ESTIMASI NILAI PASAR WAJAR SAHAM PT GARUDA INDONESIA (PERSERO) TBK. DALAM RANGKA RIGHT ISSUE TAHUN 2014

This study aims to estimate the fair market value of the shares of PT Garuda Indonesia (Persero) Tbk. when the government plans to make a rights issue scheme in 2014. Fair market value of the shares of PT Garuda Indonesia (Persero) Tbk. is obtained using several methods: discounted cash flow�to-equity cash flow and relative valuation models with multiple PBV (Price to Book Value) and P/S (Price to Sale Ratio). The importance this study is to provide input and consideration for the government during a rights issue as well as additional useful information and resources for investors who might invest in PT Garuda Indonesia (Persero) Tbk.. The data examined in this study on the method of discounted cash flow-to-equity cash flow and relative valuation models consist of financial statements and other information contained in the annual report of PT Garuda Indonesia (Persero) Tbk. year 2009-2013 and the company's financial statements of comparable firms. The results show that the fair market value of the shares of PT Garuda Indonesia (Persero) Tbk. as on March 31, 2014 using the discounted cash flow-cash flow to equity model is Rp486 per share, and the fair market value of the shares based on relative valuation methods is Rp596 per share. The results of the reconciliation of the two methods with discount for lack of marketability 10 percent produce fair market value of the shares of PT Garuda Indonesia (Persero) Tbk. amounting to Rp462 per share. The range of fair market value as is Rp427 sale as the lower limit and with upper limit of Rp497