| Summary: | This study aims to estimate the intrinsic value of PT Inti Bangun Sejahtera
Tbk. shares and to determine whether the offer price set at IPO and the current
market shares price of PT Inti Bangun Sejahtera Tbk. in a condition of
undervalued or overvalued. This research is important since there has been a rise
in stock prices reaching 340 percent over the past six trading days since the first
day of trading on the Indonesia Stock Exchange, making it the Indonesia Stock
Exchange (BEI) announced the UMA (unusual market activity) because their
increased prices and transaction activity out of the ordinary.
The data were studied in the form financial statements and other
information contained in the PT Inti Bangun Sejahtera Tbk. prospectus,
comparison companies financial statements, the stock price data of PT Inti
Bangun Sejahtera Tbk and comparison companies. The method of analysis used to
determine the intrinsic value per share is discounted cash flow - free cash flow to
equity model and relative valuation. Reference intrinsic value per share is
obtained by reconciliation of the two methods used, range of values determined in
accordance with Bapepam and LK chairman by setting an upper limit and a lower
limit of a maximum of 7.5 percent of the reference value, while the method of
analysis to determine whether the stock price, in a condition undervalued or
overvalued by comparing the market price to its intrinsic value.
The results showed that the intrinsic value per share of PT Inti Bangun
Sejahtera Tbk. per December 31, 2012 in the range between Rp4.862,91 up to
Rp5.651,49. Intrinsic value at IPO time by August 31, 2012 to be in the range of
values between Rp4.745,84 up to Rp5.515,43 with offer price fixing 1,000 is
undervalued, while the intrinsic value per February 28, 2013 are in the range of
values between Rp4.922,53 up to Rp5.720,78 with market price at Rp5.250 is to
be in the balance.
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