https://dikagustiana.com/ Finance, accounting, and green transition economics. Research and analysis by Dika Gustiana. en-GB https://dikagustiana.com/finance/fundamentals/diversification-as-a-free-lunch https://dikagustiana.com/finance/fundamentals/diversification-as-a-free-lunch Sat, 24 Oct 2026 00:00:00 GMT The Mathematics of Covariance Reduction and the Efficient Frontier, Worked on Four Listed Indonesian Renewable Producers https://dikagustiana.com/finance/fundamentals/fcff-vs-fcfe https://dikagustiana.com/finance/fundamentals/fcff-vs-fcfe Sat, 24 Oct 2026 00:00:00 GMT Why Two Discounted Cash Flows Give One Equity Value Only When the Rate Follows the Debt https://dikagustiana.com/finance/fundamentals/multiples-as-compressed-dcf-models https://dikagustiana.com/finance/fundamentals/multiples-as-compressed-dcf-models Sat, 24 Oct 2026 00:00:00 GMT What EV/EBITDA, P/E and P/B Assume About Return, Growth and Risk, and Why Concession Accounting Breaks the Comparison https://dikagustiana.com/finance/fundamentals/sum-of-parts-valuation-in-conglomerate-and-holding-company-s https://dikagustiana.com/finance/fundamentals/sum-of-parts-valuation-in-conglomerate-and-holding-company-s Sat, 24 Oct 2026 00:00:00 GMT When Segment Disaggregation Reveals a Conglomerate Discount, and When the Discount Is Only as Good as the Prices of the Parts https://dikagustiana.com/finance/fundamentals/systematic-risk-vs-idiosyncratic-risk https://dikagustiana.com/finance/fundamentals/systematic-risk-vs-idiosyncratic-risk Sat, 24 Oct 2026 00:00:00 GMT Why Only One Type of Risk Is Priced in Equilibrium, and Why a Geothermal Producer's Measured Beta Is the Wrong Hurdle for Its Projects https://dikagustiana.com/finance/fundamentals/terminal-value-architecture https://dikagustiana.com/finance/fundamentals/terminal-value-architecture Sat, 24 Oct 2026 00:00:00 GMT Why the Share of Value in the Terminal Year Measures the Horizon, and What the Terminal Year Has to Contain https://dikagustiana.com/accounting/consolidation/business-combinations-acquisition-method-goodwill-common-control https://dikagustiana.com/accounting/consolidation/business-combinations-acquisition-method-goodwill-common-control Sun, 11 Oct 2026 00:00:00 GMT The theory of accounting for an acquisition from the definition of a business to pooling of interests, worked from Barito Pacific's 2025 purchases and set beside the industries where the boundary matters most https://dikagustiana.com/accounting/consolidation/consolidated-cash-flows-and-mid-year-acquisitions https://dikagustiana.com/accounting/consolidation/consolidated-cash-flows-and-mid-year-acquisitions Sun, 11 Oct 2026 00:00:00 GMT How a group builds one cash flow statement out of many companies, where the non-controlling interests and the deals that change the group land in it, and what happens to a subsidiary's results before the day it was bought, worked through Barito Pacific's 2025 statements https://dikagustiana.com/accounting/consolidation/consolidation-worksheet-elimination-entries https://dikagustiana.com/accounting/consolidation/consolidation-worksheet-elimination-entries Sun, 11 Oct 2026 00:00:00 GMT How a parent's books and a subsidiary's books become one set of group statements, entry by entry, worked from Barito Pacific's stake in Barito Renewables https://dikagustiana.com/accounting/consolidation/intercompany-profit-in-inventory https://dikagustiana.com/accounting/consolidation/intercompany-profit-in-inventory Sun, 11 Oct 2026 00:00:00 GMT Why a group earns nothing by selling to itself, how the worksheet defers and later releases the profit, who bears it when outside owners are present, and what deferred tax does to it, worked from Barito Pacific's 2025 numbers https://dikagustiana.com/accounting/consolidation/intercompany-profit-plant-assets https://dikagustiana.com/accounting/consolidation/intercompany-profit-plant-assets Sun, 11 Oct 2026 00:00:00 GMT How a group removes the gain one of its companies books when it sells land, equipment or buildings to another, and how that gain comes back as depreciation, as an outside sale, or through leases and bonds, with Barito Pacific's 2025 statements as the starting numbers https://dikagustiana.com/accounting/consolidation/mutual-holdings-complex-group-structures https://dikagustiana.com/accounting/consolidation/mutual-holdings-complex-group-structures Sun, 11 Oct 2026 00:00:00 GMT How a group attributes profit when its companies own each other, from connecting affiliates to subsidiaries holding parent shares, worked through Barito Pacific's layered geothermal and petrochemical chains https://dikagustiana.com/green-transition/now/learn-from-the-uk-it-was-never-just-political-will https://dikagustiana.com/green-transition/now/learn-from-the-uk-it-was-never-just-political-will Sun, 11 Oct 2026 00:00:00 GMT Britain did not phase out coal on political will alone. It had the infrastructure and the financing in place before its carbon price bit. Indonesia has written both ends of that sequence and left the middle empty. https://dikagustiana.com/green-transition/now/the-green-transition-isnt-only-about-green https://dikagustiana.com/green-transition/now/the-green-transition-isnt-only-about-green Sun, 11 Oct 2026 00:00:00 GMT Industrialise first, go green later sounds fair, and on fairness it is. But for Indonesia, waiting is no longer a cost it gets to choose. https://dikagustiana.com/finance/fundamentals/bond-pricing-duration-and-convexity https://dikagustiana.com/finance/fundamentals/bond-pricing-duration-and-convexity Fri, 09 Oct 2026 00:00:00 GMT How Fixed Income Mathematics Translates Credit and Rate Risk into Price https://dikagustiana.com/finance/fundamentals/equity-valuation-models-and-their-embedded-assumptions https://dikagustiana.com/finance/fundamentals/equity-valuation-models-and-their-embedded-assumptions Fri, 09 Oct 2026 00:00:00 GMT DDM, Gordon Growth, and the Conditions Under Which They Fail https://dikagustiana.com/finance/fundamentals/instrument-design-and-pricing-implications https://dikagustiana.com/finance/fundamentals/instrument-design-and-pricing-implications Fri, 09 Oct 2026 00:00:00 GMT How the Form of a Security Moves Risk, Options and Control Without Changing the Total https://dikagustiana.com/finance/fundamentals/perpetuities-terminal-value-and-the-arithmetic-of-long-durat https://dikagustiana.com/finance/fundamentals/perpetuities-terminal-value-and-the-arithmetic-of-long-durat Fri, 09 Oct 2026 00:00:00 GMT Why Small Assumption Changes Produce Large Valuation Errors https://dikagustiana.com/finance/fundamentals/tax-as-a-capital-structure-variable https://dikagustiana.com/finance/fundamentals/tax-as-a-capital-structure-variable Fri, 09 Oct 2026 00:00:00 GMT How Legal Entity Architecture, Debt Tax Shields, and Transfer Pricing Shape After-Tax Firm Value https://dikagustiana.com/finance/fundamentals/the-cfo-as-capital-doctrine-architect https://dikagustiana.com/finance/fundamentals/the-cfo-as-capital-doctrine-architect Fri, 09 Oct 2026 00:00:00 GMT Agency Structure, Board Mandate, and the Governance of Financial Decision Rights