Freeport: The stock valuation is close to US $ 13 billion
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Freeport McMoRan Inc. said that the price valuation of 100% of PT Freeport Indonesia shares is close to US $ 13 billion. However, no agreement has been reached with the Government of Indonesia regarding the share price valuation formula. The reason the government insists the valuation does not take into account the mineral resources contained in the copper mine of Papua.
That is one of the things revealed at the Third Quarter of Freeport McMoRan Conference on October 25 local time (27/10)
Freeport McMoRan Inc. CEO Richard C. Adkerson disagreed with EMR Minister Ignatius Jonan's calculation of Freeport Indonesia's 100% price valuation of US $ 8 billion. He thinks a company's assessment should be viewed thoroughly including equity plus debt. While US $ 8 billion is calculated Jnan only based on equity only.
He mentioned the value of equity plus debt then the value of Freeport McMoRan approximately US $ 30 billion. With Freeport Indonesia contributing 40% to the parent company, the value of 100% of the shares is close to US $ 13 billion.
"They realize what I just said about the difference in the value of equity and firm value. But we are working with the government. They show fair market value is the right standard, and now we have to negotiate what fair market value we should negotiate, "Richard said.
In a working meeting with Commission VII of the House of Representatives (DPR) on October 9, Jonan explained that 51% of Freeport Indonesia's shares worth US $ 4 billion is a fair market price based on the calculation of capitalization of Freeport McMoRan Inc. on New York Stock Exchange (NYSE) yesterday (27/10).
At the close of stock prices Friday (27/10) reached 20.74 billion. While the contribution of Freeport McMoRan subsidiaries namely Freeport Indonesia's revenues and profits in the last five to 10 years enter 40%. This means that the value of 100% of Freeport Indonesia's shares is only US $ 8 billion.
"The price of 51 percent valuation is only US $ 4 billion. So just ask how much premium price, "said Jonan.
Freeport agreed to release 51% ownership stake to Indonesia. However, the valuation of Freeport Indonesia's shares is one of the negotiating points that have not yet come to an agreement. The reason Freeport wants mineral reserves up to 2041 is included in the calculations. Meanwhile, the government affirmed the stock valuation calculation based on fair market value without entering mineral reserves.
Richard says natural resources belong to the government. This is not only true in Indonesia but also in other countries such as the United States. But he said the Government of Indonesia provides an opportunity for Freeport as an operator in Grasberg, Papua to operate, develop and produce the mineral reserves.
However, he stressed that negotiations with the Indonesian government are not limited to the assessment of Freeport shares. But also discussed about the mechanism of release of shares that are potentially acquired by State Owned Enterprises and Local Government of Papua also get share ownership.
It has also proposed to divest through an offer to the stock exchange (IPO). Unfortunately, the proposal was not accepted by the Government of Indonesia. He believes negotiations with the Indonesian Government will be achieved until the end of 2017.
The negotiation is related to the annex in the Special Mining Business License (IUPK). The mining company originating from the United States is willing to release the Contract of Work (COW) if the terms of the Contract of Work stated in this Negotiated IUPK have been started since February 2017 and should have ended on October 10, 2017. But both sides agreed to extend the three-month talks.
IN INDONESIA
Freeport: Valuasi saham mendekati US$ 13 Miliar
Freeport McMoRan Inc menyatakan valuasi harga 100% saham PT Freeport Indonesia mendekati US$ 13 miliar. Namun belum tercapai kesepakatan dengan Pemerintah Indonesia mengenai formula valuasi harga saham tersebut. Pasalnya pemerintah bersikukuh valuasi tidak memperhitungkan sumber daya mineral yang terkandung di tambang tembaga Papua. Demikian salah satu hal yang terungkap dalam Konferensi Triwulan, Ketiga Freeport McMoRan pada 25 Oktober waktu setempat (27/10)
CEO Freeport McMoRan Inc Richard C. Adkerson tidak setuju dengan perhitungan Menteri ESDM Ignasius Jonan mengenai valuasi harga 100% Freeport Indonesia sebesar US$ 8 miliar. Menurutnya penilaian suatu perusahaan harus dilihat secara menyeluruh meliputi ekuitas plus utang. Sedangkan US$ 8 miliar yang dihitung Jnan hanya berdasarkan ekuitas saja.
