TESIS MANAJEMEN, 2010

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Penilaian harga wajar saham dengan menggunakan metode Dividend Discount Model (DDM), Price Earning Ratio (PER) dan analisis teknikal dengan metode MACD, Stochastic dan SMA pada PT Bukit Asam Tbk

Mario . Agustinus

Abstract


The Aim of this thesis research is to analyze the stock price valuation PT. Bukit Asam tbk (PTBA). PT. Bukit Asam tbk. (PTBA) is one of the largest companies in Indonesia which is engaged in the mining sector. Stock valuation analysis is a technique used by investors to get shares in a company’s intrinsic value. Stock valuation is intended to determine whether the value of the company’s stock price be overvalued or undervalued, and is the stock eligible for investor to invest. Analyze for stock price valuation is using 3 method among others Dividend Discount Model (DDM). Price Earning Ratio (PER), And Using Technical Analysis For projection in future, we calculate the growth of the company and required rate of return by investor (cost of equity). The result of this research as follow : The Intrinsic Value of PTBA using each DDM and PER method are Rp. 5850.88 And Rp. 10590.59, The Stock Price of PTBA in market at the end 2009 is Rp. 17250,- so that can be concluded that the market price of PTBA is overvalued,  Stochastic, MACD, and SMA help investor to know when have to buy or sell stock at the correct time to maximize their gain in profit. The conclusion of this research is that value of the price stock PT. Bukit Asam Tbk is overvalued. So investors are advised not to buy shares of  PT. Bukit Asam Tbk for long term anvestment.

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