ANALISIS PERBANDINGAN NILAI ENTITAS, KINERJA KEUANGAN DAN POTTER FIVE FORCES ANALYSIS PERUSAHAAN PENGAKUISISI SEBELUM DAN SESUDAH AKUISISI: STUDI KASUS AKUISISI PT HOLCIM INDONESIA TBK OLEH PT SEMEN INDONESIA (PERSERO) TBK

This research aims to explain changes in profitability and financial performance, and compare entity values of PT Semen Indonesia (Persero) Tbk before and after the acquisition of PT Holcim Indonesia Tbk. The profitability was measured by profitability ratio in the form of gross profit margin, operating profit margin, net profit margin, EBITDA margin, return on equity, and return on assets. The financial performance was measured by liquidity ratio (current ratio), solvability ratio (liabilities to assets, liabilities to capital, and liabilities to equity), activity ratio (account receivable turnover, account receivable collection period, inventory turnover, and fixed assets turnover), and profitability ratio (gross profit margin, operating profit margin, net profit margin, EBITDA margin, return on equity, and return on assets). The entity value was determined by approaches in business valuation in the form of income approach with discounted cash flow method and market-based approach with guideline company method. This research used literature review as its research method with some data from www.idx.co.id, Bloomberg, and Damodaran. This research concluded that generally there was some decline in the profitability and financial performance of PT Semen Indonesia (Persero) Tbk, but there was increase in its entity value at the same time. Penelitian ini bertujuan untuk menjelaskan perubahan profitabilitas dan kinerja keuangan, serta membandingkan nilai entitas PT Semen Indonesia (Persero) Tbk sebelum dan setelah akuisisi PT Holcim Indonesia Tbk selesai dilaksanakan. Profitabilitas perusahaan diukur menggunakan rasio profitabilitas berupa marjin laba bruto, marjin laba usaha, marjin laba bersih, marjin EBITDA, return on equity, dan return on assets. Kinerja keuangan perusahaan diukur menggunakan rasio likuiditas (rasio lancar), rasio solvabilitas (liabilitas terhadap aset, liabilitas terhadap kapital, dan liabilitas terhadap ekuitas), rasio aktivitas (perputaran piutang, periode pengumpulan piutang, perputaran persediaan, dan perputaran aktiva tetap), serta rasio profitabilitas (marjin laba bruto, marjin laba usaha, marjin laba bersih, marjin EBITDA, Return on Equity, dan Return on Assets). Metode penelitian yang digunakan yaitu metode studi pustaka dengan data yang berasal dari www.idx.co.id, Bloomberg, dan Damodaran. Kesimpulan dari penelitian ini adalah secara umum terjadi penurunan profitabilitas dan kinerja keuangan perusahaan, namun terjadi kenaikan nilai entitas perusahaan di saat yang bersamaan.