EVALUASI NILAI PASAR WAJAR SAHAM PT. BANK AGRONIAGA Tbk. PADA SAAT DI AKUISISI OLEH PT. BANK BRI Tbk
| Main Authors: | , Ir. Anas Karim Rivai, , Prof. Dr. Eduardus Tandelilin, MBA |
|---|---|
| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2011
|
| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/89649/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=52057 |
Daftar Isi:
- The purpose of this study is to find out the Fair Market Value of 76% share of PT. Bank Agroniaga Tbk, bought by PT Bank BRI Tbk on Ausgut 10, 2010. The number of share sold to Bank BRI Tbk is 3,03 billion share of PT Bank Agro Tbk which ammounted to Rp. 330 billion or Rp109 per share. The analytical tool used in the study is valuation aproach usually use in the Business Valuation such as Income Approach and the Market Approach. Since business valuation means working with financial report, we reviewed audited report of PT. Bank Agroniaga Tbk (Persero) from 2005 to 2009, and the financial statements four) other banks operating in Indonesia. They are Bank Mandiri, Bank BCA, Bank Bumi Artha, and Bank Bukopin. According to financial analysis of PT. Bank Agroniaga Tbk, it seems there is no problem with the financial condition of the bank since it meets solvency margin (capital adequate ratio or CAR) as required by Bank Indonesia. In addition, from financial ratio side the financial conditions of the bank is also good enough since it may fulfill all its obligations and profitable. As a results, by applying Discounted Cash Flow Method we estimate the share fair market value of PT. Bank Agroniaga Tbk (Persero) Tbk. in November, 2010 is Rp. 132, 38 per share or value of the firm is Rp. 1.776.252,240,000. On the other hand, by applaying market approach we obtained the estimate value of the bank is Rp18.782.806.643.333,- or Rp. 141,10 Per share. By weighting avarage those values we have the estimate value of fair market value of PT. Bank Agroniaga Tbk (Persero) Tbk of shares is Rp139,39,.-per share.