| Summary: | The purpose of this research is to analyze fair market value of government
equity participation in Perum Pegadaian as a private company by using discounted
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cash flow/DCF Method in the Income Approach and excess earning method in the
Balance Sheet Approach. A series of datas from Perum Pegadaian�s Annual
Report and Financial Statement from 2006-2010 (audited) were used to analyzed
this research. These datas were used to analyzed past performance of the firm and
used it as a base to make future five year financial projection, and to determine
tangible and intangible asset value for excess earning method.
According to the calculation based on assumption which used, the
conclusion of the fair market value of government equity interest at Perum
Pegadaian on December 31st, 2010 are, for optimistic condition is
Rp60.557.419.763.000,-, for most likely (moderat) condition is
Rp49.074.312.619.000,-, and for pesimistic condition is Rp44.049.481.121.000.-.
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