ANALISIS NILAI WAJAR SAHAM PT BANK PERMATA TBK SEBAGAI DAMPAK AKUISISI OLEH BANK BANGKOK TAHUN 2020

A R WIBOWO S, I Wayan Nuka Lantara, M.Si., Ph.D

2021 | Tesis | Magister Ekonomika Pembangunan

Penelitian ini bertujuan untuk mengestimasi nilai wajar saham Bank Permata Tbk sebagai dampak akuisisi oleh Bank Bangkok pada tahun 2020. Penelitian juga bertujuan mengukur kinerja perusahaan setelah diakuisisi melalui rasio rentabilitas. Estimasi nilai wajar saham Bank Permata Tbk menggunakan metode Free Cash Flow to Equity, Price to Book Value (PBV) ratio dan Price to Sales Ratio. Kinerja perusahaan dari sisi rentabilitas diukur melalui kriteria Return of Asset (ROA), Return of Equity (ROE), Net Interest Margin (NIM), dan Biaya Operational dibandingkan dengan Pendapatan Operational (BOPO). Data yang digunakan adalah data sekunder dari pihak pihak yang memiliki otoritas dalam mempublikasikannya. Hasil estimasi menggunakan metode FCFE diperoleh nilai wajar saham Rp 2.979 per lembar saham. Perhitungan dengan metode PBV ratio diperoleh estimasi nilai sebesar Rp 2.367 per lembar saham dan perhitungan dengan metode P/S ratio diperoleh estimasi nilai sebesar Rp 996 per lembar saham. Hasil rekonsiliasi nilai diperoleh estimasi nilai wajar saham Bank Permata Tbk sebesar Rp 2.647 per lembar saham. Hasil estimasi nilai rekonsiliasi menunjukkan harga pasar per 31 Desember 2020 yaitu Rp 3.020 per lembar saham tergolong over value dan Estimasi harga wajar Bank Permata Tbk meningkat 96% dari harga akuisisi (harga akusisi Rp 1.351/lembar saham). Hasil perhitungan kinerja Bank Permata Tbk setelah diakuisisi dari faktor NIM, BOPO termasuk kriteria sangat sehat, dari faktor ROA tergolong cukup sehat dan ROE tergolong kurang sehat.

Purpose this research is estimate fair value of Bank Permata Tbk as impact of acquisition by Bank of Bangkok in 2020. The research also aims to estimate how performance of company after it was acquired by profitability ratio. Estimated fair value of Bank Permata Tbk using Free Cash Flow to Equity, Price to Book Value (PBV) ratio and Price-to-Sales Ratio. The company's performance from profitability is measured by the criteria of Return of Assets (ROA), Return of Equity (ROE), Net Interest Margin (NIM), and Operational Costs compared to Revenue Operational (BOPO). Data used is secondary data issued by the parties who have authority in publish. Results of estimation using FCFE obtained the fair value of stock Rp 2.979/share. Calculations by PBV ratio obtained Rp 2.367/share and calculation by P/S ratio obtained Rp 996 per share. The results of the reconciliation value obtained fair value of the Bank Permata Tbk Rp 2.647/share. Results of the estimation value from reconciliation shows market price as of December 31, 2020 is Rp 3.020/share over value and Estimate of the fair price Bank Permata Tbk increased 96% from acquisition price (price of acquisition Rp 1.351/share). Results of calculation of performance Bank Permata Tbk after it was acquired from factors NIM, BOPO, classified as very healthy, from factor of ROA is quite healthy and ROE classified as less healthy.

Kata Kunci : Stock of BNLI, Free Cash Flow to Equity, Relative Valuation dan Price to Book Value Ratio, Price to Sales Ratio, ROA, ROE, NIM, BOPO.