scholarly journals ANALISIS VALUASI NILAI WAJAR SAHAM PT. ADARO ENERGY TBK MENGGUNAKAN METODE FREE-CASH FLOW TO FIRM (FCFF)

2013 ◽  
Vol 5 (2) ◽  
pp. 240-270
Author(s):  
Ecryna Cyntia Hutapea ◽  
Tyara Pratiwi Poernomoputri ◽  
Pardomuan Sihombing
Keyword(s):  
Cash Flow ◽  
Stock Price ◽  
Energy Content ◽  
Stock Exchange ◽  
Intrinsic Value ◽  
Coal Mines ◽  
Market Price ◽  
Free Cash Flow ◽  
Private Company ◽  
Thermal Coal

PT Adaro Energy Tbk, an Indonesian private company engaged in coal mines and became the largest thermal coal producers both in Indonesia, which also operates coal mines and have the single biggest in the southern hemisphere. Coal products PT Adaro Energy Tbk has medium levels of energy content, and assign its trademark with the name of the Envirocoal. PT Adaro Energy Tbk is officially listed on the Indonesia Stock Exchange (BEI) on July 16, 2008 and was recorded as the largest company in the history of the Stock Exchange for deals done in rupiah (whereas in the US $ is the currency of the latter), and an IPO 4th largest for the year 2008 in Asia (excluding Japan) with a stock offering as much 11.139331 billion shares. To assess the stock price of PT Adaro Energy Tbk in the market, the valuation of shares is needed, where the valuation of these shares will be known intrinsic value (fair price). The method used in this valuation is the Discounted Cash Flow method using the model of Free Cash Flow to Firm. Valuation results would be very useful to be used as the basis for making investment decisions to buy, hold or sell stock. Based on the calculation that stock valuations have been carried out, obtained the intrinsic value of PT Adaro Energy Tbk amounting to Rp 1,570 while the price of shares in PT Adaro Energy Tbk as at July 6, 2012 is $ 1,866, with the conclusion of the stock price of PT Adaro Energy Tbk undervalued or is below the market price.

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 Pengaruh Economic Value Added Dan Free Cash Flow Terhadap Stock Price

2021 ◽  
Vol 3 (2) ◽  
pp. 481
Author(s):  
Stefany Tantri ◽  
Yusbardini Yusbardini
Keyword(s):  
Cash Flow ◽  
Stock Price ◽  
Sampling Method ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Economic Value ◽  
Value Added ◽  
Free Cash Flow ◽  
Economic Value Added ◽  
Purposive Sampling

The purpose of this study is to examine the effect of economic value added and free cash flow in manufacturing sector consumer industry in Indonesian Stock Exchange on period 2015-2019. The sample of this study are 31 company with purposive sampling method. Data were collected by official website of Indonesian Stock Exchange. The data will be analysis by using Eviews9 application. The result found that economic value added have significant effect to stock price, free cash flow have significant effect to stock price and economic value added and free cash flow simultaneously have significant effect to stock price. Tujuan dari penelitian ini adalah untuk mengetahui pengaruh nilai tambah ekonomis dan arus kas bebas pada perusahaan manufaktur sektor industri barang konsumsi di Bursa Efek Indonesia periode 2015-2019. Sampel dari penelitian ini adalah 31 perusahaan dengan metode purposive sampling. Data perusahaan diperoleh dari website resmi Bursa Efek Indonesia. Data dianalisis menggunakan aplikasi Eviews9. Hasil penelitian ini menemukan bahwa nilai tambah ekonomis mempunyai pengaruh yang signifikan terhadap harga saham, arus kas bebas mempunyai pengaruh yang signifikan terhadap harga saham, dan nilai tambah ekonomis dan arus kas bebas secara simultan mempunyai pengaruh yang signifikan terhadap harga saham.

scholarly journals Free cash flow effect towards firm value

2019 ◽  
Vol 6 (3) ◽  
pp. 108-116 ◽  
Author(s):  
Ida Ayu Made Chandra Dewi ◽  
Maria Mediatrix Ratna Sari ◽  
I.G.A.N Budiasih ◽  
Herkulanus Bambang Suprasto
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Stock Price ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Free Cash Flow ◽  
Stock Index ◽  
Investment Opportunity ◽  
Dividend Payout ◽  
Investment Opportunity Set

