A USER BASED-VALUATION MODEL FOR PT. GOTO GOJEK TOKOPEDIA TBK
In the 20th century, digitalization has been playing a crucial role in the activities of human beings. The digitalization has built and creates an ease in completing their task and solving the complexity of diverse individual interest problems. Not only limited to humans’ activities, various busi...
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| Format: | Theses |
| Language: | Indonesia |
| Online Access: | https://digilib.itb.ac.id/gdl/view/83950 |
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| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | In the 20th century, digitalization has been playing a crucial role in the activities of
human beings. The digitalization has built and creates an ease in completing their task
and solving the complexity of diverse individual interest problems. Not only limited
to humans’ activities, various businesses also have adopted the digitalization to be
implemented in their daily operations in order to create efficiency, effectiveness and
value proposition to customers. Various businesses have also applied and adopted
digitalization as basis components for them to operate the company/firm. An example
would be PT. GoTo Gojek Tokopedia Tbk. Although the company has conducted
various innovations of digitalization and lots of users’, they still face financial losses.
According to their financial statement in IDX the company faces -22.53 trillion
rupiah in 2021 and increases to -90.41 trillion rupiah in 2023 while having a market
capitalization of around 100 trillion rupiah in the first quarter of 2024. Seeing this gap
and problems the research proposes a financial quantitative analysis research using a
more suitable approach of valuation called ‘a user-based valuation’ to the company.
In addition, the research also conducts an in-depth analysis of external factors that
might affect the valuation of the company using Porter Five Forces Analysis and
PESTEL Analysis. From the implementation, findings and application of the
user-based valuation approach, it is shown that the actual value of the company is
58.67 trillion rupiah and having a relevant price per share of 48.86 rupiah. In addition,
compared with the current market cap and price per share, the company is overvalued
by 43.84% compared to the market cap and price per share in the first quarter of 2024
and overvalued by 28.15% in the second quarter. Lastly, from the external factors that
are analyzed, the valuation is most affected by the economic situation (GDP per
capita, inflation rate, economic growth) and competition factors around the business
where digital companies offer a high burning rate.
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