American Greetings Case Essay

739 words - 3 pages


Pada awal tahun 2012, suhu udara vukup hangat di Claveland, Ohio, kantor pusat American Greeting. Tetapi, sekalipun suhu udara mulai menghangat, harga saham American greeting mengalami penurunan. Dalam beberapa bulan terakhir, harga pasar saham perusahaan ini mengamali penurunan hingga di level $12.51. Manajemen American Greeting berencana untuk melakukan share buyback. Dengan current valuation, manajemen berencana untuk membeli ssaham mereka kembali dengan total pembelian sebesar $75. 000.000. keputusan yang diambil bergantung pada expected masa yang akan datang.

Hallmark adalah kompetisi utama untuk American Greetings. Dalam beberapa tahun terakhir, ...view middle of the document...

Kemampuan likuiditas perusahaan semakin memburuk dimulai dari tahun 2010 hingga tahun 2012. Hal ini bisa dilihat dari hasil perhitungan current ratio, quick ratio dan cash ratio. Ketiga rasio menunjukkan penurunan tajam dimulai dari tahun 2010 hingga ke 2012. Melihat penurunan ini, American Greetings sangat tidak disarankan untuk melakukan repurchase karena kemampuan likuiditasnya yang memburuk.

2. Harga repurchase saham American Greetings
Kelompok kami menggunakan 2 jenis metode untuk mencari harga repurchase saham American Greetings yaitu dengan menggunakan PER dan menggunakan metode FCF model. Berikut ini adalah hasil perhitungan dengan kedua metode tersebut.
a. FCF model
Period | 0 | 1 | 2 | 3 | 4 | 5 |
Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 |
EBIT | 129 | 143 | 147 | 151 | 154 | 158 |
Tax | (71) | (73) | (75) | (78) | (80) | (82) |
Depreciation & Amortization | 43 | 44 | 45 | 47 | 48 | 50 |
Change Working Capital | 24 | (14) | (10) | (11) | (11) | (11) |
Capital Expenditure | (27) | (23) | (26) | (27) | (28) | (29) |
Free Cash Flow | 98 | 77 | 80 | 82 | 83 | 85 |
Terminal Value |   |   |   |   | 813 |   |
Total Free Cash Flow |   | 77 | 80 | 82 | 896 |   |
PV FCF |   | 77 | 80 | 82 | 896 |   |
Firm's Value | 1,135 |   |   |   |   |   |
Debt Value | 441 |   |   |   |   |   |
Equity Value | 694 |   |   |   |   |   |
Equity Value/Share | 15.78 |   |   |   |   |   |

Asumsi yang dipakai:
Rf | 2.80% |
Beta | 1.63 |
Kd | 6% |
Km | 8.00% |
Ke | 16% |
Wd | 0.24 |
We | 0.76 |
WACC | 13.46% |
G | 3% |


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