VALUASI EKONOMI OBJEK WISATA KALAWA WATERPARK PALANGKA RAYA
This research was aimed to apply income approach to estimate economic value of tourism object (objek wisata Kalawa Waterpark Palangka Raya). The estimation of the economic value was done by using discounted cash flow method. In this study, the data to be analyzed was secondary data from PT. Bersama...
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| Format: | Thesis |
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[Yogyakarta] : Universitas Gadjah Mada
2014
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| Summary: | This research was aimed to apply income approach to estimate economic
value of tourism object (objek wisata Kalawa Waterpark Palangka Raya). The
estimation of the economic value was done by using discounted cash flow method.
In this study, the data to be analyzed was secondary data from PT. Bersama
Satmaka Cipta. The data consisted of financial statements and number of visitors
also profile of tourism object and another supporting data.
The estimation conducted with forecasting financial statements based on
expected growth rate of operating revenue. The result was used to estimate future
free cash flow of the Kalawa Waterpark. Further, the weighted avarage cost of
capital/WACC was calculated and used it as the discounted rate. The discounted
rate used to discount the free cash flow and terminal value and achieved the present
value of the free cash flow and present value of terminal value. The sum of the
present values represented the economic value of Kalawa Waterpark.
This study shows that Kalawa Waterpark has estimated economic value of
Rp190.761.308.331 with 5 years forecast period and 8,5 percent WACC. Economic
value very sensitive to the discount rate. Modified Internal Rate of Return/ MIRR
shows that this project was reasonable because MIRR > WACC. |
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