VALUATION OF PT PEGADAIAN FOR PROPOSED IPO PRICE
PT Pegadaian aspires to be the most valuable financial company in Indonesia and as the public's first choice financial inclusion agent. To achieve that, PT Pegadaian planned becomes a public company. PT Pegadaian can distribute more financing with increasing capital facilities. PT Pegadaian...
Saved in:
| Main Author: | |
|---|---|
| Format: | Theses |
| Language: | Indonesia |
| Subjects: | |
| Online Access: | https://digilib.itb.ac.id/gdl/view/51918 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | PT Pegadaian aspires to be the most valuable financial company in Indonesia and as the public's
first choice financial inclusion agent. To achieve that, PT Pegadaian planned becomes a public
company. PT Pegadaian can distribute more financing with increasing capital facilities. PT
Pegadaian has planned to do an initial public offering (IPO).
This study aimed to analyze and estimate the intrinsic value of Pegadaian This study will be
analyzing PT Pegadaian using external analysis, internal analysis, financial ratio analysis, and
SWOT analysis. Toward estimating the intrinsic value used absolute and relative valuation model.
The absolute valuation model used is the free cash flow to equity (FCFE) model and the excess
return model. The relative valuation used that are price to earnings ratio and price to book value
ratio.
The intrinsic value using the free cash flow of the equity model estimated is IDR 2.383,73 /share.
Using the scenario analysis with Monte Carlo simulation, the result is obtained the range of
intrinsic value that is IDR 632,36 – 2.080,06/share. The intrinsic value using the excess return
model estimated is IDR 2.571,41/share. Using the scenario analysis using Monte Carlo simulation,
the result is obtained the range of intrinsic value that is IDR 658,22 – 2.240,00/share. The valuation
using the price to earnings ratio has resulted is IDR 981,35/share. Then, the result of intrinsic value
using the price to book value ratio is IDR 1.206,39/share.
Based on analyzed using the external analysis, internal analysis, financial ratio analysis, and
SWOT analysis, then further the weighted average result of the absolute and relative valuation
model, the intrinsic value of Pegadaian when IPO estimated around IDR 2.357,97/share. The
researcher suggests recommendations to investors to buy PT Pegadaian stock during the IPO. |
|---|