Analisis Penilaian Harga Saham Dengan Menggunakan PBV, FCFF dan FCFE Pada Subsektor Tourism, Restaurant, dan Hotel Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2017

Abstract

The purpose of this research is to discover the intrinsic value of company by using the method of price to book value (PBV), free cash flow to firm (FCFF) and free cash flow to equity and to find which stock method that is the most accurate by using root mean square error (RMSE). Research used is descriptive research with cumulative approach. The sampling technique using the porpusibe sampling so that it was selected 7 companies from 30 population. The result of research showed the stock which included undervalued in 2015 was there 3 stocks with PBV method, 3 stocks with FCFE method, and 1 stock with FCFF method. In 2016 had 3 stocks with PBV method, 2 stocks with FCFE method and 2 stocks with FCFF. In 2017 had 2 stocks with PBV method, 2 stocks with FCFE method, and only 1 stock with FCFF method. Stock which included undervalued is recommended for purchase. Stock included overlaued in 2015 had 4 stocks with PBV method, 4 stocks with FCFE method and 6 stocks with FCFF method. In 2016 had 4 stocks with PBV method, 5 stocks with FCFE method, and 5 stocks with FCFF method. In 2017 had 5 stocks with PBV method, 5 stocks with FCFE method and 6 stocks with FCFF method. Stock included overralued is recommended for sale. The revenue of value accuracy measurement shows that intrinsic value which is produced by FCEE more accurate that PBV and FCFF with the average value of RMSE FCEE which is smaller than the average value of RMSE PBV and RMSE FCFF.

Keyword :  Price To Book Value (PBV), Free Cash Flow To Firm (FCFF) and Free Cash Flow To Equity (FCFE), Root Mean Square Error (RMSE)