Penilaian terhadap Nilai Wajar Saham PT Media Nusantara Citra Tbk pada Saat Penawaran Private Placement

• Main Authors: , Ronny Chandrawira, , Dr. Khomsiyah, M.Si.
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2013
• Subjects: ETD
• 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
• Institution: Universitas Gadjah Mada

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.