Mechanism for Market Valuation of State-Owned Enterprises without Privatization

Wagner, Rodrigo

doi:10.18235/0000754

Cited by 3 publications

(2 citation statements)

References 9 publications

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“…However, the market signal is required for these companies. Having a market signal for the value of State-Owned Enterprise could be desirable because it could help the treasury in its fiscal planning and the managers for discipline and feedback [6].…”

Section: Literature Reviewmentioning

confidence: 99%

Does the forced marriage have a fair start? Acquisition Valuation in the Oil and Gas Holding Company Indonesian State-Owned Enterprise-A Case Study

Benarto¹,

Tanujaya²

2019

Proceedings of the 12th International Conference on Business and Management Research (ICBMR 2018)

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Indonesia's gas market will continue to expand to support the growing economy. The country's gas demand is expected to increase by another 1,600 mmcfd from 2017, reaching 5,100 mmcfd in 2035 (Wood McKenzie Report 2017). The establishment of an oil and gas holding company by the Ministry of State-Owned Enterprises is considered as one way to avoid duplication of natural gas downstream management of two major players: PT PGN Tbk and PT Pertagas. This review aims to analyze all financial aspects related to the acquisition plan to address the investors' concerns. We use a discounted cash flow method; company comparable analysis is used for the valuation with sensitivity analysis to gas price in the growth projection. Value of the synergy is obtained by value of the combined firm (with synergy) minus the value of the combined firm (with no synergy). Our conclusion is the acquisition will generate a synergy of 1.03 Billion USD and the value of Pertagas is between 1.16-1.23 Billion USD without the synergy effect.

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Section: Literature Reviewmentioning

confidence: 99%

Does the forced marriage have a fair start? Acquisition Valuation in the Oil and Gas Holding Company Indonesian State-Owned Enterprise-A Case Study

Benarto¹,

Tanujaya²

2019

Proceedings of the 12th International Conference on Business and Management Research (ICBMR 2018)

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“…However, bonds may not be the best instruments to track the fundamentals of a firm. Furthermore, there are various other tools (e.g., Wagner, 2017), but unfortunately not a proper market valuation, which provides information that could be useful to managers, owners, and stakeholders.…”

Section: Improving the Monitoring Of Soes Part II By Rodrigo Wagnermentioning

confidence: 99%

Fixing State-Owned Enterprises: New Policy Solutions to Old Problems

Pineda¹,

Huber²,

Jara³

et al. 2019

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Methodological Bases for Estimating the Value of Enterprises

2020

Social Economics

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The article studies modern trends in the development of methodological foundations for assessing the value of enterprises as a component of effective management. The features of the application of each separate methodological approach to assessing the value of enterprises in the assessment process are determined. The characteristic of the generally accepted methodological approaches to assessing the value of enterprises, namely the profitable, costly, comparative approaches by highlighting the advantages and disadvantages of each of them, disclosed the diversity of methods within each approach. It is the presence of the limitations of each approach that sets the vector for the further development of the methodological foundations for assessing the value of enterprises in modern economic market environment. Based on the analysis of recent research by domestic and foreign scientists there is expediency of using the integrated approach as a comprehensive methodological support for the process of assessing the value of enterprises is substantiated; it is a branched system of assessment methods. An algorithm for making decisions when carrying out the procedure for assessing the value of enterprises on the basis of an integrated approach has been developed, which allows you to combine a number of methods of various methodological approaches. This sequence of actions serves as a basic "link" between the stage of choosing methodological tools for assessing the value of enterprises and the stage of its implementation. The growing role of the integrated approach, which is reflected in the number of its application in economic research, this is clearly a positive trend in the development of the methodological foundations of the process of assessing the value of enterprises in modern economic conditions, because it implies obtaining more accurate results when carrying out calculations, and thus allows making the assessment procedure targeted, which corresponds to modern trends in the development of methodological tools for assessing the value of enterprises.

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Mechanism for Market Valuation of State-Owned Enterprises without Privatization

Cited by 3 publications

References 9 publications

Does the forced marriage have a fair start? Acquisition Valuation in the Oil and Gas Holding Company Indonesian State-Owned Enterprise-A Case Study

Does the forced marriage have a fair start? Acquisition Valuation in the Oil and Gas Holding Company Indonesian State-Owned Enterprise-A Case Study

Fixing State-Owned Enterprises: New Policy Solutions to Old Problems

Methodological Bases for Estimating the Value of Enterprises

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