Analisis Nilai Wajar Saham BPR Dalam Pelaksanaan Akuisisi Untuk Keputusan Investasi

Authors

  • Desnia Dewi Anggraini Universitas Widyagama Malang
  • Irfan Fatoni Universitas Widyagama Malang
  • Endah Puspitosarie Universitas Widyagama Malang

Keywords:

Acquisition, Relative Valuation, Price to Book Value, Free Cash Flow to Equity, Fair value of shares

Abstract

Aim of the study was to estimated the fair value of BPR share in order of acquisition. The reasons for doing this research is because during the acquisition process, the determination of company value is not based on fair value. BPR determines the acquisition value based on the capital issued at the time of establishment plus the total paid-in capital during the operational process then divided by the outstanding shares. This method of determining the value of the company cannot be accounted for because the potential to generate a value above fair value (overvalued) is very large.

The object of the research is one of the BPR in Malang City which was acquired by an individual shareholder in September 2021. In this study, the estimation of fair value uses an income approach based on the Free Cash Flow to Equity (FCFE) method and a relative valuation approach using the Price-to-Book Value (P/BV) and Price-to-Sales (P/Sales) methods. Researchers set the weight for the FCFE method at 80% and the relative valuation method at 20%. This is because the FCFE method reflects the real conditions of the BPR. In addition, the researchers also set a Discount for Lack of Marketability (DLOM) of 20%. Based on the calculation of the indication of the fair value of BPR shares after reconciling the value of the FCFE method and Relative Valuation, it is concluded that the estimated value of BPR's equity as of December 31, 2020 is Rp2.409.548.307,00 with a total of 619 shares outstanding so that an indication of the fair value per share is obtained shares amounted to Rp3.892.647,00. The price per share of the BPR as of December 31, 2020 is Rp5.000.000,00, it can be concluded that the value of the BPR's shares has an indication of being overvalued at Rp1.107.353,00.

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Published

2022-03-26

How to Cite

Desnia Dewi Anggraini, Irfan Fatoni, & Endah Puspitosarie. (2022). Analisis Nilai Wajar Saham BPR Dalam Pelaksanaan Akuisisi Untuk Keputusan Investasi. Conference on Economic and Business Innovation (CEBI), 2(1), 2297–2313. Retrieved from https://jurnal.widyagama.ac.id/index.php/cebi/article/view/227

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