GS BUMI research 1 dec 08 http://www.mediafire.com/? sharekey=3f16d386c635ce9a91b20cc0d07ba4d2e376198bdd471662
--- In obrolan-bandar@yahoogroups.com, "tirta858" <[EMAIL PROTECTED]> wrote: > > > CLSA 26nov research report > > http://www.mediafire.com/?sharekey=3f16d386c635ce9ad2db6fb9a8902bda > > > > > > > --- In obrolan-bandar@yahoogroups.com, "tirta858" <tirta858@> > wrote: > > > > Barusan saja saya kalkulasi BUMI using simple DCF calculation. > > > > Datanya saya ambil dari > > > > http://www.reuters.com/finance/stocks/incomeStatement? > > stmtType=INC&perType=ANN&symbol=BUMI.JK > > > > Saya pakai angka yang agak conservative saja. > > > > Net income saya ambil dari permulaan tahun 2004(first positive > > earning) lalu net income growth saya pakai tahun 2004 dan 2005 > yaitu > > 12.2%(pre comodity euphoria). FV net income(2008) = 1.122^4 x 108.8 > = > > $172.42mil (sangat conservative compare to actual 2007 $789mil) > > > > Assumptionnya : > > > > Exchange rate = Rp 10,000 > > Net income 2008 = $172.42 mil > > 1-5 year growth = 12.2% > > Terminal = 3% > > Shares out = 19,404 mil > > WACC = 17% > > > > Plug in the numbers: > > > > IV = Rp 922 > > IV with 40% margin of safety = Rp 553 > > > > Comments are welcome :) > > >
