Analisis Fundamental Untuk Menilai Kewajaran Harga Saham Dengan Price Earning Ratio, Dividend Discount Models Dan Free Cash Flow To Equity Sebagai Dasar Pengambilan Keputusan Investasi

Riki Rahmani

Abstract


The objective of This paper contributes to confirm and to analyse the fairness of stock by using price earning ratio (PER), divident discount models (DDM) assuming on constant growth, and free cash flow to equity (FCFE) assuming on constant growth, and The calculation of intrinsic value uses a comparison of the three methods. This study is a descriptive research by using the qualitative approach. There are several companies of property, real estate and building construction sectors as the population in this study. The number of samples which were obtained are 10 companies. Based on the criteria specified by the researcher called Purposive Sampling for determining the samples. The results of this study demonstrate that price earning ratio (PER), divident discount models (DDM) assuming on constant growth, and free cash flow to equity (FCFE) assuming on constant growth and The calculation of intrinsic value using the comparison of 3 methods show that 4 companies have the same result determined as undervalue, those companies are ACST, BSDE, NRCA, and TOTL. Based on the result, the average of the difference in stock prices between the intrinsic value of each method and the intrinsic value of the comparison of the three methods, the comparison of those methods shows that price earning ratio (PER) has the smallest value. The result of measuring the accuracy level shows that using price earning ratio (PER) is more accurate than other ratios to valuate the intrinsic value.

Keywords:    Fundamental Analysis, Price Earning Ratio, Divident Discount Models, Free Cash Flow To Equity


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