PENILAIAN SAHAM PT. BAKRIE TELECOM TBK DALAM RANGKA PERSIAPAN MERGER DENGAN DIVISI CDMA PT. TELEKOMUNIKASI INDONESIA TBK
This research aim to estimate an intrinsic value of PT Bakrie Telecom Tbk share for merger preparation with CDMA division of PT Telekomunikasi Indonesia Tbk by using discounted cash flow method and relative valuation. This research useing data of PT Bakrie Telecom Tbk financial statement�s during...
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| Format: | Thesis |
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[Yogyakarta] : Universitas Gadjah Mada
2011
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| _version_ | 1797030571004657664 |
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| author | , Saifullah Zulkarnain, S.T. , Dr. Wakhid Slamet Ciptono, M.B.A., M.P.M. |
| author_facet | , Saifullah Zulkarnain, S.T. , Dr. Wakhid Slamet Ciptono, M.B.A., M.P.M. |
| author_sort | , Saifullah Zulkarnain, S.T. |
| collection | UGM |
| description | This research aim to estimate an intrinsic value of PT Bakrie Telecom Tbk share
for merger preparation with CDMA division of PT Telekomunikasi Indonesia Tbk
by using discounted cash flow method and relative valuation. This research useing
data of PT Bakrie Telecom Tbk financial statement�s during the last five year
from 2006 until 2010. Method analysis of discounted cash flow conducted by :
sales or earnings projection analysis, financial statement projection, free cash flow
projection, discount rate determination and value estimation. Relative valuation
started with searching similar company in the same field of industry and selecting
specific and appropriate multiply from those companies. Multiplies used to
convert book value of relevant variables of PT Bakrie Telecom Tbk into market
value. Used multiplies are PER (Price Earning Ratio), PBV (Price to Book Value)
and P/S (Price to Sales Ratio).
From pessimist scenario (using relative valuation method) obtained
following result: value estimation using PER equal to Rp12,87,-, by PBV equal to
Rp508,52,- and by P/S ratio equal to Rp251,71,-. The mean of those three ration
show that the price per share of PT Bakrie Telecom Tbk is Rp247,39,-. From
moderate dan optimist scenario (using discounted cash flow method) obtaind
estimation of intrinsic value of PT Bakrie Telecom Tbk in range from Rp365,80,-
to Rp396,28,-.
According to the result of three scenarios and by applying control
premium and discount lack of marketability, fair value per share of PT Bakrie
Telecom Tbk is Rp365,80,- (overvalue if compared with traded price in market) .
Key words: reconciliation, income approach, relative valuation |
| first_indexed | 2024-03-13T22:07:54Z |
| format | Thesis |
| id | oai:generic.eprints.org:89631 |
| institution | Universiti Gadjah Mada |
| last_indexed | 2024-03-13T22:07:54Z |
| publishDate | 2011 |
| publisher | [Yogyakarta] : Universitas Gadjah Mada |
| record_format | dspace |
| spelling | oai:generic.eprints.org:896312014-08-20T02:53:49Z https://repository.ugm.ac.id/89631/ PENILAIAN SAHAM PT. BAKRIE TELECOM TBK DALAM RANGKA PERSIAPAN MERGER DENGAN DIVISI CDMA PT. TELEKOMUNIKASI INDONESIA TBK , Saifullah Zulkarnain, S.T. , Dr. Wakhid Slamet Ciptono, M.B.A., M.P.M. ETD This research aim to estimate an intrinsic value of PT Bakrie Telecom Tbk share for merger preparation with CDMA division of PT Telekomunikasi Indonesia Tbk by using discounted cash flow method and relative valuation. This research useing data of PT Bakrie Telecom Tbk financial statement�s during the last five year from 2006 until 2010. Method analysis of discounted cash flow conducted by : sales or earnings projection analysis, financial statement projection, free cash flow projection, discount rate determination and value estimation. Relative valuation started with searching similar company in the same field of industry and selecting specific and appropriate multiply from those companies. Multiplies used to convert book value of relevant variables of PT Bakrie Telecom Tbk into market value. Used multiplies are PER (Price Earning Ratio), PBV (Price to Book Value) and P/S (Price to Sales Ratio). From pessimist scenario (using relative valuation method) obtained following result: value estimation using PER equal to Rp12,87,-, by PBV equal to Rp508,52,- and by P/S ratio equal to Rp251,71,-. The mean of those three ration show that the price per share of PT Bakrie Telecom Tbk is Rp247,39,-. From moderate dan optimist scenario (using discounted cash flow method) obtaind estimation of intrinsic value of PT Bakrie Telecom Tbk in range from Rp365,80,- to Rp396,28,-. According to the result of three scenarios and by applying control premium and discount lack of marketability, fair value per share of PT Bakrie Telecom Tbk is Rp365,80,- (overvalue if compared with traded price in market) . Key words: reconciliation, income approach, relative valuation [Yogyakarta] : Universitas Gadjah Mada 2011 Thesis NonPeerReviewed , Saifullah Zulkarnain, S.T. and , Dr. Wakhid Slamet Ciptono, M.B.A., M.P.M. (2011) PENILAIAN SAHAM PT. BAKRIE TELECOM TBK DALAM RANGKA PERSIAPAN MERGER DENGAN DIVISI CDMA PT. TELEKOMUNIKASI INDONESIA TBK. UNSPECIFIED thesis, UNSPECIFIED. http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=52056 |
| spellingShingle | ETD , Saifullah Zulkarnain, S.T. , Dr. Wakhid Slamet Ciptono, M.B.A., M.P.M. PENILAIAN SAHAM PT. BAKRIE TELECOM TBK DALAM RANGKA PERSIAPAN MERGER DENGAN DIVISI CDMA PT. TELEKOMUNIKASI INDONESIA TBK |
| title | PENILAIAN SAHAM PT. BAKRIE TELECOM TBK
DALAM RANGKA PERSIAPAN MERGER DENGAN
DIVISI CDMA PT. TELEKOMUNIKASI INDONESIA TBK |
| title_full | PENILAIAN SAHAM PT. BAKRIE TELECOM TBK
DALAM RANGKA PERSIAPAN MERGER DENGAN
DIVISI CDMA PT. TELEKOMUNIKASI INDONESIA TBK |
| title_fullStr | PENILAIAN SAHAM PT. BAKRIE TELECOM TBK
DALAM RANGKA PERSIAPAN MERGER DENGAN
DIVISI CDMA PT. TELEKOMUNIKASI INDONESIA TBK |
| title_full_unstemmed | PENILAIAN SAHAM PT. BAKRIE TELECOM TBK
DALAM RANGKA PERSIAPAN MERGER DENGAN
DIVISI CDMA PT. TELEKOMUNIKASI INDONESIA TBK |
| title_short | PENILAIAN SAHAM PT. BAKRIE TELECOM TBK
DALAM RANGKA PERSIAPAN MERGER DENGAN
DIVISI CDMA PT. TELEKOMUNIKASI INDONESIA TBK |
| title_sort | penilaian saham pt bakrie telecom tbk dalam rangka persiapan merger dengan divisi cdma pt telekomunikasi indonesia tbk |
| topic | ETD |
| work_keys_str_mv | AT saifullahzulkarnainst penilaiansahamptbakrietelecomtbkdalamrangkapersiapanmergerdengandivisicdmapttelekomunikasiindonesiatbk AT drwakhidslametciptonombampm penilaiansahamptbakrietelecomtbkdalamrangkapersiapanmergerdengandivisicdmapttelekomunikasiindonesiatbk |