scholarly journals KEWAJARAN NILAI PASAR SAHAM PERUSAHAAN PASCA RIGHT ISSUE

2017 ◽  
Vol 16 (1) ◽  
Author(s):  
Rifki Khoirudin ◽  
Desta Rizky Kusuma
Keyword(s):  
Cash Flow ◽  
Stock Price ◽  
Balance Sheet ◽  
Financial Statements ◽  
Fair Value ◽  
Free Cash Flow ◽  
Discounted Cash Flow ◽  
Rights Issue ◽  
Relative Valuation

<p><em><span>This study aims to estimate the fair value per share of PT BW Plantation Tbk after the company offered right issue. This study is also intended to find out the fair market value per share of PT BW Plantation Tbk post-rights issue. The information used in this study was obtained from secondary data from the financial statements of PT BW Plantation Tbk., which were audited by public accountants and other information available in the financial statements. BW Plantation Tbk., The company's financial statements comparison, and the company's stock price data comparison. The methods of analysis used in determining the fair value per share is the Discounted Cash Flow and Relative Valuation. Discounted Cash Flow analysis was done by: projections of financial statements i.e. balance sheet and income statement, the projected Free Cash Flow to Equity (FCFE), the determination of the discount rate, the determination of Terminal Value, and the estimated fair value of equity. Analysis of Relative Valuation begins with finding the comparison companies in the same business line, select and assign the appropriate multiple of the comparison companies. Multiple used are: Price Earnings Ratio (PER), Price to Book Value (PBV), and Price to Sales Ratio (P / S).</span></em></p><p><em><span>Keywords: valuation of shares, rights issue, discounted cash flow, relative valuation</span></em></p>

scholarly journals Stock Valuation in Pharmaceutical Sub-Sector Companies using the Discounted Cash Flow and Relative Valuation Methods in the 2013-2020 Period

2021 ◽  
pp. 167-176
Author(s):  
Afna Dalilah ◽  
Riko Hendrawan
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Fair Value ◽  
Free Cash Flow ◽  
Discounted Cash Flow ◽  
Stock Valuation ◽  
Industry Growth ◽  
Valuation Method ◽  
Pessimistic Scenario ◽  
Relative Valuation

This research aims at calculating the fair value of shares of pharmaceutical companies listed on the Indonesia Stock Exchange (IDX). The data used in this research is historical data from the 2013-2020 financial statements, which are used as the basis for projections in 2021-2025. The method used in this research is Discounted Cash Flow (DCF) method with Free Cash Flow to the Firm (FCFF) approach and Relative Valuation method with Price to Earning Ratio (PER) and Price to Book Value (PBV) approaches in three scenarios. The three scenarios used are the optimistic scenario (condition above industry growth), the moderate scenario (the most likely condition for the company), and the pessimistic scenario (the average condition of the industry). The results of the research showed that by using the DCF-FCFF method, KAEF and PYFA stocks experienced overvalued conditions in all scenarios. Meanwhile, KLBF and DVLA stocks were undervalued in all scenarios. Then, from the calculation of the Relative Valuation method, each company was still within the industry range in all scenarios. Overall, KAEF stocks were overvalued by 57.817%, KLBF stocks were undervalued by 7.879%, DVLA stocks were undervalued by 370.865%, and PYFA stocks were overvalued by 16.662% both in DCF method and in Relative Valuation method.

scholarly journals Penilaian Nilai Wajar Saham Pt Ciputra Development Tbk

2019 ◽  
Vol 2 (3) ◽  
Author(s):  
Sheane Sheane
Keyword(s):  
Cash Flow ◽  
Stock Price ◽  
Intrinsic Value ◽  
Market Price ◽  
Secondary Data ◽  
Fair Value ◽  
Free Cash Flow ◽  
Discounted Cash Flow ◽  
Price Earnings Ratio ◽  
Firm Model

