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The financial system is an economic order in a country that plays a role and perform in various <br /> <br /> <br /> <br /> <br /> financial services activities held by financial institutions. In Indonesia there are two types of financial <br /> <br /...
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id-itb.:197332017-09-27T15:30:58Z#TITLE_ALTERNATIVE# Dwi Saputra (NIM : 29109056), Yudistira Indonesia Theses INSTITUT TEKNOLOGI BANDUNG https://digilib.itb.ac.id/gdl/view/19733 The financial system is an economic order in a country that plays a role and perform in various <br /> <br /> <br /> <br /> <br /> financial services activities held by financial institutions. In Indonesia there are two types of financial <br /> <br /> <br /> <br /> <br /> systems, the banking system and the system of non-bank financial institutions. Pegadaian are the only <br /> <br /> <br /> <br /> <br /> non-bank system financial institutions owned by Government in Indonesia which essentially doing the <br /> <br /> <br /> <br /> <br /> business of credit financing distribution services to the public on the basis of liens and fiduciary law. <br /> <br /> <br /> <br /> <br /> For the case of Pegadaian, funding needs for the further expansion and distribution of loan <br /> <br /> <br /> <br /> <br /> financing to increase the turnover of loans have always used the funds through bank loans or the issuance <br /> <br /> <br /> <br /> <br /> of bonds. In 2012, Pegadaian plans to perform an Initial Public Offering (IPO). Implementation of this <br /> <br /> <br /> <br /> <br /> IPO as an alternative funding source other than the issuance of bonds and loans from the banks, the <br /> <br /> <br /> <br /> <br /> amount of funds for Rp 8.085 billion. The need for these funds are used to meet loan disbursement of loan <br /> <br /> <br /> <br /> <br /> financing. In addition, funds will also be used to pay off debts to the banks. Expected to go public, <br /> <br /> <br /> <br /> <br /> Pegadaian can obtain funds by selling some of its shares to the public. In addition to meeting the needs of <br /> <br /> <br /> <br /> <br /> these funding sources, plans to go public Pegadaian is one part from pogram of privatization plan of <br /> <br /> <br /> <br /> <br /> state-owned companies in Indonesia. It is contained in the Masterplan 2010-2014. <br /> <br /> <br /> <br /> <br /> Stock pricing becomes a very important part in the implementation of the IPO as it will determine <br /> <br /> <br /> <br /> <br /> the success of the IPO. Analysis of the Pegadaian stock price is determined by two methods which are <br /> <br /> <br /> <br /> <br /> the Discounted Cash Flow (DCF) and Relative Valuation. In the DCF method, using a scenario based on <br /> <br /> <br /> <br /> <br /> the capital structure and projected growth. By using the DCF method, it is obtained the stock price range <br /> <br /> <br /> <br /> <br /> of Rp 1.393 - Rp 7.010 with a firm value of Rp 29.699 billion - Rp 57.243 billion, and the percentage of <br /> <br /> <br /> <br /> <br /> shares to be released to the public as much as 11.40% - 27.06%. As for the Relative Valuation methods, <br /> <br /> <br /> <br /> <br /> using comparisons with similar companies (multi-finance companies) who have done the previous IPO. <br /> <br /> <br /> <br /> <br /> Obtained using the method of Relative Valuation, the share price range is Rp 1.192 - Rp 6.122. <br /> <br /> <br /> <br /> <br /> Under both methods the resulting reference of the stock price range between Rp 1.192 - <br /> <br /> <br /> <br /> <br /> Rp 6.122 the number of shares will be released to the public as much as 485.007.283 – 1.978.911.157 <br /> <br /> <br /> <br /> <br /> shares or 8,19 % - 27,06 % to meet the needs of funds through equity for Rp 3.234 billion and the rest of <br /> <br /> <br /> <br /> <br /> Rp 4.851 billion through debt. text |
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The financial system is an economic order in a country that plays a role and perform in various <br />
<br />
<br />
<br />
<br />
financial services activities held by financial institutions. In Indonesia there are two types of financial <br />
<br />
<br />
<br />
<br />
systems, the banking system and the system of non-bank financial institutions. Pegadaian are the only <br />
<br />
<br />
<br />
<br />
non-bank system financial institutions owned by Government in Indonesia which essentially doing the <br />
<br />
<br />
<br />
<br />
business of credit financing distribution services to the public on the basis of liens and fiduciary law. <br />
<br />
<br />
<br />
<br />
For the case of Pegadaian, funding needs for the further expansion and distribution of loan <br />
<br />
<br />
<br />
<br />
financing to increase the turnover of loans have always used the funds through bank loans or the issuance <br />
<br />
<br />
<br />
<br />
of bonds. In 2012, Pegadaian plans to perform an Initial Public Offering (IPO). Implementation of this <br />
<br />
<br />
<br />
<br />
IPO as an alternative funding source other than the issuance of bonds and loans from the banks, the <br />
<br />
<br />
<br />
<br />
amount of funds for Rp 8.085 billion. The need for these funds are used to meet loan disbursement of loan <br />
<br />
<br />
<br />
<br />
financing. In addition, funds will also be used to pay off debts to the banks. Expected to go public, <br />
<br />
<br />
<br />
<br />
Pegadaian can obtain funds by selling some of its shares to the public. In addition to meeting the needs of <br />
<br />
<br />
<br />
<br />
these funding sources, plans to go public Pegadaian is one part from pogram of privatization plan of <br />
<br />
<br />
<br />
<br />
state-owned companies in Indonesia. It is contained in the Masterplan 2010-2014. <br />
<br />
<br />
<br />
<br />
Stock pricing becomes a very important part in the implementation of the IPO as it will determine <br />
<br />
<br />
<br />
<br />
the success of the IPO. Analysis of the Pegadaian stock price is determined by two methods which are <br />
<br />
<br />
<br />
<br />
the Discounted Cash Flow (DCF) and Relative Valuation. In the DCF method, using a scenario based on <br />
<br />
<br />
<br />
<br />
the capital structure and projected growth. By using the DCF method, it is obtained the stock price range <br />
<br />
<br />
<br />
<br />
of Rp 1.393 - Rp 7.010 with a firm value of Rp 29.699 billion - Rp 57.243 billion, and the percentage of <br />
<br />
<br />
<br />
<br />
shares to be released to the public as much as 11.40% - 27.06%. As for the Relative Valuation methods, <br />
<br />
<br />
<br />
<br />
using comparisons with similar companies (multi-finance companies) who have done the previous IPO. <br />
<br />
<br />
<br />
<br />
Obtained using the method of Relative Valuation, the share price range is Rp 1.192 - Rp 6.122. <br />
<br />
<br />
<br />
<br />
Under both methods the resulting reference of the stock price range between Rp 1.192 - <br />
<br />
<br />
<br />
<br />
Rp 6.122 the number of shares will be released to the public as much as 485.007.283 – 1.978.911.157 <br />
<br />
<br />
<br />
<br />
shares or 8,19 % - 27,06 % to meet the needs of funds through equity for Rp 3.234 billion and the rest of <br />
<br />
<br />
<br />
<br />
Rp 4.851 billion through debt. |
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Theses |
author |
Dwi Saputra (NIM : 29109056), Yudistira |
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Dwi Saputra (NIM : 29109056), Yudistira #TITLE_ALTERNATIVE# |
author_facet |
Dwi Saputra (NIM : 29109056), Yudistira |
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Dwi Saputra (NIM : 29109056), Yudistira |
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url |
https://digilib.itb.ac.id/gdl/view/19733 |
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1821119931160199168 |