ANALISIS FUNDAMENTAL UNTUK MENENTUKAN NILAI INTRINSIK PT PEGADAIAN
Determination of intrinsic value is a basic and crucial part of the process of determining equity price in order to optimize the fresh money from IPO. A brief analysis of macro economics, business environment and strategies, reliability of financial data, and analysis of financial statement are need...
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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/118978/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=58957 |
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| Institution: | Universitas Gadjah Mada |
| Summary: | Determination of intrinsic value is a basic and crucial part of the process
of determining equity price in order to optimize the fresh money from IPO. A
brief analysis of macro economics, business environment and strategies,
reliability of financial data, and analysis of financial statement are needed in
determination of fundamental value.
In this thesis, financial statements are analised using Least Square Method
and random walk trend analysis method, interchangable depend on the data.
Based on these analysis, predicted financial statement and cash flow are taken.
The valuation method is Free Cash Flows to Equity (FCFE) method.
National macroeconomics supported PT Pegadaian�s businesses to grow up.
Also, PT Pegadaian did business in very good strategies, such as product
differentiation and proper market orientation. Return market is taken from jakarta
composite index (IHSG) at level 11,20%. Cost of Capital determined using
CAPM at level 6,855%. FCFE�s growth is assumed 5% yearly. Free risk return
taken from the average of Surat Perbendaharaan Negara (SPN) or government
bond quarterly rate at 3,79%. Beta was taken fromthe average of the companies of
financial industries listed at Bursa Efek Indonesia(BEI) at level 0,4136.Intrinsic
value of PT Pegadaian is sum up of the present value of FCFE 2013, FCFE 2014,
and present value ofthecontinuing value. The result isRp400.267.704.053.204,00. |
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