Analisis Investasi PT. Borneo Lumbung Energi & Metal Tbk (BORN) Terhadap Bumi Plc
An investment in the Company requires a series of analyzes in order to obtain optimal benefits and reduce risks. One analysis that can be used is the fundamental analysis that aims to get the fair value of a stock. Through this analysis, the investor can determine whether the company's stock pr...
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| Format: | Thesis |
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[Yogyakarta] : Universitas Gadjah Mada
2013
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| Summary: | An investment in the Company requires a series of analyzes in order to
obtain optimal benefits and reduce risks. One analysis that can be used is the
fundamental analysis that aims to get the fair value of a stock. Through this
analysis, the investor can determine whether the company's stock price offered is
undervalued or overvalued.
This research aims to assess the fair price of the shares owned by Bumi
Plc in the framework of the investment made by PT. Borneo Lumbung Energi &
Metal Tbk. The method of analysis used in this research is to apply the Real
Options Valuation with the Black Scholes Merton Model. Real Options method is
considering factors of uncertainty that according to the authors are well suited for
mining companies. Based on sensitivity analyzes performed, the selling price of
coal is a variable that has the most significant influence on coal companies.
The results of this research using this Real Options method generate
conclusions in fair value of the shares through Bumi Plc subsidiary amounting
GBP 13.25 per share. The price agreed in the Share Purchase Agreement
amounted to GBP 10.91 per share. The author concludes that the price from the
Share Purchase Agreement is undervalued in this research. |
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