Bukan Baju

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an Baju Biasa
 Date 4-Nov-19

Bukan Baju Biasa

Equity value at commencement date 500,000,000
Target equity value 53,693,836,039
Upside / downside 10638.77%
1 2

Keterangan Satuan

Proyeksi Harga (Harga dari Tahun Sebelumnya) %

Eskalasi Harga Bahan Baku - berdasarkan inflasi (% per tahun) %
Eskalasi Produksi (additional % tahun lalu) %
Eskalasi Biaya Tenaga Kerja (%/Tahun) %
% Produk Sisa %

Year Financials 2019

Revenue Revenue (Rp bn) 1,964,250,000
% YoY change
GP Gross Margin 23.91%
% YoY change
NI Net Income 458,854,275
% YoY change

Key Ratios 2019

NPM Net Profit Margin 23.36%
ROE ROE 47.85%
OCFR Operating Cash Flow Ratio 589.49%
DER Debt to Equity Ratio 7.47%
 Symbol BBB

3 4 5 6 7
2019 2020 2021 2022
Handicap
300 300 300 300
Skenario 1 (Optimis) 100% 105% 100% 100%
Skenario 1 (Optimis) 3.2 3.5 3.8 3.8
Skenario 1 (Optimis) 0 100 50 50
Skenario 1 (Optimis) 0 20 20 20
Skenario 1 (Optimis) 3% 3% 3% 3%

2020 2021 2022 2023

4,188,275,700 6,315,218,271 9,473,811,548 14,210,746,846
113.23% 50.78% 50.02% 50.00%
46.99% 53.18% 57.96% 61.60%
97% 13% 9% 6%
1,951,213,897 3,335,853,234 5,459,400,200 8,708,398,312
325% 71% 64% 60%

2020 2021 2022 2023

46.59% 52.82% 57.63% 61.28%
67.05% 53.41% 46.64% 42.66%
3429.20% 8458.15% 26441.86% N/A
1.93% 0.63% 0.18% 0.00%
 8
2023
300
100%
3.8
50
20
3%
PROSES ASUMSI
Produksi
Polos unit
Signature unit
Custom unit

Harga
Polos Rupiah/unit
Signature Rupiah/unit
Custom Rupiah/unit

S1 Proyeksi Pendapatan

COGS (unit terjual)

Polos unit
Signature unit
Custom unit

Harga
Polos Rupiah/unit
Signature Rupiah/unit
Custom Rupiah/unit

Pendapatan - Laba Rugi

Polos Rupiah
Signature Rupiah
Custom Rupiah
Total Pendapatan Rupiah

S2 Proyeksi Produksi

Produksi
Polos unit
Signature unit
Custom unit

Persediaan Akhir
Polos unit
Signature unit
Custom unit

Persediaan Awal
Polos unit
 Signature unit
Custom unit

COGAS
Polos unit
Signature unit
Custom unit

S3 Proyeksi Direct Material

Raw Material
POLOS
Cotton Combeds 40s Rupiah
Benang Rupiah
Plastik Rupiah
Total DM - POLOS Rupiah

SIGNATURE
Cotton Combeds 40s Rupiah
Benang Rupiah
Plastik Rupiah
Total DM - SIGNATURE Rupiah

CUSTOM
Cotton Combeds 40s Rupiah
Benang Rupiah
Plastik Rupiah
Total DM - CUSTOM Rupiah

Design & Custom

Benang Bordir - signature Rupiah
Benang Bordir - custom Rupiah
Total

Tinta sablon, catridge, cairan p

Signature Rupiah
Custom Rupiah
Total Tinta sablon, catridge, cairan pembersih (5 kg)

Total Direct Material

Polos Rupiah
Signature Rupiah
Custom Rupiah
Total Direct Material Rupiah
S4 Proyeksi Direct Labor

Biaya Tenaga Kerja

Produksi baju Rupiah

Pegawai salon dan bordir Rupiah

Jumlah Personel
Produksi Baju Person
Pekerja sablon dan bordir Person

Biaya Direct Labor/Tahun

Produksi baju
Pekerja sablon dan bordir

S5 Proyeksi Manufacturing Overhead

Indirect Material(s)
Packaging
Paper Bag Rupiah
Total Packaging

Indirect Labor(s)
General Affair Employee Rupiah
Designer Employee Rupiah
Total Indirect Labor(s)

Other Costs
Depresiasi Rupiah
Sewa tempat per tahun Rupiah
Utilitas per tahun Rupiah
Uang keamanan per tahun Rupiah
Total Other Costs

Total Manufacturing Overhead

Indirect Material(s) Rupiah
Indirect Labor(s) Rupiah
Other Costs Rupiah
Total Manufacturing Overhead Rupiah

Perhitungan Sementara Profit/(Loss)

S6 Proyeksi Anggaran Kas

Penerimaan
Penerimaan
Total Penjualan Rupiah
Total Penerimaan

Pengeluaran
Pengeluaran
Pembelian Direct Material Rupiah
Direct Labor Rupiah
Total Indirect Material(s) Rupiah
Total Indirect Labor(s) Rupiah
Other Costs Rupiah
Total Capex Rupiah
Cicilan Rupiah
Total Pengeluaran

Kelebihan/Kekurangan Kas
Total Penerimaan Rupiah
Total Pengeluaran Rupiah
Kelebihan/(Kekurangan) Kas Rupiah
Saldo kas minimum Rupiah
Pendanaan Rupiah

