KEWAJARAN NILAI PASAR SAHAM PERUSAHAAN PASCA RIGHT ISSUE

Rifki Khoirudin, Desta Rizky Kusuma

Abstract


This study aims to estimate the fair value per share of PT BW Plantation Tbk after the company offered right issue. This study is also intended to find out the fair market value per share of PT BW Plantation Tbk post-rights issue. The information used in this study was obtained from secondary data from the financial statements of PT BW Plantation Tbk., which were audited by public accountants and other information available in the financial statements. BW Plantation Tbk., The company's financial statements comparison, and the company's stock price data comparison. The methods of analysis used in determining the fair value per share is the Discounted Cash Flow and Relative Valuation. Discounted Cash Flow analysis was done by: projections of financial statements i.e. balance sheet and income statement, the projected Free Cash Flow to Equity (FCFE), the determination of the discount rate, the determination of Terminal Value, and the estimated fair value of equity. Analysis of Relative Valuation begins with finding the comparison companies in the same business line, select and assign the appropriate multiple of the comparison companies. Multiple used are: Price Earnings Ratio (PER), Price to Book Value (PBV), and Price to Sales Ratio (P / S).

Keywords: valuation of shares, rights issue, discounted cash flow, relative valuation


Full Text:

PDF
rticle

References


Ang, Robert, 1997. Buku Pintar Pasar Modal Indonesia. Jakarta: Mediasoft Indonesia.

Anoraga, Pandji dan Pakarti, Piji, 2001, “Pengantar Pasar Modal”, Rineke Cipta, Jakarta.

Brigham, Eugene F, and Houston, Joel F., 2001. Manajemen Keuangan, Edisi Kedelapan, Erlangga, Jakarta.

Brigham, Eugene F, and Ehrhardt, Michael C., 2005. Financial Management: Theory and Practice, 11th edition, International Student Edition. Thomson Learnin, South-Western, Mason, Ohio, USA.

Damodaran, Aswath, 2002. Investment Valuation, John Willey & Son, Inc, New York,USA.

Damodaran, Aswath, 2006. Damodaran on Valuation, John Wiley and Sains Inc, Swiss.

Darmadji, Tjiptono dan Fakhruddin, Hendy, 2001, Pasar Modal di Indonesia. Edisi 1, Jakarta : Salemba Empat.

Hidayati, Wahyu dan Harjanto, Budi, 2003. Penilaian Properti, Edisi Pertama, Yogyakarta, BPFE.

Husnan,S. (2001). Dasar-Dasar Manajemen Keangan, UPP AMP YKPN, Yogyakarta.

Husnan, Suad. 2003, Dasar-Dasar Teori Portofolio dan Analisis Sekuritas, Edisi ketiga, Yogyakarta, UPP AMP YKPN.

Jogiyanto. 2009. Teori Portofolio dan Analisis Investasi, Edisi Keenam, Yogyakarta, BPFE.

Laporan tahunan PT. BW Plantation Tbk 2013

Murhadi, Warner R. 2009, “Analisis Saham Pendekatan Fundamental, PT. Indeks, Jakarta.

Novizantara, Alfianur, 2008. “Pendekatan DCF Dan Relative Valuation Untuk Mengestimasi Nilai Wajar Saham PT Garuda Indonesia (Persero) Dalam Rangka IPO”, Tesis S-2, Program Studi MEP UGM, Program Pascasarjana, UGM, Yogyakarta (tidak dipublikasikan).

Prawoto, Agus, 2004, Penilaian Usaha, Edisi Pertama, BPFE, Yogyakarta.

Pratt P. Shannon. and Niculita V.Alina., 2008,” Valuing a Bussines: The Analysis and Appraisal of Closely Held Companies”, Fifth Edition, McGraw-Hill Companies Inc, New York.

Rejeki, Indah Sri. 2006. Kinerja Saham Setelah Seasoned Equity Offerings: Benarkah Underperformance?, Skripsi. FE UNS.

Rezaee, Zabihollah, 2001 Financial Institutions, Valuations, Mergers and Acquistions: The Fair Value Approach, 2nd Ed., John Wiley & Sons,Inc., New York, USA.

Riyanto, Bambang, 1996. Dasar-Dasar Pembelanjaan Perusahaan, Edisi Keempat, Yogyakarta, BPFE.

Ruky, M, Saiful, 1999,” Menilai Penyertaan Dalam Perusahaan”, Gramedia Pustaka Utama, Jakarta.

Samsul, Mohamad, 2006. Pasar Modal dan Manajemen Portofolio. Erlangga.Jakarta.

Standar Penilaian Indonesia tahun 2013

Tandelilin, Eduardus. 2010, Portofolio dan Investasi:Teori dan Aplikasi, edisi pertama, Yogyakarta, Kanisius.




DOI: https://doi.org/10.20961/jiep.v16i1.2316

Refbacks

  • There are currently no refbacks.


View My Stats Free counters!