EVALUASI HARGA WAJAR SAHAM PT KRAKATAU STEEL PADA SAAT PENAWARAN UMUM PERDANA TAHUN 2010
| Main Authors: | , Muhammad Bukhari, , Prof. Dr. Eduardus Tandelilin, MBA. |
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| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2011
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/88450/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=50637 |
Daftar Isi:
- This study aims to evaluate the fair price of the shares of PT Krakatau Steel at the time of its initial public offering in 2010 by way of determining the intrinsic value of shares of PT Krakatau Steel as a basis for analyzing the causes of rising stock prices on the first day of trading. This study used the income approach applying discounted cash flow method with free cash flow to firm model and relative valuation. The data used consist of the financial statements of PT Krakatau Steel past four years from 2006 until 2009. Discounted cash flow method of analysis done in a way: the projected financial statements (balance sheet and income statement), projected free cash flow to firm (FCFF), determination of the discount rate, the determination of terminal value, and determining the estimated value of the company. Analysis of relative valuation starts by lo oking for comparable companies in the same industry, select and assign an appropriate multiple, or ratio of the comparison companies. This multiple is used to convert the book value of relevant variables from PT Krakatau Steel Tbk to estimate market value. Multiple used are: PER (Price Earning Ratio), PBV (Price to Book Value) and P / S (Price to Sales Ratio). The results using the discounted cash flow method derived estimate the intrinsic value of PT Krakatau Steel Tbk per October 31, 2010 amounted to Rp2.057,81, while the estimated value of stock based on the relative valuation of Rp855,59 by using the Price to Sales ratio ( P/S), Rp605,88 by using the Price Earning Ratio (PER), and Rp 430,24 by using the Price to Book Value (PBV). In this study, the estimated intrinsic value PT Krakatau Steel is determined by giving different weights to the value generated by each method used. The amount of intrinsic value PT Krakatau Steel as of October 31, 2010 namely Rp1244,00. Price range that can be offered at the time of its initial public offering of Rp1.151, 00-Rp1.337,00. Based on this study losses to the government at the time of its initial public offering of shares of PT Krakatau Steel in 2010 at Rp1.151,00 price range � Rp1.337,00 amounted Rp949.655.000.000,00 up to Rp1.536.485.000.000,00.