| Summary: | This research aims to estimate the fair market value of PT Bank Tabungan
Negara Tbk. The method used in this research are the discounted cash flow with
free cash flow to equity model and relative valuation methods with PER (Price
Earning Ratio) and PBV (Price to Book Value) multiple. Fair market value of
company stock can be used, in this case the government as majority owner of PT
Bank Tabungan Negara Tbk. as a consideration in determining the stock price at
the time of rights issue and may be used by investors as a reference in making
decision to invest in the stock of PT Bank Tabungan Negara Tbk. if the stock
price is undervalued or overvalued in conditions.
The data that used in this research are the financial statement of PT Bank
Tabungan Negara Tbk. In 2007-2011 period, financial report of comparison
companies, Composite Stock Price Index (IHSG) data. Data analysis using the
discounted cash flow with free cash flow to equity model by stages starting from
the analysis of the income projections, projected financial statements, projected
free cash flow, the determination of the level of discount rate, determination of
terminal value, and then estimate the value. Later analysis using the relative
valuation carried out starting with the stage of the selection of comparable
companies, the calculation of PER and PBV multiple values, the estimated value
of company shares by using the average PER and PBV multiple of companies.
The results of this research by using the discounted cash flow method with
free cash flow to equity model showed market value of stock of PT Bank
Tabungan Negara Tbk. on January 1st, 2012 is IDR 1.555,66 per share, then the
result of relative valuation method using PER multiple of IDR 1.337,49 and by
using the PBV multiple of IDR 1.303, 32. The results showed that
the reconciliation of the fair market value of shares of PT Bank Tabungan Negara
Tbk. is IDR 1.461,56 per share, with the upper limit price of IDR 1.571,17 and the
lower limit of IDR 1.351,94.
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