Warren Buffet Case

In: Business and Management

Submitted By wilstreak
Words 1181
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Akuisisi PacifiCorp oleh MidAmerican
Menurut kasus ini, terdapat perubahan pada harga saham Berkshire Hathaway dan Scottish Power pada hari pengumuman akuisisi. Harga penawaran untuk PacifiCorp adalah $ 9,4 miliar, dimana Berkshire membayarnya dengan kas sebesar $ 5,1 miliar dan sisanya menggunakan hutang dan saham preferen senilai $ 4,1 miliar. Dampak dari pengumuman tersebut adalah naiknya harga saham kelas A Berkshire Hathaway sebesar 2,4%. Dari sudut pandang Berkshire dan investor lainnya, akuisisi MidAmerican terhadap PacifiCorp dapat memberikan potensi perkembangan yang baik sehingga tak heran berita ini memperoleh respon positif, menyebabkan harga saham Berkshire sebagai holding company MidAmerican mengalami kenaikan harga saham. Berkshire percaya bahwa PacifiCorp dapat memberikan keuntungan produktif di masa depan. Dari sudut pandang Buffet yang menganut prinsip value-investing, nilai intrinsik PacifiCorp tentu lebih tinggi dibanding biaya $ 9,4 miliar yang dikeluarkan.
Metode valuasi berdasarkan market multiple untuk perusahaan sebanding, dapat dilihat bahwa rentang Enterprise Value yang mungkin untuk PacifiCorp adalah membentuk antara $ 6,252 miliar sampai $ 9,289 miliar. Sedangkan rentang market value of Equity yang mungkin adalah antara $ 4,277 miliar sampai $ 5,904 miliar. Dalam kasus ini, Berkshire lewat MidAmerican mengakuisisi PacifiCorp dengan harga $ 9,4 miliar. Harga tersebut berada diluar rentang enterprise value maupun market value of equity yang dihitung berdasarkan market multiple. Hal ini tentu akan menimbulkan pertanyaan, mengapa Berkshire bersedia untuk membeli PacifiCorp dengan harga sedemikian tinggi.
Dalam kasus tersebut, Buffett mengatakan bahwa "intrinsic value is all important and is the only logical way to evaluate the relative attractiveness of investment and business". Dari perkataan tersebut, Buffett secara eksplisit menjelaskan…...

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