Does The Stock of Indonesian Provider Tower Industry Have a Fair Value (original) (raw)
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2012
This paper examines valuation process of PT Sarana Menara Nusantara (SMN) Tbk, a company in tower telecommunication industry. SMN currently is the market leader of its sector, and on its high growth stage. The valuation was conducted using three different methods, which are asset-based valuation, market approach, and discounted cash flow with three different scenarios, which are most likely, pessimistic, and optimistic. The result of this research will be used as suggestion to the company’s management board to increase its value and maintain its growth. Furthermore, the fair stock value per share also calculated in this study, and will be compared to the current market value of the stock, because SMN is a public listed company. The result shows that the company value for 1 January 2012 ranged from Rp 8,568,330,000,000 – Rp 22,035,565,508,695 after calculated using those three methods, and the fair stock value per share were below the current market value. This research focuses on va...
Aptisi Transactions On Technopreneurship (ATT), 2019
An investor must be able to consider all kinds of steps that will be taken or that will be carried out, assessing stocks-shares that will provide optimal benefits in making an investment decision. By analyzing the intrinsic value of the price of a company's stock, investors can assess the fairness of the stock price. The method used to analize intrinsic value is fundamental analysis using the Price Earning Ratio (PER) approach. The samples to be taken in this research are manufacturing companies in Indonesia which are listed on the Indonesia Stock Exchange (IDX) for the period 2016-2017 with certain criteria. The results of this research will show that the shares of companies listed are in overvalued, undervalued or correctly valued conditions. So investors can decide to buy, hold or sell their shares.
Stock Valuation Using Discounted Cash Flow and Relative Valuation Methods
Proceedings of the 4th International Conference on Applied Economics and Social Science, ICAESS 2022, 5 October 2022, Batam, Riau Islands, Indonesia
This research aims to determine the intrinsic value of stocks in the property and real estate sector listed on the Indonesia Stock Exchange using Discounted Cash Flow (DCF) method with Free Cash Flow to Firm (FCFF) approach and Relative Valuation (RV) method with PBV and PER approaches. The samples of this research were MTLA, JRPT, DMAS, CTRA, MKPI, and PPRO. Data used were historical financial data from 2015-2019 to calculate the historical financial performance of each company and projected from 2020-2024. The result found that by using the DCF-FCFF method, MTLA, JRPT, DMAS, and CTRA shares were undervalued in all scenarios. MKPI and PPRO shares were overvalued in all scenarios. Meanwhile, by using the Relative Valuation method, MTLA were undervalued by 7.82%, JRPT were undervalued by 32.97%, DMAS were undervalued by 67.85%, CTRA were undervalued by 32.45%, MKPI were overvalued by-47.69%, and PPRO were undervalued by 33.78%.
Primanomics : Jurnal Ekonomi & Bisnis, 2021
This research was conducted at companies engaged in the property, real estate & building construction sector which are listed on the Indonesia Stock Exchange.In this study using purposive sample method as a sampling method. The number of samples used was 6 companies with research data conducted from 2014 to 2018 so that 30 observational data were obtained. In testing the hypothesis in this study carried out in six ways, namely the regression model test, classical assumption test, multiple linear regression analysis, partial test (t test), simultaneous test (f test), and test the coefficient of determination.From the results of this study it can be concluded that simultaneously all variables have a significant effect on firm value. The results of the regression analysis show an adjusted value of 0.486599, which means that the variation of Current Ratio, Debt to Equity Ratio, Net Profit Margi, Return on Equity and Earning per Share can explain 48.66% of the variation in firm value. Wh...
https://www.ijrrjournal.com/IJRR\_Vol.8\_Issue.5\_May2021/IJRR-Abstract022.html, 2021
The intrinsic value of a company refers to the real value of a company. Company value in the concept of intrinsic value is not just the price of a set of assets, but the value of the company as a business entity that has the ability to generate profits at a later date. In the company appraisal process, that how the capital structure can affect the value of the company or not, the presence of various risks, taxes, and other costs, as well as changes in leverage can increase the value of the company and reduce it. This study aims to analyze the effect of company size and asset growth through capital structure on the intrinsic value of companies in the property and real estate industry listed on the Indonesia Stock Exchange in 2018 with a total sample of 37 companies. The results of the analysis in this study indicate that company size has a positive and significant effect on capital structure, asset growth has no effect on capital structure, company size and asset growth have a positive and significant effect on intrinsic value, while capital structure has no effect on intrinsic value, and firm size and asset growth there are no direct effect on intrinsic value through capital structure. This study also obtained the result that firm size is more dominant in supporting intrinsic values of Property and Real Estate Companies in Indonesia.
