ANALISIS PENILAIAN HARGA SAHAM DENGAN MENGGUNAKAN PBV, FCFF DAN FCFE PADA SUBSEKTOR TOURISM, RESTAURANT, DAN HOTEL YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2015-2017
Keywords:
Price To Book Value (PBV), Free Cash Flow To Firm (FCFF) , Root Mean Square Error (RMSE), Free Cash Flow To Equity (FCFE)Abstract
The purpose of this research is to discover the intrinsic value of company by using the method of price to
book value (PBV), free cash flow to firm (FCFF) and free cash flow to equity and to find which stock
method that is the most accurate by using root mean square error (RMSE). Research used is descriptive
research with cumulative approach. The sampling technique using the porpusibe sampling so that it was
selected 7 companies from 30 population. The result of research showed the stock which included
undervalued in 2015 was there 3 stocks with PBV method, 3 stocks with FCFE method, and 1 stock with
FCFF method. In 2016 had 3 stocks with PBV method, 2 stocks with FCFE method and 2 stocks with
FCFF. In 2017 had 2 stocks with PBV method, 2 stocks with FCFE method, and only 1 stock with FCFF
method. Stock which included undervalued is recommended for purchase. Stock included overlaued in
2015 had 4 stocks with PBV method, 4 stocks with FCFE method and 6 stocks with FCFF method. In
2016 had 4 stocks with PBV method, 5 stocks with FCFE method, and 5 stocks with FCFF method. In
2017 had 5 stocks with PBV method, 5 stocks with FCFE method and 6 stocks with FCFF method. Stock
included overralued is recommended for sale. The revenue of value accuracy measurement shows that
intrinsic value which is produced by FCEE more accurate that PBV and FCFF with the average value of
RMSE FCEE which is smaller than the average value of RMSE PBV and RMSE FCFF.