VALUASI HARGA SAHAM PT. BANK NEGARA INDONESIA (PERSERO), TBK DENGAN DISCOUNTED EARNINGS APPROACH DAN PRICE TO BOOK VALUE RATIO

Abstract

This study was conducted to determine the intrinsic value or valuation of stock prices of BNI by Discounted Earnings Approach Method and Price to Book Value Ratio. This study uses a top-down analysis approach where the approach starts with the macroeconomics analysis, industry analysis and then proceed with the analysis of the company, analysis of financial projections for the next few years and then analyzes the determination of the intrinsic value of companies with different basic assumptions gained through the process of company visit to the company. The results of calculations with the Discounted Earnings Approach valuation indicates that the intrinsic value of stock BBNI today is Rp. 4.589, while using the Price to Book Value Ratio obtained results of Rp 4.504. Comparing these results with the closing price of Rp 3.825, showed that serve targeted in the current stock is undervalued.