| Summary: | In strengthening firm�s capital structure and expanding firm�s business, PT
Bank Tabungan Pensiunan Nasional Tbk (BTPN) has conducted a corporate
action through Right Issue I on December 2010. The purpose of this research is to
analyze the fair market value of the Right Issue offering price. The fair market
value in this research is obtained by using discounted cash flow-cash flow to
equity model and relative valuation with application of PER (Price to Earning
Ratio) and PBV (Price to Book Value) multiples. This research also uses the
economic forecasting approach based on time series data namely technical
analysis, by using Vector Autoregression model as a tool to forecast the stock
price of BTPN. The fair market value of BTPN can be used by firm as a reference
in determining the share price that will be offered to the public. It also can be used
by investor in evaluating whether the pricing of BTPN is overvalued or
undervalued.
For this study, the data observed using discounted cash flow-cash flow to
equity model and relative valuation are five financial statements and other
information contained in the annual report of BTPN for period 2005 to 2009,
financial statement in 2010 (quarter III) of BTPN and prospectus 2010 of BTPN,
financial statements in 2010 (quarter III) of the comparable companies
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