“Estimasi Nilai Pasar Wajar Ekuitas PT Bank Pembangunan Daerah Jawa Timur Dalam Rangka Initial Public Offering Tahun 2012”

Harry Prasetya, Bapak Prof. Dr. Eduardus Tandelilin, M.B.A.,

2012 | Tesis | S2 Magister Ek.Pembangunan

Dalam rangka memperkuat struktur modal perusahaan dan untuk ekpansi bisnis perusahaan, PT Bank Pembangunan Daerah Jawa Timur (Bank Jatim) akan melakukan aksi korporasi melalui Initial Public Offering (IPO) pada tahun 2012, dan tujuan dari penelitian ini adalah untuk menentukan nilai pasar wajar ekuitas Bank Jatim terkait rencana IPO tersebut. Nilai pasar wajar ekuitas Bank Jatim diperoleh dengan menggunakan beberapa metoda yaitu discounted cash flow-cash flow to equity model dan relative valuation dengan multiple PER (Price to Earning Ratio) and PBV (Price to Book Value). Data yang diteliti meliputi laporan keuangan dan informasi lain yang terkandung pada laporan tahunan Bank Jatim tahun 2006-2010, laporan keuangan perusahaan pembanding tahun 2010, dan data harga saham perusahaan pembanding. Hasil penelitian nilai pasar wajar ekuitas Bank Jatim per 31 Desember 2011 dengan menggunakan metoda discounted cash flow-cash flow to equity model adalah Rp12.490.521.000.000,00, berdasarkan metoda relative valuationmultiple price earning ratio adalah Rp12.953.760.000.000,00 dan berdasarkan metoda relative valuation-multiple price to book value adalah sebesar Rp6.601.940.000.000,00. Kisaran nilai wajar ekuitas Bank Jatim adalah batas terendah Rp12.490.521.000.000,00 dan batas tertinggi Rp12.953.760.000.000,00. Kata-kata

In strengthening firm’s capital structure and expanding firm’s business, PT Bank Pembangunan Daerah Jawa Timur (known as Bank Jatim) has conducted a corporate action through Initial Public Offering (IPO) in 2012. The purpose of this research is to analyze the fair market value of Bank Jatim equity, associated with the plan of IPO. The equity fair value in this research is obtained by using discounted cash flow-cash flow to equity model and relative valuation with application of PER (Price to Earning Ratio) and PBV (Price to Book Value) multiples. The data observed for this research are financial statements and other information contained in the annual report of Bank Jatim for period 2006 to 2010, financial statements in 2010 of the comparable companies, and stock price of the comparable companies. As a result, this research shows that the fair market value of Bank Jatim equity as of December 31th, 2011 by using discounted cash flow method is Rp12.490.521.000.000,00 while the fair market value based on relative valuation is Rp12.953.760.000.000,00 (using PER) and Rp6.601.940.000.000,00 (using PBV). The range of fair market value of Bank Jatim equity between Rp12.490.521.000.000,00 to Rp12.953.760.000.000,00 at the lower limit and upper limit respectively.

Kata Kunci : nilai pasar wajar, discounted cash flow-cash flow to equity model, relative valuation.