ESTIMASI NILAI PASAR WAJAR SAHAM PT ANEKA TAMBANG (PERSERO) TBK. DALAM RANGKA PRIVATISASI MELALUI RIGHT ISSUE TAHUN 2013
| Main Authors: | , Dwi Rahmanto, , Dr. I Wayan Nuka Lantara, M.Si., |
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| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2013
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/119766/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=59770 |
Daftar Isi:
- This study aims to estimate the fair market value of the shares of PT Antam (Persero) Tbk by the end of 2012, when the government plans to privatize PT Antam (Persero) through a rights issue scheme. Fair market value of the shares of PT Aneka Tambang (Persero) Tbk is obtained using several methods: discounted cash flow�to-equity cash flow and relative valuation models with multiple PER (Price to Earning Ratio), PBV (Price to Book Value) and P/S (Price to Sale Ratio). The importance this study is to provide input and consideration for the government during a rights issue as well as additional useful information and resources for investors who might invest in PT Antam (Persero) Tbk. The data examined in this study on the method of discounted cash flow-toequity cash flow and relative valuation models consist of six financial statements and other information contained in the annual report of PT Antam (Persero) Tbk year 2006-2011, the company's financial statements of comparable firms, price PT Aneka Tambang (Persero) Tbk, and the stock price index (CSPI). The results show that the fair market value of the shares of PT Aneka Tambang (Persero) as on December 31, 2012 using the discounted cash flow-cash flow to equity model is Rp1.371 per share, and the fair market value of the shares based on relative valuation methods is Rp1.450 per share. The results of the reconciliation of the two methods produce fair market value of the shares of PT Aneka Tambang (Persero) Tbk amounting to Rp1.395 per share. The range of fair market value as is Rp1.290 sale as the lower limit and with upper limit of Rp1.499.