| Summary: | The objective of this research is to analyze the share in terms of the fair
market value for PT. Bumi Resources Tbk, henceforth to be called the company,
as an amount shares of 25 percent owned by PT. Bakrie Brothers Tbk (BNBR)
and Long Haul Holdings Ltd in connection with shareswap between Vallar PLC
and Bakrie Group. The analytical tools used in this study is the Income Approach,
by applying a Discounted Cash Flow (DCF) model. Furthermore, the DCF model
will be supported by Monte Carlo Simulation and Financial Options Valuation
Black-Sholes-Merton Model.
Data used in these particular research are the company annual report for
the year 2005 to 2009, Financal Report Audited for the year 2005 to 2009,
Interim report of the Company for the end period of Juni 2010 and the end period
of September 2010. Data is also to be downloaded from the company website as
well as was obtained from Reuters Thomson and the Directorate of Investor
Relationship of PT. Bakrie Brothers Tbk.
By applying the three DCF models in estimating Value, hence the process
valuation come up to the conslusion that the fair market value of 25 percent share
in PT. Bumi Resources Tbk owned by PT. Bakrie Brothers Tbk and Long Haul
Holdings Ltd has as a result that is U.S. $ 0.36 (thirty-six U.S. cents) per share,
equivalent to Rp3.249, - (three thousand two hundred and forty-nine rupiah) per
share, equivalent to GBP0.23 (twenty-three cents currency British Pounds
Sterling) or £23.02. - (twenty-three point two-cent British currency penny) per
share. These results have been applied control premium of 25 percent. Meanwhile,
the exercise price from Vallar PLC is £10.00. - (ten British currency penny) on 16
November 2010.
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