scholarly journals UNDER/OVER HARGA PASAR SAHAM BBNI TERHADAP NILAI PERUSAHAAN

Equity ◽  
2019 ◽  
Vol 18 (2) ◽  
pp. 33
Author(s):  
Panubut Simorangkir
Keyword(s):  
Stock Price ◽  
Intrinsic Value ◽  
Market Price ◽  
Share Price ◽  
Industry Analysis ◽  
Top Down ◽  
Basic Assumptions ◽  
Macroeconomic Analysis ◽  
Closing Price

This study was conducted to determine whether the company's performance BBNI reflected in the market price of its shares. An assessment of the share price calculated by the method BBNI Discounted Earnings Approach. The approach used is the analysis of top-down where the approach begins with a macroeconomic analysis, industry analysis and then proceed with the analysis of the company, analysis of financial projections for the next few years and then analyzes the determination of the intrinsic value of the company with a variety of basic assumptions gained through the process of collecting the data secondary. Based on the results of the calculation of the valuation by Discounted Earnings Approach at the end of 2014 should BBNI stock price of Rp 6.653, while in reality the closing price at the end of 2014 amounted to Rp 6.100, which means that the undervalued share price. Price estimasian of valuation calculations with Discounted Earnings Approach indicates that BBNI share intrinsic value at the end of 2015 should be in the range of Rp. 8.654

scholarly journals Fundamentals of Stock Price in Nepalese commercial banks

2019 ◽  
Vol 4 ◽  
pp. 83-98
Author(s):  
Prem Prasad Silwal ◽  
Samrina Napit
Keyword(s):  
Commercial Banks ◽  
Stock Price ◽  
Stock Exchange ◽  
Market Price ◽  
Negative Relationship ◽  
Influential Factor ◽  
Share Price ◽  
Cross Sectional ◽  
Book Value ◽  
Price Earnings Ratio

The aim of this study is to ascertain the determinants of the stock market price in Nepalese commercial banks for the period of 2065/66 to 2074/75. It is based on pooled cross-sectional data of ten banks for 10 years whose stocks are listed in Nepal stock exchange. The study employed correlational and causal comparative research design and result reveals that book value per share, price earnings ratio, return on equity have positive relationship with stock price. Dividend yield has positive but minimum influence on the price of the stock whereas size has negative relationship and is statistically insignificant with stock price. Further, it reveals that book value per share is a most influential factor that determines stock price in Nepal.

scholarly journals Analysis of Financial performance affecting Stock Price on Pharmaceutical Industry

2016 ◽  
Vol 7 (1) ◽  
pp. 69
Author(s):  
Rusky Aviandy
Keyword(s):  
Pharmaceutical Industry ◽  
Stock Price ◽  
Intrinsic Value ◽  
Market Price ◽  
Asset Return ◽  
Return On Equity ◽  
Book Value ◽  
Research Population ◽  
Equity Ratio ◽  
Weak Influence

This research is conducted to analyze the influence of stock price of firms in the pharmaceutical industry as listed in the JSX using financial ratios and based on the Gordon model approach. Methodology used in this research was Gordon model to know the stocks intrinsic value from each firm, then the comparison of market stock price, and analysis using regression analysis to know which factors affect stock price and how big the influence is. This research used six research variables; ROA, ROE, payout ratio, book value per share. and debt to equity ratio. The research population was pharmaceutical companies listed on the JSX until the end of 2004. It can be concluded that ROA, ROE,<br />book value per share, and debt to equity has a very weak influence to stock price. Only payout ratio has the significant influence to stock price of firm in the pharmaceutical industry listed on the JSX. There is significant effect from return on asset, return on equity, payout ratio, book value per share and debt to<br />equity ratio altogether to market price of firms in pharmaceutical industry.

scholarly journals Forecasting the Stock Price by using Holt’s Method

2019 ◽  
Vol 1 (1) ◽  
pp. 15
Author(s):  
Omar Sharif ◽  
Md Zobaer Hasan
Keyword(s):  
Stock Price ◽  
Stock Exchange ◽  
Share Price ◽  
Long Period ◽  
Daily Data ◽  
Short Period ◽  
Closing Price ◽  
Long Time ◽  
Short Time ◽  
A Share

