ANALISIS NILAI PASAR WAJAR EKUITAS PT. SENANG KHARISMATEX (Ttp) DALAM RANGKA AKUISISI OLEH PT. KAPAS AGUNG ABADI (Ttp) TAHUN 2009

The research entitled An Analysis on the Fair Market Value of Equity in PT. Senang Kharismatex (Ttp) in the attempt of acquisition by PT. Kapas Agung Abadi (Ttp) in 2009 aims to analyze the fair market value of equity in PT. Senang Kharismatex (Ttp). The methods used were discounted of economic income method and adjusted book value ones. Based on the application of discounted of economic income method, it was found that the equity 100% market value of PT. Senang Kharismatex (Ttp) per December 31, 2009 was 31,443,177,321.- IDR. This market value had not reflected yet the definition of fair market value according to the standard value of business valuation because discount remained to be applied to the lack of marketability and or lack of liquidity on the indication of the value, in the sense that as closed company stock, the share could not be traded easily. Applying the lack of marketability of 30 percent, the market value of equity 100% of PT. Senang Kharismatex (Ttp) was obtained of 22,010,224,125.- IDR. Meanwhile based on the application of Adjusted Book Value Method, the market value of equity was about 33,126,104,357.- IDR. Applying the lack of marketability of 30 percent, the market value of equity 100% of PT. Senang Kharismatex (Ttp) was 23,188,273,050,- IDR. To obtain indication of final value, the reconciliation or indication was done to the values resulted from discounted of economic income method and adjusted book value method. Having conducted value reconciliation, the fair market value for acquiring 100% shares of PT. Senang Kharismatex (Ttp) was 22,599,248,587.- IDR