Analisis Nilai Equity dengan Pendekatan Income pada Perusahaan Perkebunan Kelapa Sawit (Studi Kasus: PT. Sisirau dan PT. Satya Agung)

Abstract

This study aims to analyze the equity value of two palm oil plantation companies in Indonesia, PT Sisirau and PT Satya Agung, using an income-based approach through the Discounted Cash Flow (DCF) method. The DCF method was chosen because it is considered the most relevant for valuing companies with stable long term income prospects, such as those in the palm oil plantation sector. This study is particularly significant because both companies are preparing for an Initial Public Offering (IPO), making accurate valuation crucial for potential investors. The data used come from audited financial reports for 2017 to 2024 and financial projections for 2025 to 2034. This study uses a quantitative, descriptive approach, and equity value is calculated as Free Cash Flow to the Firm (FCFF) discounted at the Weighted Average Cost of Capital (WACC). The results show that PT Satya Agung has an equity value of IDR 3.85 trillion, higher than PT Sisirau's IDR 1.67 trillion, due to its stronger cash position, lower debt burden, and higher growth potential. This study concludes that the DCF approach is very suitable for valuing companies with stable cash flows and long-term growth prospects. This study also contributes to the academic literature on company valuation, particularly in the context of IPOs in the palm oil plantation sector. It can be used as a practical reference for companies, investors, and regulators.