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1
SECURITY VALUATION PRINCIPLES
Investasi
1.1. Introduction
Berapa dana !"arus di#or$an#anuntu# %e%pero&e"
"asi& tertentu'
Pen!or$anan
se(u%&a" uan!
Re)uired Rate o*
Return ''
Ni&ai+"ar!aa&ternati*Investasi
Va&uation
Process
Intrinsic
Va&ue
,ua&it dan Pro*itpotentia&
Environ%ent and
Per*or%ance o* t"e*ir%-s
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E pected Rate o*ReturnRe)uired Rate o*ReturnLan!#a"Perta%a
Tin!#at $un!asi%panan +TB.
/ua&itas 0Ba!us dan/uantitas 0UV2 OV2 33
Va&uasi A&ternati*Investasi
Lan!#a"/edua
Te#ni# Va&uasi ''
Ta"apan Investasi
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Indi#ator
Be&i2 4ua&2atau Ta"an
Pen!a%$i&an/eputusan
Lan!#a"/eti!a
Return dan Ris#0Indi#ator
Eva&uasi/iner(a
Lan!#a"/ee%pat
Ta"apan Investasi 0&(t
Strate!i 5 Ti%in!
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A&ternati* Investasi
Certaint Return Uncertaint Return
Si%panan di Ban#2O$i!asi2 d&&. Sa"a%
Ris#5*ree Asset Ris# Asset
Proses Va&uasi Bentu# dan 4enis A&ternati*Investasi.
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1.6. Va&uation Process
Top5do7n2 T"ree5StepApproac".
Butto%5up2 stoc# va&uation2stoc#pic#in! approac".
/ondisi e#ono%i+pasar dan industri$erpen!aru" si!ni*i#an ter"adap
pendapatan perusa"aan.
Ada #e%un!#inan se#uritas an!"ar!an a %ura" a$nor%a& return
tanpa %e&i"at #ondisi pasar dan industri.
Securit Va&uation
T"e va&uation process T"e c"ic#en5and5e!! di&e%%a.
Lo!is dan e%piri# Su&it2 #rn %en!a$ai#an in*or%asipentin!.
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Invest%ent Process
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1.8. Top59o7n + T"ree5Step Va&uation Process
1 :enera& Econo%ic In*&uences Opti%istic + Pessi%istic
6 Industr In*&uences Prosper + Su**er in t"e &on! run +durin! t"e e pected near5ter% econo%ic environ%ent
8 Co%pan Ana& sis T"e $est co%pan in a pro%isin! industr
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8
Investment Theory Ba!ai%ana %enentu#an #e&a a#an suatu investasi Ni&ai tunaidari "asi& an! a#an diteri%a dari investasi an! $ersan!#utan &e$i" $esar dari ni&ai
investasi an! di&a#u#an saat ini
1.;. T"eor o* Va&uation.
Valuation Theory Ba!ai%ana %enentu#an ni&ai suatu asset Ni&ai suatu aset
ada&a" se$esar ni&ai tunai daria&iran #as+i%$a& "asi& an! di"arap#an dari aset an!$ersan!#utan.
Investment Theory
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T"e re)uired rate o* return09iscount rate .
Va&uation
T"e strea% o* e pected return0Cas" 3&o7 = C3 .
a Besarn a.$ Bentu#n a 0earnin!2 C32 dividen2
$un!a+#upon2 capita& !ain .c Cara+po&a pe%$a aran 0$u&anan2 ti!a$u&anan2 atau ta"unan .
d Tin!#at pertu%$u"an.e /etida#pastian pe%$a aran.
a T"e econo% -s rea& ris#5rate o*return.
$ E pected rate o* in*&ation.c Ris# pre%iu%.
Ni&ai tunai 0Present Value
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3un!si RoR 0Re)uired Rate o* Return >1 T"e ti%e va&ue o* %one durin! t"e period o* invest%ent.
6 T"e e pected rate o* in*&ation durin! t"e period.8 T"e ris# invo&ved.
T"e Re)uired rate o* return
T"e Rea& Ris#53ree Rate 0RR3R T"e $asic interest rate2 assu%in! no in*&ationand no uncertaint a$out *uture *&o7s.
