Valuation of Contract Demand Volume of New Generation Product (NGP) Cavity Filter Cigarette Project Using Income Approach in Cigarette Filter Company (PT CFC)

Junaidi, Anang (2023) Valuation of Contract Demand Volume of New Generation Product (NGP) Cavity Filter Cigarette Project Using Income Approach in Cigarette Filter Company (PT CFC). Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

PT CFC produsen filter rokok, menjual produk patent terbaru capsule cavity sensasion filter kepada pabrik rokok MNC Korea dengan mekanisme Forecast demand kontrak, sebesar 356.75 juta filter rokok, periode Januari 2023 sampai Juli 2024, untuk dipasarkan di Asia dan negara Commonwealth of Independent State (CIS). Untuk memutuskan kelayakan proyek tersebut diperlukan penelitian dan Analisa, dengan menetapkan rumusan masalah sebagai landasan penelitian sebagai berikut; seberapa besar initial outlaynya, bagaimana annual cash flow dan terminal cash flow projectnya, besaran working capital serta financial valuationnya melalui income approach yaitu, Payback Period, NPV dan IRR. Penelitian ini bertujuan untuk membantu PT CFC dalam pengambilan keputusan, dengan 2 pendekatan; 1). Project Management (project life cycle, logic model, work breakdown structure, gannchart project cost) yang bertujuan untuk mendapatkan initial outlay. 2). Financial Valuation melalui income approaches (Initial Outlay, cash flow, terminal cash flow, working capital, payback period, internal rate of return and net present value). Dari hasil penelitian didapatkan sebagai berikut; Initial Outlay sebesar GBP 1.552.410, sebesar GBP 864.533 akan di cover oleh MNC Korea melalui mekanisme tambahan di selling price product. Dan GBP 687.877 akan menjadi tanggung jawab PT CFC melalui capital expenditure. Annual cash flow akan minus di awal tahun project sebesar GBP 185K dan di tahun ke 2 surplus sebesar GBP 832K, secara total project surplus GBP 647K. Terminal cash flow setelah project berakhir sebesar GBP 1.471K. Cost of capital required return dengan metode CAPM sebesar 18.01%, dengan risk free return 3.509%, Beta Coefficient 1.27, dan annualized return sebesar 15%. Capital structure berasal 100% dari modal, yang menghasilkan WACC sebesar 18.01%, Dari sisi Financial Valuation, payback period didaptkan 1.2 tahun. Internal rate of return sebesar 350% lebih besar dari WACC 18.01%. Net present value dengan mempertimbangkan terminal value didapatkan nilai positif sebesar GBP 1.739K. Dari ketiga parameter valuation tersebut, secara keseluruhan dapat disimpulkan, bahwa investasi proyek sangat feasible dan bisa dilanjutkan ke tahap eksekusi proyek.
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PT CFC, a cigarette filter manufacturer, sells the latest patent product capsule cavity sensation filter to MNC Korea's cigarette factory, with a forecast demand contract scenario, of 356.75 million cigarette filters in totals, period January 2023 to July 2024, which to be marketed in Asia and the Commonwealth of Independent State (CIS) countries. ). Hence to decide the feasibility of the project, requires research and analysis, therefore formulation of the problem can be made as follows; how much investment cost is needed, what is the annual cash flow and terminal cash flow project, the amount of working capital and the financial valuation through financial valuation. Payback Period, NPV and IRR. This study objective are to assist PT CFC in taking decision of those above project, by using 2 approaches; 1). Project Management (project life cycle, logic model, work breakdown structure, ganchart project cost), which aims to get an initial outlay . 2). Financial Valuation through income approaches (Initial Outlay, cash flow, terminal cash flow, working capital, PP, IRR and NPV). From the research study, obtained a results as follows, the Initial Investment Cost of GBP 1,552,410, which consist of GBP 864,533 will be cover by MNC Korea through mechanism additional product selling price. And GBP 687,877 will be cover by PT CFC through capital expenditure. Annual cash flow will be minus at the 1st year of project started, by GBP -185K and 2nd year will be positive of GBP 832K, overall project period will positive of GBP 647K. Terminal Cash flow after the ends of project will be GBP 1.471K. Required return 18.01% using CAPM method, contribute from risk free return 3,509%, Beta Coefficient 1.27, and an annualized return 15%. Capital structure, planned by using 100% from equity, which resulting of WACC 18.01%. From Financial Valuation perspective, the Payback Period achieved 1.2 years. Internal Rate of Return counted 350% higher compare to WACC 18.01%. Net present value which considering terminal value, obtained at positive of GBP 1.739K. According to 3 above valuation parameter concluded that, the project investment was feasible and can be continued into project execution.

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	Project Management, Financial Valuation, Initial Outlay, Annual Cash Flow, Terminal Cash Flow, Cost of Capital, NPV, IRR , Payback Period.
Subjects:	H Social Sciences > HG Finance
Divisions:	Interdisciplinary School of Management and Technology (SIMT) > 61101-Master of Technology Management (MMT)
Depositing User:	Anang Junaidi
Date Deposited:	12 Jul 2023 06:12
Last Modified:	12 Jul 2023 06:12
URI:	http://repository.its.ac.id/id/eprint/98428

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