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"The valuation of businesses and business assets is a complex topic. This book provides a basis for understanding the fundamentals of valuation of shares, businesses and intangible assets whether for tax, commercial or financial reporting purposes. It can help valuers to navigate the minefield that is share and business valuation"

"The objective of this study is to examine a company?s value based on a comprehensive earning model which is constructed before valuation method is applied. There is an urgent need to construct such a comprehensive model to grab its true value. The earning model that is constructed must accommodate up to date information and recent development of the company being studied.The quest to build the model take us to the study of company?s environment, internal & external (cocoa industry), which will be useful in the process of obtaining pieces by pieces information that is going to be included in the model.An cocoa industry and company analysis basically was intended to identify some important characteristics of the industry as well as to identify some company?s comparative advantage position in the industry as well to find out reasons and justifications for assumptions that are set in the earning model. Subsequent to industry of cocoa processing and company analysis is done, the next is to establish a framework for company?s financial analysis which will be followed by the prospective analysis. We discuss not only the historical financial figure analysis but also financial prospective framework analysis. Prospective analysis means that an earning forecasting model will serve as the forecasting."

"ABSTRAKPada tahun 2008 PT Bayan Resources Tbk mencatatkan sahamnya di Bursa Efek Indonesia dengan kode BYAN pada harga Rp 5.800/lembar, perusahaan yang menduduki peringkat ke 8 di Indonesia dalam kategori produksi tersebut juga melakukan aliasi strategis yaitu dengan masuknya pembeli mayoritas produk perusahaan sebagai pemegang saham dan pada tahun 2010 perusahaan melakukan back door listing di bursa Australia dengan melakukan akuisisi Kangaroo Resources. Namun Volume transaksi saham perusahaan sangat minim diperdagangkan dengan kenaikan harga yang sangat tinggi, harga penutupan saham pada tanggal 30 Desember 2011 adalah sebesar Rp18.000. Tesis ini mencoba melihat kewajaran harga saham perusahaan melalui model free cash flow to the firm kemudian membandingkannya dengan model enterprise value to reserves dan price to earning ratio, hasil perhitungan yang dilakukan dengan menggunakan ketiga model tersebut menunjukkan bahwa nilai wajar harga saham perusahaan adalah sebesar Rp 7.450.

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Abstract

In 2008, PT Bayan Resources Tbk listed its shares in Bursa Efek Indonesia with code BYAN at Rp 5,800/share, the Company ranked eighth in production category in Indonesia is also made strategic alliances with its majority buyer to part of shareholders and in 2010 the Company made a back door listing on Australian stock exchange through the acquisition of Kangaroo Resources. However the transaction volume is very low with significant price increase, the closing price on December 30, 2011 was Rp 18,000 per share. This thesis tries to see the reasonableness of the company's stock price through free cash flow to the firm model and then compare it with enterprise value to reserves and the price to earnings ratio models, the results of calculations performed using those three models indicate that the fair value of the company's stock price is Rp 7,450."

"Financial statements are the basis for a wide range of business analysis. Managers, securities analysts, bankers, and consultants all use them to make business decisions. There is strong demand among business students for course materials that provide a framework for using financial statement data in a variety of business analysis and valuation contexts. This book allows you to undertake financial statement analysis using a four-part framework--(1) business strategy analysis for developing an understanding of a firm's competitive strategy; (2) accounting analysis for representing the firm's business economics and strategy in its financial statements, and for developing adjusted accounting measures of performance; (3) financial analysis for ratio analysis and cash flow measures of operating; and (4) prospective analysis."