RoR T"e %ini%u% rate o* return t"at ou s"ou&d accept *ro% an invest%ent to
co%pensate ou *or de*errin! consu%ption.
Rates o* Interest
No%ina& Rea&
No%ina& R3R = Rea& R3R ? E p. Rate o* In*&ation
NR3R = @01 ? RR3R 01 ? e p rate o* In*&ation 5
( )( )
11
Re1 −++=
Inflationof Rateturnof NRFR
RRFR
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Ris# Pre%iu%
A Ris#5*ree Invest%ent suatu a&ternati* investasi an! %e%$eri#an #epastian$esarn a "asi& dan 7a#tu diteri%a "asi& $s.
Terdapat a&ternati* investasi an! tida# %e%$eri#an #epastian "asi& se"in!!ainvestor %e%inta i%$a& "asi& di atas no%ina& ris# *ree rate 0NR3R .
Se&isi" antara RoR dan NR3R Ris# Pre%iu%.
3a#tor *unda%enta&pen e$a$ i%$a&"asi& an! a#an
diteri%a tida# pasti
a Business Ris#$ 3inancia& Ris#+&evera!e
c Li)uidit Ris#d E c"an!e Rate Ris#
e Countr 0Po&itica& Ris#
Ris# pre%iu%
Su%$er risi#o
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Sa"a%
In*or%asi an! o$(e#ti* dan re&evan
9ata
Laporan /euan!an
In*or%asi
/euan!an+A#untansi
ANALISIS3UN9A
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Pendekatan Valuasi Saham Biasa.
Va&uation
9iscounted Cas" 3&o7 Re&ative
1 9ividend6 3ree Cas" 3&o78 Residua& Inco%e
1 Price to Earnin! Ra tio 0PER6 Price to Boo# Va&ue 0PBV8 Price to Sa&es Ratio 0PSR .
/ondisi "ar!a sa"a%secara individua&
03unda%enta&
/ondisi "ar!a sa"a% secarare&ati* 0antar perusa"aan+
industri2 atau $ursa
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∑= +==n
in j k
Kas AliranV Saham Nilai
1 )1(
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V ( = ar!a + ni&ai sa"a% (.9 t = 9ividen periode t.# = Tin!#at i%$a& "asi& %ini%a& an! dipers arat#an 0RoR .n = 4u%&a" periode.SP = ar!a (ua& #e%$a&i sa"a% 0Sa&e Price .
n J
jk
SP
k
D
k
D
k
DV
)1(....
)1()1()1( 33
22
11
+++
++
++
+=
1 9iscounted Cas" 3&o7 Va&uation
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PT. ABC a#an %e%$a!i#an dividen ta"un depan se$esar Rp. D 255+sa"a% dan diesti%asi "ar!a sa"a% 1 ta"un ad se$esar Rp.16. 255Berapa "ar!a 7a(ar 0teoritis sa"a% ts$2 (i#a RoR = 6 F.
500.10.000.10.500.)2,1(
000.12)2,1(
600.)2,01(
000.12)2,01(
600.1111 Rp Rp Rp
Rp RpV j =+=+=+++=
Ba!ai%ana "ar!a sa"a%2 (i#a RoR = 1 F atau RoR = 6 F.
−−=+=+=+++= ,958.10.435.10.523.)15,1(000.12
)15,1(600.
)15,01(000.12
)15,01(600.
1111 Rp Rp Rp Rp Rp
V j
−−=+=+=+++= ,080.10.600.9.480.)25,1( 000.12)25,1( 600.)25,01( 000.12)25,01( 600. 1111 Rp Rp Rp Rp RpV j
/esi%pu&an Se%i#an tin!!i RoR2 %a#a "ar!a teoritis sa"a%se%a#in renda"2 dan se$a&i#n a.
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n
n
j k g D
k g D
k g D
k g D
V )1(
)1(....
