Penilaian PT Kertas A dalam Rangka Rencana Akuisisi oleh BUMN A

Pulp and paper industry is one of the industries which products are widely used in various activities, ranging from household to other industries. A state-owned- enterprise, BUMN A, are interested in acquisition transactions in the form of shares acquisition of a paper company located in West Java, PT Kertas A. In addition to the manufacture of plain paper, PT Kertas A also produces paper that has special characteristics, security paper. In an acquisition transaction, the crucial factor is how the company can find out how much the value of the acquired company. To know the value of the acquired company, we need an appropriate method to value that can reflect the intrinsic value of the company. The method used to determine the intrinsic value of PT Kertas A is the method of discounted cash flows valuation, which is obtained from free cash flows to the firm in the future that are based on the results of the financial projections. Projection period in this case is the period from 2010 to 2014. By using the method of discounted cash flows valuation, then the intrinsic value of PT Kertas A is Rp.110.194.846.379. Thus, the price per share of PT Kertas A is Rp.1.796.841 with the number of shares outstanding of 61,327 shares. The results of these valuations can be used as a guide for BUMN A in the acquisition transaction with PT Kertas A. If the price offered by PT Kertas A is below or equal to the price of this valuation, the acquisition should be carried out, but if the value is above of the results of this valuation, the acquisition should not be carried out or BUMN A can renegotiate with PT Kertas A.