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Analisis fundamental dan valuasi saham : Studi kasus pada saham PT Citra Marga Nusphala Persada Tbk.
People invest to manage their wealth and expect to enhance their future consumption possibilities by increasing their wealth. Appropriate investment decisions are important for investors in order to achieve their investment objectives. With their investment decision, investors decide whether they will invest in particular instrument or not. Therefore, investors who plan to invest in capital market instruments like stocks have to analyze the intrinsic value of each stock and understand factors affecting the intrinsic value. Analysis of factors affecting stock value can be done using fundamental analysis with top down approach. Top down approach consists of economy analysis, industry analysis, and company analysis. Results from fundamental analysis then become inputs in stock valuation process. By comparing the intrinsic value of stock with its current market price, investors may find which stock is overvalued and which one is undervalued. In this writing, the author will do fundamental analysis and stock valuation of PT. Citra Marga Nusaphala Persada Tbk (CMNP). PT. CMNP is a company in toll road industry which shares have been traded on Indonesia Stock Exchange since January 10, 1995. During year 2008, CMNP stock price shrank for more than 50%; the closing price of CMNP stock on January 2, 2008 was Rp 2,200 per share, but on October 14, 2008 it became Rp 1,050. On July 2008, one of the majority shareholders of CMNP, PT. Bhakti Investama Tbk (BHIT), planned to sell its shares in CMNP. PT. BHIT wanted to sell CMNP stock at price 60% higher than market price at that time (approximately at Rp 2,000 per share). Actually, how much is the intrinsic value of CMNP? Valuation done by the author using FCFE discount model shows that the intrinsic value of CMNP stock in 2008 is Rp 826.21 per share. CMNP intrinsic value obtained by using P/E ratio on March 31, 2008 is Rp 846.745. CMNP intrinsic value obtained by using P/E ratio on June 30, 2008 is Rp 826.821. CMNP stock market price on October 31, 2008 was Rp 1,170. Therefore, fundamental analysis and stock valuation done by the author shows that in year 2008, CMNP stock is overvalued. It means that CMNP stock is relatively expensive than it should be. This condition can also be seen by comparing CMNP P/E ratio and market P/E ratio or by using relative P/E ratio amounted to 2.060. Based on the result of fundamental analysis and stock valuation on CMNP stock, the investment decision that should be taken by investors regarding CMNP stock is to sell CMNP stock.Ada tabel
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| 6368 | PSB lt.2 - Karya Akhir | 1 |
| Penerbit | Depok Departemen Akuntansi, Fakultas Ekonomi Universitas Indonesia., 2008 |
|---|---|
| Edisi | - |
| Subjek | Share valuation Share prices Investment analysis Fundamental analysis |
| ISBN/ISSN | - |
| Klasifikasi | - |
| Deskripsi Fisik | xvii, 142 p. , 65 p. : diagr. , il. ; 30 Cm & lamp. |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |