Analisis Perubahan Nilai Ekuitas PT Industri Jamu Dan Farmasi Sido Muncul Tbk Sepanjang Tahun 2021

RAFIQI, MUHAMMAD (2022) Analisis Perubahan Nilai Ekuitas PT Industri Jamu Dan Farmasi Sido Muncul Tbk Sepanjang Tahun 2021. KTTA thesis, Politeknik Keuangan Negara STAN.

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Abstract

Semenjak akhir tahun 2019, seluruh dunia dihadapkan pada sebuah bencana bernama pandemi Covid-19. Pandemi ini sangat mempengaruhi seluruh aspek kehidupan terutama perekonomian. Pemerintah Indonesia menerapkan kebijakan “karantina” atau Pemberlakuan Pembatasan Kegiatan Masyarakat (PPKM) untuk mencegah penularan virus yang lebih lanjut. Solusi ini terbukti ampuh menurunkan risiko peningkatan kasus penularan Covid-19 namun di sisi lain juga menghambat jalannya aktivitas perekonomian nasional. Menariknya, beberapa sektor justru mengalami peningkatan kinerja selama pandemi Covid-19 khususnya sektor farmasi dan obat tradisional. Saat beberapa perusahaan di industri farmasi mengalami penurunan kinerja akibat ketidakstabilan ekonomi di tengah pandemi Covid-19, PT Sido Muncul Tbk justru mencatatkan kenaikan laba bersih. Selain itu, penjualan produk jamu dan obat herbal untuk menjaga kekebalan tubuh meningkat signifikan di masa pandemi. Proses penilaian bisnis untuk mengestimasi nilai pasar wajar ekuitas PT Sido Muncul Tbk per tanggal 31 Desember 2020 dan 31 Desember 2021 dilakukan dengan menggunakan dua pendekatan penilaian yaitu pendekatan pasar dengan Metode Pembanding Perusahaan Terbuka dan pendekatan pendapatan dengan Metode Diskonto Arus Kas Bersih. Data yang digunakan dalam proses penilaian bisnis ini merupakan data sekunder yang meliputi data perekonomian Indonesia, data industri, informasi umum perusahaan, dan laporan keuangan perusahaan. Dari kedua pendekatan yang digunakan, hasil valuasi menunjukkan bahwa nilai pasar wajar ekuitas perusahaan menurun sebesar Rp157.160.732.312.000 dari Rp513.433.796.703.000 pada tahun 2020 menjadi Rp356.273.064.391.000 pada tahun 2021. Hal ini sejalan dengan penurunan kasus penularan Covid-19 di Indonesia dan gencarnya program vaksinasi yang dilancarkan pemerintah serta meningkatnya kemunculan produk-produk kesehatan baru selama masa pandemi Covid-19. / Since the end of 2019, the whole world was faced with a disaster called Covid-19 pandemic. This pandemic greatly affects all aspects of life, especially the economy. The Indonesian government implements a ""quarantine"" policy or Community Activities Restrictions Enforcement (CARE) to prevent further virus infections. This solution is proven to be effective in reducing the risk of increasing COVID-19 infection cases, but on the other hand it also hinders the running of national economic activity. Interestingly, some sectors experienced an increase in performance during Covid-19 pandemic, especially the pharmaceutical and traditional medicine sector. While some companies in the pharmaceutical industry experienced a decline in performance due to economic instability in the middle of Covid-19 pandemic, PT Sido Muncul Tbk recorded an increase in net profit. In addition, the sale of herbs and herbal medicines to maintain immunity increases significantly in the pandemic period. The business valuation process to estimate the fair market value of the equity of Sido Muncul Inc. as of December 31, 2020 and December 31, 2021 was carried out using two valuation approaches, those are the market approach with Guideline Publicly Traded Company Method and the income approach with Discounted Cash Flow Method. Data used in this business valuation process is secondary data which includes data on the Indonesian economy, industrial data, general company information, and company financial statements. By using these two approaches, the valuation results show that the company's fair market value decreased by Rp157,160,732,312,000 from Rp513,433,796,703,000 in 2020 to Rp356,273,064,391,000 in 2021. This is in line with the decrease in COVID-19 cases in Indonesia, the incessant vaccination program launched by the government, and the increasing emergence of new health products during the Covid-19 pandemic period.

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