ANALISIS NILAI SAHAM PASAR WAJAR PT MAYORA INDAH Tbk PASKA KEBIJAKAN INSENTIF PAJAK
| Main Authors: | , Dody Luzwardi, S.E., , Dr. Soeratno, M.Ec. |
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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/97511/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=53853 |
Daftar Isi:
- This study aims to estimate the fair market value of shares of PT Mayora Indah Tbk post-tax incentive policy by using the method of discounted cash flow and relative valuation methods. This study is interesting because it believed the policy would encourage interest in the company to enter the market and increase the number of shares outstanding in the market due to free cash flow of the larger companies because the money that is usually done to pay the taxes can be allocated to other operations, eventually need a large capital to advance the business can be met because of the substantial public ownership, it is also the bank's capital structure will be more stable due to more widespread capital ownership to the people who will ultimately have an impact on stock pricesrise. The data used consist of financial statements data. PT Mayora Indah Tbk information from the company's comparative financial statements, comparison company stock price data, risk-free interest rate, as well as other supporting data. Analysis using discounted cash flow method is done by stages: an analysis of sales or revenue projections, projections of financial statements, projected free cash flow (free cash flow), determining the discount rate (WACC), the determination of the final value (terminal value), and value estimates. Analysis by using relative valuation method begins by determining comparison companies in the same field of business subsequent to choose and set the multiplier digits (multiples) that will be used to convert the book value of the relevant variables from the PT Mayora Indah Tbk to estimate the fair market value. Multiples used are: PER (Price Earning Ratio) and PBV(Price to Book Value). With the income approach using discounted cash flow method (FCFF model) amounting to Rp6.978.998.826,747. Intrinsic value approach to income of Rp7.991.22. Estimated value of stocks relative valuation is Rp20.154.58. Estimate of intrinsic value adjusted by giving equal weight to the income approach and market approach / relative valuation then the average value between both approaches Rp14.072.90.