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All Journal The Indonesian Journal of Business Administration Journal of Accounting and Finance Management (JAFM) Journal Research of Social Science, Economics, and Management
Arif Sumirat, Erman
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science

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Economic Analysis of A Coal Mining Project Under the Industrial Uncertainty Using Real Options Valuation Indramantanu, Satwika; Arif Sumirat, Erman
The Indonesian Journal of Business Administration Vol 7, No 1 (2018)
Publisher : The Indonesian Journal of Business Administration

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Abstract. A well-crafted company assessment is a tough task that requires detailed analysis, assumption that can be justified and applied with a clear synthesized. Conventional DCF analysis, which is temporarily used by most investment communities, has its weaknesses. This model has limitations in the ability to combine future flexibility. The company's assessment is a subjective process that needs to combine future expectations amid the industry's uncertainties. The DCF model is presented on condition that investment decisions are naturally defined by assuming that management takes a passive role. However, this is contrary to the management philosophy and expectations of the investment community. Real option valuation (ROV) allows for flexibility. In the DCF model, the ROV recognizes that uncertainty is not only represented by downside risks. The ability of firms to adjust future investment decisions when facing a dynamic environment also leads to a decrease in potential risk and ability to capture potential increases. Keywords:  capital budgeting, coal mining, discounted cash flow, real options, valuation
Determining natural gas business strategy in indonesia through scenario planning , a case of pt. Pertamina gas Tri Sukma Tarigan, Devina; Arif Sumirat, Erman
The Indonesian Journal of Business Administration Vol 7, No 3 (2018)
Publisher : The Indonesian Journal of Business Administration

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Abstract. The LCT states optimal dividend policy of a firm is dependent on its LC stage. Mature firms have decline in investment opportunities, reduced cost in raising capital and growth rate enabling firm to pay dividends, unlike young firms. The purpose of this research is to create a search strategy to help investors choose optimal dividend-paying stock listed in LQ45 Index using 2 scorecards. Descriptive research uses secondary data from audited financial reports of 17 selected firms that qualified for 10 listings in LQ45 Index from the year 2013 to 2017. DPR scorecard use factor DPR and LCT scorecard use weighted factors: Liquidity (Cash/TA, weight 1), Profitability (ROA, weight 2), Life Cycle (RE/TA, weight 2), Maturity (RE/TE, weight 1) and Leverage (LTD/TA, weight -1) to show effect on firms’ decision to pay dividends and payout level. Scorecards’ sequenced 17 stocks from lowest (rank 1) to highest (rank 17) 5yr w.a. value. Rank 17 has highest propensity to pay dividends and payout level and vice versa for rank of one, thus ideal stock pick have high ranks in both scorecards. Result show UNVR ranking 14 in LCT and 17 in DPR scorecards as ideal stock pick. UNVR has highest propensity to pay dividends and maintained high payout level, thus optimal dividend paying stock for long-term investment. EIC analysis conducted shows UNVR risk to increased cost of raw material and debt level. UNVR should deleverage and eliminate non-performing segments to increase its stagnant profit. Firms’, investors and future researchers can apply scorecard on other indices using 10-yr analysis to compare sectoral trends and select dividend stock listed in other indices of IDX. Keywords: Dividend Policy, Dividend Stocks, IDX, Life Cycle Theory, LQ45 Index
Evaluation of operation synergy, optimal financing mix and dividend decision to maximize the value of business in inalum holding of mining Tri Widodo, Ridho; Arif Sumirat, Erman
The Indonesian Journal of Business Administration Vol 8, No 1 (2019)
Publisher : The Indonesian Journal of Business Administration

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Abstract. Introduction: Many strategic investments are often justified with the argument that they will create synergy. For holding mining establishment the goal was more on how to increase business capacity and funding, management of natural resources of mineral and coal, increase value added through downstream and increase local content, as well as cost efficiency through synergy. This paper aims to find the value of synergy in Inalum, PTBA, ANTM and TINS before establishment holding company of mining and the sensitivity the value to different assumptions and how to improve value of synergy in creating a holding company of mining. The major aims of mining holding company to create value and synergy in mining State-Owned Enterprises, with the expectation, it will increase revenue contribution to the country. These goals could be analyzed and measured by understanding of synergy based on two sources of synergies: operating synergy and financial synergy. This paper will assess operating synergy. Methods: In this valuation, Discounted Cash Flow (DCF) Framework will be used to recognize the potential source of synergy from operation. Results: This study found that gain from operation synergy of increasing growth and cost reduction will maximize the business value amounted USD 3,659,295.63, compared to gain from cost reduction USD -14,181,427.91  and gain from increasing growth USD 644,448.44. Conclusion: Given the results from study, it is important to derive the right strategy from investment decision to reflect the optimal source of synergy in order to maximize the business value in Inalum. Keywords:  DCF, investing decision, maximize business value, value of synergy
Evaluating Finansial Due Diligence in the Strategic Acquisition of PT Suryamas Dutamakmur, Tbk (SMDM) by PT Bumi Serpong Damai, Tbk (SMDM) Griselda Daulay, Elvina; Arif Sumirat, Erman
Journal of Accounting and Finance Management Vol. 5 No. 6 (2025): Journal of Accounting and Finance Management (January - February 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v5i6.1262

