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All Journal Journal of Economic, Bussines and Accounting (COSTING) Journal of Economics and Business UBS Return : Study of Management, Economic and Bussines Journal of Ekonomics, Finance, and Management Studies
Oktofa Yudha Sudrajad
Institut Teknologi Bandung
Religion Economics, Econometrics & Finance

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Healthcare Company Valuation (Case Study Of Hospital ABC) Novia Zayetri; Oktofa Yudha Sudrajad
Journal of Economics and Business UBS Vol. 12 No. 2 (2023): Regular Issue
Publisher : UniSadhuGuna Business School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/joeb.v12i2.152

Abstract

The acquisition company of Ministry Stated-Owned Enterprise (SOE) are a very important issue in Indonesia. Similar to other SOE holdings, the hospital will be grouped and managed by PT Pertamedika IHC, and the acquisition will benefit Hospital ABC, IHC, and all company stakeholders. This study assessing Hospital ABC’s current business environment, determine forecast financial performance and determine Hospital ABC’s Equity valuation. This study analyses the environmental aspects of Hospital ABC, both external and internal, as well as the healthcare sector. Research methodology using both qualitative and qualitative and case study design. This study collects primary data through interview management and from secondary data, author makes projections based on financial statement reports. This study computes valuation using the discounted cash flow method. The results show that the value of Hospital ABC Equity about Rp.330.301 million, 679% higher than Equity in 2021. By calculating value of equity Hospital ABC, management could get additional data from preparation of acquisition process.
VALUATION AND BUSINESS PERFORMANCE ANALYSIS OF PT. IMC PELITA LOGISTIK .TBK (PSSI) Pandumulia Segalapuja Hasayangan; Isrochmani Murtaqi; Oktofa Yudha Sudrajad
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 2 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v8i2.13788

Abstract

This study investigates the valuation and financial performance of PT. IMC Pelita Logistik Tbk. (PSSI), a player in Indonesia's shipping and logistics industry. Using an absolute valuation method with Free Cash Flow to the Firm (FCFF) and Weighted Average Cost of Capital (WACC), PSSI's intrinsic value per share was determined to be US$ -0.0391, significantly below its market price of US$ 0.0278, indicating that the stock is overvalued. For relative valuation, the metrics used were Price to Earnings Ratio (PER), Price to Book Value (PBV), and Enterprise Value to EBITDA (EV/EBITDA). PSSI's PER (3.56) is lower than its peers (6.43), but its PBV (0.86) and EV/EBITDA (3.18) are higher than the average of its peers (0.68 and 2.33), indicating overvaluation. The author prioritizes EV/EBITDA as it provides a more comprehensive assessment compared to PER. The financial performance analysis includes profitability, liquidity, activity, and solvency ratios. The final recommendation for investors is to sell, as PSSI is overvalued based on absolute valuation, PBV, and EV/EBITDA metrics.
Financial Improvement Strategy of PT. Wahana Interfood Nusantara Tbk. Using The Cash Waterfall Method Muhammad Hanivan Titunanda; Oktofa Yudha Sudrajad; Erman Arif Sumirat
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 2 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i2.6319