An investor could invest by buying companies’ stocks. Therefore, it is crucial for investors to know the fair value of shares of a company to anticipate the risks and benefits. The fair value of shares reflects the value of that company. This research is aimed to assess the fair value of shares of PT. Ciputra Development Tbk, whether its value is above or below the market price. This research was conducted using secondary data, which are the company’s prospects, yearly report, and other official publication. Quantitative analysis was chosen to process and analyse the data collected. Method used in this valuation is the Discounted Cash Flow method with Free Cash Flow to Firm model and Relative Valuation with Price Earnings Ratio model. The result of the valuation would be useful to be used as the basis for decision making on investing, whether to buy, hold or sell the stock. Based on the calculated stock value, it was obtained that the fair value of shares of PT. Ciputra Development Tbk, using discounted free cash flow to firm method, is Rp 1.092,- which means the stock price of PT. Ciptura Development Tbk is over the market price or overvalued in comparison to its intrinsic value. On the other hand, using price earning ratio as the chosen method shows that the fair value of shares is Rp. 1.262,4 per stock which means the price of PT. Ciputra Development Tbk stock is under the market price or undervalued towards its intrinsic value.

scholarly journals The Intrinsic Value of an Enterprise Determined by Means of the FCFE Tool

2020 ◽  
Vol 12 (21) ◽  
pp. 8868
Author(s):  
Veronika Jezkova ◽  
Zuzana Rowland ◽  
Veronika Machova ◽  
Jan Hejda
Keyword(s):  
Cash Flow ◽  
Intrinsic Value ◽  
Free Cash Flow ◽  
Annual Reports ◽  
Discounted Cash Flow ◽  
Enterprise Value ◽  
Future Value ◽  
Mutual Relations ◽  
Key Indicators

This paper deals with the determination of the intrinsic value of the company Seznam.cz, a.s. using discounted cash flow. Specifically, it is concerned with determining the value of the business from the perspective of the company’s shareholders. The Free Cash Flow to Equity (FCFE) method is chosen for analysis and determination of the value. According to this method, the specific FCFE values are discovered. However, the enterprise value must also be analyzed on the basis of other key indicators, such as financial leverage, the Capital Asset Pricing Model (CAPM) method, or the net present and future value of the FCFE. This is especially important so that the results can be put into mutual relations and a sufficient representative value of the FCFE results can be achieved. Input values stem from the company’s annual reports. From the results of the mentioned methods and indicators, it was found that the value of the FCFE is quite high, which means that the capital used is used appropriately. Based on the result of the continuing value of the FCFE, it can be said that the company’s intrinsic value is at a very good level.

scholarly journals Analysis of Islamic Banks’ Merger in Indonesia

2021 ◽  
Vol 4 (2) ◽  
pp. 112-120
Author(s):  
Fitri Mareta ◽  
Heliani Heliani ◽  
Siti Elisah ◽  
Andini Ulhaq ◽  
Indri Febriani
Keyword(s):  
Market Share ◽  
Cash Flow ◽  
Islamic Law ◽  
Stock Exchange ◽  
Profit Sharing ◽  
Free Cash Flow ◽  
Islamic Banks ◽  
Discounted Cash Flow ◽  
The Public ◽  
Relative Valuation

Islamic bank is a bank that collects funds from the public by using system profit sharing for every profit it gets and in carrying out its activities in accordance with Islamic law. Remembering that in Indonesia most of the population is Muslim, therefore they need a bank that works in accordance with Islamic law. Considering the number of percentages of Islamic banks in Indonesia are still small and cannot yet dominate the market share, therefore this research is expected to find out whether the merging of 3 Islamic banks (BRIS, BSM and BNIS) able to control market share or not. To see the synergy resulting from this merger is used methods Discounted Cash Flow - Free Cash Flow to Equity and Relative Valuation - Price to Book Ratio. The data used are the financial statements of each bank from 2014 to 2019 which are available on the Indonesia Stock Exchange (IDX) or the websites of each bank.

scholarly journals AVALIAÇÃO FINANCEIRA ATRAVÉS DA FERRAMENTA VALUATION, PELO MÉTODO DO FLUXO DE CAIXA DESCONTADO, NO BANCO DE CAPITAL ABERTO ITAÚ UNIBANCO HOLDING S.A

