ESTIMASI NILAI INTRINSIK SAHAM PT BANK SULAWESI UTARA UNTUK TUJUAN IPO TAHUN 2011

This study aims to estimate the intrinsic value of PT Bank Sulawesi Utara shares in 2011, This is related to the board of directors plans to change the paradigm of the Bank of North Sulawesi into a foreign exchange bank, so in order to achieve this goal requires an increase in capital that his best solution is to do an IPO (Initial Public Offering). The data examined in the form of financial statements of PT Bank Sulawesi Utara and other information contained in the Annual Report PT Bank Sulawesi Utara , comparative company financial statements, the company's stock price data comparison, and data Composite Stock Price Index (CSPI). Methods of analysis used to determine the intrinsic value of shares is to use a discounted cash flow method and the method of valuation with multiples relative PER (price earnings ratio), so based on some of these methods obtained the range of values. The results showed that the estimated value of PT Bank Sulawesi Utara shares in 2011. based on discounted cash flow method was Rp333.037,29, relative valuation method with amounted Rp277,437.00 PER concluded that indications of intrinsic value of PT Bank Sulawesi Utara shares, by the 26th of August 2011 amounted to Rp305.236,92