ESTIMASI NILAI PASAR WAJAR EKUITAS PTPN XIII DALAM RANGKA INITIAL PUBLIC OFFERING

Umardani Yusuf Wahyudi, Prof. Dr. Eduardus Tandelilin, M.B.A.,

2011 | Tesis | S2 Magister Ek.Pembangunan

PT Perkebunan Nusantara XIII (PTPN XIII) berencana untuk memperkuat struktur modal dan melakukan ekpansi bisnis perusahaan, dengan melaksanakan aksi korporasi yaitu initial public offering pada awal tahun 2012. Tujuan dari penelitian ini adalah untuk mengestimasi nilai pasar wajar ekuitas PTPN XIII dalam rangka initial public offering. Nilai pasar wajar ekuitas PTPN XIII diperoleh dengan menggunakan metode discounted cash flow-cash flow to equity, relative valuation dengan multiple PER (Price to Earning Ratio), PSR (Price to Sales Ratio) and PBV (Price to Book Value) dan metode EVA (economic value added). Nilai pasar wajar ekuitas ini dapat digunakan perusahaan sebagai referensi dalam menentukan harga dan dapat digunakan oleh investor untuk mengambil keputusan pada saat initial public offering apakah penawaran saham yang dilakukan overvalued atau undervalued. Data yang diteliti dalam penelitian ini adalah laporan keuangan dan informasi lain yang terkandung pada laporan tahunan PTPN XIII tahun 2004- 2010, laporan keuangan tahun 2010 perusahaan pembanding, harga saham perusahaan pembanding, dan indeks harga saham gabungan (IHSG). Hasil estimasi nilai pasar wajar ekuitas PTPN XIII per tanggal 31 Desember 2011 dengan menggunakan metode discounted cash flow-cash flow to equity model adalah Rp4.079.598.918.495, nilai pasar wajar ekuitas berdasarkan metode relative valuation adalah Rp4.343.616.126.397, dan nilai pasar wajar ekuitas PTPN XIII dengan menggunakan metode economic value added adalah Rp3,740.396.120.336. Hasil rekonsiliasi dari tiga metode ini menghasilkan nilai pasar wajar ekuitas PTPN XIII sebesar Rp4.054.496.411.235.

In strengthening firm’s capital structure and expanding firm’s business, PT Perkebunan Nusantara XIII (PTPN XIII) has conducted a corporate action through initial public offering on Januari 2012. The purpose of this research is to estimate the fair market value of the equity in order to initial public offering. The fair market value in this research is obtained by using discounted cash flow-cash flow to equity model, relative valuation with application of PER (Price to Earning Ratio), PBV (Price to Book Value), PSR (Price to Sales Ratio) multiples and the economic value added method (EVA). The fair market value of PTPN XIII can be used by firm as a reference in determining the share price that will be offered to the public. For this study, the data observed using discounted cash flow-cash flow to equity model, economic value added method and relative valuation method are financial statements and other information contained in the annual report of PTPN XIII for period 2004 to 2010, and financial statements in 2010 of the comparable companies; the comparable companies' stock price, and composite stock price index (IHSG). As a result, this research shows that the fair market value of equity of PTPN XIII equity as of December 31th, 2011 by using discounted cash flow method is at Rp4.079.598.918.495, the fair market value based on relative valuation is at Rp4.343.616.126.397, while the forecast of stock price using the economic value added method is at Rp3,740.396.120.336. Reconciliation of value for these three methods resulting a fair market value of equity of PTPN XIII at Rp4.054.496.411.235.

Kata Kunci : nilai pasar wajar ekuitas, discounted cash flow-cash flow to equity model, relative valuation, economic value added (EVA)