2021 ◽  
Vol 9 (205) ◽  
pp. 1-17
Author(s):  
MARCOS HENRIQUE POLICARPO NEVES
Keyword(s):  
Cash Flow ◽  
Balance Sheet ◽  
Fair Value ◽  
Growth Potential ◽  
Fair Price ◽  
Discounted Cash Flow ◽  
Flow Method ◽  
Valuation Process ◽  
A Company ◽  
Discounted Cash Flow Method

The valuation process of companies is essential for investors to estimate the fair value of a company. Once it has been established, it is possible to compare with the market value and thus judge whether an asset is cheap, fair or expensive. There are several methodologies for calculating the valuation of a company, among which the following stand out: method of market multiples; discounted cash flow method; method based on the book value. In this sense, the present work aims to evaluate the fair price of the shares of Itaú Unibanco bank (ITUB4) through the discounted cash flow method. For this, data about the company were used from the balance sheet and the statement of income for the year, made available on the internet by the bank. After these data analyzes and the establishment of some assumptions, the cash flow for the next 10 years was projected. From this, the flows were brought to present value, to calculate the fair price of the company's shares, using an appropriate discount rate. As a final result, the model indicates that the shares are undervalued by the market, that is, they are cheap and with a growth potential of 32%.

scholarly journals Stock Valuation Analysis of Islamic Bank in Related to Forming Holding

2021 ◽  
Vol 10 (2) ◽  
pp. 205-214
Author(s):  
Anton Adventus Kacaribu
Keyword(s):  
Cash Flow ◽  
Descriptive Analysis ◽  
Secondary Data ◽  
Fair Value ◽  
Free Cash Flow ◽  
Financial Industry ◽  
Stock Valuation ◽  
Public Company ◽  
The Republic ◽  
Relative Valuation

This study aims to estimate the fair value of equity per share and to analyze undervalued or overvalued value of the company PT. Bank BRI Syariah Tbk. Result on this study combine market approach, book value approach and discount of future cash flow approach, so it can deliver comprehensive result. On the other side, this study or valuation specialize on financial industry due to uniqueness and complexity of the industry. PT. Bnk BRI Syariah Tbk was chosen, because of the plan ot the ministry of state-owned enterprises of the Republic of Indonesia to merge 3 sharia banks such as PT Bank BRI Syariah Tbk, PT Bank Syariah Mandiri, and PT Bank BNI Syariah. Only, PT Bank BRI Syariah is public company. This research is a descriptive analysis, the data and information used are secondary data from PT Bank BRI Syariah Tbk through its annual report, while other data used come from data and reports from other supporting institutions. This study uses three methods to value the share, free cash flow to equity, relative valuation, and abnormal earning. The conclusion is fair value of PT Bank BRI Syariah Tbk is IDR 482.47, so the value is undervalued.

scholarly journals Stock Valuation using Discounted Cash Flow Method with Free Cash Flow to Equity and Relative Valuation Approaches on State-Owned Banks Listed on IDX for 2021 to 2025 Period Projection

2021 ◽  
pp. 191-201
Author(s):  
Almirah Jumran ◽  
Riko Hendrawan
Keyword(s):  
Cash Flow ◽  
Stock Prices ◽  
Intrinsic Value ◽  
Free Cash Flow ◽  
Regulatory Capital ◽  
Discounted Cash Flow ◽  
Industry Growth ◽  
Valuation Method ◽  
Price Earnings Ratio ◽  
Relative Valuation

This study aims to project the intrinsic value of state-owned banks listed on IDX for the 2021 to 2025 projection. This study uses the Discounted Cash Flow (DCF) method with the Free Cash Flow to Equity (FCFE) approach specifically for banks by looking at the regulatory capital. Meanwhile, it is also used the Relative Valuation method with the Price to Book Value (PBV) and Price Earnings Ratio (PER) approaches. This study uses three scenarios will be used, which consist of a pessimistic scenario (the average condition of the industry), a moderate scenario (the same condition as the company's growth), and an optimistic scenario (a condition above industry growth), which aims to project the stock value over the next five years. The data used in this study comes from historical data during the 2016 to 2020 period. Based on the results, the stock prices of state-owned banks using the FCFE method shows undervalued results for all scenarios. Meanwhile, using the relative valuation method, PBV in the optimistic scenario only shows BBNI undervalued conditions. In addition, in moderate and pessimistic scenarios, only BBRI shows overvalued conditions. Furthermore, PER shows undervalued results for all scenarios.

