NILAI PASAR WAJAR SAHAM PT HD CAPITAL Tbk. PASCA KEBIJAKAN INSENTIF PAJAK 5 PERSEN

• Main Authors: , Heri Idpermana, S.E., , Prof. Yoshio Wada
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2011
• Subjects: ETD
• 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
• Institution: Universitas Gadjah Mada

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.