S7 Proyeksi Pendanaan

Pendanaan Capital Expenditure

Pinjaman Rupiah
Cicilan Rupiah
Bunga Rupiah
Pokok Rupiah

Saldo Pinjaman
Saldo awal Rupiah
Pembayaran pokok Rupiah
Saldo akhir Rupiah
 6,000 12,000 18,000 27,000
3,000 6,000 9,000 13,500
6,000 12,000 18,000 27,000

100,000 105,000 105,000 105,000

175,000 184,000 184,000 184,000
150,000 157,500 157,500 157,500

5,820 11,815 17,814 26,724

2,910 5,907 8,907 13,362
5,820 11,815 17,814 26,724

100,000 105,000 105,000 105,000

175,000 184,000 184,000 184,000
150,000 157,500 157,500 157,500

582,000,000 1,240,533,000 1,870,515,990 2,806,065,480

509,250,000 1,086,943,200 1,638,928,296 2,458,647,849
873,000,000 1,860,799,500 2,805,773,985 4,209,098,220
1,964,250,000 4,188,275,700 6,315,218,271 9,473,811,548

- 6,000 12,000 18,000 27,000

- 3,000 6,000 9,000 13,500
- 6,000 12,000 18,000 27,000

180 365 551 827

90 183 275 413
180 365 551 827

- 180 365 551

 - 90 183 275
- 180 365 551

6,000 12,180 18,365 27,551

3,000 6,090 9,183 13,775
6,000 12,180 18,365 27,551

POLOS
205,200,000 424,764,000 638,992,800 958,489,200
78,000 161,460 242,892 364,338
1,200,000 2,484,000 3,736,800 5,605,200
206,478,000 427,409,460 642,972,492 964,458,738

SIGNATURE
102,600,000 212,382,000 319,496,400 479,244,600
39,000 80,730 121,446 182,169
600,000 1,242,000 1,868,400 2,802,600
103,239,000 213,704,730 321,486,246 482,229,369

CUSTOM
205,200,000 424,764,000 638,992,800 958,489,200
78,000 161,460 242,892 364,338
1,200,000 2,484,000 3,736,800 5,605,200
206,478,000 427,409,460 642,972,492 964,458,738

247,500 512,325 770,715 1,156,073

990,000 2,049,300 3,082,860 4,624,290
1,237,500 2,561,625 3,853,575 5,780,363

Tinta sablon, catridge, cairan pembersih (5 kg)

4,000,000 4,140,000 4,297,320 4,460,618
8,000,000 8,280,000 8,594,640 8,921,236
12,000,000 12,420,000 12,891,960 13,381,854

206,478,000 427,921,785 643,743,207 965,614,811

107,486,500 218,357,055 326,554,281 487,846,060
215,468,000 437,738,760 654,649,992 978,004,264
529,432,500 1,084,017,600 1,624,947,480 2,431,465,134
 144,000,000 172,800,000 207,360,000 248,832,000
72,000,000 86,400,000 103,680,000 124,416,000

4 4 4 4
2 2 2 2

Rp576,000,000 Rp691,200,000 Rp829,440,000 Rp995,328,000

Rp144,000,000 Rp172,800,000 Rp207,360,000 Rp248,832,000

Packaging
18,000,000 18,000,000 18,000,000 18,000,000
18,000,000 18,000,000 18,000,000 18,000,000

36,000,000 43,200,000 51,840,000 62,208,000

42,000,000 50,400,000 60,480,000 72,576,000
78,000,000 93,600,000 112,320,000 134,784,000

9,320,000 9,320,000 9,720,000 9,720,000

120,000,000 120,000,000 120,000,000 120,000,000
60,000,000 60,000,000 60,000,000 60,000,000
6,000,000 6,000,000 6,000,000 6,000,000
195,320,000 195,320,000 195,720,000 195,720,000

18,000,000 18,000,000 18,000,000 18,000,000

78,000,000 93,600,000 112,320,000 134,784,000
195,320,000 195,320,000 195,720,000 195,720,000
291,320,000 306,920,000 326,040,000 348,504,000

423,497,500 1,933,338,100 3,327,430,791 5,449,682,414

Penerimaan
1,964,250,000 4,188,275,700 6,315,218,271 9,473,811,548
1,964,250,000 4,188,275,700 6,315,218,271 9,473,811,548

Pengeluaran
(529,432,500) (1,084,017,600) (1,624,947,480) (2,431,465,134)
(720,000,000) (864,000,000) (1,036,800,000) (1,244,160,000)
18,000,000 18,000,000 18,000,000 18,000,000
(78,000,000) (93,600,000) (112,320,000) (134,784,000)
(195,320,000) (195,320,000) (195,720,000) (195,720,000)
0 0 2,000,000 0

(1,504,752,500) (2,218,937,600) (2,949,787,480) (3,988,129,134)

1,964,250,000 4,188,275,700 6,315,218,271 9,473,811,548

(1,504,752,500) (2,218,937,600) (2,949,787,480) (3,988,129,134)
459,497,500 1,969,338,100 3,365,430,791 5,485,682,414

0 0 0 0

1 2 3 4
85,600,000
(22,581,064) (22,581,064) (22,581,064) (22,581,064)
(8,560,000) (7,157,894) (5,615,576) (3,919,028)
(14,021,064) (15,423,171) (16,965,488) (18,662,037)