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This research evaluates the strategic acquisition of PT Suryamas Dutamakmur Tbk. (SMDM) by PT Bumi Serpong Damai Tbk. (BSDE) within Indonesia's competitive real estate market. The study focuses on analyzing SMDM's financial performance, determining its valuation, and quantifying the synergies arising from the acquisition. Using financial analysis, discounted cash flow (DCF), relative valuation, and Damodaran’s synergy valuation framework, the study examines the financial and operational aspects of the transaction. Results indicate that SMDM's fluctuating financial performance, highlighted by its strong working capital management and asset turnover, complements BSDE's broader portfolio and profitability metrics. Synergy valuation suggests an additional value of Rp3.483 trillion, exceeding the acquisition cost of Rp2.36 trillion, reinforcing the transaction's financial feasibility. This synergy arises from operational efficiencies, portfolio diversification, and enhanced financial stability, including a reduced cost of capital at 12.05%. Macroeconomic conditions, such as declining interest rates and supportive fiscal policies, present favorable opportunities for the real estate sector while highlighting challenges such as high competition and fluctuating market demand. The findings emphasize the need for strategic integration, leveraging shared resources, and aligning operational strategies to maximize long-term value creation for stakeholders.
PT MD Entertainment Tbk (Film) - PT Net Visi Media Tbk (Netv) Acquisition Deal: Valuation and Financial Due Diligence Nafis Hestopo, Dzakwan; Arif Sumirat, Erman
Journal of Accounting and Finance Management Vol. 5 No. 6 (2025): Journal of Accounting and Finance Management (January - February 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v5i6.1263

Abstract

This study evaluates the financial and strategic implications of PT MD Entertainment Tbk's (FILM) acquisition of an 80% stake in PT Net Visi Media Tbk (NETV). Indonesia’s creative economy, particularly the film and media sectors, presents significant growth potential, contributing substantially to GDP and employment. However, challenges such as financing constraints and the shift to digital transmission have disrupted traditional media, including NETV, which faces financial struggles. MD Entertainment, a leader in Indonesia’s film industry, pursued this horizontal acquisition to diversify into television broadcasting. This research applied methods such as Discounted Cash Flow (DCF) analysis, financial ratio evaluation, and synergy estimation to determine NETV's fair market value and the potential benefits MD Entertainment might gain. Findings highlight the acquisition’s strategic merit in strengthening MD Entertainment’s market presence and role in the creative economy. However, concerns remain over NETV's weak financial performance and the broader challenges in television advertising revenue, which is under pressure due to global economic trends and increasing competition from digital platforms. This analysis sheds light on key factors influencing mergers and acquisitions in the creative industry, offering valuable insights for stakeholders aiming to achieve financial and strategic objectives.
Valuation Of Pt. Alamtri Resources Indonesia (“Adro”) And Financial Feasibility Study Of Mentarang Hydroelectric Power Plant Ilham, Irvan Rahadian; Arif Sumirat, Erman; Soekarno , Subiakto
Journal Research of Social Science, Economics, and Management Vol. 4 No. 11 (2025): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v4i11.873

Abstract

Adaro Andalan Indonesia (“AADI”) divestment, determine its company valuation, assess the financial implications of Mentarang Hydroelectric Power Plant, and to propose strategies for future value optimization. This study employed a mix of qualitative (SWOT and PESTEL) and quantitative (Financial statement analysis, financial ratio analysis, financial modelling using Discounted Cash Flow (DCF) financial feasibility study, with relying on secondary data. Post-AADI divestment, ADRO experienced a significant decline in assets. Liabilities, and equity. Despite this, ADRO maintains a strong liquidity, high profitability, and low leverage within the industry. Result shows that ADRO is still undervalued from the relative and absolute valuation. By the relative valuation using the EV/EBITDA the implied share price is Rp6.124 and using the Unlevered Cash Flow (UCF) method, the valuation of ADRO ranges from Rp 2.988 to Rp4.405. Mentarang Hydroelectric Power Plant shows a profitable project based on the optimistic scenario with a 8 cents/kWh for 30 years contract. In conclusion, ADRO is well positioned for future growth due to the development and increasing demand in global aluminium market and investments in green business. The divestment of its thermal coal energy is seen as a strategic move towards a more sustainable business in the future,
Co-Authors Griselda Daulay, Elvina Ilham, Irvan Rahadian Indramantanu, Satwika Nafis Hestopo, Dzakwan Soekarno , Subiakto Tri Sukma Tarigan, Devina Tri Widodo, Ridho