VALUASI NILAI INTRINSIK SAHAM PT KALBE FARMA TBK (KLBF)
Supported by various Indonesia government policy plans related to public health improvement, pharmaceutical industry is projected to become a prospective industry in the future. PT Kalbe Farma Tbk as a leader in pharmaceutical industry should be considered by investors to be one of their stock inves...
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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/99577/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=55812 |
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Institution: | Universitas Gadjah Mada |
Summary: | Supported by various Indonesia government policy plans related to public
health improvement, pharmaceutical industry is projected to become a prospective
industry in the future. PT Kalbe Farma Tbk as a leader in pharmaceutical industry
should be considered by investors to be one of their stock investment instruments.
However in making a good investment strategy, investor should analyze the
fundamental of the stock. The good one analysis is by estimating the intrinsic
value of KLBF stock.
Intrinsic value of KLBF is projected base on five years estimated financial
statements, which is estimated base on the historical financial statements in 2006
until the third quarter of 2011. By using Free Cash Flow to Equity Model (FCFE),
intrinsic value of KLBF is estimated at Rp 2,098 per share, it is lower than the
current market price which is valued at Rp 3,375 (the closing price on December
21, 2011). Based on the sensitivity analysis of various scenarios of the investor
expected return and the terminal growth, it is generaly showed that the intrinsic
value of KLBF is lower than its market price. By using the Price Earning Ratio
(PER) analysis per third quarter of 2011 affirm that the intrinsic value of KLBF is
lower than its market price.
Estimated intrinsic value using FCFE valuation model and PER,
consistently show that KLBF been overvalued by the market. Based on this
conclusion, the investor who already owns KLBF stocks advised to sell the stock
to avoid the correction price that could harm investor�s investment. |
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