PENDEKATAN DCF DAN RELATIVE VALUATION UNTUK MENGESTIMASI NILAI WAJAR SAHAM PT. ATLAS RESOURCES DALAM RANGKA IPO
| Main Authors: | , Rifki Khoirudin, , Dr. Mamduh M. Hanafi, MBA., |
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| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2012
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/100347/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=56636 |
Daftar Isi:
- This research aims to estimate fair value per share of PT. Atlas Resources, Tbk. as a comparison value to the offered price, set at the time of Initial Public Offering (IPO). This research also aim to determine whether the price offered abovementioned were undervalued or overvalued. Information used in this research is in the form of secondary data of PT. Atlas Resources, Tbk. financial statements for the period of fourth years from 2007 to 2011 which was audited by public accountants collectively with other information contained in yhe its prospectus, financial report of comparable companies, and stock prices of comparable companies. The analyzing tools used to determine the fair value per share are discounted cash flow method and relative valuation method. The discounted cash flow method were perform via: projection of the financial statements i.e. the balance sheet and income statement, projection of Free Cash Flow to Equity (FCFE), determination of the discount rate, determination of terminal value, and determining the estimated value of the equity. The relative valuation method is established by searching, choosing and determining the appropriate multiple of comparable companies in similar bussines. Multiples used are: Price Earnings Ratio (PER), Price to Book Value (PBV), and Price to Sales Ratio (P/S). The result using the discounted cash flow method is indicated fair value per share at Rp887. While using the relative valuation method at Rp1.237 the value arrived as follows: indicated fair value per share using price earnings ratio, price to book value and price to sales are Rp209, Rp747 and Rp2.756 respectively. Reconsiliation results of both methods, is estimated fair value per share at Rp1.115 with value ranges between Rp1.031 to Rp1.198. The offer price at the time of IPO were Rp1500, thus the shares of PT. Atlas Resources, Tbk. is found to be overvalued.