PT. TIGA PILAR SEJAHTERA FOOD, TBK (TPSF) RICE DIVISION SEPARATION EFFECT TO COMPANY PERFORMANCE AND COMPANY VALUATION

• Main Author: Husen - 29115692, Ahmad
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/25185
• Institution: Institut Teknologi Bandung

In the midst of the growth of the food and beverage industry in 2017 PT Tiga Pilar <br /> <br /> Sejahtera Food performance is decrease that make its stock price down 75.9% by comparing stock <br /> <br /> prices in early and the end of 2017. By the end of 2017 through extraordinary shareholders <br /> <br /> meeting (RUPSLB) is approved to sell the company's rice division. <br /> <br /> Divestment of the rice division will certainly affect the performance and valuation of the <br /> <br /> company considering the rice division provides a large portion in sales, assets and liabilities on <br /> <br /> the company for the last 5 years. <br /> <br /> Measurement of company performance is using financial ratio where financial ratio is <br /> <br /> divided into 5 categories there are liquidity ratio, activity ratio, debt ratio, profitability ratio and <br /> <br /> market ratio. Liquidity ratio, activity ratio and debt ratio are used to measure risk, profitability <br /> <br /> ratio is used to measure return and market ratio to measure both risk and return. Valuation <br /> <br /> calculation is using discounted cash flow. <br /> <br /> Company performance without rice division is make company risks increased but the <br /> <br /> company's return also increased. Valuation company without rice division is better with enterprise <br /> <br /> value Rp. 12.5 T compare to company with rice division with enterprise value Rp. 8.3 T