ANALISIS NILAI PASAR WAJAR SAHAM PT LIPPO CIKARANG TBK. TERKAIT UNUSUAL MARKET ACTIVITY TAHUN 2011
Indonesia Stock Exchange set the company�s share of PT Lippo Cikarang Tbk. (LPCK) into the category of Unusual Market Activity (UMA) on August 1, 2011. Determination of UMA is associated with increasing in stock price and trading volume of LPCK which assessed the implementation of trade exchanges...
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| Main Authors: | , |
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| Format: | Theses and Dissertations NonPeerReviewed |
| Published: |
[Yogyakarta] : Universitas Gadjah Mada
2012
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| Subjects: | |
| Online Access: | https://repository.ugm.ac.id/97512/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=54317 |
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| Institution: | Universitas Gadjah Mada |
| Summary: | Indonesia Stock Exchange set the company�s share of PT Lippo Cikarang
Tbk. (LPCK) into the category of Unusual Market Activity (UMA) on August 1,
2011. Determination of UMA is associated with increasing in stock price and
trading volume of LPCK which assessed the implementation of trade exchanges
potentially disruptive effects of orderly, fair and efficient. This research aims to
estimate the intrinsic value of the shares of PT Lippo Cikarang Tbk. by using the
income approach method of Discounted Cash Flow / DCF model of free cash flow
to the firm (FCFF) and relative valuation method of comparison companies listed
on the stock exchange (guideline publicly traded company method). Indication of
the intrinsic value generated from both approaches are used as the basis for
analyzing the stock price of PT Lippo Cikarang Tbk. in UMA period is whether a
fair or overvalued / undervalued.
Analysis using the method of discounted cash flow model with Free Cash
Flow To The Firm (FCFF) is done with the stages: analysis of projected sales or
revenues, projected financial statements, the projected free cash flow (free cash
flow), the determination of the discount rate (WACC) , determining the final value
(terminal value), and estimated value. Analysis using relative valuation begins by
determining the relative valuation comparison companies in the same field of
business listed on the Indonesia Stock Exchange and set a number next selecting
multiplier (multiples) PER (Price Earning Ratio) and PBV (Price to Book Value)
that will be used to determine the value of the shares of PT Lippo Cikarang Tbk..
The results based on the DCF method of calculation yields an estimate of the value
of the LPCK share is Rp2.161,75 per share.
The results of the estimated value based on relative valuation is Rp2.172,74
per share. In this research, carried out the reconciliation value to obtain an
indication of intrinsic value that represents the use of both revenue. Reconciliation
is done by giving weight to 60 percent of the value generated from the use of DCF
methods and weighting of 40 percent to the value calculated by relative valuation.
Results reconciliation of LPCK stock value during the period of UMA is
Rp2.166,15. Under the terms of Bapepam-LK is based on the calculation of
intrinsic value, the range of fair value of the shares of PT Lippo Cikarang Tbk.
between Rp2.003,69 and Rp2.328,61. Stock price of PT Lippo Cikarang Tbk. per
sheet dated August 1, 2011 is Rp1.390,00. The research concluded that the LPCK
stock price is undervalued. |
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