)1()1(
)1()1(
)1()1( 0
3
30
2
20
1
10
+
+++
+
++
+
++
+
+=
)(1
g k D
V j −=
06
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9ividen a#an tu%$u"2 (i#a terdapat investasi atau ta%$a"an %oda& $aru.Sa&a" satu su%$er %oda& La$a dita"an.
Proporsi &a$a dita"an atau retention rate 0$ = 1 H 9iv+EPS = 1 5 9PR
ROE = Net Inco%e + Tota& E)uit
9ividen Ba!ian &a$a an! di$a!i#an #epada pe%e!an! sa"a% 9PR09ividend Pa out Ratio
9ividend :ro7t" 0!
! 3un!si dari expected retention rate 0proporsi &a$a dita"andan expected rate of return on equity 0ROE .
! = $ ROE
)(11 DPR Ratio Payout Dividend PS
Dividen! −=−=
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c T"e Renda"2 Tin!!i2 dan Sta$i& 0/onstan .
Secara %ate%atis dapat diru%us#an s$$>
Conto">CPIN %e%$a ar dividen se$esar Rp. 6 2 persa"a% dan tu%$u" se$esar 1 F p.a.se&a%a 8 ta"un perta%a2 16F ta"un ; dan 2 dan ta"un #e5D dst tu%$u" se$esar JFp.a. Tin!#at i%$a& "asi& an! dipers arat#an investor se$esar 6 F
itun!&a" esti%asi "ar!a sa"a% CPIN.
90,248.97,150.77,16.
97,17.26,19.00,21.92,22.)2,01(
1)08,020,0(
)08,01()12,01()10,01(25
)1()12,01()10,01(25
)1()12,01()10,01(25
)2,01()10,01(25
)2,01()10,01(25
)2,01()10,01(25
5
23
5
23
4
3
3
3
2
2
1
1
0
Rp Rp Rp
Rp Rp Rp Rp
k k V
=++
+++=+−
++++
+++
++
+++
++
+++
+++
=
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5
23
)2,01(66,375
97,150.
)08,020,0()08,01()12,01()10,01(25
66,375.
−=
−+++=
Rp
Rp
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Conto">Pada 6 18 ASII %e%$a!i#an dividen tunai se$esar Rp. 2 persa"a% dan tu%$u" se$esar
F p.a. pada ta"un 1 s.d. 82 se$esar JF pada ta"un ; dan 2 dan tu%$u" #onstan se$esar1 F se(a# ta"un D. Tin!#at su#u $un!a $e$as risi#o se$esar JF p.a. dan sensitivitas "ar!a
sa"a% ASII 0$eta se$esar 2J. Tin!#at i%$a& "asi& pasar se$esar 1 F p.a. itun!&a" esti%asi"ar!a sa"a% ASII.
( )( )
( )( )
( )( )
( ) ( )( )
( ) ( )( )
( ) ( ) ( )( ) ( )
=+−
++++
+++
+++
++
++
+=
5
23
5
23
4
3
3
3
2
2
1
1
0
136,01
11,0136,0
06,0108,0105,0150136,1
08,0105,0150
136,1
08,0105,0150
136,1
05,0150
136,1
05,0150
136,1
05,0150
$
V
37.194.15286,013,878.169,3554,3748,3972,4221,460 =+++++= $V
CAP< E0Ri = # = JF ? 2J 01 F 5 JF = 182DF
Conto">PT. Ban#
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Conto">
PT. ABC %e%$a ar dividen se$esar G1 saat ini dan tin!#at pertu%$u"an dividen
se$esar F. Tin!#at i%$a& "asi& an! dipers arat#an 0RoR investor se$esar 11F.itun!&a" "ar!a 7a(ar 0ni&ai intrinsi# sa"a% PT. ABC
Pen e&esaian>
4a7a$ Vi = MG1 01 01? 2 + 0 211 H 2 = G 6D2 .
Ba!ai%ana pen!aru"n a ter"adap "ar!a 7a(ar sa"a%2 (i#a tin!#at i%$a&"asi& an! di"arap#an nai# %en(adi 16F atau tin!#at pertu%$u"an
dividen nai# %en(adi JF.
