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NI PUTU AGUSTINAWATI
Vol.8 No.1 Maret 2016
Sekolah Tinggi Ilmu Ekonomi (STIE) YBPK Palangka Raya
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This research was aimed to apply income approach to estimate economic value of tourism object (objek wisata Kalawa Waterpark Palangka Raya). The estimation of the economic value was done by using discounted cash flow method. In this study, the data to be analyzed was secondary data from PT. Bersama Satmaka Cipta. The data consisted of financial statements and number of visitors also profile of tourism object and another supporting data.
The estimation conducted with forecasting financial statements based on expected growth rate of operating revenue. The result was used to estimate future free cash flow of the Kalawa Waterpark. Further, the weighted avarage cost of capital/ WACC was calculated and used it as the discounted rate. The discounted rate used to discount the free cash flow and terminal value and achieved the present value of the free cash flow and present value of terminal value. The sum of the present values represented the economic value of Kalawa Waterpark.
This study shows that Kalawa Waterpark has estimated economic value of Rp190.761.308.331,00 with 5 years forecast period and 8,5 percent WACC. Modified Internal Rate of Return/MIRR shows that this project was reasonable because MIRR>WACC.
Keywords: economic value
