Evaluasi kondisi keuangan dan estimasi nilai perusahaan PT Pos Indonesia (Persero)

NUGROHO, Wahju, Bowo Setiyono, SE. M.Com

2009 | Tesis | S2 Magister Manajemen

Penelitian ini bertujuan untuk mengungkapkan kinerja keuangan PT Pos Indonesia (Persero) selama kurun waktu tahun 2005 – 2007 serta mengestimasi nilai perusahaan PT Pos Indonesia (Persero) dalam kaitannya dengan isu rencana privatisasi perusahaan yang akan dilaksanakan oleh pemerintah dalam waktu dekat. Kinerja keuangan PT Pos Indonesia (Persero) diukur menggunakan enam belas rasio keuangan yang dikelompokkan dalam empat kelompok rasio keuangan, yaitu rasio likuiditas (terdapat tiga rasio), rasio pengelolaan aset (terdapat tiga rasio), rasio pengelolaan hutang (terdapat tiga rasio), rasio kemampulabaan (terdapat empat rasio) dan rasio produktivitas karyawan (terdapat tiga rasio). Selanjutnya kinerja yang ada tersebut dibandingkan dengan kinerja keuangan di industri postal pada kurun waktu yang sama dengan perusahaan postal pembanding yang dipilih adalah Pos Malaysia Bhd, Singapore Post Ltd dan Japan Post. Estimasi nilai perusahaan dilakukan menggunakan pendekatan metode arus kas bebas, metode fundamental multiple based dengan pendekatan NP/EBITDA dan metode economic value added dengan skenario pertumbuhan ekspansif yang optimis, moderat dan pesimis serta diskenariokan pula pertumbuhan ekspansif tersebut berlangsung dalam jangka waktu pendek, menengah dan panjang. Dari hasil penelitian diperoleh gambaran bahwa kinerja keuangan PT Pos Indonesia (Persero) pada kurun waktu tahun 2005 – 2007 belum begitu menggembirakan dan estimasi nilai perusahaan di akhir tahun 2007 pada skenario pertumbuhan ekspansif yang optimis baik pada pertumbuhan ekspansif perusahaan dalam jangka pendek, jangka menengah maupun jangka panjang menunjukkan angka perbedaan yang cukup berarti apabila divaluasi dengan menggunakan model arus kas bebas, Fundamental Multiple Based dan economic value added.

This research aimed at revealing the achievement of financal performance of PT Pos Indonesia (Persero) for the period in 2005 – 2007 as well as estimate the value company of PT Pos Indonesia (Persero) in connection with rumours of the privatisation company plan that will be carried out by the government in the near future. The achievement of financial performance of PT Pos Indonesia (Persero) was measured used sixteen financial ratios that was grouped in four groups of financial ratios, that are liquidity ratio (was gotten by three ratios), assets management ratio (was gotten by three ratios), debt management ratio (was gotten by three ratios), profitability ratio (was gotten by four ratios) and employee productivity ratio (was gotten by three ratios). Further the available achievement compared with the achievement of financial performance in the postal industry for the same period with company postal as the standard that was chosen were the Malaysian Post Bhd, Singapore Post Ltd and Japan Post. The value of company estimation was carried out used the approach free cash flow method, the fundamental multiple based method with the approach of NP/EBITDA and the economic value added method with the expansive growth scenario that were optimistic, moderate and pessimistic also the expansive growth took place in a period of short, middle and long time scenario. From results of this research was received the picture that the achievement of financial performance of PT Pos Indonesia (Persero) in the period in 2005 – 2007 was not yet so pleasing and the estimation of value company on the end of 2007 to the optimistic expansive growth scenario both in the expansive growth of the company in the short term, the middle and long-term period showed the quite significant difference figure when were estimated using the free cash flow method, fundamental multiple based method and economic value added method.

Kata Kunci : Kinerja keuangan,Rasio keuangan,Nilai perusahaan,Privatisasi,Postal, financial performance, financial ratio, value of company, privatisation, postal