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$ Arus /as Be$as 0Free Cash Flow .
Arus #as $e$as 0Free Cash Flow 9ana an! tersedia $a!i pe%e!an!sa"a% sete&a" pe&uan! investasi an! positi* di&a#sana#an.
3ree Cas" 3&o7 to 3ir% atauOperatin! 3ree Cas" 3&o7
3ree Cas" to E)uit
3ree Cas" 3&o7
(u%&a" arus #as an! tersedia untu#%e%enu"i se&uru" #&ai% dari pi"a#
an! $er#epentin!an den!anperusa"aan
Arus #as an! tersedia untu#di$a ar#an #epada pe%e!an!sa"a% da&a% $entu# dividen.
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1) The Free Cash Flow to Firm 03C33 .
3C33 = EBIT 01 H Ta ? 9epreciation E pense H Capita&E penditure H in or#in! capita& H in Ot"er Assets
( )∑= −=
n
t t
t
j %A&&
F&FF V
1 1
!CC " ei#hted !vera#e cost of capital " $ % & ' i
E = Proporsi e#uitas # = Bia a %oda& sendiri + e#uitas CAP
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In*or%asi &ain>Rata5rata $e$an $un!a se$esar 16F p.a.2 Su#u $e$as risi#o se$esar 1 F2 pre%i
risi#o PT. ABC se$esar DF p.a. 9PR se$esar ; F.
Conto">Pada $e$erapa ta"un tera#"ir PT. ABC tida# %e%$a!i#an dividen #arena perusa"aan sedan!%e&a#u#an e#spansi. 9ari data #euan!an an! dio&a" dipero&e" in*or%asi se$a!ai $eri#ut>
1 Net inco%e 6 1 se$esar Rp. (uta
6 Tota& depresiasi 6 1 se$esar Rp. 16 (uta 8 Investasi pada a#tiva tetap se$esar Rp. 6 (uta ; Penin!#atan %oda& #er(a se$esar Rp. 1 (uta
Penin!#atan aset &ainn a se$esar Rp. (uta D Tota& utan! se$esar Rp. 1. (uta $un!a 16F p.a.
Tota& e#uitas se$esar Rp. ;.1 (utaJ Be$an $un!a an! di$a ar#an pada 6 1 se$esar Rp. 61 (uta
K Pa(a# se$esar 8 F1 4u%&a" sa"a% 1. . &e%$ar
9en!an %en!!una#an Operatin! 3ree Cas" 3&o7 9iscounted2 "itun!&a" ni&aiintrinsic sa"a% PT. ABC.
3C33 = EBIT 01 H Ta ? 9epreciation E pense H Capita&E penditure H in or#in! capita& H in Ot"er Assets
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Net inco%e = Earnin! $e*ore ta 0EBT H Ta = EBT H 8 F EBT2 EBT = EBT = > 2 = Rp. 1.
Pen e&esaian>
3C33 = EBIT 01 H Ta ? 9epreciation E pense H Capita&E penditure H in or#in! capita& H in Ot"er Assets
3C33 = 1.61 01 H 28 ? 16 H 6 H 1 H = Rp. D (uta.
EBIT = EBT ? Be$an $un!a = Rp. 1. ? Rp. 61 = Rp. 1.61
!CC " $ % & ' I $ " p+ ,+1-- . p+ /+0/- " - 2-d " 1 3 - 2 " - 4
% i " f & 5 6 m 3 f ) f & Premi isi%o i " 1-7 & 87 " 187
!CC " $ % & ' I " - 2 +187 & - 4 + 91:7 61;- 4)< " 14 247
( ) g %A&& F&FF
V j += 1
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# " ( x *IC( " 1 3 'P " 1 3 - , " -8
*IC " $BIT 61 3 T) = Total capital " 1+:1- 61 3 - 4) = /+0/- " 1, ,07
# " - 8 x 1, ,07 " 0 8>7
( ) ( ) juta Rp
g %A&& F&FF
V j 63,227.12.0869,01373,0)0869,01(5671 =
+
+=
+=
$stimasi PV 3 Firm " p+ 1:+::2 84 ?uta*utstandin# utan# se(esar p+ 1+2/- ?uta
@ilai e%uitas " PV;Firm 3 *utstandin# utan# " p+ 1:+::2 84 ?uta 3 p+ 1+2/- ?uta " p+1-+,22 84
@ilai e%uitas Intrinsic value " p+ 1-+,22 84 ?uta . 1+---+--- " p+ 1-+,22 84+ persaham
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k = c o s t o f q u i ty
:) The Free Cash Flow to $quity 03C3E .
