| Summary: | This research aim to estimate an intrinsic value of Bank Saudara share after
ESOP & MSOP Program by using discounted cash flow method and relative
valuation. This research also used data of Bank Saudara financial statement�s
during the last six year from 2005 until 2010. Analysis of discounted cash flow
conducted by: sales or earnings projection analysis, financial statement projection,
free cash flow projection, discount rate determination and terminal value and
value estimation. Relative valuation started with searching similar company in the
same field of industry and chosening and specifying appropriate ratio or multiples
from similar company. This Multiples used to convert a relevant book value
variable from Bank Saudara become an estimation of market value. Multiples or
ratio which used were: PER (Price Earning Ratio), and PBV (Price to Book
Value).
The result from this research by using discounted cash flow method
obtained an intrinsic value estimation of Bank Saudara share per December 2010
range from Rp338,34 up to Rp341,65. Result by using relative valuation obtained
the following result: for the estimation of stocks price per share Bank Saudara by
using PER equal to Rp371,- using PBV ratio equal to Rp147,-. The mean from
both method equal to Rp258,73. Based on this both approaching, price of Bank
Saudara share at this time possibility of undervalued.
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