ESTIMASI NILAI PASAR WAJAR SAHAM PT PERKEBUNAN NUSANTARA (PTPN IV) DALAM RANGKA INITIAL PUBLIC OFFERING (IPO) TAHUN 2012
| Main Authors: | , Ady Ramon, , Prof. Dr. Eduardus Tandelilin, M.B.A., |
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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/97505/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=54199 |
Daftar Isi:
- This study aims to estimate the fair market value of stock of PT Perkebunan Nusantara (PTPN) IV for the plan of its initial public offering in 2012. This study used discounted cash flow method with free cash flow to equity model, relative valuation and Residual Income Method with Economic Profit Model. The data used consist of the financial statements of PTPN IV past five years from 2006 until 2010. Multiple used in Relative Valuation are: PER (Price Earning Ratio), PBV (Price to Book Value), and Price to Sales (P/S) Ratio. The results using the discounted cash flow method with free cash flow to equity model derived the equity value estimation of PTPN IV per January 1, 2012 amounted to Rp9.736.463.345.408,33, while the estimated value of stock based on the relative valuation of Rp7.494.791.292.749,43 by using the Price Earning Ratio (PER), Rp8.884.302.000.138,31 by using the Price to Book Value (PBV) and Rp14.747.027.697.790,20 by using P/S Ratio. The result using Residual Income Method with Economic Profit Model is Rp9.845.354.449.559,65. All the result reconciliated by giving different weights to the value generated by each method used that derived Rp9.966.248.327.306,59. The range that can be offered at the time of its initial public offering of 9.218.779.702.758,60 �Rp10.713.716.951.854,60. Keywords: fair market value of stock, discounted cash flow, free cash flow to equity, relative valuation, residual income method, economic profit model