BUSINESS VALUATION
KJPP YANUAR BEY & REKAN
Introduction to Business Valuation :
Scope & Methodologies
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MISCONCEPTION OF VALUATION
Myth 1 : A Valuation in an Objective to search for “True” Value
Truth : All valuation are biassed, the only questions are “how
much” and in which direction.
Myth 2 : A good valuation provides a precise estimate of value
Truth : There are no precise valuations
Myth 3 : The more quantitative a model, the better the valuation
Truth : One’s understanding of a valuation model is inversely
proportional to the number of inputs required for the model.
Truth : Simpler valuation models do much better than complex
ones.
Source : Aswath Damodaran
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Definition
Nilai :
Suatu opini dari manfaat ekonomi atas kepemilikan aset atau harga
yang paling mungkin dibayarkan untuk suatu aset dalam pertukaran.
Sehingga nilai bukan merupakan fakta.
Harga :
Sejumlah uang yang diminta, ditawarkan atau dibayangkan untuk suatu
aset. Karena kemampuan keuangan, motivasi atau kepentingan
khusus dari pembeli atau penjual , harga yang dibayarkan mungkin
berbeda dengan nilai dari aset tersebut berdasarkan anggapan
pihak lain.
Source : KEPI & SPI 2013
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Common Uses of Business Valuation
– Employee Stock Ownership Plan (ESOP)
 Tax
–
Estate/Gift
–
Buy/Sell Agreements
 Bankruptcy and Litigation
.
–
Liquidation or Reorganization
– Solvency and Fairness Opinions
–
Patent Infringement
– Damage Assessment
–
Partner Disputes
–
– Dissenting Shareholder Actions
Economic Damages
 Financial Reporting
–
– Marital Dissolutions
Purchase Price Allocation, Impairment Testing and Stock Options and Grants, etc.
 Strategic Planning/Transaction
Source :
–
Value Enhancement
–
Business Plan/Capital Raising
–
Strategic Direction, Spin-Offs, Carve Outs, etc.
–
Acquisitions, Due Diligence
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Valuation Methodology
 Pendekatan Pasar (Market Approach)
Pendekatan pasar membandingkan perusahaan yang dinilai dengan perusahaan sebanding, kepentingan
kepemilikan perusahaan dan surat berharga yang dijualbelikan di pasar serta transaksi relevan atas saham
perusahaan yang sebanding, transaksi sebelumnya atau penawaran atas komponen perusahaan juga dapat
merupakan indikasi nilai.
Metode : 1. pembanding perusahan tercatat di bursa efek
2. Pembanding merger dan akuisisi
3. transaksi sebelummnya
4. Direct data method
 Pendekatan Pendapatan (Income Approach)
Pendekatan Pendapatan dapat digunakan untuk memperkirakan nilai dengan mengantisipasi dan mengkuantifikasi
kemampuan obyek penilaian dalam menghasilkan imbal balik (return) yang akan diterima di masa mendatang.
Metode:
1. Metode Diskonto Arus Kas (Discounted Cash Flow Method)
2. Metode Kapitalisasi (Capitalization of Income Method)
 Pendekatan Aset
Penilai yang menggunakan pendekatan aset, dalam penugasan profesional wajib memiliki keahlian dalam bidang
penilaian propertid an Penilaian Bisnis.
Metode:
1. Metode Adjusted Net Aseet Method (ANAM), Adjusted Book Value Method (ABVM), Net Asset
Valuation Method (NAVM), Assets Accumulation Method (AAM)
2. Metode Kapitalisasi Kelebihan Pendapatan (KKP)/ Excess Earning Method (EEM)
.
Source : KEPI & SPI 2013
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Methodology advantages and Disadvantages
(Market Approach)

Advantages




Relative valuation is much more likely to reflect market perceptions and moods
Relative valuation generally requires less information than discounted cash flow valuation
Disadvantages
Relative valuation may require less information in the way in which most analysts and portfolio
managers use it – Hidden implicit assumption
(Income Approach Approach)

Advantages
 Since DCF valuation is based upon an asset’s fundamentals, it should be less exposed to market
moods and perceptions.
 Good for investors that buy businesses, rather than stocks
 Disadvantages
 Since it is an attempt to estimate intrinsic value, it requires far more inputs and information than
other valuation approaches
 These inputs and information are not only noisy, but also can be manipulated--assumption
(Asset Approach)
“Need Asset Valuation and suitable for asset dominated company
Source : stern-edu
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Object to Valuate
Firm Valuation : Value the entire business
Assets
Existing Investments
Generate cashflows today
Includes long lived (fixed) and
short-lived(working
capital) assets
Expected Value that will be
created by future investments
Liabilities
Assets in Place
Debt
Growth Assets
Equity
Fixed Claim on cash flows
Little or No role in management
Fixed Maturity
Tax Deductible
Residual Claim on cash flows
Significant Role in management
Perpetual Lives
Equity valuation : Value just the
equity claim in the business
Source : Aswath Damodaran
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Object to Valuate
Source : Aswath Damodaran
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Object to Valuate
Source : Aswath Damodaran
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BUSINESS VALUATION
KJPP YANUAR BEY & REKAN
Thank You
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