FINANCIAL PERFORMANCE AND VALUATION ASSESSMENT OF PT. ELNUSA, TBK

• Main Author: And Wiro Gustiawan, Rori
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/35523
• Institution: Institut Teknologi Bandung

Oil prices increase around the year 2018 gives a positive impact on the oil and gas business industries, both as oil companies and oil and gas supporting services. PT. Elnusa, Tbk as an oil and gas supporting company conducts business activities in upstream oil and gas services, energy distribution services and logistics, and support services. In their business activities PT. Elnusa, Tbk is very dependent with global oil prices. During 2018, Elnusa's stock price not quite satisfying, contrast with the rising of global oil industry condition. This final project conducts as an analysis of financial statement and stock valuations to determine the financial performance and fair value of Elnusa's stock price. Financial ratio analysis conducts in the financial statement to determine the level of liquidity, profitability, debt, short-term performance and long-term performance. The most influences factor for company's Return On Capital (ROE) analyzed with DuPont analysis. Price multiple and enterprise multiple methods used as valuation analysis, and the free cash flow to the firm method used to find out the intrinsic value. This study concludes that Elnusa has good performance in term of liquidity, profitability, debt levels, short-term and long-term performance. However, the valuation analysis shows that the Elnusa value is below the fair value (undervalued). The calculation of free cash flow to the firm shows that the fair value of the stock is Rp. 483 but Elnusa's stock market on October 10, 2018, shows the value of Rp. 382, which is below the fair value.