FAIR VALUE EVALUATION OF PT GUNUNG TUA MANDIRI ACQUIRED BY PT INDOCEMENT TUNGGAL PRAKARSA, TBK
This research aims at estimating fair value by evaluating the acquisition of GTM acquired by PT Indocement Tunggal Prakarsa Tbk in July 2007 due to change of mineable in-situ reserves which is of paramount importance in the mining industry by using discounted cash flow method and relative valuation...
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| Format: | Thesis |
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[Yogyakarta] : Universitas Gadjah Mada
2011
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| _version_ | 1826043702845374464 |
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| author | , Nandang Sukmana, ST , prof. Dr. Eduardus Tandelilin, MBA |
| author_facet | , Nandang Sukmana, ST , prof. Dr. Eduardus Tandelilin, MBA |
| author_sort | , Nandang Sukmana, ST |
| collection | UGM |
| description | This research aims at estimating fair value by evaluating the acquisition of
GTM acquired by PT Indocement Tunggal Prakarsa Tbk in July 2007 due to change
of mineable in-situ reserves which is of paramount importance in the mining industry
by using discounted cash flow method and relative valuation combined with an
approach of proper mining valuation methodology.
Evaluation conducted to estimate the fair value by using discounted cash flow
was started by increasing the confidence level of reserves then was followed by
developing strategic plans using optimization tools to determine the most optimum
mineable reserves. This research uses data of GTM financial statement during the
last four years from 2007 to 2010. Analysis method of discounted cash flow
conducted consists of sales or earnings projection analysis, financial statement
projection, free cash flow projection, discount rate determination and value
estimation. Relative valuation with market comparable approaches was conducted by
searching similar company in the same industry.
Total original value in the previous valuation of IDR 79,935 million in July
2007 for both net assets (equipment and infrastructure) and reserves are IDR 44,979
million and IDR 34,956 million respectively. The value of IDR 34,956 million for
reserves has considered the potential of revenue resulted from the estimated
mineable in-situ reserves of 32.11 million metric ton.
Reserves resulted in evaluation utilizing optimization tool (mining software)
to determine the most optimum mineable reserves is 20.4 million metric ton. From
reserves standpoint, a life of mine is 16 years (calculated commencing 2010).
The result of evaluation using discounted cash flow method is IDR 73,909
million. By using relative valuation method (market comparable approaches) based
on asset sale price is IDR 68,700 million. Meanwhile, based on the value established
in BGM acquisition as a comparable company is IDR 80,000 million. |
| first_indexed | 2024-03-13T22:07:58Z |
| format | Thesis |
| id | oai:generic.eprints.org:89651 |
| institution | Universiti Gadjah Mada |
| last_indexed | 2024-03-13T22:07:58Z |
| publishDate | 2011 |
| publisher | [Yogyakarta] : Universitas Gadjah Mada |
| record_format | dspace |
| spelling | oai:generic.eprints.org:896512014-08-20T02:52:57Z https://repository.ugm.ac.id/89651/ FAIR VALUE EVALUATION OF PT GUNUNG TUA MANDIRI ACQUIRED BY PT INDOCEMENT TUNGGAL PRAKARSA, TBK , Nandang Sukmana, ST , prof. Dr. Eduardus Tandelilin, MBA ETD This research aims at estimating fair value by evaluating the acquisition of GTM acquired by PT Indocement Tunggal Prakarsa Tbk in July 2007 due to change of mineable in-situ reserves which is of paramount importance in the mining industry by using discounted cash flow method and relative valuation combined with an approach of proper mining valuation methodology. Evaluation conducted to estimate the fair value by using discounted cash flow was started by increasing the confidence level of reserves then was followed by developing strategic plans using optimization tools to determine the most optimum mineable reserves. This research uses data of GTM financial statement during the last four years from 2007 to 2010. Analysis method of discounted cash flow conducted consists of sales or earnings projection analysis, financial statement projection, free cash flow projection, discount rate determination and value estimation. Relative valuation with market comparable approaches was conducted by searching similar company in the same industry. Total original value in the previous valuation of IDR 79,935 million in July 2007 for both net assets (equipment and infrastructure) and reserves are IDR 44,979 million and IDR 34,956 million respectively. The value of IDR 34,956 million for reserves has considered the potential of revenue resulted from the estimated mineable in-situ reserves of 32.11 million metric ton. Reserves resulted in evaluation utilizing optimization tool (mining software) to determine the most optimum mineable reserves is 20.4 million metric ton. From reserves standpoint, a life of mine is 16 years (calculated commencing 2010). The result of evaluation using discounted cash flow method is IDR 73,909 million. By using relative valuation method (market comparable approaches) based on asset sale price is IDR 68,700 million. Meanwhile, based on the value established in BGM acquisition as a comparable company is IDR 80,000 million. [Yogyakarta] : Universitas Gadjah Mada 2011 Thesis NonPeerReviewed , Nandang Sukmana, ST and , prof. Dr. Eduardus Tandelilin, MBA (2011) FAIR VALUE EVALUATION OF PT GUNUNG TUA MANDIRI ACQUIRED BY PT INDOCEMENT TUNGGAL PRAKARSA, TBK. UNSPECIFIED thesis, UNSPECIFIED. http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=52066 |
| spellingShingle | ETD , Nandang Sukmana, ST , prof. Dr. Eduardus Tandelilin, MBA FAIR VALUE EVALUATION OF PT GUNUNG TUA MANDIRI ACQUIRED BY PT INDOCEMENT TUNGGAL PRAKARSA, TBK |
| title | FAIR VALUE EVALUATION OF PT GUNUNG TUA MANDIRI
ACQUIRED BY PT INDOCEMENT TUNGGAL
PRAKARSA, TBK |
| title_full | FAIR VALUE EVALUATION OF PT GUNUNG TUA MANDIRI
ACQUIRED BY PT INDOCEMENT TUNGGAL
PRAKARSA, TBK |
| title_fullStr | FAIR VALUE EVALUATION OF PT GUNUNG TUA MANDIRI
ACQUIRED BY PT INDOCEMENT TUNGGAL
PRAKARSA, TBK |
| title_full_unstemmed | FAIR VALUE EVALUATION OF PT GUNUNG TUA MANDIRI
ACQUIRED BY PT INDOCEMENT TUNGGAL
PRAKARSA, TBK |
| title_short | FAIR VALUE EVALUATION OF PT GUNUNG TUA MANDIRI
ACQUIRED BY PT INDOCEMENT TUNGGAL
PRAKARSA, TBK |
| title_sort | fair value evaluation of pt gunung tua mandiri acquired by pt indocement tunggal prakarsa tbk |
| topic | ETD |
| work_keys_str_mv | AT nandangsukmanast fairvalueevaluationofptgunungtuamandiriacquiredbyptindocementtunggalprakarsatbk AT profdreduardustandelilinmba fairvalueevaluationofptgunungtuamandiriacquiredbyptindocementtunggalprakarsatbk |