FINANCIAL PROJECTION & VALUATION

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2. 104 I FINANCIAL MANAGEMENT E Apa saja yang dibahas • Penyusunan proyeksi keuangan secara lengkap • Valuasi dengan metode free cash fl ow dan EVA • Perhitungan biaya modal dengan WACC • Hubungan struktur modal dengan biaya modal • Konsep dasar value-based management Siapa yang perlu ikut Peserta pelatihan diharapkan sudah memahami laporan keuangan dan analisisnya secara garis besar. Para peserta pelatihan adalah: • Analis bisnis • Perencana keuangan perusahaan • Pengguna laporan keuangan Subject Covered • Preparation of complete projected fi nancial statement • Valuation with methods of free cash fl ow and EVA • Calculation of cost of capital with WACC • Relation between capital structure and cost of capital • Basic concept of value-based management Who should attend Participants of the program are expected those who understand fi nancial statement and its analysis, in general terms. Participants of the program are: • Business Analyst • Corporate Financial Planner • User of fi nancial statement Price: IDR 4.700.000,- 53 FINANCIAL PROJECTION & VALUATION

1. 103 I FINANCIAL MANAGEMENT E Menjawab masalah apa Setelah menganalisis laporan keuangan, beberapa perusahaan melanjutkan dengan melakukan proyeksi atas laporan keuangan ( projected fi nancial statement ). Gambaran ini berupa proyeksi laporan keuangan selama beberapa tahun ke depan. Proses ini membutuhkan fondasi analisis yang mendalam. Penggunaan model keuangan tertentu dalam melakukan proyeksi memerlukan adanya proses reklasifi kasi, penyederhanaan laporan keuangan dan penggunaan asumsi. Gambaran lengkap proyeksi laporan keuangan dapat diperoleh dengan model proyeksi ini. Valuasi diperlukan ketika ingin diketahui besarnya nilai ( value ) perusahaan. Valuasi memerlukan model tertentu. Model dasar valuasi yang dipilih adalah discounted cash fl ow . Varian model valuasi yang digunakan adalah free cash fl ow dan EVA. Pilihan model ini untuk menunjukkan sisi analisis secara fundamental. Setelah itu, perhatian atas value driver akan dilakukan secara lebih mendalam dengan value- based management (VBM). Manfaat apa yang anda peroleh Setelah selesai mengikuti program ini, peserta diharapkan mampu: • Memahami proses penyusunan proyeksi keuangan secara lengkap: reklasifi kasi, perhitungan value driver , penggunaan asumsi, model proyeksi. • Memahami proses valuasi dengan metode free cash fl ow dan economic value added (EVA) • Memahami proses perhitungan biaya modal ( weighted average cost of capital , WACC) dengan elemen berupa biaya ekuitas ( cost of equity ) dan biaya utang ( cost of debt ) • Memahami konsep dasar struktur modal dan pengaruhnya terhadap value perusahaan • Memahami pola dasar value-based management (VBM) dan peran value manager • Understand basic pattern of value-based management (VBM) and role of value manager Problems to be addressed After fi nishing in analysing fi nancial statement, several companies continue further with the projection of fi nancial statement (projected fi nancial statement). This description is in form of projection of fi nancial statements for several years ahead. This process requires a basic in-depth analysis. Use of particular fi nancial model in the projection, needs process of reclassifi cation, simplifi cation of fi nancial statement and use of assumption. Complete description of projected fi nancial statement will be acquired with this projection model. Valuation is needed as company would like to identify the value of company itself. Act of valuation requires particular model. Basic valuation model which has been selected is discounted cash fl ow. Variant of valuation model to be utilized is free cash fl ow dan EVA. This selection of model shows the side of analysis in fundamental. Further, concern regarding value driver will be carried out in detailed by value-based management (VBM). Objective Having attended this program, participants are expected to be able to: • Understand the process of preparing a complete projected fi nancial statement: reclassifi cation, value driver calculation, use of assumption, projection model. • Understand valuation process with methods of free cash fl ow and economic value added (EVA) • Understand process of cost of capital calculation (weighted average cost of capital, WACC) with elements, being cost of equity and cost of debt • Understand basic concept of capital structure and its impact to company value 53 FINANCIAL PROJECTION & VALUATION

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