140 research outputs found
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
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