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"Saat industri otomotif semakin mengglobal – dan pasar negara berkembang menjadi lebih menarik, Bayerische Motoren Werke AG (BMW) masih menjadi salah satu perusahaan otomotif terbesar di dunia. BMW terus membuktikan bahwa mereka mampu beradaptasi secara elegan dengan perubahan transformatif yang terjadi pada otomotif industri, ketimbang menyangkalnya. Sebagian besar kesuksesan BMW berkaitan erat dengan aktivitas operasi asingnya. Laporan ini akan memberikan analisi menyeluruh tentang apa yang telah memungkinkan BMW terus berjaya selama lebih dari seratus tahun. Teori operasi asing seperti ‘Aliansi’, ‘Investasi Asing Langsung’, ‘Mode-Switching’ dan ‘International Outsourcing’ akan banyak digunakan dalam laporan ini. Masing-masing konsep dan teori ini akan membantu tinjauan mendalam, mulai dari penjelasan tentang operasi luar negeri BMW di setiap negara terpilih, hingga menganalisis perkembangan dan kinerjanya berdasarkan metode serta aspek lain yang terkait dengannya.

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As the automotive industry gets more globalised – and emerging markets gets more interesting, Bayerische Motoren Werke AG (BMW) has continued to be one of the paramount automotive enterprise in the world, they continue prove its well-deserved astounding legacy by adapting elegantly to industry’s transformative changes, rather than denying it. Huge part of BMW’s success has to deal with its foreign operations. This report will provide an overall analysis of what has allowed BMW to continually be triumphant for more than a hundred years. Foreign Operations theories especially ‘Alliances’, ‘Foreign Direct Investment’ and ‘Mode-Switching’ are heavily used in this report – in addition with ‘International Outsourcing’. Each of these concepts and theories will assist an in depth overview, starting from explaining about BMW’s foreign operation in each selected countries, to analyzing its development and performances based on the methods as well as other aspects relating to them. Moreover suggestions and empirical conclusion will be provided. Figure and detailed investment of the company will also be featured on Appendices. "

"Laporan magang ini mengevaluasi penerapan metode relative valuation yang dilakukan PT Poodle Advisory untuk mengestimasi nilai klien PT Browniey. PT Poodle Advisory merupakan perusahaan penasihat keuangan dan PT Browniey adalah perusahaan tertutup yang bergerak di jasa teknologi informasi di Indonesia. Lingkup pembahasan adalah meliputi tahapan dalam proses valuasi secara umum, pemilihan metode valuasi, dan penerapan relative valuation. Evaluasi dilakukan dengan membandingkan kerangka konseptual evaluasi dengan pengalaman nyata penulis melakukan valuasi terhadap PT Browniey selama magang di PT Poodle Advisory. Berdasarkan hasil evaluasi, metode relative valuation yang dilakukan oleh PT Poodle Advisory memiliki esensi yang sama dengan teori pada kerangka evaluasi, namun terdapat beberapa aspek yang belum diperhitungkan, yaitu ekonomi global, makro domestik, environmental, social, governance (ESG), perbedaan karakteristik kuantitatif antara perusahaan target dengan pembanding, dan bias yang timbul dari valuation multiple perusahaan pembanding dengan EBITDA yang negatif. Laporan magang ini juga memuat refleksi diri penulis dan penulis menyadari bahwa kemampuan beradaptasi dan berkomunikasi penulis serta pembelajaran dari kuliah telah berkontribusi terhadap kelancaran magang. Namun, kemampuan manajemen waktu penulis masih perlu diperbaiki.

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This internship report evaluates the application of the relative valuation method by PT Poodle Advisory to estimate the value of client PT Browniey. PT Poodle Advisory is a financial advisory firm and PT Browniey is a private company engaged in information technology services in Indonesia. The scope of the discussion is about the stages in the valuation process in general, the selection of a valuation method, and the application of relative valuation. The evaluation is carried out by comparing the evaluation framework with the author's experience in evaluating PT Browniey during her internship at PT Poodle Advisory. Based on the evaluation result, the relative valuation method conducted by PT Poodle Advisory has the same essence as the theory in the evaluation framework, but several aspects have not been taken into account, namely the global economy, domestic macro, environmental, social, governance (ESG), the difference in quantitative characteristics between the target with the comparable companies, and bias arising from the valuation multiple of comparable companies with negative EBITDA. This internship report also contains the author's self-reflection and the author realizes that the author's adaptability and communication skills as well as learning from lectures have contributed to the success of the internship. However, the author’s time management skill still needs to be improved."