Penilaian Usaha Sektor Properti pada Kasus Pengembangan Usaha PT.X

., Syamsul Irfan S (2015) Penilaian Usaha Sektor Properti pada Kasus Pengembangan Usaha PT.X. Undergraduate thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Penilaian usaha merupakan suatu rangkaian kegiatan yang dilakukan untuk menentukan nilai suatu usaha. Hampir semua kegiatan usaha dilakukan kegiatan penilaian, tak terkecuali pada bisnis properti. Pada bisnis properti dapat digunakan 2 (dua) jenis premis yaitu going concern value untuk properti (retained asset) dan liquidating value untuk properti (non retained asset), sehingga akan berpengaruh pada proses penilaian yang akan dilakukan. PT. X merupakan salah satu perusahaan properti yang memiliki rencana transaksi korporasi yaitu akuisisi. PT. X memiliki aset dan rencana pengembangan terhadap aset tersebut yang di dalamnya terdapat 2 (dua) karakteristik produk properti yang dikembangkan yaitu retained asset dan non retained asset. Aset tersebut rencananya akan diakuisisi oleh perusahaan lain, sehingga perlu dilakukan penilaian terhadap rencana pengembangan usaha PT. X pada aset tersebut. Dalam penelitian ini, penilaian usaha pengembangan PT. X dinilai dengan menggunakan 2 (dua) pendekatan yaitu pendekatan pendapatan (income based approach) dan pendekatan pasar (market based approach). Pada pendekatan pendapatan digunakan metode discounted cash flow (DCF), yaitu dengan mendiskontokan arus kas bebas yang diperoleh dari model proyeksi keuangan dengan diskon faktor yaitu weighted average cost of capital (WACC). Sedangkan pada pendekatan pasar digunakan metode guideline publicly traded company, yaitu dengan mencari rata-rata PBV perusahaan sejenis yang dikalikan dengan ekuitas usaha. Dengan kedua pendekatan tersebut, maka diperoleh nilai dari pendekatan pendapatan yaitu Rp.430.583.134.810 dan nilai dari pendekatan pasar yaitu Rp.239.617.578.333. Sehingga nilai rekonsiliasi PT. X yang diperoleh dari kedua nilai tersebut dengan bobot 50% : 50% adalah Rp.335.100.356.572. ============================================================================================= Business valuation is a series of activities undertaken to determine the value of a business. Almost all business activities are being assessed, including in the property business. In the real estate business, it may utilize 2 types of premises, that is the going concern value of the property (retained assets) and the liquidating value of the property (non-retained assets), so it will affect the assessment process that will be conducted. PT. X is one of the property companies which has a corporate transaction planning that is the acquisition plan. PT. X has the assets and development plans for the assets in which there are 2 characteristics of the products developed, that is retained and non-retained assets. Assets are planned to be acquired by another company, so that it is needed a proper assessment of the development plan of PT. X on the asset. In this study, assessment of development efforts of PT. X was assessed using 2 approaches, that is the income based approach and market based approach. In the income approach, it is used the discounted cash flow method (DCF), which is the free cash flows derived from the financial projection model with a discount factor is the weighted average cost of capital (WACC). While the market approach used methods of guideline publicly traded company, by finding the average PBV of similar companies multiplied by equity effort. With both approaches, the obtained value of the income approach is Rp.430.583.134.810 and value of the market approach is Rp.239.617.578.333. Therefore, the reconciliation value of PT. X obtained from these values with weights of 50%: 50% is Rp.335.100.356.572.

Item Type: Thesis (Undergraduate)
Uncontrolled Keywords: Penilaian Usaha, Properti, Pendekatan Pendapatan, Pendekatan Pasar
Subjects: T Technology > T Technology (General) > T56.8 Project Management
Divisions: Faculty of Industrial Technology > Business Management > (S1) Undergraduate Theses
Depositing User: Mr. Fandika aqsa
Date Deposited: 16 Jun 2017 02:23
Last Modified: 16 Jun 2017 02:23
URI: http://repository.its.ac.id/id/eprint/41709

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