85,600,000 71,578,936 56,155,765 39,190,277

(14,021,064) (15,423,171) (16,965,488) (18,662,037)
71,578,936 56,155,765 39,190,277 20,528,240
 40,500
20,250
40,500

105,000
184,000
157,500

40,087
20,043
40,087

105,000
184,000
157,500

4,209,106,964
3,687,979,435
6,313,660,447
14,210,746,846

40,500
20,250
40,500

1,240
620
1,240

827
 413
827

41,327
20,663
41,327

1,437,733,800
546,507
8,407,800
1,446,688,107

718,866,900
273,254
4,203,900
723,344,054

1,437,733,800
546,507
8,407,800
1,446,688,107

1,734,109
6,936,435
8,670,544

4,630,122
9,260,243
13,890,365

1,448,422,216
729,708,284
1,462,884,785
3,641,015,285
 298,598,400
149,299,200

4
2

Rp1,194,393,600
Rp298,598,400

18,000,000
18,000,000

74,649,600
87,091,200
161,740,800

13,040,000
120,000,000
60,000,000
6,000,000
199,040,000

18,000,000
161,740,800
199,040,000
378,780,800

8,697,958,761
14,210,746,846
14,210,746,846

(3,641,015,285)
(1,492,992,000)
18,000,000
(161,740,800)
(199,040,000)
16,600,000

(5,460,188,085)

14,210,746,846
(5,460,188,085)
8,750,558,761

(22,581,064)
(2,052,824)
(20,528,240)

20,528,240
(20,528,240)
0
ASUMSI UTAMA

Tahun Dasar 2019

Tarif Pajak Penghasilan 0.5%

Proyeksi Harga (Harga dari Tahun Sebelumnya) 2019

#
Skenario 1 (Optimis) 100%
Skenario 2 (Moderat) 100%
Skenario 3 (Pesimis) 100%
#

Eskalasi Harga Bahan Baku - berdasarkan inflasi (% per tahu 2019

#
Skenario 1 (Optimis) 3.2
Skenario 2 (Moderat) 3.4
Skenario 3 (Pesimis) 3.7
#

Eskalasi Produksi (additional % tahun lalu) 2019

#
Skenario 1 (Optimis) 0
Skenario 2 (Moderat) 0
Skenario 3 (Pesimis) 0
#

Eskalasi Biaya Tenaga Kerja (%/Tahun) 2019

#
Skenario 1 (Optimis) 0
Skenario 2 (Moderat) 0
Skenario 3 (Pesimis) 0
#

% Produk Sisa 2019

#
Skenario 1 (Optimis) 3%
Skenario 2 (Moderat) 5%
Skenario 3 (Pesimis) 10%
#
2020 2021 2022 2023

105% 100% 100% 100%

100% 100% 100% 100%
90% 100% 100% 100%

2020 2021 2022 2023

3.5 3.8 3.8 3.8

3.7 4 4 4
4 4.3 4.3 4.3

2020 2021 2022 2023

100 50 50 50
15 15 15 15
10 5 0 0

2020 2021 2022 2023

20 20 20 20
15 15 15 15
10 10 10 10

2020 2021 2022 2023

3% 3% 3% 3%
5% 5% 5% 5%
10% 10% 10% 10%
INPUT ASUMSI: BBB

A. SALES TARGET
Kaos Produksi/hari Satuan
Polos unit/hari
Signature unit/hari
Custom unit/hari
TOTAL

Jumlah hari dalam sebulan hari

Jumlah bulan dalam setahun bulan

Kaos Produksi/bulan 2019

Polos 500
Signature 250
Custom 500
TOTAL 1250

Harga per pcs 2019

Polos Rp100,000
Signature Rp175,000
Custom Rp150,000

B. RAW MATERIAL

Bahan Baku Kaos Kebutuhan

Cotton Combeds 40s 0.3

Benang 0.001
Plastik 1
TOTAL

C. DESIGN & CUSTOM

Kebutuhan
Proyeksi Direct Material
(yard)
Signature
Benang Bordir - signature 0.005
TOTAL
Custom
Benang Bordir - custom 0.01
TOTAL
D. LABOR
Fungsi Jumlah Pekerja
Produksi Baju 4
Pekerja sablon dan bordir 2
TOTAL LABOR COST

E. MANUFACTURING OVERHEAD

Proyeksi Overhead Total Cost/Month

Indirect Material(s)
Paper Bag Rp1,500,000

Indirect Labor(s)
General Affairs Employee Rp3,000,000

Other Costs
Depresiasi Rp852,000
Sewa tempat per bulan Rp10,000,000
Utilitas per bulan Rp5,000,000
Uang keamanan per bulan Rp500,000
TOTAL MOH per Month Rp20,852,000

Proyeksi Overhead Tambahan (Signature & Custom) Cost/Month

Indirect Material(s)
Tinta sablon, catridge, cairan pembersih (5 kg) Rp1,000,000

Indirect Labor(s)
Designer Employee Rp3,500,000
TOTAL TAMBAHAN MOH per Month (Signature & Custo Rp4,500,000