Abstract

This paper examines the financial issues of PT. Wahana Interfood Nusantara Tbk., a manufacturer of cocoa and chocolate goods, and recommends improvements through the Cash Waterfall Method and the \ optimization of their capital structure. As of the third quarter of 2024, the company had a Debt to Equity Ratio of 261% and a negative Interest Coverage Ratio of -0.66, indicating significant financial distress due to excessive debt servicing. This research utilized financial modeling tools such as CAGR forecasting, linear regression, and ARIMA methods, revealing significant shortcomings in cash flow management and recommending a negotiation to debitors of one-year grace period to mitigate severe urgent financial pressures. The Cash Waterfall Method is applied to enhance debt servicing, business viability, and reinvestment, although its application is tempered by its capacity to improve liquidity and recover the company's financial health. The analysis indicates that the unutilized capacity of the newly constructed Sumedang factory, which has an annual production capacity of 20,000 tons, combined with the existing yearly production objective of 6,000 tonnes, is likely to improve the company's overall growth potential. This properly strategized investment necessitates assertive marketing and distribution tactics to facilitate the company's enhancement of net income while concurrently diminishing its need on external financing sources. The study concludes that while the optimal capital structure remains unattainable under current financial distress, a restructured approach focusing on operational recovery and disciplined cash flow management is imperative. Recommendations include leveraging increased production capacity, implementing strategic marketing initiatives, and pursuing shareholder returns once financial stability is restored. This research contributes to understanding the interplay between capital structure, cash flow prioritization, and operational performance in heavily indebted firms, offering actionable insights for practitioners and policymakers in similar contexts.
Financial Performance Analysis And Stock Valuation of PT Kimia Farma Tbk. Wiranti Wiranti; Oktofa Yudha Sudrajad
Return : Study of Management, Economic and Bussines Vol. 3 No. 7 (2024): Return : Study of Management, Economic And Bussines
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/return.v3i7.254

Abstract

Laparoscopic cholecystectomy is the surgical method of choice for gallbladder removal. Enhanced Recovery After Surgery (ERAS) is a program designed to accelerate patient recovery after surgery by reducing length of stay, pain, and accelerating initial mobilization. This study aims to evaluate the effectiveness of the ERAS nursing program on pain levels, initial mobilization, and length of hospitalization of post-laparoscopic cholecystectomy patients at Pluit Hospital Jakarta. A total of 65 patients undergoing laparoscopic cholecystectomy were sampled, with 40 patients in the ERAS group and 25 patients in the control group. Data were collected using questionnaires and observation sheets, and analyzed using the ANCOVA test. The results showed that the ERAS group had lower numerical scale scores for pain (1.87 vs 5.72, p < 0.001), earlier mobilization (3.45 hours vs 9.12 hours, p < 0.001), and shorter length of stay (27.13 hours vs 74.84 hours, p < 0.001) compared to the control group. The implementation of the ERAS nursing program has proven to be effective in reducing pain levels, accelerating initial mobilization, and reducing the length of stay of patients after laparoscopic cholecystectomy at Pluit Hospital Jakarta. This study supports the use of ERAS protocol to improve the quality of surgical care in Indonesia.
Evaluating The Impact of ESG Integration on The Financial Performance of Pertamina Geothermal Energy: A Sustainable Growth Perspective Tasya Ravida Ayu Padantya; Oktofa Yudha Sudrajad
Return : Study of Management, Economic and Bussines Vol. 3 No. 7 (2024): Return : Study of Management, Economic And Bussines
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/return.v3i7.255

Abstract

The global energy landscape is undergoing a significant transformation driven by the urgent need to mitigate climate change, increased regulatory pressures, and rising stakeholder expectations. This study aims to explore the impact of ESG integration on the financial performance of Pertamina Geothermal Energy (PGE), a subsidiary of PT Pertamina (Persero), which plays an important role in the energy transition in Indonesia. This study uses secondary data from financial statements, prospectuses, annual reports, and information from the PGE website. In addition, historical data on the stock prices of power generation companies and comparative analysis of the industry are used. The analysis was carried out using the Discounted Cash Flow (DCF) method to calculate the intrinsic value of the company, as well as an assessment of sustainability policies, community engagement programs, and improvement of corporate governance. The results show that ESG integration has a positive impact on PGE's sales growth, profitability, and return on investment. Improved sustainability policies, community engagement programs, and corporate governance contribute significantly to better financial performance. The integration of ESG principles in PGE not only improves financial performance but also shows that sustainability and profitability can go hand in hand. These findings provide valuable insights for the broader energy sector, suggesting that ESG integration can drive positive change and facilitate an era where financial growth and environmental responsibility complement each other.
Co-Authors Erman Arif Sumirat Isrochmani Murtaqi Muhammad Hanivan Titunanda Novia Zayetri Pandumulia Segalapuja Hasayangan Tasya Ravida Ayu Padantya Wiranti Wiranti