ANALISIS PENENTUAN NILAI SAHAM PUBLIK PADA PT TEMPO SCAN PACIFIC Tbk. DALAM RANGKA TENDER OFFER

Basically, this research objected to estimating an intrinsic value of PT Tempo Scan Pacific Tbk. shares when tender offer acted by using discounted cash flow method and relative valuation. This research also used data of PT Tempo Scan Pacific Tbk. financial statements during the last five years from 2006 until 2010. Analysis method of discounted cash flow conducted by: sales or earnings projection analysis, financial statement projection, free cash flow projection, discount rate determination and value estimation. Relative valuation started with searching similar company in the same field of industry, choosing and specifying appropriate ratio or multiples from similar companies. This Multiples used to convert a relevant book value variable from PT Tempo Scan Pacific Tbk. become an estimation of market value. Multiples or ratio which used were: PER (Price Earning Ratio), PBV (Price to Book Value) and P/S (Price to Sales Ratio). The result from this research by using discounted cash flow method obtained an intrinsic value estimation of PT Tempo Scan Pacific Tbk. share per 31 Desember 2010 range from Rp1.563,88 up to Rp2.776,68 Result by using relative valuation obtained the following result: for the estimation of stocks price per share PT Tempo Scan Pacific Tbk. by using PER equal to Rp1.944,32 using PBV ratio equal to Rp1.769,11 and using price to sales ratio equal to Rp2.240,18 The mean from this three method equal to Rp1.563,88 Based on this both approaching, price of PT Tempo Scan Pacific Tbk. share at this time possibility of undervalued