COGS DM
Polos Rp34,413
Signature Rp34,496
Custom Rp34,578

F. SALDO KAS MINIMUM

SALDO KAS MINIMUM %
Saldo Kas Minimum 15%

G. PENDANAAN CAPITAL EXPENDITURE

PINJAMAN
 Durasi 5
Bunga 10%

H. TARIF PAJAK
TARIF PAJAK
Tarif Pajak 0.50%

I. MODAL AWAL
MODAL AWAL
Modal Awal 500,000,000
 2019
20
10
20
50

25
12

Persentase
0.4
0.2
0.4
1

Harga Pasar Harga/

Harga Satuan Kebutuhan
Rp114,000 kg Rp34,200 1 lusin = 3.5 kg 1 kaos = 0.3 kg
Rp13,000 gulung Rp13
Rp200 pcs Rp200
Rp34,413

Harga Pasar Harga/

Harga Satuan Kebutuhan

Rp16,500 gulung Rp83 1 gulung = 2000 yard

Rp83

Rp16,500 gulung Rp165 1 gulung = 2000 yard

Rp165
Salary/Person/Month Total
Rp3,000,000 Rp12,000,000
Rp3,000,000 Rp6,000,000
###

DL MOH TOTAL
Rp9,600 Rp16,682 Rp60,695
Rp14,400 Rp20,282 Rp69,177
Rp14,400 Rp20,282 Rp69,260
tahun
p.a.
1 kg = 3-4 m
CAPITAL EXPENDITURE & DEPRECIATION

A. CAPITAL EXPENDITURE
Description Satuan Jumlah
Alat Hotgun Riegun untuk pemanas Rupiah 2
Mesin Obras Rupiah 2
Komputer/Laptop Rupiah 1
Pop-up Store Rupiah 1
Subtotal

Mesin Jahit Jack A2S Rupiah 4

Kompresor Rupiah 1
Subtotal

Mesin cetak (printer) DTG Rupiah 2

Software Adobe Photoshop Business (permanentRupiah 1
Subtotal

Total Capex

B. DEPRESIASI
Kelompok 5 tahun
Tahun Depr
Tahun Total Nilai Aset
2019
2019 16,600,000 Rp3,320,000
2020 Rp0 Rp0
2021 2,000,000 Rp0
2022 Rp0 Rp0
2023 16,600,000 Rp0
Depresiasi per tahun 3,320,000
AVERAGE DEPRESIASI

Kelompok 10 tahun
Tahun Depr
Tahun Total Nilai Aset
2019
2019 42,000,000 Rp4,200,000
2020 Rp0 Rp0
2021 Rp0 Rp0
2022 Rp0 Rp0
2023 Rp0 Rp0
 Depresiasi per tahun 4,200,000
AVERAGE DEPRESIASI

Kelompok 15 tahun
Tahun Depr
Tahun Total Nilai Aset
2019
2019 27,000,000Rp1,800,000
2020 Rp0 Rp0
2021 Rp0 Rp0
2022 Rp0 Rp0
2023 Rp0 Rp0
Depresiasi per tahun 1,800,000
AVERAGE DEPRESIASI

C. FIXED ASSETS
Description 2019 2020
Beginning Rp0 Rp85,600,000
Addition Rp85,600,000 Rp0
Disposal Rp0 Rp0
Ending Rp85,600,000 Rp85,600,000

Acc. Depreciation
Description 2019 2020
Beginning Rp0 -Rp9,320,000
Addition -Rp9,320,000 -Rp9,320,000
Disposal Rp0 Rp0
Ending -Rp9,320,000 -Rp18,640,000

Net Fix Assets

Description 2019 2020
Beginning Rp0 Rp76,280,000
Addition Rp76,280,000 -Rp9,320,000
Disposal Rp0 Rp0
Ending Rp76,280,000 Rp66,960,000

2019 2020
Total Depresiasi 9,320,000 9,320,000
Average Depresiasi
 Masa Manfaat Harga per Unit 2019 2020 2021 2022
5 Rp300,000 Rp600,000 - - -
5 Rp4,000,000 Rp8,000,000 - -
5 Rp8,000,000 Rp8,000,000 - - -
5 Rp2,000,000 - Rp2,000,000 -
Rp16,600,000 Rp0 Rp2,000,000 Rp0

10 Rp7,500,000 Rp30,000,000 - - -
10 Rp12,000,000 Rp12,000,000 - - -
Rp42,000,000 Rp0 Rp0 Rp0

15 Rp6,000,000 Rp12,000,000 - - -
15 Rp15,000,000 Rp15,000,000 - - -
Rp27,000,000 Rp0 Rp0 Rp0

Rp85,600,000 Rp0 Rp2,000,000 Rp0

Tahun Depresiasi
2020 2021 2022 2023
Rp3,320,000 Rp3,320,000 Rp3,320,000 Rp3,320,000
Rp0 Rp0 Rp0 Rp0
Rp0 Rp400,000 Rp400,000 Rp400,000
Rp0 Rp0 Rp0 Rp0
Rp0 Rp0 Rp0 Rp3,320,000
3,320,000 3,720,000 3,720,000 7,040,000
ESIASI 4,224,000

Tahun Depresiasi
2020 2021 2022 2023
Rp4,200,000 Rp4,200,000 Rp4,200,000 Rp4,200,000
Rp0 Rp0 Rp0 Rp0
Rp0 Rp0 Rp0 Rp0
Rp0 Rp0 Rp0 Rp0
Rp0 Rp0 Rp0 Rp0
 4,200,000 4,200,000 4,200,000 4,200,000
ESIASI 4,200,000

