SANDY, DICKY AFFRI (2019) ANALISIS PENILAIAN HARGA WAJAR SAHAM MENGGUNAKAN METODE FREE CASH FLOW TO EQUITY DAN PRICE EARNINGS MULTIPLE PADA PT INDO TAMBANGRAYA MEGAH TBK. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This research was conducted with the aim to calculate the fair price of shares PT Indo Tambangraya Megah, Tbk. whether undervalued or overvalued against the stock market price of PT Indo Tambangraya Megah, Tbk as of December 30, 2016 amounting to Rp16,875, and to find out the results of which method is closest to its market value, and whether the purchase of PT Indo Tambangraya Megah, Tbk shares by Investor as of December 30, 2016 amounted to Rp16,875 per share is correct. Two methods of calculation used to calculate the fair price of shares, that is Free Cash Flow to Equity (FCFE) and Relative Valuation method. This research uses Financial Data PT Indo Tambangraya Megah, Tbk from 2014 until 2016. The result of research using Free Cash Flow to Equity (FCFE) method shows that the fair price of PT Indo Tambangraya Megah, Tbk amounting to Rp21,554, when compared with market price, its share (Undervalued) against its fair value, using Relative Valuation method indicates that the fair price of PT. Indo Tambangraya Megah, Tbk amounting to Rp22.901,59 with average Price Earnings industry ratio and Rp19.408,48 with median Price Earnings industry ratio, when compared with market price then its share (Undervalued) against its fair value. Which method gives the fair price of stocks closest to their market value is the Free Cash Flow To Equity (FCFE) method because the method is more complete and more complicated in assessing the fair price of a company's stock. And the purchase of PT Indo Tambangraya Megah Tbk shares by Investor as of December 30, 2016 amounting to Rp16,875 per share is appropriate to be purchased because the share price of December 30, 2016 of Rp16,875 per share represents "Undervalued" value over its fair value. Key Word : Investation, Free Cash Flow to Equity (FCFE), Relative Valuation. Penelitian ini dilakukan dengan tujuan untuk menghitung harga wajar saham PT. Indo Tambangraya Megah, Tbk. apakah Undervalued atau Overvalued terhadap harga pasar saham PT. Indo Tambangraya Megah, Tbk pada tanggal 30 Desember 2016 yaitu sebesar Rp16.875, dan untuk mengetahui hasil dari metode mana yang paling mendekati harga pasarnya, serta apakah pembelian saham PT Indo Tambangraya Megah, Tbk oleh Investor pada tanggal 30 Desember 2016 sebesar Rp16.875 per lembar sahamnya sudah tepat. Dua metode perhitungan yang digunakan untuk menghitung harga wajar saham, yaitu metode Free Cash Flow to Equity (FCFE) dan Relative Valuation. Penelitian ini menggunakan Data Keuangan PT. Indo Tambangraya Megah, Tbk tahun 2014 sampai dengan tahun 2016. Hasil penelitian dengan menggunakan metode Free Cash Flow to Equity (FCFE) menunjukan bahwa harga wajar saham PT. Indo Tambangraya Megah, Tbk sebesar Rp21.554, apabila dibandingkan dengan harga pasar maka sahamnya (Undervalued) terhadap nilai wajarnya, dengan menggunakan metode Relative Valuation menunjukan bahwa harga wajar saham PT. Indo Tambangraya Megah, Tbk sebesar Rp22.901,59 dengan rata – rata P/E ratio industri dan Rp19.408,48 dengan median P/E ratio industri, apabila dibandingkan dengan harga pasar maka sahamnya (Undervalued) terhadap nilai wajarnya. Metode manakah yang memberikan harga wajar saham yang mendekati harga pasarnya adalah metode Free Cash Flow To Equity (FCFE) karena metodenya lebih lengkap dan lebih rumit dalam menilai harga wajar saham suatu perusahaan. Dan pembelian saham PT Indo Tambangraya Megah, Tbk oleh Investor pada tanggal 30 Desember 2016 sebesar Rp16.875 per lembar sahamnya sudah tepat untuk dibeli karena harga saham tanggal 30 Desember 2016 sebesar Rp16.875 per lembar sahamnya merupakan nilai yang “Undervalued” atas nilai wajarnya. Kata Kunci : Investasi, Free Cash Flow to Equity (FCFE), Relative Valuation.
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