Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
P-Index
This Author published in this journals
All Journal Journal Research of Social Science, Economics, and Management Journal of Ekonomics, Finance, and Management Studies
Erman Arif Sumirat
Institut Teknologi Bandung
Religion Economics, Econometrics & Finance Environmental Science

Published : 2 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 2 Documents
Search

 1 
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,
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.
Co-Authors Irvan Rahadian Ilham Muhammad Hanivan Titunanda Oktofa Yudha Sudrajad Subiakto Soekarno