( ) F&F j
g k
F&F V
−=
3C3E = Net Inco%e 0NI ? 9epreciation e pense H Capita& e penditureH in or#in! Capita& H Principa& de$t repa %ents ? ne7 de$t issues.
Conto">Pada $e$erapa ta"un tera#"ir PT. ABC tida# %e%$a!i#an dividen #arena perusa"aan sedan!%e&a#u#an e#spansi. 9ari data #euan!an an! dio&a" dipero&e" in*or%asi se$a!ai $eri#ut>
1 Net inco%e 6 1 se$esar Rp. (uta 6 Tota& depresiasi 6 1 se$esar Rp. 16 (uta 8 Investasi pada a#tiva tetap se$esar Rp. 6 (uta ; Penin!#atan %oda& #er(a se$esar Rp. 1 (uta
Penin!#atan aset &ainn a se$esar Rp. (uta D Tota& utan! se$esar Rp. 1. (uta $un!a 16F p.a.
Tota& e#uitas se$esar Rp. ;.1 (utaJ Be$an $un!a an! di$a ar#an pada 6 1 se$esar Rp. 61 (uta K Pa(a# se$esar 8 F1 4u%&a" sa"a% 1. . &e%$ar
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In*or%asi &ain>Rata5rata $e$an $un!a se$esar 16F p.a.2 Cici&an #e7a(i$an (an!#a pan(an! se$esarRp. (uta. Su#u $e$as risi#o se$esar 1 F2 pre%i risi#o PT. ABC se$esar DF p.a.
9PR se$esar ; F.
3C3E = Net Inco%e 0NI ? 9epreciation e pense H Capita& e penditure H in or#in! Capita& H Principa& de$t repa %ents ? ne7 de$t issues.
3C3E = Rp. ? Rp. 16 (uta H Rp. 6 (uta H Rp. 1 (uta H Rp. (uta?
3C3E = Rp. ;
( ) F&F j g k
F&F V
−= % i " f & 5 6 m 3 f ) f & Premi isi%o
i " 1-7 & 87 " 187 # " ( x *$ " - 8 x - 12-2 " - 1-:, " 1- :,7
( ) 44,944.6.1024,016,0400
RpV j =−=
$stimasi PV 3 $quity " p+ 8+>,, ,, ?uta*utstandin# saham 1+--- --- ?uta lem(ar
@ilai e%uitas Intrinsic value " p+ 8+>,, ,, ?uta . 1+---+--- " p+ 1-+,22 84+ = saham
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c Residua& Inco%e.
Residua& Inco%e 0RI Net inco%e &ess a c"ar!e 0deduction *or co%%ons"are"o&ders- opportunit cost in !eneratin! net inco%e.
Residua& Inco%e 0RI 1 T"e current $oo# va&ue o* e)uit .
