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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

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,

Stock Valuation Of Pt Unilever Indonesia Tbk: Assessing Financial Impact Of Economic And Industry Pressures In The Fmcg Sector Astrid Laregan Jota; Erman Arif Sumirat; Subiakto Sukarno
Jurnal Impresi Indonesia Vol. 4 No. 6 (2025): Jurnal Impresi Indonesia
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jii.v4i6.6793

This study examines the financial performance and stock valuation of PT Unilever Indonesia Tbk (UNVR.JK) amid mounting economic and competitive challenges in Indonesia's fast-moving consumer goods (FMCG) sector from 2020 to 2024. Unilever Indonesia, a market leader in household and personal care products, experienced deteriorating financial performance during this period, evidenced by declining revenue, profit margins, and market valuation. Macroeconomic pressures, including inflation, rupiah depreciation, rising operating costs, and shifting consumer preferences, have directly affected profitability and investor confidence. The company's net profit declined from IDR 5.8 trillion in 2021 to IDR 3.4 trillion in 2024, and its revenue dropped from IDR 38.6 trillion to IDR 35.1 trillion. The results indicate that although Unilever Indonesia has strong brand equity and a nationwide distribution network, the company suffers from supply chain inefficiencies, a high dependency on imported raw materials, and a limited ability to respond to rapidly evolving consumer behavior. Its market share has significantly declined, exacerbated by geopolitical boycotts and intensifying competition from nimble local companies such as Indofood CBP, Kino, and Mayora Indah. Macroeconomic variables, particularly inflation and exchange rate volatility, were found to have a statistically significant influence on financial performance and stock price volatility. Valuation analysis reveals that Unilever's intrinsic value, estimated through Discounted Cash Flow and Dividend Discount Model, exceeds its current market price. This indicates potential undervaluation if the company achieves operational improvements and strategic realignment. Based on these findings, the strategic recommendations proposed are diversifying the supply chain to reduce exposure to imported inputs, accelerating digital transformation across marketing and distribution, expanding into high-growth categories aligned with health and wellness trends, strengthening risk management frameworks to hedge macroeconomic shocks, and restructuring cost base to improve long-term profitability .

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

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,

FINANCIAL RESTRUCTURING, COST OPTIMIZATION, AND HUMAN RESOURCE TRANSFORMATION IN A DISTRIBUTION COMPANY (PT ASAR ABADI INDONESIA) Adrian Satrioutomo; Erman Arif Sumirat; Sylviana Maya Damayanti
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 4 (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/t8rppq26

Penelitian ini bertujuan untuk mengevaluasi kondisi keuangan serta beban operasional PT Asar Abadi Indonesia (AAI), sekaligus menyusun strategi restrukturisasi yang tepat guna meningkatkan kestabilan finansial dan efisiensi biaya operasional. Hasil analisis rasio keuangan menunjukkan adanya penurunan signifikan dalam performa perusahaan, yang ditandai dengan melemahnya Return on Equity (ROE), meningkatnya Debt to Equity Ratio (DER) hingga mencapai 11,99, serta turunnya skor Altman Z menjadi 3,33 pada tahun 2023. Proyeksi keuangan dalam berbagai scenario baik pesimistis, moderat, maupun optimistis secara konsisten memperlihatkan tren negatif terhadap laba bersih dan ekuitas perusahaan. Sebagai langkah penanganan, penelitian ini merekomendasikan strategi utama berupa Debt-to-Equity Swap (DES), dengan fokus pada pengurangan utang kepada pihak berelasi guna menurunkan DER menjadi 5,91. Di samping itu, dilakukan analisis terhadap beban umum dan administrasi (G&A) menggunakan metode common size, dengan pembanding empat perusahaan distribusi yang tercatat di Bursa Efek Indonesia (BEI). Hasil analisis benchmarking menunjukkan bahwa alokasi biaya AAI dinilai kurang efisien, khususnya dalam aspek sumber daya manusia, operasional kantor, dan layanan profesional. Untuk mendukung efisiensi operasional, studi ini juga mengusulkan struktur organisasi baru untuk seluruh entitas dalam grup perusahaan, lengkap dengan rencana implementasi bertahap. Selain itu, penelitian ini menyoroti pentingnya kepatuhan terhadap batas wilayah distribusi sebagai upaya untuk menghindari lonjakan biaya yang tidak perlu. Serangkaian strategi ini diharapkan mampu memperbaiki struktur biaya G&A perusahaan serta memulihkan profitabilitas jangka panjang.

QUANTITATIVE ASSESSMENT OF EARNINGS MANIPULATION AND FUNDAMENTAL STRENGTH AT PT GARUDA INDONESIA (PERSERO) TBK USING THE BENEISH M-SCORE AND PIOTROSKI F-SCORE (2019–2021; 2018 BASELINE) Andi Muhammad Firzan Surianto; Erman Arif Sumirat
Journal of Economic, Bussines and Accounting (COSTING) Vol. 9 No. 1 (2026): 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/ndjb7642

This thesis examines PT Garuda Indonesia (Persero) Tbk over 2018–2021 to provide a clear, rules-based view of its condition after the 2018 incident. The study asks two main questions: did manipulation signals in the financial statements decline after 2018, and did the company’s fundamental strength improve in the same years? Using 2018 as a baseline, the research expects post-incident years (2019–2021) to show an M-Score that is more negative and an F-Score that is higher. Reading both indicators together allows a simple judgement about Garuda’s post-incident trajectory that is useful for investors, creditors, regulators, and management. Methodologically, the study is quantitative, single-firm, and longitudinal. It uses audited annual financial statements (2018–2021) and harmonised definitions across years. The analysis computes the Beneish M-Score from eight indices to read manipulation risk and the Piotroski F-Score from nine signals to measure fundamentals. Each year is classified with standard rules, then compared with 2018 to obtain ΔM (more negative?) and ΔF (higher?). Results are read together to identify convergence (M↓ & F↑) or divergence, providing a concise, replicable picture of Garuda Indonesia after 2018.

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