| Summary: | This study aims to determine the fair value or intrinsic value per share
after the company policies and quasi-reorganization as well as the study of
knowledge in determining the company's stock value after the quasireorganization
policy. The information used in this study comes from secondary
data from financial statements Sierad Tbk (SIPD), for 5 years from 2008 to 2012
which has been audited by public accountants and other information contained in
the company's prospectus, the company reports the comparison and company
share data for comparison.
Quasi-reorganization is an accounting procedure that govern the company
to restructure its equity to eliminate the deficit and revaluing all assets and
liabilities. The company is expected to continue its business better, as if starting
from scratch is good (fresh start), with the balance sheet showing the current
values and without the burden of the deficit. Quasi-reorganization should only be
done if there is sufficient confidence that after the quasi-reorganization of the
company will be able to maintain the continuity of their business status (going
concern) and well developed. This condition can be achieved if the company has a
history of operating deficits caused in the past, still have good prospects in the
future. This prospect could arise from the development of products and new
markets, the introduction of a new management group, or an increase in economic
conditions that could promote improved operating results.
Stock assessment methods used in this study is on the income approach
method of DCF (Discounted Cash Flow) and the models of FCFF (Free Cash
Flow to Firm). Whereas the market approach with an open method of comparison
companies. Both approaches are used in order to determine the intrinsic value or
the fair value of shares of the company.
Indication of fair value per share of companies using methods DCF is
Rp105,61 Indications and fair value per share using the relative valuation is
Rp117,32 while SIPD stock price on the market on the date of December 31, 2013
amounted to Rp.50, 00. Thus the price of the stock is Under Value. Condition of
the company's stock price is below market value due to the European crisis,
volatility in the exchange rate and the quasi-reorganization decision rather late.
Keywords: quasi-reorganization, going concern, DCF, FCFF, under value, relative
valuation.
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