ESTIMASI NILAI WAJAR SAHAM PT BANK BUKOPIN TBK. PASCA PENAWARAN UMUM TERBATAS (RIGHT ISSUE) III TAHUN 2013

MOHD. FADHLY AZZUHRY, Mamduh M. Hanafi, M.B.A., Ph.D.

2014 | Tesis | S2 Magister Ek.Pembangunan

Penelitian ini bertujuan, pertama untuk mengestimasi nilai wajar saham PT Bank Bukopin Tbk. pasca right issue tahun 2013. Kedua untuk mengetahui apakah right issue berdampak terhadap nilai wajar saham PT Bank Bukopin Tbk. Untuk mengestimasi nilai wajar saham PT Bank Bukopin digunakan beberapa metoda yaitu discounted cash flow dengan FCFE, relative valuation dan residual income method. Nilai wajar saham ini dapat digunakan perusahaan sebagai referensi dalam menentukan harga saham saat ditawarkan kepada publik, selain itu dapat digunakan oleh stockholder atau investor untuk mengevaluasi apakah harga penawaran tersebut overvalued atau undervalued. Untuk mendukung penelitian, digunakan data laporan keuangan PT Bank Bukopin Tbk. 2009 – 2013 (diaudit), Laporan keuangan perusahaan pembanding, harga saham PT Bank Bukopin Tbk. indeks harga saham gabungan (IHSG) dan harga saham perusahaan pembanding. Selain itu, digunakan data pendukung antara lain: kondisi makroekonomi global dan Indonesia tahun 2013 berdasarkan laporan Bank Indonesia dan sumber lainnya. Hasil rekonsiliasi estimasi nilai wajar saham PT Bank Bukopin Tbk. per tanggal 28 Nopember 2013 sebelum right issue dengan menggunakan metode discounted cash flow dengan free cash flow to equity model, relative valuation dan residual income method dengan economic profit model menghasilkan nilai sebesar Rp657 per lembar saham. Kemudian nilai estimasi nilai wajar yang telah direkonsiliasi per tanggal 28 Februari 2014 dengan menggunakan metode yang sama menghasilkan nilai Rp676. Kata Kunci: nilai pasar wajar, discounted cash flow dengan FCFE, relative valuation, residual income method dengan economic profit model

This study aims, first to estimate the fair value of the shares of PT Bank Bukopin post-rights issue in 2013. Secondly to determine whether the right issues affecting the fair value of the shares of PT Bank Bukopin. To estimate the fair value of the shares of PT Bank Bukopin used several methods are discounted cash flow FCFE, relative valuation, and residual income method. The fair value of these shares may be used as a reference in determining the company's current share price offered to public, otherwise it can be used by stockholders or investors to evaluate whether the offer price is overvalued or undervalued To support the study, the data used financial statements of PT Bank Bukopin 2009 - 2013 (audited), financial statements comparison company, the stock price of PT Bank Bukopin, composite stock price index (IHSG) and the company's stock price comparison. Besides supporting data used include: global macroeconomic conditions and Indonesia in 2013 according to a report by Bank Indonesia and other sources. Results reconciliation estimated fair value of shares of PT Bank Bukopin as of December 28, 2013 before the rights issue by using the discounted cash flow method with free cash flow to equity models, relative valuation, and residual income method to generate economic profit model of the value of Rp657 per share . Then the value of the estimated fair value which has been reconciled as of February 28, 2014 using the same method of generating value Rp676. Keywords : fair market value, discounted cash flow with FCFE, relative valuation, residual income method with economic profit models

Kata Kunci : nilai pasar wajar, discounted cash flow dengan FCFE, relative valuation, residual income method dengan economic profit model