This study proposed to develop a stock indicator that can forecast the value of a share by considering the daily closing price or opening price with the different parameter of Holt’s method. Most of the indicator which is existing in most of the stock market which forecasted value is based on a long period forecast. But, Holt’s method will be easy to analyze the price of an individual company with maximum accuracy for short period forecasting. The daily data, the closing price of the different company, are collected from the Dhaka Stock Exchange (DSE) for the period of 2016. The variables: level, trend, forecast as well as smoothing constant (α, β) are used for quick reaction to systematic changes in the time series. By using Holt’s method, a buyer can predict, how much of a share price will be the next day. The research finds that Holt’s method forecasting is better for short time then long time as evidence shows that the fourth day predicted value is closer to the actual value. In addition, the analysis discovers that for prediction the forecast value, the fifteen and seven days’ data of any company are more accurate than 30 days’ data. This study notices that different smoothing constant is the big factor for forecasting and suggests to use smoothing constant α = 0.5, β = 0.1.

scholarly journals Optimal exercise of American put options near maturity: A new economic perspective

2021 ◽  
Author(s):  
Anna Battauz ◽  
Marzia De Donno ◽  
Janusz Gajda ◽  
Alessandro Sbuelz
Keyword(s):  
Stock Price ◽  
Price Level ◽  
Intrinsic Value ◽  
European Option ◽  
Put Options ◽  
Put Option ◽  
American Put Options ◽  
New Perspective ◽  
American Put

AbstractThe critical price $$S^{*}\left( t\right) $$ S ∗ t of an American put option is the underlying stock price level that triggers its immediate optimal exercise. We provide a new perspective on the determination of the critical price near the option maturity T when the jump-adjusted dividend yield of the underlying stock is either greater than or weakly smaller than the riskfree rate. Firstly, we prove that $$S^{*}\left( t\right) $$ S ∗ t coincides with the critical price of the covered American put (a portfolio that is long in the put as well as in the stock). Secondly, we show that the stock price that represents the indifference point between exercising the covered put and waiting until T is the European-put critical price, at which the European put is worth its intrinsic value. Finally, we prove that the indifference point’s behavior at T equals $$S^{*}\left( t\right) $$ S ∗ t ’s behavior at T when the stock price is either a geometric Brownian motion or a jump-diffusion. Our results provide a thorough economic analysis of $$S^{*}\left( t\right) $$ S ∗ t and rigorously show the correspondence of an American option problem to an easier European option problem at maturity .

scholarly journals Employee Stock Options And Diluted Earnings Per Share

2011 ◽  
Vol 3 (11) ◽  
Author(s):  
David T. Doran
Keyword(s):  
Stock Price ◽  
Stock Options ◽  
Intrinsic Value ◽  
Market Price ◽  
Fair Value ◽  
Employee Stock Options ◽  
Research Support ◽  
Earnings Per Share ◽  
Free Environment ◽  
Period Model

At the time of this writing, SFAS No.123 (1995) prescribes GAAP in accounting for employee stock options.  It allows firms to choose either the intrinsic or fair value method in determining the amount of compensation expense recognized for employee stock options.  The choice of method affects the numerator of the earnings per share (EPS) calculation.   The FASB recently issued a revised SFAS No. 123 (2004) which will require uniform application of the fair value method.  GAAP also requires that the denominator for the diluted EPS calculation be increased for incremental shares under the treasury stock method.  SFAS 128 requires the treasury stock method be applied where the proceeds from the assumed exercise of options are used to acquire shares of the firm’s outstanding stock at the average market price for the period.  Previous to SFAS No. 128, APB Opinion No. 15 required that the higher of average or period ending stock price be used in determining the number of shares reacquired with the proceeds from the assumed exercise of stock options.  This paper develops a simple one period model that assumes a risk free environment with complete certainty conditions in testing the accuracy of EPS calculated under GAAP using the fair value method vs. the intrinsic value method.   The results indicate that EPS reported under the intrinsic value method are overstated, and further indicate that a combination of both the fair value method and the treasury stock method is needed in calculating diluted EPS.  This fair value and treasury stock method combination is shown to not “double count” the stock option’s impact upon EPS.  The results also indicate a slight misstatement of diluted EPS under the fair value method when applying the treasury stock method requirements of SFAS No. 128.  Correct EPS results when shares are assumed reacquired for the treasury at the higher year ending price, consistent with superseded APB 15.  However, the diluted EPS misstatement is so slight that the FASB’s rationale for always requiring the use of average period price seems likely to be justified.  The findings of this research support the requirements of SFAS No. 123 (revised 2004) and SFAS No. 128.

