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Syawaldi, Ahmad
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Computer Science & IT Economics, Econometrics & Finance Mathematics Physics Social Sciences

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Valuation Analysis of Joint Venture Value through Acquisition Process: Case Study of PT Pelat Timah Nusantara by PT Bumi Resources Mineral Wulandari, Rayuli; Syawaldi, Ahmad; Heikal , Jerry
Jurnal Sains dan Teknologi Vol. 6 No. 2 (2024): Jurnal Sains dan Teknologi
Publisher : CV. Utility Project Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55338/saintek.v6i2.3642

Abstract

The study aims to calculate the bid price of the combined company through the acquisition between PT Bumi Resources Mineral Tbk and PT Pelat Timah Nusantara Tbk using M&A valuation and structuring models. The valuation model includes discounted cash flow (DCF) analysis, comparable company analysis, and market value methods. M&A structuring involves financial arrangements, legal considerations, and integration strategies to merge the operations of both companies. The acquisition was made at a bid price of IDR 115.56 per share. The equity value of the target company was 2.87 T with a per-share value of 1140.79, while the equity value of the acquiring company was 4.21 T with a per-share value of 29.76. After the acquisition, the new company's equity value is 22.8 T with a per-share value of 115.56. Findings indicate that the bid of the new company may be considered undervalued because the per-share equity value is lower compared to pre-acquisition, suggesting unrealized potential value if the bid price per share is below the pre-acquisition equity value per share.
Co-Authors Heikal , Jerry Wulandari, Rayuli