BANK HEALTH ANALYSIS USING RISK BASED BANK RATING AND STOCK VALUATION ON PT BANK JAGO TBK
PT Bank Jago Tbk launched a Digital Bank called Jago officially became a public company and was listed on the Indonesia Stock Exchange through an Initial Public Offering (IPO) in 2016 with the code ARTO Stock. In December 2020, Gojek through PT Dompet Karya Anak Bangsa (GoPay) became an investor wit...
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| Format: | Theses |
| Language: | Indonesia |
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| Online Access: | https://digilib.itb.ac.id/gdl/view/69720 |
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| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | PT Bank Jago Tbk launched a Digital Bank called Jago officially became a public company and was listed on the Indonesia Stock Exchange through an Initial Public Offering (IPO) in 2016 with the code ARTO Stock. In December 2020, Gojek through PT Dompet Karya Anak Bangsa (GoPay) became an investor with an ownership portion of 22.16%. After that, ARTO's shares moved up by 710% to reach the highest price of Rp. 19.500 on January 20, 2022. However, after that, the share price fell to Rp. 6.600 or decreased by 66% on May 19, 2022.
This study is to determine the healthy level of PT Bank Jago, using the Risk-Based Bank Rating (RBBR) method. Stock valuation is conducted using the relative valuation model method, the method used is book value (PBV) and price-toearnings ratio (PER) and absolute valuation model uses discounted cash flow model with the method dividend discount model and excess return model.
The Results from the RBBR analysis of Bank Jago's health are: Risk Profile : NPL is Healthy, LDR is Less Healthy, GCG is Good, Earning : ROA is quite healthy, and Capital : CAR is Very Healthy, The calculation of the relative valuation using the PER and PBV Ratio show that the book value is Rp. 598. The PBV ratio is 26.8. PT Bank Jago in December 2021 share price for Rp. 16,000.00 which is well above the book value. Absolute valuation : Dividend Discount Model for stable growth, value of shares is Rp. 100 and the calculation is using the normalized Earning to be Rp. 1,201. Excess Return Models : the value of shares is Rp. 1.069, when compared to the stock price in December 2021, shares are considered overvalued |
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