ESTIMASI NILAI PASAR WAJAR SAHAM PT BANK PEMBANGUNAN DAERAH JABAR BANTEN TBK
| Main Authors: | , Novian Fatckur Rochman, , 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/97703/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=53953 |
Daftar Isi:
- This research aims to estimate the fair market value of PT. Bank Pembangunan Daerah Jabar Banten Tbk. by using Discounted Cash Flow through the free cash flow to equity model and the relative valuation . The fair market value of PT. Bank Pembangunan Daerah Jabar Banten Tbk. can be used by firm as a reference in determining the share price that will be offered to the public. It also can be used by investor in evaluating whether the pricing of PT. Bank Pembangunan Daerah Jabar Banten Tbk. is overvalued or undervalued. The data analysed are financial statements of PT. Bank Pembangunan Daerah Jabar Banten Tbk. for period 2006 to 2010, financial statements of comparable companies for 2010, PT. Bank Pembangunan Daerah Jabar Banten Tbk. stock price, comparable companies' stock price and Jakarta composite index(IHSG). Analysis using the free cash flow to equity model conducted an analysis stages revenue projections, projections of financial statements, the projected free cash flow (free cash flow), the determination of the discount rate, the determination of terminal value, and the estimated value. Analysis using the free cash flow to equity model conducted an analysis stages choice of comparable firms, calculates value of PER and PBV multiple, estimates value of company stock using PER and PBV multiple from the comparable firm. Result of research using the free cash flow to equity model shows that the estimated fair market value of PT. Bank Pembangunan Daerah Jabar Banten Tbk. as per 31st Desember 2011 is Rp1.066,09 while using relative valuation of PER multiples is Rp1.003,70 and relative valuation of PBV is Rp852,99. Thus, the reconciliation value is estimated at Rp1.011,00. The fair market value for the selling price ranges from Rp1.086,82 for the upper limit and Rp935,17 on the lower limit.