Penilaian terhadap Nilai Wajar Saham PT Media Nusantara Citra Tbk pada Saat Penawaran Private Placement
PT Media Nusantara Citra Tbk had significant role in television broadcasting industry. One of foreign investor interested to invest in Indonesia and decided to purchased shares of PT Media Nusantara Citra Tbk. This research was intended to analyzed fair value of share price of PT Media Nusantara Cit...
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| Main Authors: | , |
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| Format: | Theses and Dissertations NonPeerReviewed |
| Published: |
[Yogyakarta] : Universitas Gadjah Mada
2013
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| Subjects: | |
| Online Access: | https://repository.ugm.ac.id/118341/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=58288 |
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| Institution: | Universitas Gadjah Mada |
| Summary: | PT Media Nusantara Citra Tbk had significant role in television broadcasting
industry. One of foreign investor interested to invest in Indonesia and decided to
purchased shares of PT Media Nusantara Citra Tbk. This research was intended to
analyzed fair value of share price of PT Media Nusantara Citra Tbk, which was listed
in Indonesia Stock Exchange as of 30 September 2011 in the event of private
placement offering and to analyzed the feasibility of decision to purchased 7.5%
ownership in PT Media Nusantara Citra Tbk.
The object of this research was common shares of PT Media Nusantara Citra
Tbk, which was listed in Indonesia Stock Exchange. This research used secondary
data provided by third party or institution, i.e. (1) consolidated audited financial
statement, (2) closing share price, outstanding shares, beta coeficient, and Jakarta
Composite Index data. The key variable in this research was fair value of share price
of PT media Nusantara Citra Tbk in Indonesia Stock Exchange as of 30 September
2011 in the event of private placement offering. Researcher calculated fair value of
share price of PT Media Nusantara Citra Tbk using Corporate Valuation model.
Corporate Value was calculated by determining projected free cash flow during 2012
until 2016, discounted using WACC rate, then Equity Value was determined by
deducting debt component from Corporate Value, towards calculated fair value of
share price of PT Media Nusantara Citra Tbk.
The result of this research concluded that fair value of share price PT Media
Nusantara Citra Tbk was equivalent to Rp 1.593. This value was higher than
purchase price paid by investor through private placement mechanism, i.e. Rp 1.000.
By the end of 2011 (as of 30 December 20110), share price of PT Media Nusantara
Citra Tbk increased to Rp 1.310. This share price was predicted to increase
continously reach its fair value equivalent to Rp 1.593. The researcher concluded
that investor enjoyed capital gained by 31% as of 31 December 2011. |
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