ANALISIS FUNDAMENTAL UNTUK MENILAI KEWAJARAN HARGA SAHAM DENGAN PRICE EARNING RATIO, DIVIDEND DISCOUNT MODELS DAN FREE CASH FLOW TO EQUITY SEBAGAI DASAR PENGAMBILAN KEPUTUSAN INVESTASI

Abstract

The objective of This paper contributes to confirm and to analyse the fairness of stock by using price
earning ratio (PER), divident discount models (DDM) assuming on constant growth, and free cash flow
to equity (FCFE) assuming on constant growth, and The calculation of intrinsic value uses a comparison
of the three methods. This study is a descriptive research by using the qualitative approach. There are
several companies of property, real estate and building construction sectors as the population in this
study. The number of samples which were obtained are 10 companies. Based on the criteria specified by
the researcher called Purposive Sampling for determining the samples. The results of this study
demonstrate that price earning ratio (PER), divident discount models (DDM) assuming on constant
growth, and free cash flow to equity (FCFE) assuming on constant growth and The calculation of
intrinsic value using the comparison of 3 methods show that 4 companies have the same result
determined as undervalue, those companies are ACST, BSDE, NRCA, and TOTL. Based on the result, the
average of the difference in stock prices between the intrinsic value of each method and the intrinsic
value of the comparison of the three methods, the comparison of those methods shows that price earning
ratio (PER) has the smallest value. The result of measuring the accuracy level shows that using price
earning ratio (PER) is more accurate than other ratios to valuate the intrinsic value