FAIR VALUE VALUATION OF PT CASHLEZ WORLDWIDE INDONESIA TBK USING ABSOLUTE AND RELATIVE METHOD

• Main Author: Puji Pangastuti, Hening
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/62785
• Institution: Institut Teknologi Bandung

There has been an increase in fintech financing activity globally since 2008, particularly in the USA and Europe from 2014. The global FinTech growth is also influencing Indonesia. A developing country like Indonesia has enormous challenges in enhancing its financial accessibility and infrastructure and a high percentage of unbanked residents. One of many innovations that FinTech has is the payment gateway system. Payment gateway system facilitates people to transact easily across the different portals. In this case, almost every business starts from unicorn SMEs using a payment gateway system. One of the companies that provide this service is PT Cashlez Worldwide Indonesia (Cash). Cashlez offers a point of sales and payment gateway system and has become the only FinTech company that is already listed in Indonesia stock exchange. In 2020, Cashlez became a public company and issued its shares for 17,507%. It becomes its source of funding for the company besides private venture. The offering stock price is 350 (IDR). The stock has closed at the value of 615 (IDR) in august 2020. After that the stock price plummets and reach 228 (IDR) by the end of October 2021 despites company reach revenue growth along their operation. Accordingly, there must be more observant in evaluating their company to conduct the company's fair value knowing that they can give remarkable growth for their revenue in 2020 and 2021. The methods used are discounted cash flow and relative valuation by Damodaran. The projection of the future financial performance is conducted by using several assumptions from the historical data and market data that is available. The result of the analysis and calculation are under normal circumstances; the company will generate stock price based on absolute valuation using discounted cash flow at Rp700 and using relative valuation on average at Rp803,89.