EVALUASI NILAI PASAR WAJAR SAHAM PT NUSANTARA INFRASTRUCTURE Tbk. PASCA PENAWARAN UMUM TERBATAS I (RIGHT ISSUE I)
| Main Authors: | , Fuadah, Ir., , 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/89637/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=52060 |
Daftar Isi:
- This research aimed to evaluate the fair market value of shares of PT Nusantara Infrastructure Tbk after the Limited Public Offering I (Right Issue I). PT Nusantara Infrastructure Tbk is a holding company which has three subsidiaries engaged in planning, chartering, operation and maintenance of highways. Analysis tools used in this research is Income Approach with the method of discounted cash flows. Selected cash flow is cash flow for the company (Free Cash Flow to the Firm / FCFF) with a discount rate estimated using the Weighted Average Cost of Capital (WACC). Market Data Approach is shown only for comparison. The data used in this research are the financial statements of PT Nusantara Infrastructure Tbk, which has been audited for the period 2006 - 2010, historical data of traffic volume and toll management agreement. Growth in traffic volume and toll rates is a very important factor in this research. This is because of the company's main revenue comes from services that assessed the use of toll roads, which run during the concession period. Toll revenue is estimated using the formula of transportation logistics, done by estimating the traffic volume and the assumption of constant growth rate of highway tarrif for every 2 (two) years. Results obtained by using the income approach to the DCF method gained the fair market value per share of PT Nusantara Infrastructure Tbk as of December 31,2010 amounting to Rp313,-. The share price of PT NI traded on capital markets on the same date amounted to Rp330,- and this is higher (over-value) from the value or intrinsic value analysis.