Abstract
The purpose of this research is to determine the intrinsic value of coal mining company stock listed in LQ45 Index during 2010-2014 period used Dividend Discount Model (DDM) Pertumbuhan Berganda, Price Earning Ratio (PER) and Price to Book Value (PBV) approach. Intrinsic value will compared with market stock value, henceforth be one of basic for taking investment decision in capial market. Difference of intrinsic stock value with market stock value is tasted by Paired Sample T-Test. For this research, the sample used is PT. Adaro Energy Tbk (ADRO), PT. Indo Tambangraya Megah Tbk (ITMG) and PT. Bukit Asam Tbk (PTBA).The result of this research showed that the market stock value of the coal mining company listed in LQ45 Index is higher than intrinsic stock value (overvalued) based DDM Pertumbuhan Berganda and PBV approach. While based PER approach, the market stock value of the coal mining company is lower than intrinsic stock value (undervalued). And then, for the result of paired sample t-test showed that based on DDM Pertumbuhan Berganda , PER and PBV approach has a significant difference between intrinsic value with market stock value.
Highlights
The purpose of this research is to determine the intrinsic value of coal mining company stock listed in LQ45 Index during 2010-2014 period used Dividend Discount Model (DDM) Pertumbuhan Berganda, Price Earning Ratio (PER) and Price to Book Value (PBV) approach
The result of this research showed that the market stock value of the coal mining company listed in LQ45 Index is higher than intrinsic stock value based DDM Pertumbuhan Berganda and PBV approach
While based PER approach, the market stock value of the coal mining company is lower than intrinsic stock value
Summary
Model (DDM) Pertumbuhan Berganda dapat dilakukan dengan rumus sebagai berikut (Tandelilin, 2001:189) : n. Satuan yang digunakan dalam PER adalah rasio atau kali, sedangkan untuk satuan nilai intrinsik berdasarkan pendekatan PER adalah harga atau rupiah. Adapun rumus untuk menilai saham berdasarkan berdasarkan pendekatan pendekatan ini adalah sebagai berikut : Harga per Lembar Saham. Dan untuk menghitung nilai Teknik Analisis Data intrinsik saham menggunakan rumus Penelitian ini menggunakan analisis (Jogiyanto, 2008:143) : fundamental dan uji statistik dalam teknik. 3. Price to Book Value (PBV) Penilaian saham menggunakan pendekatan Price to Book Value (PBV) dapat dihitung dengan rumus sebagai berikut (Jogiyanto , 2007:129) : Harga Pasar Saham Rasio PBV = Nilai Buku per Lembar Saham (nilai intrinsik) dilakukan dengan menggunakan pendekatan Dividend Dis-count Model Pertumbuhan Berganda, Price Earning Ratio, dan Price to Book Value. Nilai buku per lembar saham adalah, signifikansi perbedaan paired sample ttest
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