A company is established to raise the value of the firm by maximizing profit and shareholder’s wealth. In the capital market, firm value is reflected in the stock price. To raise a firm value, needed to investigate the determinant of firm value. So, this research is aimed to determine the effect of free cash flow on firm value with dividend payout and investment opportunity set as mediator. Population in this research was companies listed on the Main Board Stock Index in Indonesian Stock Exchange for 2013-2017. The sample is 189 observation and it was taken by using purposive sampling technique. Data analysis technique used in this research is path analysis and Sobel test. This research founded that free cash flow has a positive significant effect on firm value and dividend payout, free cash flow has a negative effect on investment opportunity set, dividend payout has a positive significant effect on firm value, and investment opportunity set has a positive significant effect on firm value. Furthermore, dividend payout act as a mediator on the effect of free cash flow on firm value, but investment opportunity unable to mediate the effect of free cash flow on firm value.

scholarly journals The Effect of Free Cash Flow, Debt to Equity Ratio, Working Capital Turnover and Earnings Per Share on Stock Prices with Stock Beta as Moderating Variable in Construction Sub-Sector Companies Listed on the IDX for the 2013-2019 Period

2021 ◽  
Vol 8 (8) ◽  
pp. 244-253
Author(s):  
Nurul Ramadhani Pauzi Harahap ◽  
Idhar Yahya ◽  
Abdillah Arif Nasution
Keyword(s):  
Cash Flow ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Free Cash Flow ◽  
Working Capital ◽  
Moderating Variables ◽  
Earnings Per Share ◽  
Equity Ratio

The purpose of this study aims to discover the effect of free cash flow, debt to equity ratio working capital turnover, and earning per share on stock price with stock beta as moderating variables. This research was conducted on Construction Sub-Sector Companies listed on the Indonesia Stock Exchange for 2013-2019. The technique in this study uses a purposive sampling technique. The sampling technique shows that the research sample is ten companies with seven years of research, so the number of observations in this study is 70. The data analysis method used in this study is Panel Data Regression Analysis which was carried out with the help of EViews software. The results showed that free cash flow, working capital turnover did not significantly affect stock prices and earnings per share, and the debt to equity ratio had a significant effect on stock prices. The stock beta variable can moderate the effect of free cash flow, debt to equity ratio, working capital turnover, and earnings per share on stock prices. Keywords: Free Cash Flow, Working Capital Turnover, Earnings Per Share and Debt to Equity Ratio, Stock Price and Stock Beta.

scholarly journals Does The Stock of Indonesian Provider Tower Industry Have a Fair Value?

2018 ◽  
Vol 6 (4) ◽  
pp. 130-139
Author(s):  
Saptono Saptono ◽  
Farida Titik Kristanti
Keyword(s):  
Cash Flow ◽  
Stock Prices ◽  
Stock Exchange ◽  
Intrinsic Value ◽  
Fair Value ◽  
Jel Classification ◽  
Free Cash Flow ◽  
Stock Valuation ◽  
Market Prices ◽  
Relative Valuation

Objective - The objective of this study is to evaluate the stock intrinsic value of companies listed on the Indonesian Stock Exchange. The evaluation is carried out by using a DCF method of Free Cash Flow to Firm (FCFF) approach, and a relative method of Price to Earnings Ratio (PER) and Price to Book Value (PBV) approaches. Each approach uses three scenarios of optimism, moderation and pessimism. Methodology/Technique - The historical data of the companies between 2014 and 2017 was used to predict their performance in the period between 2018 and 2021. Findings - The results of this study indicate that by comparing the stock prices to their intrinsic value of the stock valuation of the DCF-FCFF, the stock market prices as of 1 January 2018 according to the optimistic scenario show that TBIG and SUPR were undervalued, while TOWR and IBST were overvalued. In the moderate scenario, TBIG and SUPR were undervalued, while TOWR and IBST were overvalued. Novelty - Meanwhile, TBIG, TOWR and IBST were overvalued and only SUPR was undervalued in the pessimistic scenario. Relative valuation using a PER approach in all scenarios indicates that TBIG, TOWR and IBST were overvalued and SUPR was undervalued. Finally, through a PBV approach, the relative valuation of TOWR, SUPR and IBST were overvalued and TBIG was undervalued in all scenarios. Type of Paper - Empirical. Keywords: Free Cash Flow to Firm; Relative Valuation; Tower Provider Industry; Intrinsic Value; Valuation. JEL Classification: G14, G15, G19.

