Jurnal Ilmu Ekonomi dan Pembangunan
Vol 16, No 1 (2016): Jurnal Ilmu Ekonomi dan Pembangunan

KEWAJARAN NILAI PASAR SAHAM PERUSAHAAN PASCA RIGHT ISSUE

Rifki Khoirudin (Ahmad Dahlan University)
Desta Rizky Kusuma (Ahmad Dahlan University)



Article Info

Publish Date
07 Feb 2017

Abstract

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).Keywords: valuation of shares, rights issue, discounted cash flow, relative valuation

Copyrights © 2016






Journal Info

Abbrev

jiep

Publisher

Subject

Humanities Economics, Econometrics & Finance Social Sciences

Description

The Jurnal Ilmu Ekonomi dan Pembangunan (JIEP) invites papers on a wide range of topics, including the following : Economic Theories and Methodologies Econometric Finance and Monetary Economy Review of Government Policy and Macroeconomic Regional Economy Globalization and Localization Approach to ...