Valuasi Bisnis Properti Menggunakan Metode Deviden Discounted Model Dan Market Comparables (Studi Kasus : PT X)

Adyatma, Nathaniel Bisma (2023) Valuasi Bisnis Properti Menggunakan Metode Deviden Discounted Model Dan Market Comparables (Studi Kasus : PT X). Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Berakhirnya pandemi covid-19 membuat perekonomian diseluruh dunia mengalami peningkatan/pemulihan, GDP nasional tercatat mengalami peningkatan sebesar 5,44% (y-on-y), peningkatan GDP nasional ini merepresentasikan peningkatan PDRB dimasing-masing daerah, salah satunya Kota Surabaya. Tahun 2021 Kota Surabaya mencatatkan pertumbuhan PDRB sebesar 6,4% (y-on-y), pertumbuhan perekonomian ini tidak terlepas dari kepadatan penduduk Kota Surabaya yang tinggi juga kontribusi lapangan usaha salah satunya sektor properti. Hal ini dicerminkan melalui Indeks kepadatan penduduk Kota Surabaya yang merupakan kota dengan kepadatan tertinggi di Jawa Timur dengan indeks 9.091jiwa/km. Faktor kepadatan penduduk tersebut juga mendorong kebutuhan akan tempat tinggal, dimana hal tersebut berdampak pada pertumbuhan dan perkembangan pembangunan sektor properti di Kota Surabaya yang merupakan tiga sektor dengan pertumbuhan tertinggi selama enam tahun terakhir. Dalam rangka memajukan sektor properti Badan Usaha Milik Negara turut mengambil peran sebagai katalisator pembangunan dengan melakukan akuisisi terhadap saham properti. Untuk melakukan penilaian terkait aksi tersebut dilakukan perhitungan valuasi bisnis, adapun motif dari valuasi bisnis ini adalah penentuan nilai wajar 100% saham PT X. Dengan hal ini disusunlah penelitian mengenai valuasi bisnis dengan menggunakan metode pendekatan berbasis income yaitu Deviden Discounted Model (DDM) dan berbasis market yaitu Market Comparables. Berdasarkan dua metode valuasi tersebut akan dilakukan rekonsiliasi nilai wajar untuk mengetahui nilai perusahaan sesungguhnya dengan menentukan bobot dari masing-masing metode. Melalui penelitian ini diharapkan dapat memberi wawasan valuasi perusahaan properti dan mampu memberikan informasi terkait nilai wajar perusahaan kepada Badan Usaha Milik Negara maupun PT X sebagai dasar pengambilan keputusan investasi. Berdasarkan hasil penelitian nilai valuasi dari pendekatan Market Comparables sebesar Rp 5,9 triliun dan DDM sebesar Rp 3,3 triliun. Sedangkan rekonsiliasi nilai wajar kedua metode tersebut adalah Rp 4,6 triliun dengan proporsi bobot pendekatan market sebesar 50% dan income sebesar 50%.
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The end of the Covid-19 pandemic has made economies around the world experience improvement/recovery, national GDP has recorded an increase of 5.44% (y-on-y), this increase in national GDP represents an increase in GRDP in each region, one of which is the City of Surabaya. In 2021 the City of Surabaya recorded a GRDP growth of 6.4% (y-on-y), this economic growth is inseparable from the high population density of the City of Surabaya as well as the contribution of business fields, one of which is the property sector. This is reflected in the population density index for the city of Surabaya, which is the city with the highest density in East Java with an index of 9,091 people/km. The population density factor also drives the need for housing, which has an impact on the growth and development of the property sector development in the city of Surabaya, which are the three sectors with the highest growth over the last six years. In order to advance the property sector, State-Owned Enterprises take part as a catalyst for development by acquiring property shares. To make an assessment related to this action, a business valuation is calculated, while the motive for this business valuation is to determine the fair value of 100% of PT X's shares.income that is Dividend Discounted Model(DDM) and based market that is Market Comparables. Based on the two valuation methods, a fair value reconciliation will be carried out to find out the true value of the company by determining the weight of each method. Through this research, it is hoped that it can provide insight into the valuation of property companies and be able to provide information related to the company's fair value to State-Owned Enterprises and PT X as a basis for making investment decisions. Based on the research results of the valuation value of the approach Market Comparables of IDR 5.9 trillion and DDM of IDR 3.3 trillion. While the reconciliation of the fair value of the two methods is IDR 4.6 trillion with the proportion of the weighted approach market by 50% and income by 50%.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Valuasi Bisnis, Deviden Discounted Model, Market Comparables, Properti, Land Bank, Rekonsiliasi Nilai Wajar
Subjects:	H Social Sciences > HG Finance > HG4028.V3 Valuation. Economic value 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:	Nathaniel Bisma Adyatma
Date Deposited:	10 Feb 2023 05:09
Last Modified:	12 Feb 2023 07:56
URI:	http://repository.its.ac.id/id/eprint/96802

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