PENILAIAN SAHAM PT DHARMA SAMUDERA FISHING INDUSTRIES PASCA PERUSAHAAN MELAKUKAN DOWNSIZING
The purpose of this study was to estimate the intrinsic value of the shares of PT Dharma Samudera Fishing Industries in the framework of the company's post downsizing. The approach used in this study is to apply the income approach to discounted cash flow method (discounted cash flow) and the m...
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| Format: | Thesis |
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[Yogyakarta] : Universitas Gadjah Mada
2012
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| author | , Yohanes Fajar Nursasongko , Dr. Wakhid Slamet Ciptono, MBA., MPM., Ph.D. |
| author_facet | , Yohanes Fajar Nursasongko , Dr. Wakhid Slamet Ciptono, MBA., MPM., Ph.D. |
| author_sort | , Yohanes Fajar Nursasongko |
| collection | UGM |
| description | The purpose of this study was to estimate the intrinsic value of the shares of PT Dharma Samudera Fishing Industries in the framework of the company's post downsizing. The approach used in this study is to apply the income approach to discounted cash flow method (discounted cash flow) and the market data approach (relative valuation). The data used in this research is financial statement data of PT Dharma Samudera Fishing Industries Tbk. during the last three years from 2008 to 2010. The steps in the application of discounted cash flow method (discounted cash flow) is started by analyzing the revenue projections, with sensitivity analysis of growth pesimism, moderate, and optimism scenarios. After that make a projection that is projected financial statement balance sheet and profit and loss projection, the projections of equity free cash flow (free cash flow to equity), determines the level eternal growth, discount rate or the expected reversal rate, calculate the terminal value and the final estimate of value. Analysis of the market approach (relative valuation) begins with a search for comparable companies in similar lines of business subsequent to choose and assign the appropriate multiples or ratios of comparable companies. These multiples are used as a multiplier against the financial instruments of PT Dharma Samudera Fishing Industries be estimated market value. Multiples or ratios used are: PER (Price Earning Ratio), PBV (Price to Book Value), and P / S (Price To Sales Ratio). The results using the discounted cash flow method, obtained an estimate of intrinsic value of the shares of PT Dharma Samudera Fishing Industries Tbk. December 2010 ranged from Rp67.86 (risk free rate SBI) to Rp44.15. Assessment results by using relative valuation, obtained the following results: for the estimated value of stock per share of PT Dharma Samudera Fishing Industries Tbk. by using a ratio based on PER of Rp21 and Rp25 PBV and P/S Rp7. Weighting the results of these two values indicates that the stock value per share of PT Dharma Samudera Fishing Industries Tbk. based on the relative valuation amounted to Rp17. Results from both approaches are then made reconciliation so that the obtained value of the stock per share PT Dharma Samudera Fishing Industries Tbk. currently amounting to Rp48.29 to Rp34.06. |
| first_indexed | 2024-03-13T22:38:26Z |
| format | Thesis |
| id | oai:generic.eprints.org:99203 |
| institution | Universiti Gadjah Mada |
| last_indexed | 2024-03-13T22:38:26Z |
| publishDate | 2012 |
| publisher | [Yogyakarta] : Universitas Gadjah Mada |
| record_format | dspace |
