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All Journal Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Journal Research of Social Science, Economics, and Management
Subiakto Soekarno
Institut Teknologi Bandung
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Valuation Of Pt. Alamtri Resources Indonesia (“Adro”) And Financial Feasibility Study Of Mentarang Hydroelectric Power Plant Irvan Rahadian Ilham; Erman Arif Sumirat; Subiakto Soekarno
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,
FROM MERGER TO DIVESTITURE: FINANCIAL PERFORMANCE, ECONOMIC VALUE ADDED, AND MARKET REACTION TO GOTO’S SALE OF TOKOPEDIA TO BYTEDANCE Dhea Rakhmatika Utami; Yunieta Anny Nainggolan; Subiakto Soekarno
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 6 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i6.4526

Abstract

This studies examines how PT GoTo Gojek Tokopedia Tbk (GoTo) is affected by its decision to divest most of its shares in Tokopedia to ByteDance (TikTok), while keeping a minority stake and forming a commercial partnership. Before this step, GoTo tried to build a “super-app” that combined Gojek’s on-demand services, Tokopedia’s e-commerce, and GoPay. However, even after the merger and IPO, GoTo still recorded large losses, high cash burn, and a declining share price, so it is important to test whether the divestiture really supports long-term value creation. The research uses a single-case, explanatory design covering 2022–2024. It relies only on secondary data: audited financial statements, annual reports, daily stock prices of GoTo. JK and the Jakarta Composite Index (IHSG), press releases, and news. The analysis has three parts: (i) financial ratio analysis (revenue growth, operating margin, EBITDA, net profit margin, ROA, ROE); (ii) Economic Value Added (EVA), using NOPAT, invested capital, and a WACC estimated with CAPM; and (iii) an event study with a market-adjusted model to measure abnormal returns and cumulative abnormal returns (CAR) around the announcement of the Tokopedia–TikTok transaction. The results show that GoTo’s operating performance improves after the divestiture: operating margins become less negative, EBITDA turns positive in 2024, and net loss decreases, although EVA remains negative, even if the value destruction becomes smaller over time. The event study finds short-term positive abnormal returns around the announcement, indicating that investors initially welcome the deal, even though share-price volatility shows remaining concerns. Overall, the thesis concludes that the divestiture makes GoTo smaller, more focused, and more disciplined, but it has not yet fully solved the problem of negative EVA.
Co-Authors Dhea Rakhmatika Utami Erman Arif Sumirat Irvan Rahadian Ilham Yunieta Anny Nainggolan