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Evaluasi Proses Valuasi Saham PT Media Nusantara Citra Tbk (MNCN) di PT DA Sekuritas (Laporan Magang)
This internship report evaluates the process of fundamental analysis and stock valuation of PT Media Nusantara Citra Tbk (MNCN) used by PT DA Sekuritas. The fundamental analysis process itself is made up of five phases, which is the macroeconomic analysis, industry analysis, strategy analysis, financial analysis, and prospective analysis. Based on the result of the fundamental analysis, the equity research analyst at PT DA Sekuritas determines three main trends that will be used as the basis for forecasting, valuation, and the investment recommendation itself. Those three trends are: 1) the return of advertising appetite alongside the gradual post COVID-19 economic recovery; 2) the company?s strategy in adapting towards the trend of digital media consumption; and 3) government policy on analog switch off (ASO). The analyst at PT DA Sekuritas then uses the discounted cash flow (DCF) method on the company?s free cash flow to firm (FCFF) to calculate the stock value. The aforementioned valuation method yields a BUY recommendation for MNCN?s stock with a target price of Rp 2.000 per share for the year of 2021. Generally, the valuation and fundamental analysis method used by PT DA Sekuritas is in line with the evaluation framework. Nevertheless, there are four deviations from the evaluation framework, which is that: 1) the analyst?s usage of the Porter's Five Forces framework when performing industry analysis and strategy analysis is not rigid; 2) the analyst did not perform an accounting analysis; 3) the analyst uses book value instead of market value when calculating the weighting of debt and equity in the weighted average cost of capital (WACC); and 4) the analyst did not factor in country risk premium when calculating the equity risk premium (ERP). A scenario analysis is then conducted in order to figure out the valuation of MNCN stock without the aforementioned deviations from the framework. The scenario analysis resulted in a value of Rp 1.342 per share, which is approximately 33% lower than the DA Sekuritas analyst?s initial calculation.Ada Tabel
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| 12889 | PSB lt.2 - Karya Akhir | 1 |
| Penerbit | Depok Program Studi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Indonesia., 2021 |
|---|---|
| Edisi | - |
| Subjek | Fundamental analysis Stock Valuation Equity Research FCFF Target Price |
| ISBN/ISSN | - |
| Klasifikasi | - |
| Deskripsi Fisik | xv, 80 p. ; diagr. ; 30 cm |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |