The Intrinsic Value of PT Adhi Karya (Persero) Tbk. related to The Integration Plan in State Owned Enterprises Karya
List of Authors
Avik Rusyda, Sylviana Maya Damayanti
Keyword
Valuation, State-Owned Enterprise (SOE), DCF Analysis, and EV/EBITDA Analysis, Risk Strategic Plan
Abstract
SOEs Karya are also affected by the economic conditions which impact on their financial performance. The real form is referring to the agenda related to the merger of State-Owned Enterprises Karya (SOEs Karya) from 7 into 3 SOEs Karya. Where the merger comes from Hutama Karya with Waskita Karya, Pembangunan Perumahan with Wijaya Karya, and Adhi Karya with Brantas Abipraya and also Nindya Karya. In the process of merging the company, it becomes necessary to calculate the intrinsic value of the company as a form of due diligence in the implementation of these activities. The merger mechanism is seen in the form of holding and subholding. With no decision yet on which company is appointed as the holding parent, of course, the three SOEs Karya still have a strong chance. In this study the authors analyzed the intrinsic value of PT Adhi Karya (Persero) Tbk. in the framework of the merger of SOEs Karya. The intrinsic value analysis in this study uses the absolute valuation method with the DCF Analysis approach and relative valuation with the EV/EBITDA analysis approach. After that the author also gives the recommendation about the strategic risk management related to the integration plan activity.