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"Contents : Introduction -- In the beginning -- Morals and markets -- Reputation -- Regulation -- Evolving enterprises -- Bought and closed -- Capital and commitment -- Value and values -- Governance and government -- Without end."

"Tujuan dari laporan ini adalah untuk mengetahui nilai perusahaan ARB Corporation dibandingkan dengan harga pasar melalui penilaian arus kas diskonto dan perbandingan penilaian kelipatan. Dengan menganalisis karakteristik arus kas, pertumbuhan, dan karakteristik bisnis dari kedua data keuangan pada tahun 2007 sampai 2016 dan prediksi 10 tahun, kami akan menghasilkan nilai ARB dan nilai ekuitas per saham. Berdasarkan perhitungan pertumbuhan pendapatan, NOPAT, perubahan NOA, dan arus kas bebas, hal itu mengakibatkan nilai ekuitas ARB per saham dinilai terlalu tinggi sebesar 7,91 berkenaan dengan harga pasarnya. Selanjutnya, berdasarkan kedua pendekatan dalam perhitungan beberapa valuasi, nilai ARB dinilai terlalu tinggi terhadap kelompok sebaya. Namun, di bawah kelipatan yang diperkirakan, beberapa penilaiannya mendekati jumlah perusahaan di pasar saat ini. Sedangkan, dengan pendekatan penilaian berganda yang sebanding, beberapa penilaian mendekati pasar, atau dalam kasus ini, rata-rata kelompok sebaya. Overvaluation ini berarti bahwa saham diperdagangkan pada premium dan tidak selalu merupakan indikasi yang baik bagi perusahaan dan kami menyarankan agar perusahaan menstabilkan operasi bisnis dan profitabilitasnya untuk menghasilkan nilai intrinsik yang lebih sesuai dengan harga pasar. Oleh karena itu, saham ARB tidak harus disertakan dalam portofolio.

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The purpose of this report is to find the enterprise value of ARB Corporation compared to the market price through discounted cash flow valuation and comparison multiples valuation approach. By analyze the company's cash flow, growth, and business risk characteristics from both financial data in 2007 to 2016 and the 10 years prediction, we will come up with the enterprise value of ARB and equity value per share.Based on calculation of revenue growth, NOPAT, change in NOA, and free cash flow, it resulted in ARB's equity value per share overvalued by 7.91 in regards with its market prices. Furthermore, based on both approaches in the calculation of multiple valuation, ARB's value is overvalued relative to its peer group.However, under forecasted multiples, its multiple valuation is closer to the company's multiple at current market. Whereas, under comparable multiple valuation approach, the multiple valuation is closer to the market, or in this case, the peer group average. This over valuation mean that the shares are trading at premium and it is not always a good indication for the company and we suggested that the company should stabilized their business operation and profitability to result in a intrinsic value that more coherent with the market price. Therefore, the ARB shares should not be included in the portfolio."

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