ESTIMASI NILAI WAJAR SAHAM PT SARANA MENARA NUSANTARA TBK PASCA TENDER OFFER TAHUN 2022

Dzikri Slamet Darmawan, I Wayan Nuka Lantara, M.S.I., Ph.D.

2023 | Tesis | Magister Ekonomika Pembangunan

Penelitian ini bertujuan untuk mengestimasi nilai wajar saham PT Sarana Menara Tbk Pasca Tender Offer Tahun 2022. Nilai wajar saham diestimasi menggunakan metode Discounted Cash Flow (Free Cash Flow to Equity (FCFE) dan Free Cash Flow to the Firm (FCFF) dan Relative Valuation. Data yang digunakan dalam penelitian ini data sekunder yaitu laporan keuangan tahunan PT Sarana Menara Nusantara Tbk, 5 tahun terakhir dari 2017 hingga 2021, data perusahaan pembanding dari Bursa Efek Indonesia (BEI), serta data pelengkap lainnya dari lembaga-lembaga terkait. Hasil estimasi nilai wajar saham PT Sarana Menara Nusantara Tbk per 31 Desember 2021 menggunakan metode FCFE sebesar Rp1.259,75 per lembar saham, FCFF sebesar Rp884,26per lembar saham, dan Relative Valuation sebesar Rp1.447,74 per lembar saham. Rekonsiliasi nilai dari kedua metode tersebut menghasilkan nilai sebesar Rp1.184,71 per lembar saham. Rata-rata harga saham PT Sarana Menara Nusantara Tbk pada bulan September 2022 adalah Rp1.223,00 per lembar saham, dan harga Tender Offer adalah Rp1.300,00 per lembar saham, artinya harga saham perusahaan ini dalam kondisi overvalued karena nilai wajar lebih kecil daripada nilai pasar dan juga harga Tender Offer.

This research aims to estimate the fair value of PT Sarana Menara Nusantara Tbk shares after Tender Offer on 2022. The fair value of shares is estimated using the Discounted Cash Flow (Free Cash Flow to Equity (FCFE) and Free Cash Flow to the Firm (FCFF)) and Relative Valuation methods. The data in this study used secondary data, there are annual financial statements of PT Sarana Menara Nusantara Tbk, for the last 5 years from 2017 to 2021, comparable firm data from the Indonesia Stock Exchange (IDX), and other complement data from related institutions. The estimated results of the fair value of PT Sarana Menara Nusantara Tbk shares price on December 31, 2021 used the FCFE method obtained value of Rp1.259,75 per share, FCFF method obtained value of Rp884,26 per share, and Relative Valuation obtained value of Rp1.447,68 per share. The reconciliation values of the two methods result in a value of Rp1.184,71 per share. The average share price of PT Sarana Menara Nusantara Tbk, on September 2022 of Rp1.223.00 per share, and the Tender Offer price of Rp1.300,00 per share, which means the stock of this company's share price is overvalued, because the fair value is lower than market value and the Tender Offer price.

Kata Kunci : Penilaian, Nilai Wajar Saham, Discounted Cash Flow, Free Cash Flow to Equity, Free Cash Flow to the Firm, Relative Valuation.