| spelling | oai:generic.eprints.org:992032016-03-04T08:49:31Z https://repository.ugm.ac.id/99203/ PENILAIAN SAHAM PT DHARMA SAMUDERA FISHING INDUSTRIES PASCA PERUSAHAAN MELAKUKAN DOWNSIZING , Yohanes Fajar Nursasongko , Dr. Wakhid Slamet Ciptono, MBA., MPM., Ph.D. ETD The purpose of this study was to estimate the intrinsic value of the shares of PT Dharma Samudera Fishing Industries in the framework of the company's post downsizing. The approach used in this study is to apply the income approach to discounted cash flow method (discounted cash flow) and the market data approach (relative valuation). The data used in this research is financial statement data of PT Dharma Samudera Fishing Industries Tbk. during the last three years from 2008 to 2010. The steps in the application of discounted cash flow method (discounted cash flow) is started by analyzing the revenue projections, with sensitivity analysis of growth pesimism, moderate, and optimism scenarios. After that make a projection that is projected financial statement balance sheet and profit and loss projection, the projections of equity free cash flow (free cash flow to equity), determines the level eternal growth, discount rate or the expected reversal rate, calculate the terminal value and the final estimate of value. Analysis of the market approach (relative valuation) begins with a search for comparable companies in similar lines of business subsequent to choose and assign the appropriate multiples or ratios of comparable companies. These multiples are used as a multiplier against the financial instruments of PT Dharma Samudera Fishing Industries be estimated market value. Multiples or ratios used are: PER (Price Earning Ratio), PBV (Price to Book Value), and P / S (Price To Sales Ratio). The results using the discounted cash flow method, obtained an estimate of intrinsic value of the shares of PT Dharma Samudera Fishing Industries Tbk. December 2010 ranged from Rp67.86 (risk free rate SBI) to Rp44.15. Assessment results by using relative valuation, obtained the following results: for the estimated value of stock per share of PT Dharma Samudera Fishing Industries Tbk. by using a ratio based on PER of Rp21 and Rp25 PBV and P/S Rp7. Weighting the results of these two values indicates that the stock value per share of PT Dharma Samudera Fishing Industries Tbk. based on the relative valuation amounted to Rp17. Results from both approaches are then made reconciliation so that the obtained value of the stock per share PT Dharma Samudera Fishing Industries Tbk. currently amounting to Rp48.29 to Rp34.06. [Yogyakarta] : Universitas Gadjah Mada 2012 Thesis NonPeerReviewed , Yohanes Fajar Nursasongko and , Dr. Wakhid Slamet Ciptono, MBA., MPM., Ph.D. (2012) PENILAIAN SAHAM PT DHARMA SAMUDERA FISHING INDUSTRIES PASCA PERUSAHAAN MELAKUKAN DOWNSIZING. UNSPECIFIED thesis, UNSPECIFIED. http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=55668 |
| spellingShingle | ETD , Yohanes Fajar Nursasongko , Dr. Wakhid Slamet Ciptono, MBA., MPM., Ph.D. PENILAIAN SAHAM PT DHARMA SAMUDERA FISHING INDUSTRIES PASCA PERUSAHAAN MELAKUKAN DOWNSIZING |
| title | PENILAIAN SAHAM
PT DHARMA SAMUDERA FISHING INDUSTRIES
PASCA PERUSAHAAN MELAKUKAN DOWNSIZING |
| title_full | PENILAIAN SAHAM
PT DHARMA SAMUDERA FISHING INDUSTRIES
PASCA PERUSAHAAN MELAKUKAN DOWNSIZING |
| title_fullStr | PENILAIAN SAHAM
PT DHARMA SAMUDERA FISHING INDUSTRIES
PASCA PERUSAHAAN MELAKUKAN DOWNSIZING |
| title_full_unstemmed | PENILAIAN SAHAM
PT DHARMA SAMUDERA FISHING INDUSTRIES
PASCA PERUSAHAAN MELAKUKAN DOWNSIZING |
| title_short | PENILAIAN SAHAM
PT DHARMA SAMUDERA FISHING INDUSTRIES
PASCA PERUSAHAAN MELAKUKAN DOWNSIZING |
| title_sort | penilaian saham pt dharma samudera fishing industries pasca perusahaan melakukan downsizing |
| topic | ETD |
| work_keys_str_mv | AT yohanesfajarnursasongko penilaiansahamptdharmasamuderafishingindustriespascaperusahaanmelakukandownsizing AT drwakhidslametciptonombampmphd penilaiansahamptdharmasamuderafishingindustriespascaperusahaanmelakukandownsizing |