STOCK VALUATION OF PT PERUSAHAAN GAS NEGARA TBK AFTER PERTAGAS ACQUISITION

• Main Author: Kharismawan, Bagus
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/46385
• Institution: Institut Teknologi Bandung

Natural gas is one of the vital components of world energy supply. Together with coal and oil, natural gas classified as fossil fuels because they contain hydrocarbons and when they are combined, they produce no less than 80% of the world's energy demand. Natural gas fuel plays a significant role in most sectors of the world economy (industry, power generation, commercial and residential). The fact that there are many natural gas reserves in the world is likely to became their advantage in order to remain the important energy in the future because most countries want to reduce dependence on expensive and inhospitable energy sources environment like oil. PT Perusahaan Gas Negara Tbk (IDX: PGAS) is an Indonesian-based, publicly listed company focusing in integrated gas business. Currently, PGAS divides its business into four segments which are: Distribution business, transmission business, upstream business, and other supporting business such as LNG, CNG, and fiber optic. At present the government has planned a program that aims to establish holding companies for state-owned enterprises engaged in various sectors to be able to compete at the global level. One of the agendas that has been implemented is the acquisiton of PT. Pertagas by PT. PGN to realize the establishment of a holding for oil and gas BUMN (Oil and Gas). After going through long process in order to complete the acquisition, on 2018, PGAS has completely taken over 51% of Pertagas shares. This final project purpose is to analysze the financial performance of PT. Perusahaan Gas Negara Tbk and analyzing the prospect after the acquisition, forecasting the share price and give reccomendation to investors. The reccomendation for investors is to sell the stocks since they have a negative downslide from market price to target price, but remain hold if the reccomendation is based on CFA guide. All of these analysis are limited to financial report as stated from annual report year 2016 until 2018.