TAHUN CFO CAFEX

2014 Rp 75,822,636,000,000 Rp 3,064,718,000,000

2015 Rp 45,544,908,000,000 Rp 3,285,398,000,000
2016 Rp 21,770,833,000,000 Rp 3,653,072,000,000
2017 Rp 39,299,109,000,000 Rp 2,006,347,000,000
2018 Rp 57,262,380,000,000 Rp 1,822,703,000,000
2019 Rp 44,583,078,000,000 Rp 3,695,364,000,000
2020 Rp 66,689,187,000,000 Rp 3,129,034,000,000

FCFF
Tahun FCFF PERTUMBUHAN
2013 Rp 78,901,497,500,000
2014 Rp 48,853,048,250,000 -38%
2015 Rp 25,611,891,750,000 -48%
2016 Rp 41,561,725,000,000 62%
2017 Rp 59,337,299,000,000 43%
2018 Rp 48,483,528,000,000 -18%
2019 Rp 69,988,871,500,000 44%
2020 Rp - -100%
RATA-RATA -8%

DISKONTO FCFF
TAHUN FCFF PERTUMBUHAN
2021 Rp - -1%
2022 Rp - -1%
2023 Rp - -1%
2024 Rp - -1%
2025 Rp - -1%
2026 Rp - -1%
2027 Rp - -1%
Terminal Value Rp - 2%

WACC
NILAI PORSI
TOTAL DEBT 447,440,356,000 2%
TOTAL EQUITY 17,598,695,271,000 98%
TOTAL CAPITAL 18,046,135,627,000

COST OF DEBT 6.38%

COST OF EQUITY 14.966%
(CAPM)

PORSI DEBT 2% COST OF DEBT* (1-TAX RATE)

PORSI EQUITY 98% COST OF EQUITY

FCFE

TAHUN FCFE PERTUMBUHAN

2013 Rp 78,988,954,000,000
2014 Rp 48,910,557,000,000 -38%
2015 Rp 26,675,173,000,000 -45%
2016 Rp 42,249,381,000,000 58%
2017 Rp 59,355,780,000,000 40%
2018 Rp 48,788,654,000,000 -18%
2019 Rp 69,818,221,000,000 43%
2020 Rp - -100%
AVERAGE -8%

DISKONTO FCFE
TAHUN FCFE PERTUMBUHAN
2021 Rp - -1%
2022 Rp - -1%
2023 Rp - -1%
2024 Rp - -1%
2025 Rp - -1%
2026 Rp - -1%
2027 Rp - -1%
Rp - 2%
INTREST TAX RATE NET BORROWING
Rp 18,858,000,000 Rp 14,143,500,000 Rp101,600,000,000
Rp 30,323,000,000.00 Rp 22,742,250,000 Rp80,251,000,000
Rp 250,649,000,000.00 Rp 187,986,750,000 Rp1,251,268,000,000
Rp 341,692,000,000.00 Rp 256,269,000,000 Rp943,925,000,000
Rp 336,288,000,000.00 Rp 252,216,000,000 Rp270,697,000,000
Rp 273,448,000,000.00 Rp 205,086,000,000 Rp510,212,000,000
Rp 227,534,000,000.00 Rp 170,650,500,000 Rp0

Rp 5,408,864,000,000.00
Rp 4,917,002,000,000.00 -9%

DISCOUNT RATE PV
14.760% Rp 2,189,187,495,000
14.760% Rp -
14.760% Rp -
14.760% Rp -
14.760% Rp -
14.760% Rp -
14.760% Rp -
14.760% Rp -
TOTAL PV Rp 2,189,187,495,000
#SAHAM Rp 4,815,960,240,000
Rp 0

RUMUS CAPM
 6.327% 1.67 11.5%

14.966%

5% 0.10%
14.966% 14.667%
WACC 14.76%

DISCOUNT RATE PV
14.966% Rp -
14.966% Rp -
14.966% Rp -
14.966% Rp -
14.966% Rp -
14.966% Rp -
14.966% Rp -
14.966% Rp -
TOTAL Rp -
SAHAM Rp 4,815,960,240,000
Rp -
^
6.327%