Analisis Valuasi Nilai Wajar Ekuitas PT Trimegah Bangun Persada Tbk Dalam Rangka Initial Public Offering
Huineng Suluh Hidayat Jati, Bowo Setiyono, S.E., M.Com., Ph.D.
2023 | Skripsi | MANAJEMEN
This research was conducted to obtain investment decision considerations for a company conducting an Initial Public Offering (IPO) in April 2023, namely PT Trimegah Bangun Persada Tbk with the stock code NCKL. This study compares the fair value of the company with its public offering price. The information in this research can be used to make investment decisions to buy, sell, or hold NCKL shares.
The methods used in valuing the fair value of NCKL shares are the discounted cash flow method with a free cash flow to equity approach and relative valuation methods using indicators such as price-to-earnings ratio, price-earnings to growth, and enterprise value to reserve. The data used comes from the NCKL Public Offering Prospectus, NCKL's financial statements for the first quarter of 2023, financial statements of comparable companies, and various relevant supporting data.
Based on the valuation results, the intrinsic value of NCKL shares is Rp1,235 using the DCF-FCFE method and Rp1,094 using the relative valuation method. These valuation results were then reconciled to yield a combined fair value of Rp1,193, indicating that the fair price of NCKL shares is 4.6% lower than the offering price during the IPO, which was Rp1,250. This result suggests that NCKL shares were overvalued during the IPO, and investors may consider holding off on purchasing these shares until they are below their fair value.
Kata Kunci : valuasi, nilai wajar, discounted cash flow, relative valuation