Tahun Depresiasi
2020 2021 2022 2023
Rp1,800,000 Rp1,800,000 Rp1,800,000 Rp1,800,000
Rp0 Rp0 Rp0 Rp0
Rp0 Rp0 Rp0 Rp0
Rp0 Rp0 Rp0 Rp0
Rp0 Rp0 Rp0 Rp0
1,800,000 1,800,000 1,800,000 1,800,000
ESIASI 1,800,000

2021 2022 2023

Rp85,600,000 Rp87,600,000 Rp104,200,000
Rp2,000,000 Rp16,600,000 Rp0
Rp0 Rp0 Rp0
Rp87,600,000 Rp104,200,000 Rp104,200,000

2021 2022 2023

-Rp18,640,000 -Rp28,360,000 -Rp38,080,000
-Rp9,720,000 -Rp9,720,000 -Rp13,040,000
Rp0 Rp0 Rp0
-Rp28,360,000 -Rp38,080,000 -Rp51,120,000

2021 2022 2023

Rp66,960,000 Rp59,240,000 Rp66,120,000
-Rp7,720,000 Rp6,880,000 -Rp13,040,000
Rp0 Rp0 Rp0
Rp59,240,000 Rp66,120,000 Rp53,080,000

2021 2022 2023

9,720,000 9,720,000 13,040,000
10,224,000
 2023 Legenda
Rp600,000 Text
Rp8,000,000 Hardcore
Rp8,000,000 Formula
- Data Validation
Rp16,600,000

-
-
Rp0

-
-
Rp0

Rp16,600,000
Journal Entry

2019 2020
No. Account D C D C
1 Cash 500,000,000
Capital 500,000,000

2 DM 529,432,500 1,084,017,600
Cash 529,432,500 1,084,017,600

3 Inventory 1,540,752,500 2,254,937,600

DM 529,432,500 1,084,017,600
DL (wages) 720,000,000 864,000,000
MOH 291,320,000 306,920,000

4 Cash 1,964,250,000 4,188,275,700

Sales 1,964,250,000 4,188,275,700
COGS 1,494,529,925 2,220,098,814
Inventory 1,494,529,925 2,220,098,814

5 Wages exp (DL) 720,000,000 864,000,000

Wages exp (IL) 78,000,000 93,600,000
Cash 798,000,000 957,600,000

6 Paper bag (MOH) 18,000,000 18,000,000

Cash 18,000,000 18,000,000

7 Depre exp 9,320,000 9,320,000

Acc Depre 9,320,000 9,320,000

8 Rent exp 120,000,000 120,000,000

Cash 120,000,000 120,000,000

9 Utility Exp 60,000,000 60,000,000

Cash 60,000,000 60,000,000

10 Security Exp 6,000,000 6,000,000

Cash 6,000,000 6,000,000

11 Fixed Asset 85,600,000 0

Cash 85,600,000 0
12 Cash 85,600,000
Bank Loan 85,600,000

13 Bank Loan 14,021,064 15,423,171

Interest Exp 8,560,000 7,157,894
Cash 22,581,064 22,581,064

14 Tax Exp 2,305,800 9,805,095

Cash 2,305,800 9,805,095
 2021 2022 2023
D C D C D C

1,624,947,480 2,431,465,134 3,641,015,285

1,624,947,480 2,431,465,134 3,641,015,285

2,987,787,480 4,024,129,134 5,512,788,085

1,624,947,480 2,431,465,134 3,641,015,285
1,036,800,000 1,244,160,000 1,492,992,000
326,040,000 348,504,000 378,780,800

6,315,218,271 9,473,811,548 14,210,746,846

6,315,218,271 9,473,811,548 14,210,746,846
2,956,986,379 3,983,058,148 5,456,534,914
2,956,986,379 3,983,058,148 5,456,534,914

1,036,800,000 1,244,160,000 1,492,992,000

112,320,000 134,784,000 161,740,800
1,149,120,000 1,378,944,000 1,654,732,800

18,000,000 18,000,000 18,000,000

18,000,000 18,000,000 18,000,000

9,720,000 9,720,000 13,040,000

9,720,000 9,720,000 13,040,000

120,000,000 120,000,000 120,000,000

120,000,000 120,000,000 120,000,000

60,000,000 60,000,000 60,000,000

60,000,000 60,000,000 60,000,000

6,000,000 6,000,000 6,000,000

6,000,000 6,000,000 6,000,000

2,000,000 16,600,000 0
2,000,000 16,600,000 0
16,965,488 18,662,037 20,528,240
5,615,576 3,919,028 2,052,824
22,581,064 22,581,064 22,581,064

16,763,082 27,434,172 43,760,796

16,763,082 27,434,172 43,760,796
Produksi
Polos 6,000 12,000 18,000 27,000
Signature 3,000 6,000 9,000 13,500
Custom 6,000 12,000 18,000 27,000

COGAS
Polos 6,000 12,180 18,365 27,551
Signature 3,000 6,090 9,183 13,775
Custom 6,000 12,180 18,365 27,551

Ending
Polos 180 365 551 827
Signature 90 183 275 413
Custom 180 365 551 827

Sold
Polos 5,820 11,815 17,814 26,724
Signature 2,910 5,907 8,907 13,362
Custom 5,820 11,815 17,814 26,724

COGS/pcs (Rp)
Polos 89,434 67,251 60,097 54,597
Signature 111,517 80,384 70,537 62,906
Custom 111,599 80,469 70,623 62,992
40,500
20,250
40,500

