PENILAIAN EKUITAS PADA PERUSAHAAN YANG MEMPUNYAI EMPLOYEE STOCK OPTION PLAN (Studi Pada PT. Global Mediacom Tbk.)

• Main Authors: , Visca Amanda Pangaribuan, , Prof. Dr. Eduardus Tandelilin, M.B.A.
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2013
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/119919/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=59925
• Institution: Universitas Gadjah Mada

This research aims to estimate the fair market value of the equity in PT Global Mediacom Tbk. which their employees have converted their employee stock options plan (ESOP) on October 11, 2012. ESOP affect the value of the company because it is a claim in the future to sell the stock in certain price so the ESOP have a certain value that should be taken into account in the equity assessment of the company. ESOP can also provide additional equity of capital to the company if it has been convert into shares.The method used in this assessment is the Discounted Cash Flow method with free cash flow to firm and relative valuation. Equity value as the result of this research is expected to be use as a benchmark for shareholders to considering the decision to buy or sell stocks. The data used in this study are the financial statements and annual report of PT Global Mediacom Tbk. from 2007 to 2011, the monthly stock price five years, data IHSG monthly five years, the comparison company's financial data, Indonesia's GDP growth rate, and the comparison company's stock price per December 31, 2012. The results of the estimated fair market value of equity per share of PT Global Mediacom Tbk. December 31, 2012 using the method of DCF-FCFF worth Rp2409.90 per share and using the method of relative valuation of Rp2577.75 per share. A reconciliation of the two methods give the intrinsic value of equity of Rp2477.04 per share.