Analisis Nilai Saham PT. Bank ICB Bumiputera Tbk Sebelum dan Sesudah Akuisisi Menggunakan Discounted Return Models dan Relative Valuation

Abstract

The objective of the research was to determine the stock intrinsic value of PT. Bank ICB Bumiputera Tbk in pre and post acquisition. The calculation of intrinsic value estimation was done by using stock assessment method, Discounted Return Model (Free Cash Flow to Equity) and Relative Valuation (Price to Book Value), supported by top-down analysis by doing macro economic analysis, analysis of five forces porter industry, and financial statement analysis to determine basic assumption in calculating stock intrinsic value of PT. Bank ICB Bumiputera Tbk in pre and post acquisition. The result of the calculation by using Discounted Return Model (Free Cash Flow to Equity) showed that stock intrinsic value in pre acquisition was 131 rupiahs ad in post acquisition it was71 rupiahs. The result of the calculation by using Relative Valuation (Price to Book Value) showed that the stock value in pre acquisition was 98 rupiahs and in post acquisition it w as 78 rupiahs. From the comparison between intrinsic value and market price, it was found that BABP stock was in the position of undervalued.

Penelitian ini bertujuan untuk menentukan nilai intrinsik saham PT. Bank ICB Bumiputera Tbk sebelum dan sesudah akuisisi.. Perhitungan estimasi nilai intrinsik dilakukan dengan menggunakan metode penilaian saham Discounted Return Model (Free Cash Flow To Equity) dan Relative Valuation (Price To Book Value) dan didukung dengan top down analysis diantaranya dengan melakukan analisis makro ekonomi, analisis industri five forces porter, serta analisis laporan keuangan untuk menentukan asumsi dasar dalam rangka perhitungan nilai intrinsik saham PT. Bank ICB Bumiputera Tbk sebelum dan sesudah akuisisi. Hasil perhitungan dengan metode Discounted Return Model (Free Cash Flow to Equity) diperoleh nilai intrinsik saham sebelum akuisisi adalah 131 rupiah dan sesudah akuisisi adalah 71 rupiah, sedangkan dengan menggunakan metode Relative Valuation (Price to Book Value) menghasilkan nilai saham sebelum akuisisi sebesar 98 dan setelah akuisisi adalah 78 rupiah, dengan membandingkan nilai intrinsik dan harga pasar pada perhitungan tersebut maka saham BABP berada pada posisi undervalued.