Financial Balance Analysis of Geothermal Companies in Poland Based on Managerial Cash Flows

Energies ◽  
2021 ◽  
Vol 14 (23) ◽  
pp. 7885
Author(s):  
Arkadiusz Kustra ◽  
Sylwia Lorenc
Keyword(s):  
Cash Flow ◽  
Geothermal Energy ◽  
Balance Sheet ◽  
Environmental Issues ◽  
Financial Statements ◽  
Cash Flows ◽  
Free Cash Flow ◽  
Balance Analysis ◽  
Reverse Situation ◽  
Financial Balance

The use of geothermal energy to produce heat and electricity has become increasingly important in recent years. This is mainly due to environmental issues and the need to ensure energy security. The aim of the article was to analyse and compare the ability to maintain cash balance of selected geothermal companies in Poland. The following were taken for verification: Przedsiębiorstwo Energetyki Cieplnej PEC Geotermia Podhalańska S.A., Geotermia Poddębice Sp. z o.o., Geotermia Mazowiecka S.A., Geotermia Pyrzyce Sp. z o.o. and Geotermia Czarnków Sp. z o.o. The adopted research methodology, combining accrual and cash recognition, allowed the analysis of the ability to create cash flows and maintain cash stability in 2016–2019. The study used financial data from the financial statements of the analysed companies. The analysis shows that the highest cash flows from assets defined as Free Cash Flow to Firm FCFF (over PLN 11,318 thousand) and the highest cash flows for owners Free Cash Flow to Equity FCFE (over PLN 10,005 thousand) are generated by Geotermia Mazowiecka S.A. At the same time, the balance between cash flows meeting the inequality FCFF ≥ FCFE + FCD, where FCD Free Cash Flow to Debt, determines the ability of assets to generate cash covering the current distribution of capital for its donors. Consequently, there is an increase in the value of cash resources identified in investments in the management balance sheet. Such a situation occurred in the case of Geotermia Poddębice Sp. z o.o. and Geotermia Mazowiecka S.A. The reverse situation, i.e., FCFF < FCFE + FCD is characteristic for cash imbalance. In such conditions there is a decrease in cash resources identified in the management balance. This occurred in PEC Geotermia Podhalańska S.A., Geotermia Pyrzyce Sp. z o.o. and Geotermia Czarnków Sp. z o.o.

scholarly journals ANALISIS VALUASI HARGA WAJAR SAHAM DENGAN METODE FREE CASH FLOW TO EQUITY (FCFE) DAN METODE RELATIVE VALUATION PADA SAHAM-SAHAM IDX30 TAHUN 2012

2018 ◽  
Vol 2 (2) ◽  
Author(s):  
Ria Puspitasari ◽  
Tekni Megaster
Keyword(s):  
Cash Flow ◽  
Flow Model ◽  
Free Cash Flow ◽  
Discounted Cash Flow ◽  
Book Value ◽  
Relative Valuation

Penelitian ini bertujuan untuk menguji relevansi penilaian harga wajar saham dengan metode Discounted Cash Flow Model (DCF) dengan pendekatan valuasi Free Cash Flow to Equity (FCFE) dan metode relative valuation pada saham-saham yang terdaftar di Bursa Efek Indonesia. Obyek penelitian pada karya tulis ini adalah saham-saham yang terdaftar pada IDX30. Hasil penelitian ini menunjukan bahwa harga wajar saham IDX30 dengan metode relative valuation dengan pendekatan Price to Book Value (PBV) menghasilkan 6 saham perusahaan mengalami undervalued dan 24 saham mengalami overvalued dan dengan pendekatan Price Earning Ratio (PER) menghasilkan 12 saham mengalami undervalued dan 18 saham mengalami overvalued. Sedangkan dengan menggunakan metode Discounted Cash Flow Model dengan pendekatan Free Cash Flow to Equity menghasilkan 19 saham yang mengalami undervalued dan 11 saham yang mengalami overvalued.Kata Kunci : Valuasi, DCF, FCFE, Indeks IDX30, Relative valuation, Price to Book Value dan Price Earning Ratio

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