ESTIMASI NILAI PASAR WAJAR SAHAM MNC LAND PT (PERSERO) TBK DALAM RANGKA RIGHT ISSUE TAHUN 2014

Noor El Hasani, Eddy Junarsin, M.B.A., Ph.D.

2014 | Tesis | S2 Magister Ek.Pembangunan

Penelitian ini bertujuan mengestimasi nilai pasar wajar saham PT MNC Land Tbk. akhir tahun 2013 dalam rangka right issu tahun 2014. Nilai pasar wajar saham PT MNC Land Tbk diperoleh dengan menggunakan beberapa metoda yaitu: discounted cash flow-cash flow to equity model, discounted cash flow-cash flow to firm model dan relative valuation dengan multiple PBV (Price to Book Value). Penelitian ini penting dilakukan guna memberikan masukan dan bahan pertimbangan bagi perusahaan saat melakukan right issue serta bermanfaat sebagai tambahan informasi dan referensi bagi investor yang akan berinvestasi di PT MNC Land Tbk. Data yang diteliti dalam penelitian ini pada metoda discounted cash flow- cash flow to equity model dan relative valuation adalah laporan keuangan dan informasi lain yang terkandung pada laporan tahunan PT MNC Land Tbk. tahun 2008-2013, laporan keuangan perusahaan pembanding, harga saham PT MNC Land Tbk., dan indeks harga saham gabungan (IHSG). Hasil penelitian nilai pasar wajar saham PT MNC Land Tbk per tanggal 31 Desember 2013 dengan menggunakan metoda discounted cash flow-cash flow to equity model adalah Rp1.291,- per lembar saham, nilai pasar wajar saham PT MNC Land Tbk. per tanggal 31 Desember 2013 dengan menggunakan metoda discounted cash flow-cash flow to firm model adalah Rp1.291,- per lembar saham dan nilai pasar wajar saham berdasarkan metoda relative valuation adalah Rp1.505,- per lembar saham. Hasil rekonsiliasi dari tiga metoda ini menghasilkan nilai pasar wajar saham PT MNC Land Tbk sebesar Rp1.334,- per lembar saham. Kisaran nilai pasar wajar sebagai acuan harga jual adalah batas bawah Rp1.234,- dan batasatas Rp1.434,-.

This study aims to estimate the fair market value of the shares of PT MNC Land Tbk by the end of 2013, when the company plans to fet fund through a rights issue scheme. Fair market value of the shares of PT MNC Land Tbk is obtained using several methods: discounted cash flow–to-equity cash flow, discounted cash flow–to-firm cash flow and relative valuation models with multiple PBV (Price to Book Value). The importance this study is to provide input and consideration for the company during a rights issue as well as additional useful information and resources for investors who might invest in PT MNC land Tbk. The data examined in this study on the method of discounted cash flow-to-equity cash flow and relative valuation models consist of six financial statements and other information contained in the annual report of PT MNC land Tbk year 2008-2013, the company's financial statements of comparable firms, price of shares PT MNC land Tbk, and the stock price index (CSPI). The results show that the fair market value of the shares of PT MNC land Tbk as on December 31, 2012 using the discounted cash flow-free cash flow to equity model is Rp1.291,- per share, the fair market value of the shares based on discounted cash flow–free cash flow to firm model is Rp1.291,- and the fair market value of the shares based on relative valuation methods is Rp1.505,- per share. The results of the reconciliation of the two methods produce fair market value of the shares of PT MNC land Tbk amounting to Rp1.334,- per share. The range of fair market value as is Rp1.234 sale as the lower limit and with upper limit of Rp1.434,-

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