scholarly journals ANALISIS PENGARUH INFORMASI UKURAN PERUSAHAAN, PROCEEDS, FINANCIAL LEVERAGE DAN RETURN ON ASSET TERHADAP PENENTUAN HARGA SAHAM PADA SAAT IPO

2013 ◽  
Vol 3 (1) ◽  
pp. 33
Author(s):  
Ahmad Kholid ◽  
Dyah Fitriani
Keyword(s):  
Stock Price ◽  
Secondary Data ◽  
Secondary Market ◽  
Share Price ◽  
Manufacturing Companies ◽  
Financial Leverage ◽  
Market Pricing ◽  
Independent Variables ◽  
Financial Variables

This study aims to examine how the influence of financial variables are: total assets, proceeds, Financial leverage, ROA of the company’s stock-market pricing of IPO. Data used in this research is secondary data in the form of a list of manufacturing companies that do an IPO in 2006-2007. Based on the analysis of regression, All independen variable have influence for dependen variable, From the results of the F test showed jointly significant effect on the determination of the share price after listing on the secondary market When viewed in a partial, of the four independent variables there are 2 variables that have a significant effect in determining the offering price that is, total assets, proceeds. And for variable Financial leverage and ROA are not significant in determining the offering. The amount of influence of independent variables to the stock price as the dependent variable 55.3%, and mean 44.7% influenced by other variables not included in this study.

scholarly journals Impact of Selected Variables on Stock Price With reference to Nepalese Commercial Banks

Pravaha ◽  
2020 ◽  
Vol 25 (1) ◽  
pp. 13-22
Author(s):  
Bashu Neupane
Keyword(s):  
Commercial Banks ◽  
Stock Price ◽  
Market Price ◽  
Share Price ◽  
Financial Ratios ◽  
Clear Indication ◽  
Return On Equity ◽  
Book Value ◽  
Independent Variables ◽  
Price Earnings Ratio

This study is entirely based on secondary sources of data. The data has been collected from the Nepal Stock Exchange (NEPSE). The descriptive and analytical research designs have been used to analyze the sample. The data has-been examined to determine the financial health of Nepalese commercial banks. Financial ratios help in predicting the stock price. The twenty-seven commercial banks are taken as a sample for the study. The information and data has been collected for the year 2065/066. The independent variables earning per share, price earnings ratio, dividend per share, return on equity and book value per share and the dependent variable is market price per share. The financial ratios have been collected from the financial statements of the sample banks and NEPSE. The theoretical framework determines the dependent variable and independent variables. Hence, this event has been used to analyze the financial ratio and variables as independent variables to predict the dependent variable e.g., stock price. In this research five independent variables has been used e.g., price earnings ratio, earning per share, dividend per share, return on equity, and book value per share with the dependent variable e.g., stock Price. The descriptive statistics, correlation analysis and multiple regression models is used to states the impact of independent variables on dependent variable empirically. These models aroused as a strong tool to establish and find if the relationship or correlation exists between the variables. This research also throws light on the ratios can help to predict the stock return for the next period. Results give a clear indication that the P/E Ratio and EPS have the positive impact on the stock price in the NEPSE. The Nepalese investors can rely on the price earnings ratio and the earning per share to predict the market price per share. Hence, the overall conclusion of this research is that the financial variables direct the investors in NEPSE. If the answer is yes investors can rely on P/E ratio and EPS on the confidence level is 99 percent and significance level is below 0.01 which gives clear indication that price earnings ratio and earnings per share may influence the stock price of commercial banks in Nepal.