Dividend Payout Ratio: Persoalan Free Cashflow, Debt To Equity Ratio, Kepemilikan Institutional, Investment Opportunity, Dan Kesejahteraan Karyawan

Liquidity ◽  
2017 ◽  
Vol 6 (1) ◽  
pp. 1-11
Author(s):  
Nurlis Azhar ◽  
Helmi Chaidir
Keyword(s):  
Cash Flow ◽  
Significant Influence ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Flow Ratio ◽  
Prediction Ability ◽  
Employee Welfare ◽  
Equity Ratio

This study was conducted to examine the effect of Free Cash Flow Ratio, Debt Equity Ratio (DER), Institutional Ownership, Employee Welfare and Price Earning Ratio (PER) to Divident Payout Ratio (Parliament) partially on manufacturing companies listed on Indonesia Stock Exchange period 2011-2015. In addition, to test the feasibility of regression model, the influence of Free Cash Flow Ratio, Debt Equity Ratio (DER), Institutional Ownership, Employee Welfare and Price Earning Ratio (PER) to Divident Payout Ratio (DPR) simultaneously at manufacturing company listed on Bursa Indonesia Securities period 2011-2015. The population in this study are 146 manufacturing companies that have been and still listed in Indonesia Stock Exchange period 2011-2013. The sampling technique used was purposive sampling and obtained sample of 42 companies. Data analysis technique used is by using multiple linear regression test. The results showed that Free Cash Flow Ratio, no significant effect on Divident Payout Ratio (DPR). Debt Equity Ratio (DER) has a negative and significant influence on Divident Payout Ratio (DPR), Institutional Ownership has a significant positive effect on Divident Payout Ratio (DPR), Employee Welfare and Price Earning Ratio (PER) has a positive and significant influence on the Divident Payout Ratio ). Simultaneously Free Cash Flow Ratio, Debt Equity Ratio (DER), Institutional Ownership, Employee Welfare and Price Earning Ratio (PER) give effect to Divident Payout Ratio. The prediction ability of the five variables to the Divident Payout Ratio (DPR) is 21.3% as indicated by the adjusted R square of 0.271 while the remaining 79.7% is influenced by other factors not included in the research model.

PENGARUH IT SPENDING TERHADAP KINERJA PERUSAHAAN PADA PERUSAHAAN TELEKOMUNIKASI YANG TERDAFTAR DI BURSA EFEK SELURUH ASIA TENGGARA PADA TAHUN 2009-2011

MODUS ◽  
2016 ◽  
Vol 26 (2) ◽  
pp. 93
Author(s):  
Irene Adrayani
Keyword(s):  
Stock Price ◽  
Sampling Method ◽  
Capital Expenditure ◽  
Stock Exchange ◽  
Market Price ◽  
Market Value ◽  
Company Performance ◽  
Corporate Value ◽  
Accounting Information System ◽  
Company Value

This study aims to get empirical evidence about the infuence of IT spending on corporate value by testing the efect of IT spending on corporate value by using Tobin’s Q. Te higher the stock price, the higher the company value as well as investors’ assessment. The market price of the company’s stocks refects investors’ assessment of the overall equity held. Of the stock price refects investor can provide an assessment of a company. Tobin’s Q is the ratio of the market value of the company’s assets as measured by the market value of the outstanding stocks and debt (enterprise value) to the replacement cost of the assets of the company. The sampling method is based on purposive sampling method with the purpose to obtain a sample that meets the criteria. Tis study used a sample taken from a telecommunications company listed on the Stock Exchange throughout Southeast Asia during the period of 2009-2011. The hypothesis in this study was tested using simple regression. Based on data analysis, the result that the variable IT spending does not afect the company value.Keywords: accounting information system, Tobin’s Q, IT spending, capital expenditure, company performance

ASSESSMENT OF THE MARKET VALUE OF THE COMPANY BY DETERMINING INTRINSIC VALUE BASED ON PJSC MMC NORILSK NICKEL

2020 ◽  
Author(s):  
Valentina Vyacheslavovna Mantulenko ◽  
◽  
Yulia Borisovna Golub ◽  
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Intrinsic Value ◽  
Market Value ◽  
Theoretical Concept ◽  
Business Value ◽  
Current Trends

