| Summary: | Stock market price is a reflection of a company's financial performance. If
the performance of the company increases, it will be appreciated by the market in
the form of its rising stock prices. Various corporate actions undertaken by the
company in order to improve its financial performance, including strengthening its
capital structure in order to enhance business growth.
In this regard, PT Bank Permata Tbk. (stock code: BNLI) in 2012 has
taken steps to increase its capital base by requesting approval from shareholders
through the Annual General Meeting of Shareholders (AGMS) which was held on
22 November 2012 to conduct its fifth rights issue, with a value of Rp2 trillion.
By increasing its capital base, BNLI was able to record steady growth, and ended
the year 2012 with the CAR (Capital Adequacy Ratio) of 15.86 percent, well
above the Bank Indonesia regulation which required 8.00 percent.
In addition to the capital increase, in 2012, the company also strengthened
its liquidity position by issuing Subordinated Bonds I Tranche I of Rp700 billion
in June and Tranche II of Rp1, 8 trillion in December, and both have been fully
sold. Bonds issuances were intended to raise company�s working capital
requirements for business expansion, as well as to continue the growth of
mortgage products, vehicle financing through the joint-financing and other retail
loans. Both measures are expected to strengthen the company's balance sheet and
capital position in enhancing business growth in the future.
This study aims to analyze and estimate the fair value of the shares of PT
Bank Permata Tbk. as of July 15, 2013 after the rights issue event and issuance of
subordinated bonds V in 2012 by using excess return model which is based on
income approach, as well as the relative valuation approach. The process was
conducted on the basis of data collection, analysis and estimates of the fair market
value of the shares of PT Bank Permata Tbk.
Through the application of equity valuation formula by calculating its
excess return, the value of equity of BNLI was Rp16.388.819 million. With the
number of outstanding shares amounting 10,676,128,167 shares, the estimated fair
value per share of BNLI based on calculation using excess return approach was
equal to Rp1.535,09. From of the calculation using the market data approach, the
estimated fair value of the shares of PT Bank Permata Tbk was Rp1.845,34.
Taking into account that both the income approach and market data approach is
fundamentally contains aspects of the calculation of intrinsic value, then
calculation of the estimated fair value of the shares of PT Bank Permata Tbk was
reconciled proportionally. Through the above calculation, the estimated fair value
of stock BNLI on July 15, 2013 amounted to Rp1.690,21 or rounded to Rp1.690,-.
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