Valuasi Saham Untuk Tujuan Right Issue(Studi Kasus Pada PT XYZ, Tbk)

The current stock price of PT XYZ Tbk traded on the Indonesia Stock Exchange currently does not reflect the true stock price. Therefore, it is necessary to estimate PT XYZ Tbk stock price in order to issue new share through a right issue. Stock valuation of PT XYZ Tbk is carried out by fundamental analysis and using a dividend discounted model. The data used as a basis of research are PT XYZ Tbk long term corporate planning to obtain financial projections of 2011 to 2014, dividend payout ration projection, the level of risk using multiple references as follows: risk free rate refer to long term government bond, the average stock index in the Indonesia Stock Exchange in the period of 2000 until 2010 which be used as a basis for determining of expected rate of return by investors, beta coefficient using a beta value of PT XYZ Tbk in 2011. Based on the result of fundamental analysis using a dividend discounted model, obtained that calculation result of the intrinsic value of PT XYZ Tbk stock is amounting to Rp 1.066,78 per share. When compared to PT XYZ Tbk current stock price traded on the Jakarta Stock Exchanges Rp 3.375 per share (closing price on August 12, 2011) shows that the price of PT XYZ Tbk stock is currently overvalued