6 T"e Present va&ue o* e pected *uture RI.
( ) ( )∑∑∞
=
−∞
= +
−+=
++=
1
10
1
0011 t
t t t
t t
t
r
'r '
r
RI 'V
Vo = Va&ue o* a s"are o* stoc# toda 0t = Bo = Ni&ai $u#u e#uitas persa"a%Bt = Ni&ai $u#u e#uitas ! di"arap#an pada periode tr = Re)uired rate o* return on e)uit invest%ent 0cost o* e)uit .Et = EPS a! di"arap#an periode tRIt = Residua& inco%e persa"a% ! di"arap#an = Et H rBt51.ROE = Return on E)uit
( ) 000 ' g r r R(
'V +−
+=
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In*or%asi /euan!an PT. ABCEBIT = Rp. 6 . 255Be$an /euan!an+Bun!a = Rp. . 255
La$a se$e&u% Pa(a# = Rp. 18 . 255Pa(a# 8 F = Rp. 8K. 255La$a Bersi" = Rp. K1. 2554u%&a" e#uitas = Rp. 1. . 2554u%&a" sa"a% $eredar = 1. &e%$ar.Ni&ai $u#u e#uitas 0Bo persa"a% = Rp.1. . > 1. = Rp.1. 255Tota& E#uitas = Rp. 1. . 255Cost o* e)uit = 16FBe$an E#uitas = 16F Rp. 1. . 255 = Rp. 16 . 255
La$a Bersi" = Rp. K1. 255Bia a E#uitas = Rp. 16 . 255Residua& Inco%e = 5 Rp. 6K. 255
( ) ( ) 67,516.000.1%6%12%12%1,9
000.1000 Rp ' g r r R(
'V =−
−+=
−
−+=
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i
i
i g k
D
Pi
P R
−== )(
1 Price Earnin! Ratio 0PER 5 Earnin!
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Conto">
1 9+E = 2 Q # = 16F2 dan ! = JF
6 9+E = 2 Q # = 18F2 dan ! = JF
8 9+E = 2 Q # = 16F2 dan ! = KF
; 9+E = 2 Q # = 11F2 dan ! = KF
$ P 5,1204,05,0
08,012,050,0
! ==
−
=
$ P 1005,05,0
08,013,050,0
! ==−
=
$ P 7,16
03,0
5,0
09,012,0
50,0! ==
−=
$ P 2504,05,0
09,011,050,0! ==−=
/esi%pu&an>1 Se%a#in tin!!i 9+E atau RR se%a#in #eci&2 PER se%a#in tin!!i.
6 Se%a#in $esar spread 0se&isi" #5! 2 %a#a PER se%a#in #eci&.
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Conto">PT. Teo% Indonesia T$#. %e%$a!i#an dividen den!an rasio tetap 09+E
se$esar F dari &a$a $ersi". Saat ini &a$a $ersi" persa"a% se$esar Rp.1.6 255 dan tu%$u" se$esar 1 F p.a. Tin!#at i%$a& "asi& an!di"arap#an se$esar KF. itun!&a" $esarn a esti%asi "ar!a 7a(ar TL/
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t i persaham kuitas 'uku Nilait iSahama ) P'V t i ,
,ar", =
t i persahamSales Pendapat iSahama ) PSR t i ,#an!
,ar", =
2) Price to Book Value (PBV).
3) Price to Sales Ratio (PSR).
share per Flo#&ash FreeSahama )
F&F P ar"
=−
4) Price to Free Cash Flow Ratio (PSR).
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%100$
)()(Re $ *uityrsShareholde
A+ +a$ After arning R( *uityonturn =
DU-PO ! S"S!#$
Saham Jumlah kuitas+otal
$ kuitas+otal
A+ 'ersih ,a!aSaham Jumlah
A+ 'ersih ,a!a PS
)()( ==
kuitas+otal Aktiva+otal
$ Aktiva+otal
Penjualan $
Penjualan 'ersih ,a!a
kuitas+otal 'ersih ,a!a
R( ==
Di%i&e' a a *ersaha+ (#PS)
ROE BV
PM ATO F L
+ +A
$+A
SA, S $
SA, S 'I+
$ 'I+ '+
$ '+ NI
+ NI
R( ==
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NI > EBT Rasio $e$an pa(a# 0Ta $urden ratio %encer%in#an aturan pa(a#serta #e$i(a#an perusa"aan untu# %enco$a %en!uran!i pa(a#.
