908 188,908 188,908 188,908 188,908
1,561,783 1,641,771 1,720,960 1,797,684 1,880,547 1,970,039

120,000 120,000 120,000 120,000 120,000 120,000

1,020,117 1,266,468 1,539,721 1,839,040 2,166,510 2,524,383
1,140,117 1,386,468 1,659,721 1,959,040 2,286,510 2,644,383
2,701,900 3,028,239 3,380,681 3,756,724 4,167,057 4,614,421
- - - - - -
PT ABC Tbk
Cash Flow Statement

2020 2021

Laba (Rugi) bersih 153,474 201,188

Beban penyusutan 25,187 25,187

Perubahan modal kerja

(Kenaikan) penurunan piutang usaha (117,446) (135,160)
(Kenaikan) penurunan persediaan (265,780) 59,340

Kenaikan (penurunan) hutang usaha 119,606 (879)

Arus kas dari aktifitas operasi (84,959) 149,677

Capital expenditure (Capex) (100,000) -

Arus kas dari aktifitas investasi (100,000) -

Kenaikan (penurunan) hutang jangka panjang 100,000 (60,000)

Kenaikan (penurunan) modal disetor - -

Arus kas dari aktifitas pembiayaan 100,000 (60,000)

Perubahan arus kas (84,959) 89,677

Kas awal 90,403 5,444
Kas akhir 5,444 95,120

Perubahan modal kerja (263,620) (76,699)

2022 2023 2024 2025

100,116 218,801 246,351 273,253

25,187 25,187 25,187 25,187

(134,709) (140,512) (131,145) (129,833)

(91,377) (75,173) (95,986) (95,026)

141,876 25,742 79,988 79,188

41,093 54,045 124,395 152,769

- - - -

- - - -

(30,000) (10,000) - -
- - - -

(30,000) (10,000) - -

11,093 44,045 124,395 152,769

95,120 106,213 150,258 274,653
106,213 150,258 274,653 427,422

(84,210) (189,943) (147,142) (145,671)

2026 2027 2028

299,319 327,470 357,873

25,187 10,000 10,000

(125,794) (135,858) (146,726)

(92,070) (99,435) (107,390)

76,725 82,863 89,492

183,367 185,040 203,248

- - -

- - -

- - -
- - -

- - -

183,367 185,040 203,248

427,422 610,789 795,829
610,789 795,829 999,077

(141,139) (152,430) (164,624)

PT ABC TBK
Depreciation Schedule

2019 2020 2021 2022 2023 2024

Aset Saat ini
Aset Awal 136,681 121,494 106,308 91,121 75,934
Depresiasi 15,187 15,187 15,187 15,187 15,187
Aset Akhir 136681.159 121,494 106,308 91,121 75,934 60,747

Aset Baru
Nilai Awal 100,000 90,000 80,000 70,000 60,000
Depresiasi 10,000 10,000 10,000 10,000 10,000
Nilai Sisa 90,000 80,000 70,000 60,000 50,000

Depresiasi 25,187 25,187 25,187 25,187 25,187

Total Aset Tetap (Bersih) 211,494 186,308 161,121 135,934 110,747
2025 2026 2027 2028

