ESTIMASI NILAI PASAR WAJAR SAHAM PT EXPRESS TRANSINDO UTAMA TBK SAAT IPO
This research aims to estimate fair value of the shares of PT Express Transindo Utama at the time of IPO (Initial Public Offering) on 2 November 2012, the fair value obtained by using two calculation approaches (DCFE) Discounted Cash Flow to Equity Model and Relative Valuation multiples to determine...
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| Format: | Thesis |
| Published: |
[Yogyakarta] : Universitas Gadjah Mada
2013
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| _version_ | 1826046305731870720 |
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| author | , Ibnu Kurniawan , Prof. Dr. Eduardus Tandelilin, M.B.A. |
| author_facet | , Ibnu Kurniawan , Prof. Dr. Eduardus Tandelilin, M.B.A. |
| author_sort | , Ibnu Kurniawan |
| collection | UGM |
| description | This research aims to estimate fair value of the shares of PT Express
Transindo Utama at the time of IPO (Initial Public Offering) on 2 November
2012, the fair value obtained by using two calculation approaches (DCFE)
Discounted Cash Flow to Equity Model and Relative Valuation multiples to
determine PER (Price to Earnings Ratio), PSR (Price Sales Ratio), PBV (Price to
Book Value).
The data used in this study are secondary data from financial statements
PT Express Transindo Utama for three years since 2011 which have been audited
by a public accountant and other information from other sources that can be
justified as the other financial statements from another company, also data from
the Stock Exchange and other relevant agencies . This research also aimed to
determine whether the current offer price of an IPO is undervalued or overvalued
condition.
The first is the method of analysis (DCFE) Discounted Cash Flow to Equity
which is done by projecting the financial statements (balance sheet and income
statement) of the company for a certain period, the next step is calculate FCFE
during the projection period then discounted them with discount factors that had
been calculated by the technique CAPM and calculate terminal value that had
been discounted too, last step is to sum them. Second approach is relative
valuation, the calculation starts from the analysis of comparable companies with
similar characteristics of the company. Then extraction from each PER, PSR,
PBV to generate estimates of the fair market value of the company's.
The results in this study is from the result of the final reconciliation of the
two approaches above, and had been discounted to match the time when the IPO
takes place, which results an estimate of the fair market value of the shares of
PT Express Transindo Utama time at IPO for Rp 765.00 with a range of Rp707,
00 � Rp822, 00. The offe price at the time of IPO were Rp560, 00, this means
offering price PT Express Transindo is found to be undervalued. |
| first_indexed | 2024-03-13T22:51:04Z |
| format | Thesis |
| id | oai:generic.eprints.org:119884 |
| institution | Universiti Gadjah Mada |
| last_indexed | 2024-03-13T22:51:04Z |
| publishDate | 2013 |
| publisher | [Yogyakarta] : Universitas Gadjah Mada |
| record_format | dspace |
| spelling | oai:generic.eprints.org:1198842016-03-04T08:39:09Z https://repository.ugm.ac.id/119884/ ESTIMASI NILAI PASAR WAJAR SAHAM PT EXPRESS TRANSINDO UTAMA TBK SAAT IPO , Ibnu Kurniawan , Prof. Dr. Eduardus Tandelilin, M.B.A. ETD This research aims to estimate fair value of the shares of PT Express Transindo Utama at the time of IPO (Initial Public Offering) on 2 November 2012, the fair value obtained by using two calculation approaches (DCFE) Discounted Cash Flow to Equity Model and Relative Valuation multiples to determine PER (Price to Earnings Ratio), PSR (Price Sales Ratio), PBV (Price to Book Value). The data used in this study are secondary data from financial statements PT Express Transindo Utama for three years since 2011 which have been audited by a public accountant and other information from other sources that can be justified as the other financial statements from another company, also data from the Stock Exchange and other relevant agencies . This research also aimed to determine whether the current offer price of an IPO is undervalued or overvalued condition. The first is the method of analysis (DCFE) Discounted Cash Flow to Equity which is done by projecting the financial statements (balance sheet and income statement) of the company for a certain period, the next step is calculate FCFE during the projection period then discounted them with discount factors that had been calculated by the technique CAPM and calculate terminal value that had been discounted too, last step is to sum them. Second approach is relative valuation, the calculation starts from the analysis of comparable companies with similar characteristics of the company. Then extraction from each PER, PSR, PBV to generate estimates of the fair market value of the company's. The results in this study is from the result of the final reconciliation of the two approaches above, and had been discounted to match the time when the IPO takes place, which results an estimate of the fair market value of the shares of PT Express Transindo Utama time at IPO for Rp 765.00 with a range of Rp707, 00 � Rp822, 00. The offe price at the time of IPO were Rp560, 00, this means offering price PT Express Transindo is found to be undervalued. [Yogyakarta] : Universitas Gadjah Mada 2013 Thesis NonPeerReviewed , Ibnu Kurniawan and , Prof. Dr. Eduardus Tandelilin, M.B.A. (2013) ESTIMASI NILAI PASAR WAJAR SAHAM PT EXPRESS TRANSINDO UTAMA TBK SAAT IPO. UNSPECIFIED thesis, UNSPECIFIED. http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=59889 |
| spellingShingle | ETD , Ibnu Kurniawan , Prof. Dr. Eduardus Tandelilin, M.B.A. ESTIMASI NILAI PASAR WAJAR SAHAM PT EXPRESS TRANSINDO UTAMA TBK SAAT IPO |
| title | ESTIMASI NILAI PASAR WAJAR SAHAM PT EXPRESS
TRANSINDO UTAMA TBK SAAT IPO |
| title_full | ESTIMASI NILAI PASAR WAJAR SAHAM PT EXPRESS
TRANSINDO UTAMA TBK SAAT IPO |
| title_fullStr | ESTIMASI NILAI PASAR WAJAR SAHAM PT EXPRESS
TRANSINDO UTAMA TBK SAAT IPO |
| title_full_unstemmed | ESTIMASI NILAI PASAR WAJAR SAHAM PT EXPRESS
TRANSINDO UTAMA TBK SAAT IPO |
| title_short | ESTIMASI NILAI PASAR WAJAR SAHAM PT EXPRESS
TRANSINDO UTAMA TBK SAAT IPO |
| title_sort | estimasi nilai pasar wajar saham pt express transindo utama tbk saat ipo |
| topic | ETD |
| work_keys_str_mv | AT ibnukurniawan estimasinilaipasarwajarsahamptexpresstransindoutamatbksaatipo AT profdreduardustandelilinmba estimasinilaipasarwajarsahamptexpresstransindoutamatbksaatipo |