41,327
20,663
41,327

1,240
620
1,240

40,087
20,043
40,087

50,441
57,061
57,147
LEDGER
Cash
2019 2020 2021
500,000,000 907,930,635 2,818,202,576 0
529,432,500 0 1,084,017,600 0 1,624,947,480
1,964,250,000 0 4,188,275,700 0 6,315,218,271 0
798,000,000 0 957,600,000 0 1,149,120,000
18,000,000 0 18,000,000 0 18,000,000
120,000,000 0 120,000,000 0 120,000,000
60,000,000 0 60,000,000 0 60,000,000
6,000,000 0 6,000,000 0 6,000,000
85,600,000 0 0 0 2,000,000
85,600,000
22,581,064 0 22,581,064 0 22,581,064
2,305,800 0 9,805,095 0 16,763,082
2,549,850,000 1,641,919,365 5,096,206,335 2,278,003,759 9,133,420,847 3,019,411,626
Balance 907,930,635 2,818,202,576 6,114,009,221

Inventory
2019 2020 2021
1,540,752,500 0 2,254,937,600 0 2,987,787,480 0
1,494,529,925 46,222,575 2,220,098,814 81,061,361 2,956,986,379
Balance 46,222,575 81,061,361 111,862,462

Sales
2019 2020 2021
1,964,250,000 0 4,188,275,700 0 6,315,218,271

COGS
2019 2020 2021
1,494,529,925 0 2,220,098,814 0 2,956,986,379 0

Acc Depre
2019 2020 2021
9,320,000 18,640,000 28,360,000

Fixed Asset
2019 2020 2021
85,600,000 85,600,000 85,600,000
2,000,000
 Bank Loan
2019 2020 2021
85,600,000 71,578,936 56,155,765
14,021,064 0 15,423,171 0 16,965,488 0
Balance 71,578,936 56,155,765 39,190,277
 2022 2023
6,114,009,221 0 11,506,796,398 0
0 2,431,465,134 0 3,641,015,285
9,473,811,548 0 14,210,746,846 0
0 1,378,944,000 0 1,654,732,800
0 18,000,000 0 18,000,000
0 120,000,000 0 120,000,000
0 60,000,000 0 60,000,000
0 6,000,000 0 6,000,000
0 16,600,000 0 0

0 22,581,064 0 22,581,064
0 27,434,172 0 43,760,796
15,587,820,769 4,081,024,371 25,717,543,245 5,566,089,945
11,506,796,398 20,151,453,300

2022 2023
4,024,129,134 0 5,512,788,085 0
111,862,462 3,983,058,148 152,933,448 5,456,534,914
152,933,448 209,186,619

2022 2023
0 9,473,811,548 0 14,210,746,846

2022 2023
3,983,058,148 0 5,456,534,914 0

e
2022 2023
38,080,000 51,120,000

et
2022 2023
87,600,000 104,200,000
16,600,000
n
2022 2023
39,190,277 20,528,240
18,662,037 0 20,528,240 0
20,528,240 0 ~due to roundings
Profit/Loss 2019 2020 2021 2022
Sales 1,964,250,000 4,188,275,700 6,315,218,271 9,473,811,548
COGS 1,494,529,925 2,220,098,814 2,956,986,379 3,983,058,148
GP 469,720,075 1,968,176,886 3,358,231,892 5,490,753,400
GP Margin (%) 23.91% 46.99% 53.18% 57.96%

Interest Exp 8,560,000 7,157,894 5,615,576 3,919,028

EBT 461,160,075 1,961,018,992 3,352,616,316 5,486,834,372
EBT Margin (%) 23.48% 46.82% 53.09% 57.92%

Tax Exp 2,305,800 9,805,095 16,763,082 27,434,172

Net Income 458,854,275 1,951,213,897 3,335,853,234 5,459,400,200
Net Income Margin (%) 23.36% 46.59% 52.82% 57.63%

Changes in Capital 2019 2020 2021 2022

Beginning Capital 500,000,000 958,854,275 2,910,068,172 6,245,921,406
NI 458,854,275 1,951,213,897 3,335,853,234 5,459,400,200
Ending Capital 958,854,275 2,910,068,172 6,245,921,406 11,705,321,606

Balance Sheet 2019 2020 2021 2022

Assets
Cash 907,930,635 2,818,202,576 6,114,009,221 11,506,796,398
Inventory 46,222,575 81,061,361 111,862,462 152,933,448
Fixed assets 85,600,000 85,600,000 87,600,000 104,200,000
Acc Depre -9,320,000 -18,640,000 -28,360,000 -38,080,000
Total Assets 1,030,433,210 2,966,223,937 6,285,111,683 11,725,849,846

Liabilities
Bank Loan 71,578,936 56,155,765 39,190,277 20,528,240
Total Liabilities 71,578,936 56,155,765 39,190,277 20,528,240

Equities
Capital 500,000,000 500,000,000 500,000,000 500,000,000
Retained Earnings 458,854,275 2,410,068,172 5,745,921,406 11,205,321,606
Total Equities 958,854,275 2,910,068,172 6,245,921,406 11,705,321,606
Total Liabilities & Equities 1,030,433,210 2,966,223,937 6,285,111,683 11,725,849,846
Check 0 0 0 0

