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 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 Performance Evaluation of Stocks’ Valuation Models at MSE

2018 ◽  
Vol 11 (2) ◽  
pp. 7-23
Author(s):  
Zoran Ivanovski ◽  
Zoran Narasanov ◽  
Nadica Ivanovska
Keyword(s):  
Cash Flow ◽  
Stock Prices ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Main Task ◽  
Stock Valuation ◽  
Market Prices ◽  
Valuation Model ◽  
Relative Valuation ◽  
Dcf Model

Abstract Subject and purpose of work: The main task of this paper is to examine the proximity of valuations generated by different valuation models to stock prices in order to investigate their reliability at Macedonian Stock Exchange (MSE) and to present alternative “scenario” methodology for discounted free cash flow to firm valuation. Materials and methods: By using publicly available data from MSE we are calculating stock prices with three stock valuation models: Discounted Free Cash Flow, Dividend Discount and Relative Valuation. Results: The evaluation of performance of three stock valuation models at the MSE identified that model of Price Multiplies (P/E and other profitability ratios) offer reliable stock values determination and lower level of price errors compared with the average stocks market prices. Conclusions: The Discounted Free Cash Flow (DCF) model provides values close to average market prices, while Dividend Discount (DDM) valuation model generally mispriced stocks at MSE. We suggest the use of DCF model combined with relative valuation models for accurate stocks’ values calculation at MSE.

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.

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

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.

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>

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.

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