ANALISIS NILAI SAHAM PUBLIK DALAM RANGKA TENDER OFFER PADA PT. UNILEVER INDONESIA Tbk.

• المؤلفون الرئيسيون: , Syaiful Hasan, , Dr. Soeratno, M.Ec.
• التنسيق: Theses and Dissertations NonPeerReviewed
• منشور في: [Yogyakarta] : Universitas Gadjah Mada 2012
• الموضوعات: ETD
• الوصول للمادة أونلاين: https://repository.ugm.ac.id/97508/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=53854

The purpose of this research is to estimate the value of public shares in the framework of a tender offer for PT Unilever Indonesia Tbk by using the discounted cash flow/DCF method of the income approachby used for calculation within the free cash flow to the firm/FCFF model, and using relative valuation. This research used three years data from company financial report period 2008-2010 audited by auditor independen.Method analysis of discounted cash flow is conducted by: financial statement projection (balance sheet and income statement),free cash flow to the firm projection,discountrate determination, terminal value determination, and value estimation. Relativ evaluation started with searching similar company in the same field of industry and chosening and specifying appropriateratio ormultiples from similar company. This multiplesis used to converta relevant book valuevariable from PT Unilever Indonesia Tbk become anestimation of marketvalue. Multiplesor ratio which were used: PER (PriceEarningsRatio), PBV(PricetoBookValue), and P/S(PricetoSalesRatio). This research also used the economic fore casting approach based on time series data or namely with technical analysis for predicting the stock price PT Unilever Indonesiaon thefuture. The results using the discounted cash flow method derived estimate of intrinsicvalue ofthe sharesof PT UnileverIndonesiaTbkDecember 31,2010 totaled Rp17.481,00 whereasthe estimated value of the shares based on relative valuation is atRp12.365, 00. In this study, the estimate dintrinsic value or fair value of the shares of PT Unilever IndonesiaTbk is determined by assigning weights to 80:20 between the two approaches, namely at Rp16.458, 00.