ESTIMASI NILAI PASAR WAJAR EKUITAS PT. BANK NEGARA INDONESIA (PERSERO) TBK. PASCA RIGHTS ISSUE

• Main Authors: , Karmanto, Ir., , Arvan Carlo Djohansyah, M.Si
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2011
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/89643/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=52079
• Institution: Universitas Gadjah Mada

Purpose of this research is to estimate and determine an opinion the fair market value of stock of PT Bank Negara Indonesia (Persero) Tbk. after rights issue. Bank BNI have issued 3.374.716.060 new stcoks on December 10th 2010, and after issued the stocks, total stock owned by public become approximately 40 persen or equal with 7.387.127.116 stocks and remaining of the stocks approximately 60 persen still owned by goverment Republic of Indonesia. Acquisition capital from rights issue used for credit expansion, investment in fixed asset and increase investements in subsidiaries. Analysis tool used in this research are Discounted Cash Flow method (DCF) and Price Per Book Value method (P/BV). Data used in the analysis are audited financial report years 2005 up to 2009 and projection for years 2010, this was due to financial report audited years 2010 would be published on mid of April. There are 2 companies that made comparison. The both companies owned by goverment and it have similiar caracteristic business line, those are PT Bank Mandiri (Persero) Tbk. and PT Bank Rakyat Indonesia (Persero) Tbk. To analyze the both comparison companies used audited financial report years 2005 up to 2009 and projection for year 2010. By using income approach and market approach with the DCF and P/BV method as an analytical tool is obtained the fair market value of majority stocks owned by Goverment Republic of Indonesia and fair market value of minority stocks owned by public on December 31th 2010 in consecutive are Rp66.420.991.170.725,- (sixty six triliun four hundred twenty billion nine hundred ninty one million one hundred seventy thousand seven hundred twenty five rupiahs) or Rp6.054,- (six thousand fifty four rupiahs) per stock and Rp31.912.768.025.560,- (thirty one trillion nine hundred twenty billion seven hundred sixty eight million twenty five thousand sixty rupiahs) or Rp4.320,- (four thousand three hundred twenty rupiahs) per stock.