| Summary: | In strengthening firm�s capital structure and expanding firm�s business, PT
Perkebunan Nusantara XIII (PTPN XIII) has conducted a corporate action through
initial public offering on Januari 2012. The purpose of this research is to estimate
the fair market value of the equity in order to initial public offering. The fair
market value in this research is obtained by using discounted cash flow-cash flow
to equity model, relative valuation with application of PER (Price to Earning
Ratio), PBV (Price to Book Value), PSR (Price to Sales Ratio) multiples and the
economic value added method (EVA). The fair market value of PTPN XIII can be
used by firm as a reference in determining the share price that will be offered to
the public.
For this study, the data observed using discounted cash flow-cash flow to
equity model, economic value added method and relative valuation method are
financial statements and other information contained in the annual report of PTPN
XIII for period 2004 to 2010, and financial statements in 2010 of the comparable
companies
|
|---|