ESTIMASI NILAI PASAR WAJAR SAHAM PT. BANK TABUNGAN NEGARA (Persero) TBK. TAHUN 2011 YANG DIMILIKI OLEH PEMERINTAH REPUBLIK INDONESIA DALAM RANGKA BUMN HOLDING

The purpose of this study was to estimate the intrinsic value of the shares of PT Bank Tabungan Negara (Persero) Tbk associated with ownership of a majority stake owned by the Government of the Republic of Indonesia is 72 persen of PT Bank Tabungan Negara (Persero) Tbk. The approach used in this study is to apply the income approach to discounted cash flow method (discounted cash flow) and the market data approach (relative valuation). The data used in this research is financial statement data of PT Bank Tabungan Negara Tbk past four years from 2008 to 2011. The steps in the application of discounted cash flow method (discounted cash flow) is started by analyzing the revenue projections, then make a projection that is projected financial statement balance sheet and profit and loss projection, the projections of equity free cash flow (free cash flow to equity), determines the level eternal growth, discount rate or the expected reversal rate, calculate the terminal value and the final estimate of value. Analysis of the market approach (relative valuation) begins with a search for comparable companies in similar lines of business subsequent to choose and assign the appropriate multiples or ratios of comparable companies. These multiples are used as a multiplier against the financial instruments of PT Bank Rakyat Indonesia and PT. Bank Negara Indonesia are estimated market value. Multiples or ratios used are: PER (Price Earning Ratio), PBV (Price to Book Value), and P / S (Price To Sales Ratio) The results using the discounted cash flow method, obtained an estimate of intrinsic value of the shares of PT Bank Tabungan Negara (Persero) Tbk. per December 2011 r Rp anged from 85, 2.3 Rp 44 to , 2.410 3 0 . Assessment results by using relative valuation, obtained the following results: for the estimated value of stock per share of PT Bank Tabungan Negara (Persero) Tbk using PER ratio of Rp1.444,- and based on PBV of Rp2.147,- and P / S of Rp2.947,- . Weighting the results of these two values indicates that the stock value per share of PT Bank Tabungan Negara (persero) Tbk is based on the relative valuation of Rp1.897. Results from both approaches are then made reconciliation so that the obtained value of the stock per share of PT Bank Tabungan Negara (persero) Tbk currently at Rp , 2.147 - to Rp . 2 , 162 .