Penilaian Harga Wajar Saham Dalam Rangka Initial Public Offering Pada Perusahaan Manufaktur Garmen PT. Selimut Sutra Hijau

Firmansyah, Odix Resha (2023) Penilaian Harga Wajar Saham Dalam Rangka Initial Public Offering Pada Perusahaan Manufaktur Garmen PT. Selimut Sutra Hijau. Other thesis, Intitut Teknologi Sepuluh Nopember.

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Abstract

Untuk memperluas pasar dan mengembangkan produk, perusahaan industri garmen PT. Selimut Sutra Hijau harus melakukan pengembangan usaha yang penting untuk menjaga kelangsungan bisnis. Dalam rangka itu, perusahaan perlu mendapatkan pendanaan yang signifikan dan bisa bersumber dari kas operasional atau investor. Terdapat alternatif pendanaan bersumber dari investor dalam bentuk debt atau equity. Namun, karena repayment capacity perusahaan yang terbatas, keputusan untuk mendapatkan pendanaan berbasis ekuitas diambil melalui peluncuran saham di Bursa Efek Indonesia dengan persyaratan yang melibatkan beberapa entitas individu atau perusahaan eksternal. Dengan adanya rencana pada pengembangan produk, tenaga kerja juga harus ikut berkembang. PT. Selimut Sutra Hijau berusaha memajukan tenaga kerja di Indonesia terutama pada bidang garmen. Namun, pendanaan perusahaan masih terbatas pada pendanaan secara internal saja sehingga alokasi dana sangat terbatas pada operasional harian dan sangat minim pada pengembangan produk. Oleh karena itu, penilaian harga wajar saham menjadi sangat penting sebagai dasar dan syarat utama dalam mencari pendanaan modal dari investor eksternal. Penelitian dilakukan untuk menentukan penilaian harga wajar saham perusahaan manufaktur garmen dengan menggunakan pendekatan income yaitu Discounted Cash Flow dan pendekatan market yaitu Bill Payne Scorecard. Berdasar kepada kedua metode penilaian tersebut akan dilakukan rekonsiliasi dengan membobotkan nilai untuk mengetahui nilai wajar perusahaan. Hasil penelitian ini diharapkan dapat memberikan informasi dan pemahaman penilaian pada kondisi eksisting perusahaan sebagai dasar dalam pengambilan keputusan, serta sebagai acuan pendanaan oleh investor. Dilakukan perhitungan pada penelitian dengan tiga bagian utama, yaitu perhitungan DCF, perhitungan BPS, dan perhitungan rekonsiliasi. Perhitungan DCF berfokus pada proyeksi arus kas bebas dan terminal value yang didiskontokan, didapatkan hasil sebesar Rp606,532,544,190.92 . Perhitungan BPS berfokus pada pembobotan faktor scorecard sesuai dengan kondisi eksisting perusahaan, didapatkan hasil sebesar Rp66,334,082,685.00 . Rekonsiliasi dilakukan sebagai bentuk penyelarasan nilai dengan pembobotan yang dilakukan oleh ahli. Bobot tiap pendekatan adalah pendekatan pendapatan sebesar 0,498 dan pendekatan pasar sebesar 0,502. Didapatkan firm value setelah dilakukan rekonsiliasi sebesar Rp335,352,916,514.95 . Terdapat perbedaan hasil dari tiap-tiap pendekatan dikarenakan perbedaan sudut pandang pendekatan dalam penilaian perusahaan. Pendekatan pendapatan memiliki kelebihan menggambarkan secara detil kondisi internal perusahaan, sedangkan pendekatan pasar memiliki kelebihan menggambarkan keunggulan perusahaan dibandingkan dengan perusahaan lain.
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To expand its market and develop its products, PT. Selimut Sutra Hijau, a garment industry company, must undertake important business development to ensure business continuity. In order to achieve this, the company needs to obtain significant funding, which can be sourced from operational cash or investors. There are alternative funding options from investors in the form of debt or equity. However, due to the limited repayment capacity of the company, the decision to obtain equity-based funding is made through the launch of shares on the Indonesia Stock Exchange, involving several individual entities or external companies. With plans for product development, the workforce also needs to grow. PT. Selimut Sutra Hijau strives to advance the garment workforce in Indonesia. However, the company's funding is still limited to internal funding alone, resulting in limited allocation of funds for daily operations and minimal investment in product development. Therefore, the fair stock valuation becomes crucial as the basis and main requirement for seeking capital funding from external investors. Research is conducted to determine the fair stock valuation of the garment manufacturing company using the income approach, namely the Discounted Cash Flow, and the market approach, namely the Bill Payne Scorecard. Based on these two valuation methods, a reconciliation is conducted by weighting the values to determine the fair value of the company. The results of this research are expected to provide information and understanding of the valuation of the company's existing conditions as a basis for decision-making and as a reference for funding by investors. The research is carried out through three main parts: DCF calculation, BPS calculation, and reconciliation calculation. The DCF calculation focuses on projecting discounted free cash flow and terminal value, resulting in a value of Rp606,532,544,190.92. The BPS calculation focuses on weighting scorecard factors according to the company's existing conditions, resulting in a value of Rp66,334,082,685.00. Reconciliation is carried out as a form of aligning the values with the weighting done by experts. The weight of each approach is 0.498 for the income approach and 0.502 for the market approach. The firm value obtained after reconciliation is Rp335,352,916,514.95. There are differences in the results of each approach due to differences in the perspective of the valuation approach for the company. The income approach has the advantage of depicting the internal conditions of the company in detail, while the market approach has the advantage of illustrating the company's advantages compared to other companies

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Manufaktur Garmen, Saham, Valuasi Bisnis, Discounted Cash Flow, Bill Payne Scorecard; Garment Manufacturing, Stocks, Business Valuation, Discounted Cash Flow, Bill Payne Scorecard
Subjects:	H Social Sciences > HG Finance > HG4529 Investment analysis H Social Sciences > HG Finance > HG4910 Investments
Divisions:	Faculty of Industrial Technology and Systems Engineering (INDSYS) > Industrial Engineering > 26201-(S1) Undergraduate Thesis
Depositing User:	Odix Resha Firmansyah
Date Deposited:	05 Oct 2023 09:05
Last Modified:	05 Oct 2023 09:05
URI:	http://repository.its.ac.id/id/eprint/101923

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