STOCK VALUATION OF PT HARUM ENERGY TBK. IN 2020 USING DISCOUNTED CASH FLOW AND RELATIVE VALUATION
PT Harum Energy Tbk. (HRUM) in full year 2020 had sales volume decreased by 32% from previous year, while average sales price (ASP) also decreased by 13.3% year-on-year. Revenues declined by USD 104.8 million, but in contrary, profit attributable to owners of the parent company increased by 218.9...
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| Format: | Theses |
| Language: | Indonesia |
| Subjects: | |
| Online Access: | https://digilib.itb.ac.id/gdl/view/62603 |
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| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | PT Harum Energy Tbk. (HRUM) in full year 2020 had sales volume decreased by
32% from previous year, while average sales price (ASP) also decreased by 13.3%
year-on-year. Revenues declined by USD 104.8 million, but in contrary, profit
attributable to owners of the parent company increased by 218.9% compared to
2019. Since October 2020, HRUM’s stock price has increased over 697% in 7
months.
Author, through this research, analyse intrinsic value of HRUM based on full year
financial statement in 2020 to provide recommendation for investors along with
analysis on business potential in coal and nickel industry for upcoming years based
on risk analysis. Valuation is done using discounted cash flow and EV/EBITDA
multiple.
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