Evaluasi Penetapan Angka CAGR, EV/Revenue, Dan Discount Rate Pada Perhitungan Valuasi Startup (Studi Kasus Indigo Telkom)

Xaviera, Ameerah Rida (2023) Evaluasi Penetapan Angka CAGR, EV/Revenue, Dan Discount Rate Pada Perhitungan Valuasi Startup (Studi Kasus Indigo Telkom). Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Transformasi digital saat ini sudah menyasar ke kehidupan manusia, salah satunya pada bidang ekonomi yang ditandai dengan semakin meningkatnya keberadaan startup. Dalam rangka mendukung ekosistem startup di Indonesia, PT Telkom Indonesia (Persero) Tbk menginisiasikan sebuah program inkubasi dan akselerasi startup yang memberikan fasilitas kreatif digital, pendanaan, serta memperluas akses pasar khususnya pada lingkup Telkom yaitu Indigo. Jumlah pendanaan yang diberikan oleh Indigo berdasarkan pada nilai valuasi dari masing-masing startup yang dihitung dengan menggunakan metode first chicago. Namun dalam penerapannya, masih terdapat beberapa komponen perhitungan yang belum terstandarisasi. Oleh karena itu, penelitian ini bertujuan untuk menganalisis penetapan angka CAGR, EV/Revenue, dan Discount Rate dalam perhitungan valuasi startup yang selama ini dilakukan oleh Indigo serta menentukan evaluasi perbaikan untuk penetapan angka CAGR, EV/Revenue, dan Discount Rate dalam perhitungan valuasi startup dengan menggunakan First chicago method pada startup yang terdaftar di Indigo. Penelitian ini dilakukan dengan menggunakan analisis kualitatif dengan pendekatan studi literatur dan analisis kuantitatif dengan regresi linear berganda. Dari hasil analisis yang dilakukan, didapatkan masing-masing dua rancangan evaluasi perbaikan untuk CAGR, EV/Revenue, dan Discount Rate, serta delapan kombinasi skenario evaluasi perbaikan. Berdasarkan uji statistik serta konfirmasi dan validasi menunjukkan bahwa skenario yang paling tepat untuk diterapkan sesuai dengan kondisi eksisting Indigo adalah Skenario 3 yaitu CAGR 1 (CAGR Formula (Company Valuation)), EV/Revenue 2 (Aswath Damodaran Revenue Multiple by Sector yang disesuaikan mengikuti beberapa faktor kinerja keuangan startup), dan Discount Rate 1 (Startup Alumni Cluster with BCG Matrix)
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Digital transformation is currently targeting human life, one of which is in the economic field which is marked by the increasing presence of startups. In order to support the startup ecosystem in Indonesia, PT Telkom Indonesia (Persero) Tbk initiated a startup incubation and acceleration program that provides digital creative facilities, funding, and expands market access, especially within Telkom's scope, namely Indigo. The amount of funding provided by Indigo is based on the valuation value of each startup which is calculated using the first chicago method. However, in its application, there are still several calculation components that have not been standardized. Therefore, this study aims to analyze the determination of the CAGR, EV/Revenue, and Discount Rate in the startup valuation calculations that have been carried out by Indigo so far and to determine the improvement evaluation for determining the CAGR, EV/Revenue, and Discount Rate in the calculation of the startup valuation. by using the First Chicago method on startups registered on Indigo. The methodology used in this study was qualitative analysis with a literature study approach and quantitative analysis with multiple linear regression. From the results of the analysis conducted, two improvement evaluation designs were obtained for CAGR, EV/Revenue, and Discount Rate, as well as eight combinations of improvement evaluation scenarios. Based on statistical tests as well as confirmation and validation, it shows that the most appropriate scenario to be implemented in accordance with Indigo's existing conditions is Scenario 3, namely CAGR 1 (CAGR Formula (Company Valuation)), EV/Revenue 2 (Aswath Damodaran Revenue Multiple by Sector adjusted according to several startup financial performance factor), and Discount Rate 1 (Startup Alumni Cluster with BCG Matrix)

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Valuasi Startup, Metode First Chicago, Indigo Telkom, Compound Annual Growth Rate (CAGR), EV/Revenue, Discount Rate Startup Valuation, First Chicago Method, Indigo Telkom, Compound Annual Growth Rate (CAGR), EV/Revenue, Discount Rate
Subjects:	H Social Sciences > HG Finance > HG4028.V3 Valuation. Economic value H Social Sciences > HG Finance > HG4529.5 Portfolio management H Social Sciences > HG Finance > HG4910 Investments
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis
Depositing User:	Ameerah Rida Xaviera
Date Deposited:	03 Feb 2023 02:42
Last Modified:	04 Feb 2023 12:44
URI:	http://repository.its.ac.id/id/eprint/96133

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