Dia menyebut nilai ekuitas ditambah utang maka nilai Freeport McMoRan sekitar US$ 30 miliar. Dengan kontribusi Freeport Indonesia sebesar 40% ke induk perusahaan, maka nilai 100% saham mendekati US$ 13 miliar.
“Mereka menyadari apa yang baru saja saya katakan tentang perbedaan nilai ekuitas dan nilai perusahaan. Tapi kami bekerjasama dengan pemerintah. Mereka menunjukkan nilai pasar yang wajar adalah standar yang benar, dan sekarang kita harus menegosiasikan nilai pasar adil apa yang harus kita runding,” kata Richard.
Dalam rapat kerja dengan Komisi VII Dewan Perwakilan Rakyat (DPR) pada 9 Oktober lalu, Jonan menjelaskan nilai 51% saham Freeport Indonesia sebesar US$ 4 miliar itu merupakan harga wajar pasar atau fair market price berdasarkan perhitungan penutupan kapitalisasi Freeport McMoRan Inc pada New York Stock Exchange (NYSE) kemarin (27/10).
Pada penutupan harga saham hari Jumat (27/10) mencapai 20,74 miliar. Sedangkan kontribusi anak usaha Freeport McMoRan yakni Freeport Indonesia dari pendapatan dan keuntungan dalam lima sampai 10 tahun terakhir masuk 40%. Artiannya nilai 100% saham Freeport Indonesia hanya US$ 8 miliar.
“Kalau dilihat valuasi harga 51% itu hanya US$ 4 miliar. Jadi hanya minta harga premiumnya berapa,” ujar Jonan.
Freeport sepakat melepas 51% saham kepemilikan ke Indonesia. Namun valuasi saham Freeport Indonesia menjadi salah satu poin negosiasi yang belum menemui kesepakatan. Pasalnya Freeport menginginkan cadangan mineral hingga 2041 dimasukkan ke dalam perhitungan. Sementara itu pemerintah menegaskan perhitungan valuasi saham berdasarkan fair market value tanpa memasukan cadangan mineral.
Richard menuturkan sumber daya alam merupakan milik pemerintah. Hal ini bukan hanya berlaku di Indonesia tapi juga berlaku di negara lain seperti Amerika Serikat. Namun dia bilang Pemerintah Indonesia memberi kesempatan bagi Freeport sebagai operator di Grasberg, Papua untuk mengoperasikan, mengembangkan dan memproduksi cadangan mineral tersebut.
Namun dia menegaskan negosiasi dengan Pemerintah Indonesia tidak sebatas mengenai penilaian saham Freeport. Tapi juga dibahas mengenai mekanisme pelepasan saham yang berpotensi diakusisi oleh Badan Usaha Milik Negara dan Pemerintah Daerah Papua pun mendapat bagian kepemilikan saham.
Pihaknya pun sudah mengusulkan agar divestasi melalui penawaran ke bursa saham (IPO). Sayangnya usulan itu tidak diterima Pemerintah Indonesia. Dia berkeyakinan perundingan dengan Pemerintah Indonesia bakal tercapai hingga akhir tahun 2017.
Perundingan itu terkait lampiran dalam Izin Usaha Pertambangan Khusus (IUPK). Perusahaan tambang yang berasal dari Amerika Serikat itu bersedia melepas Kontrak Karya (KK) bila ketentuan dalam Kontrak Karya tercantum dalam IUPK Negosiasi ini sudah dimulai sejak Februari 2017 dan seharusnya berakhir pada 10 Oktober 2017 lalu. Namun kedua belah pihak sepakat memperpanjang masa perundingan selama tiga bulan.
Investor Daily, Page-10, Friday, October 27, 2017
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