Estimasi Nilai Wajar Saham Pt Bank Neo Commerce Tbk Dalam Rangka Penawaran Umum Terbatas (Right Issue) Tahun 2022

Dheavivi Ayu Dian Pebrian, I Wayan Nuka Lantara, Msi.,Ph.D

2023 | Tesis | S2 Magister Ek.Pembangunan

INTISARI

Penelitian ini bertujan untuk mengestimasi nilai wajar saham PT Bank Neo Commerce Tbk dalam rangka Right issue Penambahan Modal Dengan Hak Memesan Efek Terlebih Dahulu (PMHMETD) VI  Tahun 2022. Nilai wajar saham diestimasi menggunakan metode Discounted Cash Flow (Free Cash Flow to Equity (FCFE) dan Relative Valuation (Price to Book Value (PBV). Data yang digunakan dalam penelitian ini data sekunder yaitu laporan keuangan tahunan PT Bank Neo Commerce Tbk, 8 tahun terakhir dari 2015 hingga 2022, data perusahaan pembanding dari Bursa Efek Indonesia (BEI), serta data pelengkap lainnya dari lembaga-lembaga terkait.

Hasil estimasi nilai wajar saham PT Bank Neo Commerce Tbk per 31 Desember 2022 menggunakan metode Discounted Cash Flow (Free Cash Flow to Equity) FCFE sebesar Rp526,15 per lembar saham dan Relative Valuation Price to Book Value (PBV) sebesar Rp679,69. per lembar saham. Rekonsiliasi nilai dari kedua metode tersebut menghasilkan nilai sebesar Rp564,52 per lembar saham. harga saham PT Bank Neo Commerce Tbk pada 31 Desember 2022 adalah Rp645,00 per lembar saham, dan harga Right issue adalah Rp650,00 per lembar saham, artinya harga saham penawaran pada right issue perusahaan ini dalam kondisi overvalued daripada nilai pasar dan juga harga peneliti. 

Kata Kunci: Perbankan, Right issue, Nilai Wajar Saham, Discounted Cash Flow, Free Cash Flow to Equity, Relative Valuation.

ABSTRACT

This study aims to estimate the fair value of shares of PT Bank Neo Commerce Tbk in the context of a Rights Issue of Additional Capital with Preemptive Rights (PMHMETD) VI of 2022. The fair value of shares is estimated using the method Discounted Cash Flow (Free Cash Flow to Equity (FCFE) and Relative Valuation (Price to Book Value (PBV). The data used in this study is secondary data, namely the annual financial statements of PT Bank Neo Commerce Tbk, for the last 8 years from 2015 to 2022, data from comparator companies from the Indonesia Stock Exchange (IDX), as well as other complementary data from related institutions.

The results of the estimation of the fair value of shares of PT Bank Neo Commerce Tbk as of December 31, 2022 use the method Discounted Cash Flow (Free Cash Flow to Equity FCFE of IDR 526.15 per share and Relative Valuation Price to Book Value (PBV) of IDR679.69. per share. Reconciliation of the values of the two methods resulted in a value of IDR564.52 per share. PT Bank Neo Commerce Tbk's share price on December 31, 2022 is IDR645.00 per share, and the price Right issue is IDR650.00 per share, meaning that the offering price for the company's rights issue is in good condition overvalued than the market value as well as the researcher's price 

Keywords: Banking, Right issue, Fair Value of Shares, Discounted Cash Flow, Free Cash Flow to Equity, Relative Valuation.

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