| Summary: | This study aims to estimate the value ofthe shares of PT. Sara Lee Body Care
Indonesia Tbk in the framework of the tender offer by Unilever Indonesia Holding
BV The analytical tool used in this study were Approaches Revenue (Income
Approach) method of Future Economic Income Discount (DCF) by applying the
model ofthe equity cash flow (Free Cash Flow to Equity) and the Market Data
Approach (Relative Valuatio) using a multiple of the company-comparable to PT.
Sara Lee Body Care Indonesia Tbk. Multiple used are: Price Earning Ratio(PER),
Price to Book Value (PBV) and Price to Sales Ratio (P /S) Data use dinthis study is
the annual report and company�s financial report which have been audited by Public
Accountant period 2006-2010 (which ends on 30 June), published by the company.
Besides, it also uses company�s data presentation to the public and investors that are
available on the Company website. Data was also obtained from Thomson Reuters
customer service as well as PT. Sara Lee Body Care Indonesia Tbk. By using both
approaches lead to the conclusion of the fairmarket value of shares. Sara Lee Body
Care Indonesia Tbk in the framework ofthe tender offer as of June 30, 2010 at
Rp454.383,-(four hundred and fifty four thousand three hundred and eighty-three
rupiahs). This value indicates that the stock price of the tender offer PT. Sara Lee
Body Care Indonesia Tbk has been undervalued.
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