'I+ 'unga 'e!an
'I+ 'unga 'e!an 'I+
'I+ '+ −=−= 1
EBT > EBIT EBT tin!!i #eti#a perusa"aan tida# %e%i&i#i #e7a(i$an an! $e$an$un!a Rasio $e$an $un!a 0Interest Burden ratio an!#a ter$esar 1 (iJ#aperusa"aan tia# %en!!una#an utan!.
EBIT > Sa&es TE U#uran tin!#at pen!un!#it #eun!an perusa"aan Levera!e ratio 1? rasio utan! ter"adap e#uitas
+ D '+
+ D '+ +
+ +A −=+= 1
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Su+ er , Dia&o*si &a' &ike+ a' ka' &ari e era*a literatur (Disertasi Fakhru&&i' asutio')a+ ar , $eka'is+e $a'a/e+e' U'tuk $e'i' katka' ilai Perusahaa'.
Perse*si 0'%estor
ilai Perusahaa'(1ar a Saha+)
RasioPasar
1asil UsahaProses(+a'a e&)Posisi
eua' a'
RasioPro ita ilitas
Rasiokti%itas
Rasio ikui&itas5Sol%a ilitas6
e%era e
# isie'siPasar
0' or+asi #ko'o+i
u$un!an "ar!a sa"a% den!an
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P iP i
# !
u+ er oShares
Sales
Cost
# icie'c7
RiskPre+iu+
Riil 0R
DP
#8cha' e
Rate
Ec%n% ic &ac#%rs
#PS
$o'e7Su**l70' latio'
o+i'al0 R
Fu'&a+e'tal Factors
Di'i en
Re9uire&RoR
* ber + Dia % si an ike bn"kan ari bebera a i#era#*r (Diser#asi &ak r* in /as*#i%n).0a bar + % e 2eni aian 3ar"a a a an 4e#erkai#an &ak#%r-5ak#%r 6an" e en"ar* in7a.
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Conto">9i#eta"ui dividen TL/< se$esar Rp. 8 255 persa"a% dan dividen %enin#atse$esar F p.a. Tin!#at i%$a& "asi& an! dipers arat#an se$esar 16F.
itun!&a" $esarn a "ar!a 7a(ar TL/< .
9a&a% ran!#a e#spansi usa"a PT. United Tra#tor 0UNTR $er%a#sud untu#%en!uran!i pe%$a aran dividen dari F %en(adi ; F. A#i$at penurunandividen an! diteri%a o&e" pe%e!an! sa"a% ROE %enin!#at %en(adi 6 F.Tin!#at i%$a& "asi& an! dipers arat#an se$esar 1 F. 9an dividen saat inise$esar Rp. 255 persa"a%. itun!&a" ta#siran "ar!a sa"a% UNTR an! 7a(ar.
! = 015 2; 6 F = 216.
9 1 = 9o 01 ? 216 = 01216 = D
P = D + 0 21 H 216 = D + 2 8 = Rp. 1J.DD 255
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Conto"> PT. TL/< %e%$a ar dividen setiap ta"un da&a% (u%&a" an! sa%ase$esar Rp. ; 255 per sa"a%. Tin!#at i%$a& "asi& an! di"arap#aninvestor se$esar 1 F p.a.. Berapa esti%asi "ar!a sa"a% TL/< ''
*a+a, : Vo = - $/$(# = R%. &.$$$())
Conto"> Pada 6 11 PT. TL/< %e%$a ar dividen se$esar Rp. ; 255+sa"a%. dantu%$u" se$esar F p.a. Tin!#at i%$a& "asi& an! di"arap#an investorse$esar 1 F p.a.. Berapa esti%asi "ar!a sa"a% TL/< pada 6 16 ''
725,4)05,015,0()05,01(450
)(sec1
0 =−+=−== g k
DV
urityanyof
Value stimated
Conto"> Saat ini "ar!a sa"a% ANT< se$esar 6. 255+sa"a% dan di"arap#ana#an %e%$a ar dividen se$esar Rp. 255+sa"a%. Pertu%$u"andividen se$esar DF p.a. itun!&a" tin!#at i%$a& "asi& an! di"arap#aninvestor atas sa"a% ANT