Perpustakaan Digital ITB

This paper used the Discounted Cash Flow (DCF) approach to estimate the range value of PT X. In DCF method, the economic value is more associated with the concept of the future which relate to the ability of assets to generate some income, whether tangible or intangible, to the holders of these assets. By using this approach, the value of a company can be obtained by discounting the future cash flow generated by the company. Further, the value calculation is divided into three possible different conditions in the future, which are involves worst, expected, and the best outcomes, respectively represented by pessimistic, most likely, and optimistic. From the result, PT X estimated to have a positive value. Besides, it also predicted to to generate and increases its performance of cash flow, which indicates it will have more ability to improve its performance. Moreover, in a whole performance perspective, PT X still have to improve its investment performance. The investment activities in PT X however have not reached an optimal result, as the investment proportion is not approximately equal and synchronised to PT X's liabilities proportion.