., 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.
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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 > 61205-(S1) Undergraduate Thesis |
| 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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