Cash Flow 2019 2020 2021 2022

Cash received 1,964,250,000 4,188,275,700 6,315,218,271 9,473,811,548
Cash paid 1,531,432,500 2,245,617,600 2,978,067,480 4,014,409,134
Interest paid 8,560,000 7,157,894 5,615,576 3,919,028
Tax 2,305,800 9,805,095 16,763,082 27,434,172
Net CF from Operating 421,951,700 1,925,695,111 3,314,772,133 5,428,049,214

Cash paid for Capex -85,600,000 0 -2,000,000 -16,600,000

Net CF from Investing -85,600,000 0 -2,000,000 -16,600,000

Capital 500,000,000
Bank Loan 85,600,000
Principal repayment -14,021,064 -15,423,171 -16,965,488 -18,662,037
Net CF from Financing 571,578,936 -15423170.79 -16965487.87 -18662036.66

Net CF 907,930,635 1,910,271,941 3,295,806,645 5,392,787,178

Cash Beginning 0 907,930,635 2,818,202,576 6,114,009,221
Cash Ending 907,930,635 2,818,202,576 6,114,009,221 11,506,796,399
Check 0 0 0 1
 2023
14,210,746,846
5,456,534,914
8,754,211,932
61.60%

2,052,824
8,752,159,108
61.59%

43,760,796
8,708,398,312
61.28%

2023
11,705,321,606
8,708,398,312
20,413,719,919

2023

20,151,453,300
209,186,619
104,200,000
-51,120,000
20,413,719,919

0
0

500,000,000
19,913,719,919
20,413,719,919
20,413,719,919
0

2023
14,210,746,846
5,499,748,085
2,052,824
43,760,796
8,665,185,141

0
0

-20,528,240
-20528240.32

8,644,656,901
11,506,796,399
20,151,453,300
0
Assumptions 2019 2020 2021
CA 46,222,575 81,061,361 111,862,462
CL 71,578,936 56,155,765 39,190,277
NWC -25,356,361 24,905,596 72,672,185
Changes -25,356,361 50,261,957 47,766,589

Cost of Debt 10% RF 7.07%

Cost of Equity 15.82% Beta 1.09
Proportion of Debt 6.95% RM 15.10%
Proportion of Equity 93.05% LT growth Indonesia 5.00%
WACC 15.41%

1 2 3
Valuation 2019 2020 2021
EBIT*(1-T) 467,371,475 1,958,336,001 3,341,440,733
Depreciation 9,320,000 9,320,000 9,720,000
NWC 25,356,361 -50,261,957 -47,766,589
Capex -85,600,000 0 -2,000,000
FCFF 416,447,835 1,917,394,044 3,301,394,144
Terminal Value
PV Factors (1/(1+WACC)^n 0.86644035497 0.75071888872085 0.65045314043
Enterprise Value 360,827,210 1,439,423,926 2,147,402,189

Total EV 53,779,436,039
Debt 85,600,000
Intrinsic Value 53,693,836,039

DuPont Analysis 2019 2020 2021

DETAILED
Net Income 458,854,275 1,951,213,897 3,335,853,234
Revenue 1,964,250,000 4,188,275,700 6,315,218,271
Net Profit Margin 23.36% 46.59% 52.82%

Revenue 1,964,250,000 4,188,275,700 6,315,218,271

Average Total Asset 1,030,433,210 2,966,223,937 6,285,111,683
Asset Turnover 190.62% 141.20% 100.48%

Average Total Asset 1,030,433,210 2,966,223,937 6,285,111,683

Average Shareholder Equity 958,854,275 2,910,068,172 6,245,921,406
Financial Leverage 107.47% 101.93% 100.63%
ROE 47.85% 67.05% 53.41%

SIMPLIFIED
Net Income 458,854,275 1,951,213,897 3,335,853,234
Average Shareholder Equity 958,854,275 2,910,068,172 6,245,921,406
ROE 47.85% 67.05% 53.41%

Liquidity Ratios 2019 2020 2021

Current Assets 954,153,210 2,899,263,937 6,225,871,683
Current Liabilities 71,578,936 56,155,765 39,190,277
Inventory 46,222,575 81,061,361 111,862,462
Operating Cash Flow 421,951,700 1,925,695,111 3,314,772,133
Current Ratio 1333.01% 5162.90% 15886.27%
Quick Ratio 1268.43% 5018.55% 15600.83%
Operating Cash Flow Ratio 589.49% 3429.20% 8458.15%

Leverage Financial Ratios 2019 2020 2021

Total Liabilities 71,578,936 56,155,765 39,190,277
Total Assets 1,030,433,210 2,966,223,937 6,285,111,683
Equity 958,854,275 2,910,068,172 6,245,921,406
Debt Ratio 6.95% 1.89% 0.62%
Debt to Equity Ratio 7.47% 1.93% 0.63%

Efficiency Ratios 2019 2020 2021

Net Sales 1,964,250,000 4,188,275,700 6,315,218,271
Total Assets 1,030,433,210 2,966,223,937 6,285,111,683
Asset Turnover Ratio 1.91 1.41 1.00

COGS 1,494,529,925 2,220,098,814 2,956,986,379

Average Inventory 46,222,575 81,061,361 111,862,462
Inventory Turnover Ratio 32 27.39 26.43

