Estimasi Nilai Wajar Saham PT Trans Power Marine Tbk dalam Rangka Penawaran Umum Terbatas I (Right Issue)

Febryana Dwi Aryani, I Wayan Nuka Lantara, M.Si., Ph.D.

2026 | Tesis | S2 Magister Ek.Pembangunan

PT Trans Power Marine Tbk (TPMA) melaksanakan penambahan modal dengan memberikan hak memesan efek terlebih dahulu I (PMHMETD I) pada Juni 2024 dengan harga pelaksanaan sebesar Rp465 per saham, yang seluruh dananya direncanakan untuk mengakuisisi 65% saham PT Bahtera Energi Samudra Tuah (BEST) dari pihak terafiliasi. Adanya unsur transaksi afiliasi tersebut memunculkan potensi benturan kepentingan, sehingga kewajaran harga pelaksanaan penting untuk dikaji agar tidak merugikan pemegang saham publik/minoritas. Penelitian ini bertujuan untuk mengestimasi nilai wajar saham TPMA pada saat pelaksanaan right issue serta menganalisis apakah harga pelaksanaan HMETD dan harga pasar saham berada dalam kondisi wajar, undervalued, atau overvalued. Penelitian ini menggunakan data sekunder berupa laporan keuangan TPMA periode 2019-2023 serta data pasar, yang dianalisis dengan pendekatan discounted cash flow (DCF) model free cash flow to equity (FCFE) dan pendekatan relative valuation (PER, PBV, dan P/S) berdasarkan lima perusahaan pembanding sejenis yang tercatat di Bursa Efek Indonesia. Pada model standalone, rekonsiliasi kedua pendekatan menghasilkan indikasi nilai wajar sebesar Rp587,5 per saham. Setelah FCFE dikonsolidasikan dengan kontribusi keuangan aktual BEST, nilai wajar saham meningkat menjadi Rp800,3 per saham, sehingga baik harga pelaksanaan HMETD (Rp465) baik pada model standalone maupun akuisisi BEST tergolong undervalued. Temuan ini mengindikasikan bahwa rencana akuisisi BEST bersifat menambah nilai (value accretive) bagi pemegang saham TPMA dan bahwa penetapan harga pelaksanaan HMETD tidak merugikan kepentingan pemegang saham publik/minoritas.

PT Trans Power Marine Tbk (TPMA) carried out a Rights Issue (PMHMETD I) in June 2024 at an Exercise Price of Rp465 per share, with the entire proceeds intended to finance the acquisition of a 65% stake in PT Bahtera Energi Samudra Tuah (BEST) from an affiliated party. Because the seller and standby buyer in this transaction are affiliated parties, the arrangement carries a potential conflict of interest, making it important to assess whether the Exercise Price fairly reflects the company’s intrinsic value. This study aims to estimate the fair value of TPMA’s shares at the time of the rights issue and to determine whether the HMETD Exercise Price and the prevailing market price were fair, undervalued, or overvalued. This study relies on secondary data, namely TPMA's financial statements for the 2019–2023 period and market data, analyzed using the discounted cash flow (DCF) approach with the free cash flow to equity (FCFE) model and the relative valuation approach (PER, PBV, and P/S) based on five comparable companies listed on the Indonesia Stock Exchange. Under the standalone model, reconciling both approaches yields a fair value indication of Rp587.5 per share. After consolidating FCFE with BEST's actual financial contribution, the fair value increases to Rp800.3 per share, such that the HMETD Exercise Price (Rp465) is classified as undervalued under both the standalone and BEST-acquisition models. These findings indicate that the planned BEST acquisition is value-accretive to TPMA shareholders and that the HMETD Exercise Price did not disadvantage the interests of public/minority shareholders.

Kata Kunci : Nilai wajar saham, right issue, HMETD, discounted cash flow, free cash flow to equity, relative valuation, PT Trans Power Marine Tbk