NILAI PASAR WAJAR SAHAM PT HD CAPITAL Tbk. PASCA KEBIJAKAN INSENTIF PAJAK 5 PERSEN
This research aim to calculate the fair market value of the shares of PT HD Capital Tbk. post 5 percent tax incentive policy by using discounted cash flow method and relative valuation. This research also used data of PT HD Capital Tbk. financial statement�s during the last five year from 2006 unt...
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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/90760/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=53287 |
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| Summary: | This research aim to calculate the fair market value of the shares of PT HD
Capital Tbk. post 5 percent tax incentive policy by using discounted cash flow
method and relative valuation. This research also used data of PT HD Capital Tbk.
financial statement�s during the last five year from 2006 until 2010. Method
analysis of discounted cash flow conducted by : sales or earnings projection
analysis, financial statement projection, free cash flow projection, discount rate
determination and value estimation. Relative valuation started with searching
similar company in the same field of industry and chosening and specifying
appropriate ratio or multiples from similar company. This Multiples used to
convert a relevant book value variable from PT HD Capital 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 this research by using discounted cash flow method
obtained equity value per share of PT HD Capital Tbk. amounting to Rp123,42,-.
Result by using relative valuation obtained the following result : for the estimation
of stocks price per share PT HD Capital Tbk. by using PER equal to Rp17,42-,
using PBV ratio equal to Rp1,34,- and using price to sales ratio equal to Rp3,86,-.
The mean from relative valuation method equal to Rp56,50,-.
Based on both result of these methods to be reconciliated by providing
weight 20 percent to discounted cash flow method and 80 percent to relative
valuation method, then indication of fair market value of PT HD Capital Tbk.
share amount to Rp137.128.707.245,- and total share 2.120.000.000,- sheets or
amount to Rp65,- per share from nominal value Rp100. |
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