EVALUASI NILAI PERUSAHAAN DENGAN PENDEKATAN DFCFE STUDI PADA PERUSAHAAN DENGAN KEPEMILIKAN PUBLIK TERBESAR DAN KEPEMILIKAN PUBLIK TERKECIL

• Main Authors: , Indra Irawan, , Prof. Dr. Eduardus Tandelilin, MBA.
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2011
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/89486/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=51925
• Institution: Universitas Gadjah Mada

Efficient Market Hypothesis state that the price of the stock is a reflection of real conditions or intrinsic value of company share. Therefore, assessing the condition of the real or intrinsic value of company is an attempt to predict the direction of the stock price movement. One approach in assessing the company�s intrinsic value is through the approach of the Discounted Free Cash Flow to Equity. But in reality the stock market price movement is purely because of the strength of demand and supply which then create a balance at a certain point. One other factor that affect the formation of price in stock market is liquidity. This is related to the size of the level of public ownership in the company. The study aims to evaluate the differences in intrinsic value with the market price of share in company with a level of the largest and smallest levels of public ownership. Result of the study is a company with the largest level of public ownership of listed share (as known as PT. Bumi Resources), their market price is below its intrinsic value (undervalued), and company with the smallest level of public ownership (as known as PT. HM. Sampoerna), their market price is above its intrinsic value (overvalued).