Wati, Indah Rosiana (2025) PENGGUNAAN METODE ENTERPRISE DISCOUNTED CASH FLOW DALAM MENENTUKAN HARGA INTRINSIK SAHAM STUDI KASUS PADA PT. ANEKA TAMBANG. TBK PERIODE 2017-2023. Tesis (S2) - thesis, Universitas Bakrie.
![[thumbnail of 00 Cover Indah.pdf]](https://repository.bakrie.ac.id/style/images/fileicons/text.png) |
Text
00 Cover Indah.pdf Download (857kB) |
|
Text (Bab I - Bab IV)
Bab I - Bab IV.pdf - Accepted Version Download (748kB) |
|
Text (Bab V)
Bab V.pdf - Accepted Version Download (595kB) |
|
Text (Bab VI)
Bab VI.pdf - Accepted Version Download (244kB) |
|
Text (Daftar Pustaka)
Daftar Pustaka.pdf - Accepted Version Download (199kB) |
Abstract
This study aims to calculate and analyze the intrinsic value of PT Aneka Tambang Tbk (ANTM) shares using the Enterprise Discounted Cash Flow (Enterprise DCF) method for the period 2017–2023. The Enterprise DCF method is a fundamental valuation approach that estimates firm value based on historical Free Cash Flow to Firm (FCFF), discounted to present value using the Weighted Average Cost of Capital (WACC). The research employs a descriptive quantitative approach utilizing historical financial data without future projections, thereby enhancing the objectivity and validity of the valuation results. The findings indicate that ANTM’s FCFF fluctuated, with negative values during 2017–2019 but showing significant improvement in 2022–2023. The equity valuation resulted in an intrinsic share price of IDR 8,026.02 in 2023. A comparison with market prices reveals that ANTM’s shares were in an overvalued condition in 2017 and 2018, while in 2019 and 2023 they were undervalued, providing attractive investment opportunities. These results support the Efficient Market Hypothesis (EMH) in its semi-strong form, while also confirming the presence of mispricing, which can be explained through Behavioral Finance and Asymmetric Information Theory. Furthermore, this study emphasizes the importance of corporate information disclosure through formal forums such as the General Meeting of Shareholders (GMS) in reducing information asymmetry. In conclusion, this research provides practical implications for investors in making evidence-based investment decisions and contributes to the empirical literature on fundamental stock valuation in the Indonesian capital market.
| Item Type: | Thesis (Tesis (S2) - ) |
|---|---|
| Uncontrolled Keywords: | Intrinsic_Value. Enterprise_DCF. FCFF. WACC. PT_Aneka_Tambang _Tbk. |
| Subjects: | Finance > Finance Management Finance > Investment > Investment companies Thesis > Thesis (S2) |
| Divisions: | Fakultas Ekonomi dan Ilmu Sosial > Program Studi Manajemen |
| Depositing User: | Indah Rosiana Wati |
| Date Deposited: | 11 Sep 2025 01:20 |
| Last Modified: | 11 Sep 2025 01:20 |
| URI: | https://repository.bakrie.ac.id/id/eprint/12544 |
Actions (login required)
 |
View Item |