We have chosen Jasa Marga as our Group Field Project (GFP) considering Jasa Marga is a well-established state owned Company in the growing Indonesia toll-road industry which has released its Initial Public Offering (IPO) in 2007. With a total length of 496 km toll-roads in operations from a total of 630 km of the nation's combined toll road. Jasa Marga is undoubtedly the largest toll-raod operator in Indonesia. In addition, the majority of these 13 toll-roads has long concessions (the longest expires in 2044), which increases Jasa Marga's credibility.

We have conducted a business valuation of Jasa Marga given its favorable business, long concession period, length of toll-road it operates and future toll road expansion.

For valuation purposes, a valuation procedure is implemented using a common business valuation approach and valuation method which generally used by Company and securities houses. Which are assets based approach, Market approach, and income approach.

The valuation approach chosen for dtermining the value of the Company is by using an Income Approach with a discounted Casg Flow Method (DCF). Detailed description is found in the body of this report.



Research Location : PT. Jasa Marga (Persero)

Supervisor : Chandra Purnama

Accepted Date : December 5, 2009



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