VALUATION OF PT. BUKALAPAK.COM TBK. USING DISCOUNTED CASH FLOW, RELATIVE VALUATION, AND BOOK VALUE METHODS

• Main Author: Nhirun Rikasofiadewi, Putri
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/65059
• Institution: Institut Teknologi Bandung

PT. Bukalapak.com Tbk. issued the Initial Public Offering in August 2021 with the opening stock price of Rp850. Since the opening, the stock price of Bukalapak kept declining to the value of Rp430 at the end of the 4th quarter in 2021. This study intended to find the fair value of Bukalapak by using the Discounted Cash Flow (DCF), which is categorized as an intrinsic valuation method, and relative valuation method. After the calculation using both methods, this study also calculated the Book Value per share to see how much market valued the company compared to DCF and relative valuation methods. At the end of the calculation, this study concluded whether the market value of Bukalapak was undervalue, overvalued, or corresponded with its fair value. The DCF calculation was done by collecting the Financial Statement from two years from 2020 to 2021, to be used as the historical data to generate the forecast of assumptions used as the input for the next 5 years. The output of the calculation is the future Free Cash Flow to Equity (FCFE). The calculation of DCF yielded the Equity Value per share of (-Rp229). The relative valuation method was done by finding the comparable companies. In this study, the companies used for comparison are PT. Cashlez Worldwide Indonesia Tbk. and PT Kioson Komersial Indonesia Tbk. The multiples EV/EBITDA of each company was then used to calculate the average value of the multiple of Bukalapak and the comparable companies. This average value was then multiplied with the EBITDA of Bukalapak to produce the Enterprise Value per share of Rp225. Lastly, the Book Value per share was used to understand how the market appraised the company compared to both methods DCF and relative valuation. The Book value per share was calculated by subtracting the company’s total assets with its total liabilities, and then dividing the result with shares outstanding. The Book Value per share calculation yielded the value of Rp228, which is -0.996 times higher than the Equity value per share using DCF method, and 1.01 times higher than the Enterprise Value per share using relative valuation method. From both DCF and relative valuation method calculations, the market value of Bukalapak was concluded as overvalued.