PENILAIAN DIVESTASI SAHAM MERCHISTON GROUP LIMITED PADA PT HOTEL SAHID JAYA INTERNATIONAL TBK
This research aims to determine the estimation of the intrinsic value of PT Hotel Sahid Jaya International Tbk. share, when the divestment occurs, by using both discounted cash flow method and relative valuation method. This research also used data of PT Hotel Sahid Jaya International Tbk. financial...
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| Main Authors: | , |
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| Format: | Theses and Dissertations NonPeerReviewed |
| Published: |
[Yogyakarta] : Universitas Gadjah Mada
2011
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| Subjects: | |
| Online Access: | https://repository.ugm.ac.id/89648/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=52058 |
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| Institution: | Universitas Gadjah Mada |
| Summary: | This research aims to determine the estimation of the intrinsic value of PT
Hotel Sahid Jaya International Tbk. share, when the divestment occurs, by using
both discounted cash flow method and relative valuation method. This research
also used data of PT Hotel Sahid Jaya International Tbk. financial statement
during the last five years from 2005 until 2009. Analysis by using the discounted
cash flow method is conducted by several procedures included sales or earnings
projection analysis, financial statement projection, free cash flow projection,
discount rate determination and value estimation. Analysis by using relative
valuation is started by searching any similar companies in the same field of
industry after choosing an appropriate ratio or multiples from those companies.
This multiples, used to convert a relevant book value variable from PT Hotel
Sahid Jaya International Tbk., become an estimation of market value. Multiples or
ratio which used were: PER (Price Earning Ratio), PBV (Price to Book Value)
and P / S (Price to Sales Ratio).
The result from the research that use the discounted cash flow method
obtained an intrinsic value estimation of PT Hotel Sahid Jaya International Tbk.
share per 2010 equal to Rp1.494,-. The result by using relative valuation obtained
the following result: for the estimation of stocks price per share PT Hotel Sahid
Jaya International Tbk. by using PER equal to Rp1.112,-, using PBV ratio equal
to Rp230,- and using price to sales ratio equal to Rp3.051,-. The mean from this
three method equal to Rp1.464,-. Based on this both approaches, the price of PT
Hotel Sahid Jaya International Tbk. share at this time is possibility undervalued. |
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