ANALISIS NILAI PASAR WAJAR SAHAM DALAM RANGKA TRANSAKSI PENYERTAAN SAHAM PT TEBING TOP UNTUK RENCANA PENGEMBANGAN USAHA TANGGAL PENILAIAN 31 DESEMBER 2012

BUNGA BUDIARTI, S.E., Mamduh M. Hanafi, M.B.A., Ph.D.

2017 | Tesis | S2 Ekonomika Pembangunan

This research aims to estimate the fair market value 100% of PT Tebing Top using the income approach and market approach. Income approach using a discounted cash flow method (discounted cash flow) while the market approach using relative valuation method (relative valuation). The data used in the form of financial reports PT Tebing Top for 5 years from the year 2008 until the year 2012, discounted cash flow analysis method (discounted cash flow) is done by: analysis of financial projections, projected free cash flow (free cash flow), the determination of the discount rate or the expected reversal rate and the estimated value. Analysis of the comparative approach (relative valuation) begins with the search for comparable companies in the same business field then select and assign appropriate multiples or ratios of comparable companies. Based on the reconciliation of the values obtained by weighting each approach 70 percent on income approach and 30 percent on market approach, earned 100 percent fair market value of investments in shares of PT Tebing Top amounting Rp 71.427.121.247. / Penelitian ini bertujuan untuk mengestimasi nilai pasar wajar 100% PT Tebing Top menggunakan pendekatan pendapatan dan pendekatan pasar. Pendekatan pendapatan menggunakan metoda arus kas yang didiskontokan (discounted cash flow), sedangkan pendekatan pasar menggunakan metoda penilaian relatif (relative valuation). Data yang digunakan berupa laporan keuangan PT Tebing Top selama 5 tahun terakhir dari tahun 2008 sampai dengan tahun 2012. Analisis metoda arus kas didiskonto (discounted cash flow) dilakukan dengan cara: analisis proyeksi keuangan, proyeksi arus kas bebas (free cash flow), penentuan tingkat diskonto atau tingkat balikan yang diharapkan dan estimasi nilai. Analisis pendekatan perbandingan (relative valuation) dimulai dengan mencari perusahaan yang sebanding dalam bidang usaha yang sama selanjutnya memilih dan menetapkan multiples atau rasio yang sesuai dari perusahaan pembanding. Berdasarkan rekonsiliasi nilai yang diperoleh dengan bobot masing-masing pendekatan sebesar 70 persen untuk pendekatan pendapatan dan 30 persen untuk pendekatan pasar, diperoleh nilai pasar wajar 100 persen saham PT Tebing Top sebesar Rp 71.427.121.247.

This research aims to estimate the fair market value 100% of PT Tebing Top using the income approach and market approach. Income approach using a discounted cash flow method (discounted cash flow) while the market approach using relative valuation method (relative valuation). The data used in the form of financial reports PT Tebing Top for 5 years from the year 2008 until the year 2012, discounted cash flow analysis method (discounted cash flow) is done by: analysis of financial projections, projected free cash flow (free cash flow), the determination of the discount rate or the expected reversal rate and the estimated value. Analysis of the comparative approach (relative valuation) begins with the search for comparable companies in the same business field then select and assign appropriate multiples or ratios of comparable companies. Based on the reconciliation of the values obtained by weighting each approach 70 percent on income approach and 30 percent on market approach, earned 100 percent fair market value of investments in shares of PT Tebing Top amounting Rp 71.427.121.247.

Kata Kunci : saham, nilai pasar, DCF, FCFF. / shares, market value, DCF, FCFF