ANALISIS NILAI PASAR WAJAR SAHAM PT. WIJAYA KARYA (PERSERO) TBK. TERKAIT RENCANA HOLDING COMPANY BUMN TAHUN 2011
| Main Authors: | , Eka Anla Kumaratih, S.E., , 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/100355/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=56832 |
Daftar Isi:
- This research aims to estimate the intrinsic value of WIKA share associated with the holding company plan with several BUMN by using discounted cash flow method and relative valuation. This research also used data of WIKA financial statement�s during the last five year from 2006 until 2010, comparable companies financial statements in 2010, stock price, risk free rate and other supporting data. Method analysis of discounted cash flow conducted by : sales or earnings projection analysis, financial statement projection, free cash flow projection, discount rate determination and value estimation. Analysis of the comparative approach (relative valuation) begins with a search for comparable companies in similar field of business subsequently select and assign the appropriate multiples or ratios of comparable companies. This multiples used to convert a relevant book value variable from WIKA become an estimation of market value. Multiples or ratio which used were : PER (Price Earning Ratio), PBV (Price to Book Value) and P/S (Price to Sales Ratio). The result from this research by using discounted cash flow method obtained an intrinsic value estimation of WIKA share per December 31, 2010 at Rp546,45. Result by using relative valuation obtained the following result : for the estimation of stocks price per share WIKA by using PER equal to Rp574,10, using PBV ratio equal to Rp317,61 and using price to sales ratio equal to Rp560,76. The mean from this three method equal to Rp484,15. Based on this both approaching, price of WIKA share at this time possibility of overvalued.