INTISARI

Penelitian ini bertujuan mengestimasi nilai pasar wajar saham PT Wika

Beton akhir tahun 2013, terkait dengan rencana perusahaan untuk melakukan
initial public offering tahun 2014. Nilai pasar wajar saham PT Wika Beton
diperoleh dengan menggunakan beberapa metoda yaitu: discounted cash flowcash flow to equity model, relative valuation dengan multiple PER (Price to
Earning Ratio), PBV (Price to Book Value) dan P/S (Price to Sale Ratio) dan
residual income method. Penelitian ini penting dilakukan guna memberikan
masukan dan bahan pertimbangan bagi perusahaan saat melakukan initial public
offering serta bermanfaat sebagai tambahan informasi dan referensi bagi investor
yang akan berinvestasi di PT Wika Beton.
Data yang diteliti dalam penelitian ini pada metoda discounted cash flowcash flow to equity model, relative valuation dan residual income method adalah
laporan keuangan dan informasi lain yang terkandung pada laporan tahunan dan
prospektus PT Wika Beton tahun 2013, laporan keuangan perusahaan
pembanding, dan indeks harga saham gabungan (IHSG).
Hasil penelitian nilai pasar wajar saham PT Wika Beton per tanggal 31
Desember 2013 dengan menggunakan metoda discounted cash flow-cash flow to
equity model adalah Rp733,20 per lembar saham, nilai pasar wajar saham
berdasarkan metoda relative valuation adalah Rp698,74 per lembar saham dan
nilai pasar wajar saham berdasarkan metoda residual income method adalah
Rp680,37 per lembar saham. Hasil rekonsiliasi dari tiga metoda ini menghasilkan
nilai pasar wajar saham PT Wika Beton sebesar Rp707,01 per lembar saham.
Kisaran nilai pasar wajar sebagai acuan harga jual adalah batas atas Rp760,04 dan
batas bawah Rp653,99.
Kata-kata kunci: nilai pasar wajar saham, discounted cash flow - free cash flow
to equity model, relative valuation, residual income method.

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ABSTRACT

This study aims to estimate the fair market value of the PT Wika Beton
shares by the end of 2013, when the PT Wika Beton plans to order to a initial
public offering in 2014. Fair market value of the shares of PT Wika Beton is
obtained using several methods: discounted cash flowto-equity cash flow,
relative valuation models with multiple PER (Price to Earning Ratio), PBV (Price
to Book Value) and P/S (Price to Sale Ratio) and residual income method . The
importance this study is to provide input and consideration for the accompany
during a initial public offering as well as additional useful information and
resources for investors who might invest in PT Wika Beton.
The data examined in this study on the method of discounted cash flow-toequity cash flow, relative valuation models and residual income method consist of
five financial statements and other information contained in the annual report and
prospectus of PT Wika Beton year 2013, the company's financial statements of
comparable firms and the stock price index (CSPI).
The results show that the fair market value of the shares of PT Wika Beton
as on December 31, 2013 using the discounted cash flow-cash flow to equity
model is Rp733,20 per share, the fair market value of the shares based on relative
valuation methods is Rp698,74 per share and the fair market value of the shares
based on relative valuation methods is Rp680,37 per share. The results of the
reconciliation of the three methods produce fair market value of the shares of PT
Wika beton amounting to Rp707,01 per share. The range of fair market value as is
Rp760,04 sale as the upper limit and with lower limit of Rp653,99.
Key words: fair market value, discounted cash flow-free cash flow to equity
model, relative valuation, residual income method

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