BUKALAPAK'S COMPANY VALUATION

• Main Author: Soedjijanto Josua, Erwin
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/62708
• Institution: Institut Teknologi Bandung

PT Bukalapak.com is a leading tech company, the first unicorn to IPO in Indonesian Stock Exchange with the ticker code of BUKA. BUKA itself has the third largest market share in e-commerce platform, and want to tapping out new market potential of online-to-offline (O2O) channeling. During the current period of analysis, when the Indonesian Stock Exchanges considered as one of favorable option to raising fund, BUKA is planning to do Initial Public Offering (IPO) in order to obtain additional fund from public investor. By doing IPO, BUKA obligated to share their information to the public. Hence, this research contains how the current valuation for BUKA is and how potential investor should react on the IPO initiative. The valuation to derive BUKA ’s fair value is using Discounted Cash Flow (DCF) Free Cash Flow to Equity (FCFE) method, and relative valuations as the confirmation for the DCF. Based on the valuations, the market cap estimation of BUKA is at Rp 131 trillion. Confirming to the relative valuations, it will be priced in at 1.2x EV/GMV. Compared to the sector’s EV/GMV at 3-5x, this valuation is undemanding, hence, there is potential upside of +54% from the valuation in this thesis.