Penilaian penyertaan PT. Pertamina (Persero) pada PT. Pertamedika dalam rangka divestasi tahun 2008

YOULVINA, Tengku, Muhammad Edhie Purnawan, Ph.D., M.A

2009 | Tesis | S2 Magister Ekonomika Pembangunan

Penelitian ini bertujuan untuk menentukan nilai pasar wajar dari penyertaan saham PT. Pertamina (Persero) kepada PT. Pertamedika di tahun 2007, serta megetahui besarnya capital gain. Subjek dari penelitian ini adalah saham yang dimiliki PT. Pertamina (Persero) pada PT. Pertamina Bina Medika (“Pertamedika”). Hasil estimasi nilai pasar wajar penyertaan PT. Pertamina (Persero) pada Pertamedika dengan menggunakan metode discounted cash flow pada tanggal 31 Desember 2007 adalah sebesar Rp1.735.000,-/lembar saham. Mengingat jumlah lembar saham yang dimiliki PT. Pertamina (Persero) adalah sebanyak 289.033 lembar saham, maka nilai pasar wajar penyertaan PT Pertamina (Persero) dengan komposisi kepemilikan sebesar 99 persen adalah sebesar Rp501.351.878.000,- . Capital gain yang didapat sebesar 607,7 persen.

PT. Pertamina (Persero) as a state owned company in the oil industry has developed many businesses outside the core businsess of the company. This is considered disadvantagous because the company cannot focus on a certain area of business which is supported by its core competency. Considering the above factor, therefore PT. Pertamina (Persero) commits to a strategy called “back to core”, where the company may divest several of its child companies. Before any divesting is done, the company must have a proper illustration concerning the fir market value of the company’s investment in each of the child companies. The object of analysis in this thesis is the shares ewned by PT. Pertamina (Persero) in PT. Pertamina Bina Medika (“Pertamedika”). The purpose of this thesis is reach a conclusion as an opinion of the fair market value of the shares owned by PT. Pertamina (Persero) within Pertamedika in 2007. The data was derived from Pertamedika’s financial reports from 2002 to 2006 and Pertamedika’s Business Plan (2007 – 2012). The Income Approach through the discounted cash flow method is applied with the uses of the income projection, financial projection, free cash flow projection, and the expected rate of return. The result of the analysis indicates that the fair market value of the shares owned by PT. Pertamina (Persero) in Pertamedika by applying the discounted cash flow method on December 31st, 2007 is Rp1,735,000,-/share. Considering that PT. Pertamina (Persero) owns 289.033 shares, therefore the fair market value of the total shares owned by PT. Pertamina (Persero) with an ownership of 99 percent is Rp501,351,878,000,- .

Kata Kunci : Penilaian penyertaan PT Pertamina (Persero),PT Pertamedika,Divestasi,Valuation of Share on by PT. PERTAMINA (PERSERO),Divestment