PROPOSED OPTIMAL CAPITAL STRUCTURE FOR PT. ANGKASA PURA I: SHOULD PT.ANGKASA PURA I GO IPO?

• Main Author: Putu Sutria Narada, I
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/33081
• Institution: Institut Teknologi Bandung

The rising of air transportation passenger creating a need of air transport facility. To fulfill this need Angkasa Pura 1(AP1) as airport operator company, need to develop new airport to accommodate the rise of passenger in the market. To acquire its capital AP1 has option whether go for Initial Public Offering (IPO) or increase its debt whether by issuing bond or increase its bank debt. With political condition which the government pushing AP1 as state owned company (SEO) to choose IPO as its capital option. This research aim to find the intrinsic value of AP1 and its optimal capital structure for AP1 to answer for its capital source recommendation. This study will analyze the external situation and internal situation of the company, those analyses result will be used in making assumptions of growth for the projections. This study use discounted cash flow model (DCF) to evaluate the company’s value, and simulating the capital structure options to find the optimal capital structure. The result of this research showed that, the company’s intrinsic value is 5,788,533 IDR and its optimal capital structure in composition of 85% debt and 15% equity. From this capital structure the capital source option for AP1 is to increase its debt.