RINGKASAN

DDM DDM
Intrisik Final Under/Over MOS Rekomen Intrisik Final
2773.534 2,773.53 Overvalue 25.73% BELI ### 2,470.00

NAMA : Rokhaniah Indah Ariani

NIM : B.231.19.0130
WAKTU : 90 MENIT
DILARANG KERJASAMA ATAU COPY PASTE

PT. Tambang Batubara Bukit Asam (Persero) Tbk (PTBA) - Sektor pertambangan Batu
METODE DDM METODE P/E RASIO
1 Harga 30-Dec-19 2,470 1 Harga

2 Dividen tunai 2 EPS

2014 324.57 2014
2015 289.73 2015
2016 285.50 2016
2017 318.52 2017
2018 340.00 2018
2019 326.46 2019
2020 74.96 2020

3 ROE 3 Dividen tunai

2014 0.23 2014
2015 0.20 2015
2016 0.18 2016
2017 0.33 2017
2018 0.31 2018
2019 0.22 2019
2020 0.14 2020
Average 0.23
4 ROE
4 DPR = DIV PER LEMBAR/EPS 2014
2014 0.37 2015
2015 0.31 2016
2016 0.30 2017
2017 0.75 2018
2018 0.71 2019
2019 0.62 2020
2020 0.22 Average
 Average 0.47
5 DPR = DIV PER LEMB
2014
5 Ret Rate = 1- Avg DPR 2015
Rate of Retrun (RR) 0.53 2016
2017
6 g= Avg ROE x RR 2018
g= 0.1228881 2019
2020
7 Div estimasi = Do x (1+g) Average
Div- estimasi (dt)= 84.171692
1. Retention Ratio (RR) = 1 - DP
8 Return k= ( Do / po) + g 2. Expected Growth Ratio (g) =
Retrun (k)= 0.15 3. Estimated EPS (EPS1) = EP
4. Estimated Cash Dividend (D1
5. Return (k) = (D1 / P0 ) + g
6. PER = (D1 / EPS1) / (k - g)
9 Nilai Intrinsik = Dt / ( k - g ) 7. Intrinsic Value = EPS1 x PE
Dt / ( k - g ) Nilai Intrisik 2773.5336 PEMBULATAN
Pembulatan 2,774 Harga
Harga 5-Jul-20 2,060.00 Undervalue/Overvalue
Undervalue/Overvalue Overvalue Margin of Safety (MOS)
Margin of Safety (MOS) 25.73% (= 1 - Harga terakhir / Nilai Intr
(= 1 - Harga terakhir / Nilai Intrinsik) Rekomendasi
Rekomendasi BELI
BELI
Alasan : Karena Harga Lebih tinggi Alasan: karena Harga Lebiih tin

MARGIN OF SAFETY = 1 - Harga terakhir / Nilai Intrinsik saham

Jika harga saham terakhir LEBIH KECIL daripada Nilai Intrinsik, berarti SAHAM MASIH
Jika harga saham terakhir LEBIH BESAR daripada Nilai Intrinsik, berarti SAHAM MASI
 DDM
Under/Over MOS Rekomen
Overvalue 16.60% BELI

pertambangan Batu Bara

P/E RASIO
30-Dec-19 2,470 -> P0

875.02
941.00
952.00
425.00
477.00
371.00
213.00 -> EPS0

iden tunai
324.57
289.73
285.50
318.52
340.00
326.46
74.96 -> D0

0.23
0.20
0.18
0.33
0.31
0.22
0.14
0.23 0.24
R = DIV PER LEMBAR/EPS
0.37
0.31
0.30
0.75
0.71
0.62
0.22
0.47

n Ratio (RR) = 1 - DPR (the last year) 0.78069

d Growth Ratio (g) = Avg ROE for 5 years x RR 0.1847829
d EPS (EPS1) = EPS0 x (1+g) 252.35876
d Cash Dividend (D1) = D0 x (1+g) 88.811326
k) = (D1 / P0 ) + g 0.2207389
D1 / EPS1) / (k - g) 9.7876532
Value = EPS1 x PER 2,470.00 Perhatikan fraksi harga saham'
MBULATAN 2,470.0 DT = DO x (1+g)
5-Jul-20 2,060.00 88.81133
/Overvalue Overvalue Nilai Intrin 402.1518
afety (MOS) 16.60%
a terakhir / Nilai Intrinsik)

ena Harga Lebiih tinggi

rarti SAHAM MASIH UNDERVALUE - BELI JIK MOS > 30%

erarti SAHAM MASIH OVERVALUE - JANGAN BELI