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BUSINESS VALUATION

BUSINESS VALUATION. KJPP YANUAR BEY & REKAN. Introduction to Business Valuation : Scope & Methodologies. Source : -. IVAN TEGUH KHRISTIAN. MISCONCEPTION OF VALUATION. Myth 1 : A Valuation in an Objective to search for “True” Value

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BUSINESS VALUATION

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  1. BUSINESS VALUATION KJPP YANUAR BEY & REKAN Introduction to Business Valuation : Scope & Methodologies Source : - IVAN TEGUH KHRISTIAN

  2. MISCONCEPTION OF VALUATION Myth 1 : A Valuation in an Objective to search for “True” Value Truth : All valuation are biassed, the only questions are “how much” and in which direction. Myth 2 : A good valuation provides a precise estimate of value Truth : There are no precise valuations Myth 3 : The more quantitative a model, the better the valuation Truth : One’s understanding of a valuation model is inversely proportional to the number of inputs required for the model. Truth : Simpler valuation models do much better than complex ones. Source : Aswath Damodaran IVAN TEGUH KHRISTIAN

  3. Definition Nilai : Suatu opini dari manfaat ekonomi atas kepemilikan aset atau harga yang paling mungkin dibayarkan untuk suatu aset dalam pertukaran. Sehingga nilai bukan merupakan fakta. Harga : Sejumlah uang yang diminta, ditawarkan atau dibayangkan untuk suatu aset. Karena kemampuan keuangan, motivasi atau kepentingan khusus dari pembeli atau penjual , harga yang dibayarkan mungkin berbeda dengan nilai dari aset tersebut berdasarkan anggapan pihak lain. Source : KEPI & SPI 2013 IVAN TEGUH KHRISTIAN

  4. Common Uses of Business Valuation • Tax • Estate/Gift • Buy/Sell Agreements • Bankruptcy and Litigation • Liquidation or Reorganization • Patent Infringement • Partner Disputes • Economic Damages • Financial Reporting • Purchase Price Allocation, Impairment Testing and Stock Options and Grants, etc. • Strategic Planning/Transaction • Value Enhancement • Business Plan/Capital Raising • Strategic Direction, Spin-Offs, Carve Outs, etc. • Acquisitions, Due Diligence • Employee Stock Ownership Plan (ESOP) • . • Solvency and Fairness Opinions • Damage Assessment • Dissenting Shareholder Actions • Marital Dissolutions Source : IVAN TEGUH KHRISTIAN

  5. Valuation Methodology • PendekatanPasar (Market Approach) Pendekatanpasarmembandingkanperusahaan yang dinilaidenganperusahaansebanding, kepentingankepemilikanperusahaandansuratberharga yang dijualbelikan di pasarsertatransaksirelevanatassahamperusahaan yang sebanding, transaksisebelumnyaataupenawaranataskomponenperusahaanjugadapatmerupakanindikasinilai. Metode : 1. pembandingperusahantercatat di bursa efek 2. Pembanding merger danakuisisi 3. transaksisebelummnya 4. Direct data method • PendekatanPendapatan (Income Approach) PendekatanPendapatandapatdigunakanuntukmemperkirakannilaidenganmengantisipasidanmengkuantifikasikemampuanobyekpenilaiandalammenghasilkanimbalbalik (return) yang akanditerima di masamendatang. Metode: 1. MetodeDiskontoArusKas (Discounted Cash Flow Method) 2. MetodeKapitalisasi (Capitalization of Income Method) • PendekatanAset Penilai yang menggunakanpendekatanaset, dalampenugasanprofesionalwajibmemilikikeahliandalambidangpenilaianpropertid an PenilaianBisnis. Metode: 1. MetodeAdjusted Net Aseet Method (ANAM), Adjusted Book Value Method (ABVM), Net Asset Valuation Method (NAVM), Assets Accumulation Method (AAM) 2. MetodeKapitalisasiKelebihanPendapatan (KKP)/ Excess Earning Method (EEM) • . Source : KEPI & SPI 2013 IVAN TEGUH KHRISTIAN

  6. Methodology advantages and Disadvantages (Market Approach) • Advantages • Relative valuation is much more likely to reflect market perceptions and moods • Relative valuation generally requires less information than discounted cash flow valuation • Disadvantages • Relative valuation may require less information in the way in which most analysts and portfolio managers use it – Hidden implicit assumption (Income Approach Approach) • Advantages • Since DCF valuation is based upon an asset’s fundamentals, it should be less exposed to market moods and perceptions. • Good for investors that buy businesses, rather than stocks • Disadvantages • Since it is an attempt to estimate intrinsic value, it requires far more inputs and information than other valuation approaches • These inputs and information are not only noisy, but also can be manipulated--assumption (Asset Approach) “Need Asset Valuation and suitable for asset dominated company Source : stern-edu IVAN TEGUH KHRISTIAN

  7. Object to Valuate Firm Valuation : Value the entire business Equity valuation : Value just the equity claim in the business Source : Aswath Damodaran IVAN TEGUH KHRISTIAN

  8. Object to Valuate Source : Aswath Damodaran IVAN TEGUH KHRISTIAN

  9. Object to Valuate Source : Aswath Damodaran IVAN TEGUH KHRISTIAN

  10. BUSINESS VALUATION KJPP YANUAR BEY & REKAN Thank You Source : - IVAN TEGUH KHRISTIAN

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