Estimasi Nilai Wajar Saham PT Soho Global Health Tbk dalam rangka IPO Tahun 2020

FARAH NURUL A F, Eddy Junarsin, Ph.D., CFP

2022 | Tesis | Magister Ekonomika Pembangunan

Tujuan penelitian ini untuk menentukan estimasi nilai wajar saham PT. Soho Global Health Tbk ketika melakukan initial public offering (IPO) tahun 2020. Analisis Nilai Wajar Saham PT Soho Global Health Tbk dilakukan dengan dua pendekatan dalam valuasi bisnis, yaitu pendekatan pasar dan pendekatan pendapatan. Pendekatan pasar memakai metode relative valuation dengan pengali harga (multiple price) yakni Price to Book Value (P/BV), dan Price Earning Ratio (P/E). Pendekatan pendapatan memakai metode Discounted Cash Flow (DCF) dengan model Free Cash Flow to the Firm (FCFF) dan Free Cash Flow to Equity (FCFE). Penelitian mempergunakan data sekunder yang berasal dari prospektus PT Soho Global Health Tbk tahun 2020, financial report tahun fiskal 2015-2019, data perusahaan pembanding yang didapatkan dari Bloomberg, data pertumbuhan GDP Indonesia, data risk premium yang didapat lewat Bloomberg, dan data risk free (yield obligasi pemerintah dengan tenor 30 tahun) didapat lewat IBPA. Hasil perhitungan nilai wajar saham dengan pendekatan pendapatan memakai metode Discounted Cash Flow (DCF) dengan model Free Cash Flow to the Firm (FCFF) dan model Free Cash Flow to Equity (FCFE) adalah sebesar Rp3.046,08 per lembar saham. Selanjutnya, nilai wajar saham menggunakan pendekatan pasar adalah sebesar Rp2.444,76 per lembar saham. Hasil rekonsiliasi dua pendekatan tersebut, adalah nilai wajar saham PT Soho Global Health Tbk sebesar Rp2.806,00 per lembar sahamnya. Oleh karena itu, dapat dinyatakan bahwa nilai wajar saham PT Soho Global Health Tbk pada saat melakukan IPO tanggal 08 September 2020 masih undervalued sebab hanya ditawarkan sebesar Rp1.820,00 per lembar sahamnya.

The purpose of this study is to determine the estimated fair value of the shares of PT. Soho Global Health Tbk when conducting its initial public offering (IPO) in 2020. Analysis of the Fair Value of PT Soho Global Health Tbk's shares was carried out with two approaches in business valuation, namely the market approach and the income approach. The market approach uses the relative valuation method with multiple prices, namely Price to Book Value (P/BV) and Price Earning Ratio (P/E). The income approach uses the Discounted Cash Flow (DCF) method with the Free Cash Flow to the Firm (FCFF) and Free Cash Flow to Equity (FCFE) models. The study uses secondary data from PT Soho Global Health Tbk's 2020 prospectus, financial reports for the 2015-2019 fiscal year, company data comparison obtained from Bloomberg, Indonesia's GDP growth data, risk premium data obtained through Bloomberg, and risk free data (government bond yield with a tenor of 30 years) obtained through IBPA. The results of the calculation of the fair value of shares with the income approach using the Discounted Cash Flow (DCF) method with the Free Cash Flow to the Firm (FCFF) model and the Free Cash Flow to Equity (FCFE) model are Rp3.046,08 per share. Furthermore, the fair value of the shares using the market approach is Rp2.444,76 per share. The result of the reconciliation of the two approaches is the fair value of PT Soho Global Health Tbk's shares of Rp2.806,00 per share. Therefore, it can be stated that the fair value of PT Soho Global Health Tbk's shares at the time of its IPO on September 08, 2020 was still undervalued because it was only offered at Rp 1.820,00 per share.

Kata Kunci : Estimation, Fair Value of Shares, Initial Public Offering, Pharmaceutical Industry