ANALISIS VALUASI HARGA SAHAM DENGAN PRICE EARNING RATIO, FREE CASH FLOW TO EQUITY DAN FREE CASH FLOW TO FIRM PADA PERUSAHAAN MANUFAKTUR

Abstract

The objective of this paper contributes to confirm and to analyse the intrinsic value and the condition of
the stock portfolios on manufacturing companies by using Price Earning Ratio, Free Cash Flow to Equity
and Free Cash Flow to Firm observed in 2012-2016. There are 155 companies as the population in this
study. Using Purposive Sampling for determining the samples, so that the number of samples which were
obtained are 12 companies. The data were processed with Microsoft Excel 2010 and SPSS 21. The results
of this study demonstrate that using Price Earning Ratio shows that there are 4 companies determined as
overvalued and marketable stocks which mean feasible to sell, there is 1 company determined as
fairvalued which should hold and should not to be sold, and there are 7 companies determined as
undervalued marketable stocks which mean feasible to buy. The results of this study demonstrate that
using Free Cash Flow to Equity shows that there are 4 companies determined as overvalued and
marketable stocks which mean feasible to sell, there are 8 companies determined as undervalued and
marketable stocks which mean feasible to buy. The results of this study demonstrate that using Free Cash
Flow to Firm shows that there is 1 company determined as overvalued and marketable stock which means
feasible to sell, there are 11 companies determined as undervalued and marketable stocks which mean
feasible to buy. The result of measuring the accuracy level on the valuation of stock prices that is the
most accurate ratio by using Root Mean Square Error is the Free Cash Flow to Equity