PENILAIAN HARGA WAJAR SAHAM PT.KIMIA FARMA (PERSERO) Tbk DAN PT. INDOFARMA (PERSERO) Tbk MENJELANG AKUISISI

Lestari Puji Astuti

Abstract


Abstract: Regrouping pharmaceutical companies in Indonesia among PT. Kimia Farma
(Persero) Tbk and PT. Indofarma (Persero) Tbk will be carried out by the government
through inbreng scheme. In order to take acquisitions, a fair price must be counted for,
so the public interests not be harmed For the fair price ofshares, the calculating are
using three (3) of valuation methods thats are freecash flowto equity, relative valuation
methods and gordon growth models. After doing the calculations with those methods,
affair price for the shares of PT. Kimia Farma (Persero) Tbkand PT. Indofarma
(Persero) Tbk its obtained. To get affair price to the value of the reference shares,
reconciliation should be done. Based onthe results of there conciliation, the fair prices
for thes hares of PT. Kimia Farma (Persero) Tbk is 693 rupiahs and PT. Indofarma
(Persero) Tbk iis 404 rupiahs with avalue range of 7.5 per centofthe fair price.
Keywords: Acquisitions, freecash flowto equity, relativevaluation, Gordon growth
models

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MIX: Jurnal Ilmiah Manajemen
Journal URL: http://publikasi.mercubuana.ac.id/index.php/Jurnal_Mix
Journal DOI: 10.22441/jurnal_mix
P-ISSN: 2088-1231
E-ISSN: 2460-5328

Editor's Address:

Magister Management Department, Universitas Mercu Buana.
Tedja Buana Building 4th Floor.
Jl. Menteng Raya No. 29, Jakarta 10340.

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