FINANCIAL HEALTH ASSESSMENT FOR SPECIFIC COMPANY BASE ON DAM BUSINESS (CASE STUDY: PERUM JASA TIRTA II)
Perum Jasa Tirta II is one of the State-Owned General Companies engaged in Dam and water resources which is the livelihood of Indonesian society. As a state-owned company, it is faced with two interests, the government's mandate in terms of benefitoriented and has the responsibility to generate...
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| Format: | Theses |
| Language: | Indonesia |
| Subjects: | |
| Online Access: | https://digilib.itb.ac.id/gdl/view/57304 |
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| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | Perum Jasa Tirta II is one of the State-Owned General Companies engaged in Dam and water resources which is the livelihood of Indonesian society. As a state-owned company, it is faced with two interests, the government's mandate in terms of benefitoriented and has the responsibility to generate profits, so this company must be sustainable to achieve shareholder's goals and not experience financial distress. The financial assessment is analyzed using Economic Value-Added analysis to determine the company's actual performance and use financial distress analysis from the Altman Z-Score Model to determine early warning if experiencing financial distress. Based on financial distress analysis, Perum Jasa Tirta II in 2015-2019 was in the safe zone with an average score of 9.74 and a Compound Annual Growth Rate (CAGR) of 10%. Although the value of EVA from 2015-2016 was positive with an extreme increase of 2.127% and Compound Annual Growth Rate (CAGR) of 50%, fluctuations occurred with a decrease in 2018 of 82%. Based on the Monte Carlo simulation, the probability of EVA <0 is 34.47%. Based on the sensitivity analysis, Perum Jasa Tirta II needs to maintain EBIT and equity because both are the biggest aspects affecting EVA's value. |
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