EVALUASI HARGA WAJAR SAHAM PT WASKITA KARYA PADA SAAT PENAWARAN UMUM PERDANA TAHUN 2012

In order to strengthen the capital structure of the company and for the company's business expansion, PT Waskita Karya (Persero) has conducted corporate actions through an initial public offering on December 19, 2012, the purpose of this study was to determine the fair value of the shares of PT Waskita Karya (Persero) as the basis for analysis cause of the increase in stock prices on the first day of trading at the stock exchange in Indonesia. The fair value of the shares of PT Waskita Karya (Persero) was obtained by using several methods of discounted cash flow to the firm model and relative valuation with multiple PER (Price to Earning Ratio), PBV (Price to Book Value) and P/S (Price to Sales Ratio). The fair value of these shares may be used as a reference in determining the company's share price offered to the public and can be used by investors to evaluate whether the offer price is overvalued or undervalued The data examined in this study on the method of discounted cash flow to firm model and relative valuation is the financial statements and other information contained in the annual report of PT Waskita Karya (Persero) in 2007-2011 and in 2012 prospectuses, financial statements and annual reports of the comparison companies years 2007-2011, the share price of PT Waskita Karya (Persero), and the stock price index. Analysis using free cash flow to firm models were the stages of analysis projected revenues, projected financial statements, free cash flow (free cash flow), the determination of the discount rate, determining the terminal value and the estimated value. Analysis of the relative valuation methods is done by election stages of comparison companies, the calculation of the value of multiple PER, PBV and P/S, the estimated value of company stock by using multiple PER, PBV and P/S of the comparison companies. The results in fair value of the shares of PT Waskita Karya (Persero) as at December 31, 2012 using a discounted cash flow to firm model is Rp523,97 per share, the fair value of the shares based on relative valuation methods is Rp452,65 per share. The results of the reconciliation of the two methods resulted in fair value of the shares of PT Waskita Karya (Persero) of Rp488,31 per share. The shares of PT Waskita Karya (Persero) was closing at Rp. 450,00 on December 28, 2012 at the Indonesia Stock Exchange (IDX)