PENENTUAN NILAI INSTRINSIK SAHAM PT BANK BTN UNTUK KEPENTINGAN RIGHT ISSUE
This study aims to analyze the intrinsic value of the shares of Bank BTN at the public offering restricted shares (rights issue) with pre-emptive rights (ER). Intrinsic value is obtained using several methods and can be used by companies as a reference for determining the price of shares to be offer...
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| Format: | Thesis |
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[Yogyakarta] : Universitas Gadjah Mada
2011
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| _version_ | 1826043926604152832 |
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| author | , Samsul Rahman, S.E. , Dr. Ertambang Nahartyo, M.Sc., |
| author_facet | , Samsul Rahman, S.E. , Dr. Ertambang Nahartyo, M.Sc., |
| author_sort | , Samsul Rahman, S.E. |
| collection | UGM |
| description | This study aims to analyze the intrinsic value of the shares of Bank BTN at
the public offering restricted shares (rights issue) with pre-emptive rights (ER).
Intrinsic value is obtained using several methods and can be used by companies as
a reference for determining the price of shares to be offered to investors and
shareholders to buy and use the right of pre-emptive rights option. Another
purpose of this study to analyze the value of the stock capitalization of the Bank
BTN and the amount of funds generated from the rights issue.
The data examined in the form of audited financial statements of Bank
BTN December 31, 2006 to 2010 and as of March 31, 2011, BTN Bank annual
report 2006 to 2010, the company's audited financial statements of the comparison
year 2010, the annual report's comparison in 2010, BTN Bank share price data
and the comparison companies, and data Composite Stock Price Index (CSPI).
Analytical tool used to determine the value (intrinsic) shares are with the income
approach, the discounted cash flow method (DCF) by free cash flow to equity
(FCFE), relative valuation (RV) with multiples price to earnings ratio (PER) and
price to book value ratio (PBV), as well as the residual income model (RIM) with
a single-stage residual income model (SRIM) and multistage residual income
model (MRIM).
The results of the analysis of the intrinsic value of the shares of Bank BTN
using discounted cash flow method using the FCFE on July 31, 2011 is
Rp2.006,51 per share and the intrinsic value of shares based on relative valuation
using the PER is Rp2.012,40 and Rp1.715,66 using PBV. Fair market value of
shares based on the single-stage residual income model is Rp1.318, 84 and
Rp1.297, 85 by using a multistage residual income model. Reconciliation is the
fifth method of generating an indication of the intrinsic value of the shares of
Bank BTN Rp1.800, 00. |
| first_indexed | 2024-03-13T22:11:28Z |
| format | Thesis |
| id | oai:generic.eprints.org:90762 |
| institution | Universiti Gadjah Mada |
| last_indexed | 2024-03-13T22:11:28Z |
| publishDate | 2011 |
| publisher | [Yogyakarta] : Universitas Gadjah Mada |
| record_format | dspace |
| spelling | oai:generic.eprints.org:907622014-08-20T02:53:50Z https://repository.ugm.ac.id/90762/ PENENTUAN NILAI INSTRINSIK SAHAM PT BANK BTN UNTUK KEPENTINGAN RIGHT ISSUE , Samsul Rahman, S.E. , Dr. Ertambang Nahartyo, M.Sc., ETD This study aims to analyze the intrinsic value of the shares of Bank BTN at the public offering restricted shares (rights issue) with pre-emptive rights (ER). Intrinsic value is obtained using several methods and can be used by companies as a reference for determining the price of shares to be offered to investors and shareholders to buy and use the right of pre-emptive rights option. Another purpose of this study to analyze the value of the stock capitalization of the Bank BTN and the amount of funds generated from the rights issue. The data examined in the form of audited financial statements of Bank BTN December 31, 2006 to 2010 and as of March 31, 2011, BTN Bank annual report 2006 to 2010, the company's audited financial statements of the comparison year 2010, the annual report's comparison in 2010, BTN Bank share price data and the comparison companies, and data Composite Stock Price Index (CSPI). Analytical tool used to determine the value (intrinsic) shares are with the income approach, the discounted cash flow method (DCF) by free cash flow to equity (FCFE), relative valuation (RV) with multiples price to earnings ratio (PER) and price to book value ratio (PBV), as well as the residual income model (RIM) with a single-stage residual income model (SRIM) and multistage residual income model (MRIM). The results of the analysis of the intrinsic value of the shares of Bank BTN using discounted cash flow method using the FCFE on July 31, 2011 is Rp2.006,51 per share and the intrinsic value of shares based on relative valuation using the PER is Rp2.012,40 and Rp1.715,66 using PBV. Fair market value of shares based on the single-stage residual income model is Rp1.318, 84 and Rp1.297, 85 by using a multistage residual income model. Reconciliation is the fifth method of generating an indication of the intrinsic value of the shares of Bank BTN Rp1.800, 00. [Yogyakarta] : Universitas Gadjah Mada 2011 Thesis NonPeerReviewed , Samsul Rahman, S.E. and , Dr. Ertambang Nahartyo, M.Sc., (2011) PENENTUAN NILAI INSTRINSIK SAHAM PT BANK BTN UNTUK KEPENTINGAN RIGHT ISSUE. UNSPECIFIED thesis, UNSPECIFIED. http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=53289 |
| spellingShingle | ETD , Samsul Rahman, S.E. , Dr. Ertambang Nahartyo, M.Sc., PENENTUAN NILAI INSTRINSIK SAHAM PT BANK BTN UNTUK KEPENTINGAN RIGHT ISSUE |
| title | PENENTUAN NILAI INSTRINSIK SAHAM PT BANK BTN
UNTUK KEPENTINGAN RIGHT ISSUE |
| title_full | PENENTUAN NILAI INSTRINSIK SAHAM PT BANK BTN
UNTUK KEPENTINGAN RIGHT ISSUE |
| title_fullStr | PENENTUAN NILAI INSTRINSIK SAHAM PT BANK BTN
UNTUK KEPENTINGAN RIGHT ISSUE |
| title_full_unstemmed | PENENTUAN NILAI INSTRINSIK SAHAM PT BANK BTN
UNTUK KEPENTINGAN RIGHT ISSUE |
| title_short | PENENTUAN NILAI INSTRINSIK SAHAM PT BANK BTN
UNTUK KEPENTINGAN RIGHT ISSUE |
| title_sort | penentuan nilai instrinsik saham pt bank btn untuk kepentingan right issue |
| topic | ETD |
| work_keys_str_mv | AT samsulrahmanse penentuannilaiinstrinsiksahamptbankbtnuntukkepentinganrightissue AT drertambangnahartyomsc penentuannilaiinstrinsiksahamptbankbtnuntukkepentinganrightissue |