HIKMATUNA: Journal for Integrative Islamic Studies, 2023
This research was conducted to determine the fundamental condition of Bank Syarī'ah Indonesia company in making investment decisions in Bank Syarī'ah Indonesia company (issuer code: BRIS). This research uses a quantitative method with a Price Book Value (Pbv) approach. The data used in this study is secondary data obtained from the Indopremier Securities, Stockbit Securities, and RTI Business applications, which originate from the annual reports of Bank Syarī'ah Indonesia companies for the 2018-2022 period, to be precise in the 3rd Quarter of 2022. The fundamental analysis forms by looking at the profile and the company's prospects, then analyzing the company's performance through the company's financial statements from 2018 to 2022. Fundamental analysis is also carried out by comparing the performance of Bank Syarī'ah Indonesia company with competitors in shares of the Syarī'ah financial sector, namely BTPN Syarī'ah (issuer code: BTPS) and Bank Aladin Syarī'ah (issuer code: BANK). Activities are carried out by calculating the intrinsic value or fair price of Bank Syarī'ah Indonesia shares using the PBV approach and completing investment decisions. The study found that Bank Syarī'ah Indonesia's corporate performance is good. The company's fundamental condition is also good, and its stock valuation is undervalued; based on these two analyses, Bank Syarī'ah Indonesia's shares are worth buying.
2017
This study aims to identify the influence of investment decision, financing decision, and dividend policy on firm value in basic industries and chemicals company listed in the Indonesia Stock Exchange (IDX) years 2006-2015. In this study, the investment decision was measured with Price Earnings Ratio (PER), while financing decision was measured by using Debt to Equity Ratio (DER), and dividend policy was calculated by employing Dividend Payout Ratio (DPR), meanwhile the firm value in this present study was examined by using Tobin’s Q ratio. Purposive sampling utilized to determine the sample of the study. Statistical analyses used in this research were linier regression multiple with panel data. Based on regression significance test (F test) showed that regression model can be used to take a conclusion. Whereas, T-test result showed that investment decision has a positive influence on firm value, financing decision has a positive influence on firm value and dividend policy has an in...
Technical Stock Valuation of a Company: Bangladesh Perspective
Indian Journal of Economics and Development, 2015
Background: The paper describes the relationship between risk and expected return and determination of risk free rate in valuation of a stock. In a stock pricing we find that expected return of a stock is the sum of risk-free government bill rate and risk premium. If this expected return does not fulfill the required return, then the investment should be taken carefully considering the growth potentiality of the stock. Findings: We can compute the expected return using the ACI stock price and DSE all share price index. If the average risk-free rate of 91-day government Treasury bill is 7 percent, the beta (risk measure derived from regression) of the stock is 1.14 and the average expected market return over the period is calculated as 10 percent, the stock expected return is 10.42 percent (7 percent +1.14(10 percent -7 percent)). Here the risk premium is 3.42 percent. Methods: In evaluating the ACI stock we have used the OLS method considering the unit root and other tests of signif...
https://www.ijrrjournal.com/IJRR\_Vol.6\_Issue.7\_July2019/Abstract\_IJRR0014.html, 2019
Basically, capital market is intended for various long term financial instruments which can be bought and sold, either in cash or in capital. It plays an important role in the economy of a country since it has two functions: a facility for financing and for getting fund from investors. The fund obtained from capital market can be used for developing a business, expansion, addition for work capital, etc. The objective of the research was to analyze and to find out some factors which influenced price earnings ratio (PER) in LQ45 Index companies from February, 2015 until January, 20018. Independent variables were return on equity (ROE), debt to equity ratio (DER), and firm size (FS). There were 30 samples, and the data were gathered from financial statement of LQ45 Index listed in BEI which met the research criteria and analyzed by using multiple linear regression analysis with e-views program. The result of the research showed that ROE had positive and significant influence on PER and DER had negative and significant influence on PER in LQ45 Index companies. It is recommended that the company's financial manager make a policy on increasing investors' welfare and company's profit so that investors can have accurate decision to invest. Investors should use this research for assessment so that fair price through PER and the factors which influence PER on making decision to sell and stock in capital investment in the company.
KnE Social Sciences, 2019
Objective - This study aims to analyze the effect of Earning Per Share (EPS), Price EarningRatio(PER)andPriceBookValue(PBV)onStockPricesinTelecommunications Sector Companies Included in the Indonesian Syariah Stock Index (ISSI) for the period 2013 - 2017. Thisresearchmethodusessecondarydata,namelydatasourcesdonotdirectlyprovide data to the author, for example through other people or documents. The sampling techniqueispurposivesampling.Ofthepopulationof6Telecommunicationscompanies listed on the Indonesian Syariah Stock Index, 4 companies that met the sample criteria were telecommunication sector companies that were registered in the calculation of theIndonesianSyariahStockIndex(ISSI)in2013-2017,telecommunicationscompanies that experienced 2 years of delisting -according to the calculation of the 2013-2017 Indonesian Sharia Stock Index (ISSI), and telecommunications companies that submit their financial statements regularly in 2013-2017. The analytical method used is the classical assu...