PEMILIHAN SUMBER DANA INVESTASI BISNIS TOWER TELEKOMUNIKASI

AGUS SUPRAYITNO, Hermeindito, Dr., SE, MM.,

2020 | Tesis | MAGISTER MANAJEMEN (KAMPUS JAKARTA)

Pertumbuhan mobile market sebesar 6% (2017-2022) mendorong PT Dayamitra Telekomunikasi (Mitratel) penyedia tower telekomunikasi di Indonesia untuk mencari pendanaan yang tepat. Dengan bertambahnya investasi, maka beban pendanaan semakin besar dan menggerus Net Income Perusahaan. Oleh karena itu, penulis berfokus pada pemilihan sumber dana investasi bisnis tower telekomunikasi dengan menggunakan analisis skenario dan sensitivitas sehingga akan terjaga kinerja keuangan perusahaan di masa depan. Analisis skenario pada komposisi utang 50% dan ekuitas 50% akan menghasilkan Net Present Value (NPV) tertinggi sebesar Rp229.334 juta dengan WACC nya 7,32%. Kemudian dengan menggunakan analisis sensitivitas, investasi tersebut lebih sensitif terhadap perubahan beban karena 1% beban berdampak perubahan NPV sebesar 10,8% dibanding dengan perubahan 1% pendapatan berdampak perubahan NPV sebesar 7,37%. Desain penelitian ini menggunakan metode kualitatif. Data-data penelitian ini didapatkan dari data sekunder (data internal dan eksternal perusahaan). Penulis membatasi produk tower telekomunikasi yang membutuhkan investasi, yaitu built to suit, microcell, dan colocation.

The growth of the mobile market by 6% (2017-2022) encouraged PT Dayamitra Telekomunikasi (Mitratel) telecommunications tower providers in Indonesia to find the right funding. With increased investment, the cost of funding will be even greater and erode the Company's Net Income. Therefore, the authors focus on the selection of telecommunication tower business investment fund sources by using scenario and sensitivity analysis so that company financial performance will be maintained in the future. Scenario analysis on the composition of 50% debt and 50% equity will produce the highest Net Present Value (NPV) of Rp229,334 million with a WACC of 7.32%. Then by using a sensitivity analysis, the investment is more sensitive to changes in expenses because 1% of the burden has an NPV change of 10.8% compared to a change of 1% in income which has an NPV change of 7.37%. The design of this study uses qualitative methods. The research data were obtained from secondary data (internal and external data of the company). The author limits telecommunication tower products that require investment, namely built to suit, microcell, and colocation.

Kata Kunci : Industri Tower Telekomunikasi, Cost of Debt, Net Present Value (NPV), Internal Rate return (IRR), Weighted Average Cost of Capital (WACC), Cash Flow, Net Income margin, analisis sensitivitas dan analisis skenario./Telecommunication Tower Industry, Cost of