| This research aimed to observe EVA and FVA value of public company carrying merger on 2006, i.e. PT Akasha Wira International Tbk (ADES), PT Surya Toto Tbk (TOTO), and PT Selamat Sempurna Tbk (SMSM), by comparing the EVA and FVA value and its changes before and after the merger carried out during 2003 – 2010. EVA is a concept of measuring value added created by the firm to the shareholder, by subtracting cost of capital from NOPAT (Net Operating Profit after Tax. The second variable is FVA, which also measure the value added created for the shareholder by involving the fixed asset component. This research evidenced that the three companies raised their EVA 1 – 2 years after the merger. During the 8 years of observation, ADES’ EVA went to negative value, which means that the management could not created added value for the shareholder, in the other way they got the value loss. ADES’ EVA raised 2 years after the merger. While SMSM’s EVA which succeded to get positive value during 2004-2010, raised 1 year after the merger. TOTO’s EVA which went to positive value during 2003-2010 increased 1 year after the merger. SMSM’s EVA which had a positive value during 2004-2020, increased 1 year after the merger. Based on the FVA research, the three firms’s FVA significantly raised 1-2 year after the merger. The nrgative ADES’ FVA during 2003-2010 showed an increasing 2 year after the merger. TOTO and SMSM got positive EVA during 8 years observations, which had a significant increasing 1 year after the merger. |