ESTIMASI NILAI PASAR WAJAR SAHAM PT WIJAYA KARYA BETON DALAM RANGKA PENAWARAN UMUM PERDANA TAHUN 2014

Badrud Duja, Eddy Junarsin, M.B.A., Ph.D.

2014 | Tesis | S2 Magister Ek.Pembangunan

Penelitian ini bertujuan mengestimasi nilai pasar wajar saham PT Wika Beton akhir tahun 2013, terkait dengan rencana perusahaan untuk melakukan initial public offering tahun 2014. Nilai pasar wajar saham PT Wika Beton diperoleh dengan menggunakan beberapa metoda yaitu: discounted cash flowcash flow to equity model, relative valuation dengan multiple PER (Price to Earning Ratio), PBV (Price to Book Value) dan P/S (Price to Sale Ratio) dan residual income method. Penelitian ini penting dilakukan guna memberikan masukan dan bahan pertimbangan bagi perusahaan saat melakukan initial public offering serta bermanfaat sebagai tambahan informasi dan referensi bagi investor yang akan berinvestasi di PT Wika Beton. Data yang diteliti dalam penelitian ini pada metoda discounted cash flowcash flow to equity model, relative valuation dan residual income method adalah laporan keuangan dan informasi lain yang terkandung pada laporan tahunan dan prospektus PT Wika Beton tahun 2013, laporan keuangan perusahaan pembanding, dan indeks harga saham gabungan (IHSG). Hasil penelitian nilai pasar wajar saham PT Wika Beton per tanggal 31 Desember 2013 dengan menggunakan metoda discounted cash flow-cash flow to equity model adalah Rp733,20 per lembar saham, nilai pasar wajar saham berdasarkan metoda relative valuation adalah Rp698,74 per lembar saham dan nilai pasar wajar saham berdasarkan metoda residual income method adalah Rp680,37 per lembar saham. Hasil rekonsiliasi dari tiga metoda ini menghasilkan nilai pasar wajar saham PT Wika Beton sebesar Rp707,01 per lembar saham. Kisaran nilai pasar wajar sebagai acuan harga jual adalah batas atas Rp760,04 dan batas bawah Rp653,99. Kata-kata kunci: nilai pasar wajar saham, discounted cash flow - free cash flow to equity model, relative valuation, residual income method

This study aims to estimate the fair market value of the PT Wika Beton shares by the end of 2013, when the PT Wika Beton plans to order to a initial public offering in 2014. Fair market value of the shares of PT Wika Beton is obtained using several methods: discounted cash flow–to-equity cash flow, relative valuation models with multiple PER (Price to Earning Ratio), PBV (Price to Book Value) and P/S (Price to Sale Ratio) and residual income method . The importance this study is to provide input and consideration for the accompany during a initial public offering as well as additional useful information and resources for investors who might invest in PT Wika Beton. The data examined in this study on the method of discounted cash flow-toequity cash flow, relative valuation models and residual income method consist of five financial statements and other information contained in the annual report and prospectus of PT Wika Beton year 2013, the company's financial statements of comparable firms and the stock price index (CSPI). The results show that the fair market value of the shares of PT Wika Beton as on December 31, 2013 using the discounted cash flow-cash flow to equity model is Rp733,20 per share, the fair market value of the shares based on relative valuation methods is Rp698,74 per share and the fair market value of the shares based on relative valuation methods is Rp680,37 per share. The results of the reconciliation of the three methods produce fair market value of the shares of PT Wika beton amounting to Rp707,01 per share. The range of fair market value as is Rp760,04 sale as the upper limit and with lower limit of Rp653,99. Key words: fair market value, discounted cash flow-free cash flow to equity model, relative valuation, residual income method

Kata Kunci : nilai pasar wajar saham, discounted cash flow - free cash flow to equity model, relative valuation, residual income method