60,747 45,560 30,374 30,374

15,187 15,187
45,560 30,374 30,374 30,374

50,000 40,000 30,000 20,000

10,000 10,000 10,000 10,000
40,000 30,000 20,000 10,000

25,187 25,187 10,000 10,000

85,560 60,374 50,374 40,374
 WACC
Cost of Capital %

Cost of Equity 16.90%

Risk Free 5.50%
Beta 1.20
Risk Premium 9.50%

Cost of Debt 5.57%

Interest 7%
Tax 24.7%

Capital Structure
Equity 620,011 57%
Debt 467,264 43%

WACC 12.03%

Equity Value:
FCFF 157,223
FCFE 633,273
Average 395,248
PT ABC
Arus Kas Bersih

Free Cash Flow To Firm

2020 2021 2022 2023 2024 2025 2026 2027 2028 Periode Tetap
EBIT 284,722 347,341 206,578 362,325 398,557 434,427 469,182 506,716 547,253
Beban Bunga (80,090) (79,090) (73,090) (70,590) (70,090) (70,090) (70,090) (70,090) (70,090)
EBT 204,632 268,251 133,488 291,735 328,468 364,338 399,092 436,626 477,164
Beban pajak 51,158 67,063 33,372 72,934 82,117 91,084 99,773 109,157 119,291
EAT 153,474 201,188 100,116 218,801 246,351 273,253 299,319 327,470 357,873

Depresiasi dan amortisasi 25,187 25,187 25,187 25,187 25,187 25,187 25,187 10,000 10,000
Beban bunga (1-t) (60,067) (59,317) (54,817) (52,942) (52,567) (52,567) (52,567) (52,567) (52,567)
Capital Expenditure (Capex) (100,000) - - - - - - - -
Perubahan modal kerja (263,620) (76,699) (84,210) (189,943) (147,142) (145,671) (141,139) (152,430) (164,624)

Arus kas bersih (245,026) 90,359 (13,725) 1,103 71,828 100,202 130,800 132,473 150,681 1,452,085

Tahun 1 2 3 4 5 6 7 8 9
Pertumbuhan 1.50%
WACC 12.03% 12.03% 12.03% 12.03% 12.03% 12.03% 12.03% 12.03% 12.03% 12.03% 12.03%
Discount Factor 0.8926 0.7967 0.7112 0.6348 0.5666 0.5057 0.4514 0.4029 0.3597 0.3597

Nilai kini (218,710) 71,992 (9,760) 700 40,698 50,677 59,047 53,379 54,195 522,269

Nilai usaha 624,488

Interest Bearing Debt 467,264
Ekuitas 157,223

Lack of Marketability Discount 0% -

Premium Control 0% -
Nilai Pasar Wajar Ekuitas 157,223
PT ABC
Arus Kas Bersih

Free Cash Flow To Equity

2020 2021 2022 2023 2024 2025 2026 2027 2028 Periode Tetap
EBIT 284,722 347,341 206,578 362,325 398,557 434,427 469,182 506,716 547,253
Beban Bunga (80,090) (79,090) (73,090) (70,590) (70,090) (70,090) (70,090) (70,090) (70,090)
EBT 204,632 268,251 133,488 291,735 328,468 364,338 399,092 436,626 477,164
Beban pajak 51,158 67,063 33,372 72,934 82,117 91,084 99,773 109,157 119,291
EAT 153,474 201,188 100,116 218,801 246,351 273,253 299,319 327,470 357,873

Depresiasi dan amortisasi 25,187 25,187 25,187 25,187 25,187 25,187 25,187 10,000 10,000
Capital Expenditure (Capex) (100,000) - - - - - - - -
Perubahan modal kerja (263,620) (76,699) (84,210) (189,943) (147,142) (145,671) (141,139) (152,430) (164,624)
Penambahan (Pengurangan Hutang) 100,000 (60,000) (30,000) (10,000) - - - - -

Arus kas bersih (84,959) 89,677 11,093 44,045 124,395 152,769 183,367 185,040 203,248 1,339,591

Tahun 1 2 3 4 5 6 7 8 9
Pertumbuhan 1.50%
Cost of Equity 16.90% 16.90% 16.90% 16.90% 16.90% 16.90% 16.90% 16.90% 16.90% 16.90% 16.90%
Discount Factor 0.8554 0.7318 0.6260 0.5355 0.4581 0.3918 0.3352 0.2867 0.2453 0.2453

Nilai kini (72,677) 65,622 6,944 23,585 56,981 59,862 61,464 53,058 49,854 328,580

Nilai ekuitas 633,273

Lack of Marketability Discount 0% -

Premium Control 0% -
Nilai Pasar Wajar Ekuitas 633,273