365 Days 365 365 365

Inventory Turnover Ratio 32 27.39 26.43
Days sales in Inventory Ratio 11.29 13.33 13.81
Profitability Ratios 2019 2020 2021
Gross Profit 469,720,075 1,968,176,886 3,358,231,892
Net Sales 1,964,250,000 4,188,275,700 6,315,218,271
Gross Margin Ratio 23.91% 46.99% 53.18%

Net Income 458,854,275 1,951,213,897 3,335,853,234

Total Asset 1,030,433,210 2,966,223,937 6,285,111,683
Return on Asset (ROA) 44.53% 65.78% 53.08%

Net Income 458,854,275 1,951,213,897 3,335,853,234

Equity 958,854,275 2,910,068,172 6,245,921,406
Return on Equity (ROE) 47.85% 67.05% 53.41%
 2022 2023
152,933,448 209,186,619
20,528,240 0
132,405,208 209,186,619
59,733,023 76,781,411

10 year SUN
MAPI
52 weeks IHSG

4 5
2022 2023
5,463,299,633 8,710,440,873
9,720,000 13,040,000
-59,733,023 -76,781,411
-16,600,000 0
5,396,686,610 8,646,699,462
87,174,741,383
0.56357884988 0.48830745875
3,041,458,433 46,790,324,280

2022 2023

5,459,400,200 8,708,398,313
9,473,811,548 14,210,746,846
57.63% 61.28%

9,473,811,548 14,210,746,846
11,725,849,847 20,413,719,919
80.79% 69.61%

11,725,849,847 20,413,719,919
11,705,321,606 20,413,719,919
100.18% 100.00%
 46.64% 42.66%

5,459,400,200 8,708,398,313
11,705,321,606 20,413,719,919
46.64% 42.66%

2022 2023
11,659,729,847 20,360,639,919
20,528,240 0
152,933,448 209,186,619
5,428,049,214 8,665,185,142
56798.49% N/A
56053.50% N/A
26441.86% N/A

2022 2023
20,528,240 0
11,725,849,847 20,413,719,919
11,705,321,606 20,413,719,919
0.18% 0.00%
0.18% 0.00%

2022 2023
9,473,811,548 14,210,746,846
11,725,849,847 20,413,719,919
0.81 0.70

3,983,058,148 5,456,534,914
152,933,448 209,186,619
26.04 26.08

365 365
26.04 26.08
14.01 13.99
 2022 2023
5,490,753,400 8,754,211,932
9,473,811,548 14,210,746,846
57.96% 61.60%

5,459,400,200 8,708,398,313
11,725,849,847 20,413,719,919
46.56% 42.66%

5,459,400,200 8,708,398,313
11,705,321,606 20,413,719,919
46.64% 42.66%
Asumsi: 1 founder exit, kepemilikan jadi bagi rata, uang masuk ke founder

Asumsi: transaksi terjadi pada saat perhitungan intrinsic value (akhir tahun 2018)

3 possibilities Persentase perbedaan MV dengan IV

IV = MV 0.00%
15.00%
IV < MV 10.00%
5.00%
-5.00%
IV>MV -10.00%
-15.00%

Asumsi 2: Pak Reynardo invest 10% dari intrinsic value (new), uang masuk ke perusahaan

Asumsi: Angga tidak divest, ada Reynardo menjadi investor baru

Intrinsic value 53,693,836,039

3 possibilites Yang company terima

Reynardo dapat 20% $5,369,383,604.00
Reynardo dapat < 20% (5%) $5,369,383,604.00
Reynardo dapat > 20% (30%) $5,369,383,604.00
Komposisi ketika tidak terjadi perubahan value ABCD (BEP $5,369,383,604.00
 Investasi D 125,000,000
EV sebelum ada transaksi (EOY 2018 500,000,000
Yang harus kita bayarkan Equity value Ownership per person (A, B, C)
13,423,459,010.00 53,693,836,039.00 33.33%
15,436,977,861.00 61,747,911,445.00 33.33%
14,765,804,911.00 59,063,219,643.00 33.33%
14,094,631,960.00 56,378,527,841.00 33.33%
12,752,286,059.00 51,009,144,237.00 33.33%
12,081,113,109.00 48,324,452,435.00 33.33%
11,409,940,158.00 45,639,760,633.00 33.33%

asuk ke perusahaan

x 10% $5,369,383,604.00

Total value bisnis Ownership ABCD @ personValue ABCD after transaction

59,063,219,643 20% 11,812,643,928.60
59,063,219,643 23.75% 14,027,514,665.21
59,063,219,643 17.50% 10,336,063,437.53
59,063,219,643 22.73% 13,423,459,010.00
Value per owner after transactionValue per owner before transaction %gain owner D
$ 17,897,945,346.33 $13,423,459,010.00 10638.77%
$ 20,582,637,148.33 $13,423,459,010.00 12249.58%
$ 19,687,739,881.00 $13,423,459,010.00 11712.64%
$ 18,792,842,613.67 $13,423,459,010.00 11175.71%
$ 17,003,048,079.00 $13,423,459,010.00 10101.83%
$ 16,108,150,811.67 $13,423,459,010.00 9564.89%
$ 15,213,253,544.33 $13,423,459,010.00 9027.95%

Value ABCD before transaction %gain/loss BEJA Ownership Reynardo

13,423,459,010.00 9350.12% 20%
13,423,459,010.00 11122.01% 5%
13,423,459,010.00 8168.85% 30%
13,423,459,010.00 10638.77% 9%
Gain/Loss due to transaction
-12%
5%
-23%
0%