ANALISIS VALUASI NILAI WAJAR PT BANK CIMB NIAGA, TBK DENGAN METODE FREE CASHFLOW TO EQUITY (FCFE) DAN RELATIVE MODEL VALUATION
| Main Authors: | , Agung Marsubowo, , Prof. Dr. Sukmawati Sukamulja, M.M |
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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/99621/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=55735 |
Daftar Isi:
- Bank acts as intermediary institutions channeling public funds to companies or individuals who need financing. Bank profits derived from the difference of interest income and other non-operational income (fee-based income). With the function and role of the banking industry into an attractive industry for investors, therefore, required an analysis of companies in the banking industry that may be information for investors to invest in the banking industry. The purpose of this study is to provide an analysis of the fair value of PT Bank CIMB Niaga using Free Cashflow To Equity Method and Relative Valuation. Analyses were performed by means of qualitative analysis and quantitative analysis. Qualitative analysis performed by covering the top down analysis of macroeconomic analysis, industry analysis and company analysis of PT Bank CIMB Niaga. Quantitative analysis performed by calculating the fair value of PT Bank CIMB Niaga using Free Cashflow To Equity method and Relative Valuation. With the two analytical approaches is expected to provide a thorough analysis for investors. The study of macro-economic analysis suggests that Indonesia's economy has a fairly good resistance from external economics pressure. Industry analysis suggests that the banking industry has good potential growth and in the same time has enough challenges such as high operating expenses ratio. PT Bank CIMB Niaga has a pretty good performance in the last five years, with net profit growth above the industry average post-merger gives a pretty good for the company. Based on the calculation of the fair value, PT Bank CIMB Niaga fair value is Rp4.847,74. Therefore the shares of PT Bank CIMB Niaga considered undervalued by the market. It is also supported by the ratio of PER (Price To Earning Ratio) PT Bank CIMB Niaga which reflects that the company is considered undervalued by the market.