ESTIMASI NILAI PASAR WAJAR EKUITAS PT PRIMA LAYANAN NASIONAL ENJINIRING DALAM PERSIAPAN INITIAL PUBLIC OFFERING (IPO)
Ahmad Rizani, Dr. Mamduh Mahmadah Hanafi, M.B.A.
2012 | Tesis | S2 Magister Ek.PembangunanPT Prima Layanan Nasional Enjiniring (PT PLN Enjiniring) berencana melakukan initial public offering pada tahun 2012 yang dimaksudkan untuk pengembangan usaha. Tujuan dari penelitian ini adalah untuk mengestimasi nilai pasar wajar ekuitas PT PLN Enjiniring dalam rangka initial public offering tersebut. Nilai pasar wajar ekuitas PT PLN Enjiniring diperoleh dengan menggunakan metoda discounted cash flow-free cash flow to equity, metoda relative valuation dengan multiple PER (price to earning ratio), PBV (price to book value) dan PSR (price to sales ratio), serta menggunakan metoda EVA (economic value added). Informasi yang digunakan dalam penelitian ini berasal dari data sekunder berupa laporan keuangan dan informasi lain yang terkandung pada laporan tahunan PT PLN Enjiniring tahun 2008-2010 yang telah diaudit oleh akuntan publik, laporan keuangan perusahaan pembanding, dan data harga saham perusahaan pembanding. Hasil estimasi nilai pasar wajar ekuitas PT PLN Enjiniring per tanggal 31 Desember 2011 dengan menggunakan metoda discounted cash flow-free cash flow to equity diperoleh indikasi nilai pasar wajar ekuitas sebesar Rp2.216.822.823.252, dengan menggunakan metoda relative valuation diperoleh indikasi nilai pasar wajar ekuitas sebesar Rp2.405.049.121.708 sedangkan dengan menggunakan metoda economic value added diperoleh indikasi nilai pasar wajar ekuitas sebesar Rp2.733.950.562.774. Hasil rekonsiliasi dari ketiga metoda tersebut menghasilkan nilai pasar wajar ekuitas PT PLN Enjiniring sebesar Rp2.451.695.641.828.
PT Prima Layanan Nasional Enjiniring (PT PLN Enjiniring) plans to conduct an initial public offering in 2012 that is intended for business development. Purpose of this research was to estimate the fair market value of equity of PT PLN Enjiniring in the framework of an initial public offering. Fair market value of equity of PT PLN Enjiniring is acquired by using discounted cash flow-free cash flow to equity method, relative valuation method with multiple PER (price to earning ratio), PBV (price to book value) and PSR (price to sales ratio) also using EVA method (economic value added). Information used for this research come from two secondary data from financial reports and other information contained in the annual report 2008-2010 PT PLN Enjiniring years audited by public accountants, comperative financial reports, and company’s stock data comparison. The estimated fair market value of equity of PT PLN Enjiniring per December 31st 2011 by using the method of discounted cash flow-free cash flow to equity is obtained indication the fair market value of equity amounting to Rp2.216.822.823.252, using the method of relative valuation is obtained indication the fair market value of equity amounting to Rp2.405.049.121.708 where as with using the method of economic value added is obtained indication the fair market value of equity amounting to Rp2.733.950.562.774. The reconsiliation of three methods produce fair market value of equity of PT PLN Enjiniring in the amount of Rp2.451.695.641.828.
Kata Kunci : initial public offering, nilai pasar wajar ekuitas, discounted cash flow-free cash flow to equity, relative valuation, economic value added