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 RETURN ON ASSET DAN RETURN ON EQUITY TERHADAP HARGA SAHAM PADA PERUSAHAAN PT.ASTRA INTERNATIONAL Tbk YANG TERDAFTAR DI BURSA EFEK INDONESIA

2018 ◽  
Author(s):  
STIM Sukma
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Share Price ◽  
Coefficient Of Determination ◽  
Return On Assets ◽  
Return On Equity ◽  
Simultaneous Test ◽  
Research Company

The purpose of this study was to determine whether there is influence of return on assets and return on equity to the share price at PT.Astra International Tbk listed on the Indonesia Stock Exchange. Sample research company PT.Astra International Tbk listed on the Indonesia Stock Exchange in the form of complete financial statements for the years 2011 to 2015, sampling using a convenience sampling, namely the determination of the sample based on the desire of researchers. Test data analysis using linear regression, hypothesis testing using the coefficient of determination (R2), partial test (t test) and a simultaneous test (f test), while the data processing using SPSS. The results showed that test the coefficient of determination (R2) ROA and ROE were able to explain the existence of the stock price variable, but it simultaneously ROA and ROE and no significant positive effect on stock prices in companies PT.Astra International Tbk in Indonesia Stock Exchange , while partial showed that ROA does not affect the stock price but ROE and no significant effect on the price of shares in the company PT.Astra International Tbk in Indonesia stock Exchange.

scholarly journals Analisis Fundamental Perusahaan Food And Beverage Dengan Pendekatan Top Down Analysis Pada Jakarta Islamic Index 2015-2017

2019 ◽  
Vol 2 (1) ◽  
pp. 119
Author(s):  
Priyo Priyantoro ◽  
Kartika Yuliari ◽  
Mohammad Arifin
Keyword(s):  
Stock Price ◽  
Fair Value ◽  
Maturity Stage ◽  
Fundamental Analysis ◽  
Fair Price ◽  
Top Down ◽  
Stock Valuation ◽  
Book Value ◽  
Macroeconomic Analysis ◽  
Food And Beverage

The study aims to conduct a fundamental analysis of food and beverage companies listed on the Jakarta Islamic index with the Price Earning Ratio (PER) and Price to Book Value (PBV) methods. Fundamental analysis carried out consisted of macro analysis conducted on food and beverage companies listed on the Jakarta Islamic Index (JII), and financial report analysis conducted on food and beverage companies listed in the Jakarta Islamic Index (JII), besides that also research calculating the fair price of shares of food and beverage companies with the Price Earning Ratio (PER) method and Price to Book Value including in the position of undervalued, fair value, or overvalued after conducting fundamental analysis. The sample in this study amounted to 2 companies. The data analysis method used is Top Down Analysis with the Price Earning Ratio and Price Tobookvalue approaches. The results of the study with macroeconomic analysis show a global economic slowdown. Based on industry analysis, PT Indofood Sukses Makmur Tbk and PT Indofood CBP Sukses Makmur Tbk are at the maturity stage. Through the analysis of the financial statements of the two companies, it was considered to have good performance. Stock Valuation calculated using the Price Earning Ratio (PER) and Price To Book Value (PBV) method shows that the stock price is in an undervalued position Penelitian bertujuan untuk melakukan analisis fundamental perusahaan food and beverage yang terdaftar pada Jakarta inslamic index dengan metode Price Earning Rasio (PER) dan Price to Book Value (PBV). Analisis fundamental yang dilakukan terdiri dari analisis makro yang dilakukan terhadap perusahaan food and beverage yang terdaftar pada Jakarta Islamic Index (JII), dan analisis laporan keuangan yang dilakukan terhadap perusahaan food and beverage yang terdaftar pada Jakarta Islamic Index (JII), selain itu penelitian juga menghitung harga wajar saham perusahaan food and beverage dengan metode Price Earning Rasio (PER) dan Price to Book Value termasuk dalam posisi undervalue, fairvalue, atau overvalue setelah melakukan analisis fundamental. Sampel dalam penelitian ini berjumlah 2 perusahaan. Metode analisis data yang digunakan adalah Top Down Analisys dengan pendekatan Price Erning Ratio dan Price Tobookvalue. Hasil penelitian dengan analisis ekonomi makro menunjukan perlambatan ekonomi global. Berdasarkan analisis industri PT  Indofood  Sukses Makmur Tbk dan PT  Indofood CBP Sukses Makmur Tbk telah berada pada tahap kedewasaan. Melalui analisis laporan keuangan kedua perusahaan dinilai memiliki kinerja baik. Penilaian Saham yang dihitung menggunakan metode Price Erning Ratio (PER) dan Price Tobook Value (PBV) menunjukan bahwa  harga saham berada pada posisi undervalued

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