The authors consider a basic theoretical concept related to process of assessing a business value. The basic coefficients for predicting the company’ activities are analyzed. The calculation of the intrinsic value of the stock was carried out by two methods: by the cash flow discounting method and by comparison with peers. The current trends of the shares value of the considered company on the Moscow stock exchange are analyzed, investment recommendation is given.

scholarly journals PENGARUH FREE CASH FLOW, FINANCIAL DISTRESS, DAN INVESTMENT OPPORTUNITY SET TERHADAP MANAJEMEN LABA

2021 ◽  
Vol 14 (1) ◽  
Author(s):  
Sally Irawan ◽  
Prima Apriwenni
Keyword(s):  
Earnings Management ◽  
Cash Flow ◽  
Financial Distress ◽  
Stock Exchange ◽  
Total Sample ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Purposive Sampling ◽  
Investment Opportunity Set ◽  
Positive Effect

<p><strong><em>ABSTRACT :  </em></strong><em>Stakeholders pay attention to the earnings report, thus encouraging company managers to plan strategies to produce reports expected by stakeholders. Earnings management is one way that can be done. Managers can intervene the earnings management by increasing or decreasing profit in order to achieve a certain level of profit which benefits himself or the company. This study aims to determine the influence of free cash flow, financial distress, and investment opportunity set on earnings management. </em><em>The research sample consisted of 11 infrastructure, utility, and transportation companies listed on the Indonesia Stock Exchange in 2014-2018 with the total sample of 55 data. This study used a purposive sampling method and was tested with SPSS 22.0 Software. The results show that the data have met the pooling test, classical assumptions and established criteria. The results of the F test show that the earnings management variable is affected simultaneously by free cash flow, financial distress, and investment opportunity set variables. The t test results show that the free cash flow and investment opportunity set have a significant positive effect on earnings management, whereas financial distress does not. In sum, there is enough evidence that free cash flow and investment opportunity set positively affect earnings management, but financial distress does not have enough evidence to influence earnings management.</em></p><p><strong><em>Keywords: </em></strong><em> Earnings Management, Free Cash Flow, Investment Opportunity Set, Financial Distress.</em></p><p><em> </em></p><p><strong>ABSTRAK:</strong> Laporan laba menjadi perhatian para <em>stakeholders</em> sehingga mendorong manajer perusahaan melakukan perencanaan strategi untuk menghasilkan laporan yang diharapkan <em>stakeholder</em>. Manajemen laba adalah salah satu cara yang dapat dilakukan. Intervensi manajer untuk melakukan manajemen laba dengan cara menaikkan atau menurunkan laba guna mencapai tingkat laba tertentu untuk menguntungkan dirinya sendiri atau perusahaan. Penelitian ini bertujuan untuk mengetahui pengaruh <em>free cash flow, financial distress, </em>dan <em>investment opportunity set </em>terhadap manajemen laba. Sampel penelitian ini adalah perusahaan infrastruktur, utilitas, dan transportasi yang terdaftar di Bursa Efek Indonesia periode 2014-2018. Total sampel yang digunakan adalah 11 perusahaan dengan data observasi yang diperoleh sebanyak 55. Teknik pengambilan sampel yang digunakan adalah <em>non-probability sampling</em> dengan menggunakan metode <em>purposive sampling</em> dan pengujian yang dilakukan dengan bantuan <em>software</em> SPSS 22.0. Hasil penelitian dari data yang digunakan,  untuk uji pooling dan asumsi klasik telah lulus uji dan sudah memenuhi kriteria yang ditetapkan. Hasil uji F menunjukkan bahwa variable manajemen laba dipengaruhi secara simultan oleh variable <em>free cash flow, financial distress, </em>dan <em>investment opportunity set. </em>Dari hasil uji t memperlihatkan hasil bahwa <em>free cash flow </em>dan<em> investment opportunity set </em>mempunyai nilai signifikan positif terhadap manajemen laba, tapi untuk <em>financial distress </em>tidak mempunyai nilai signifikan terhadap manajemen laba. Kesimpulan dari penelitian ini adalah<em> free cash flow </em>dan <em>investment opportunity set </em>berpengaruh positif terhadap manajemen laba, sedangkan <em>financial distress </em>tidak berpengaruh terhadap manajemen laba.</p><p><strong>Kata Kunci:</strong> Manajemen Laba,<em> Free Cash Flow,  Investment Opportunity Set, Financial Distress</em></p><p> </p>

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