Analisis Fundamental Dengan Pendekatan Dividend Discount Model (Ddm) Untuk Menilai Kewajarah Harga Saham (Studi Pada Perusahaan Sub Sektor Semen Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2013)

This research is motivated because stock investment is very attractive to investors. When investing in stocks, investors need to pay attention to the financial condition by looking at the fundamental variables. In order to determine the fair price of shares in the Cement Sector Sub need for analysis using the Dividend Discount Model approach and investment decisions should be taken by investors. This type of research is a descriptive study. Financial data obtained in the Gallery Investment Indonesia Stock Exchange (BEI), which is housed in the Faculty of Economics and Business, University of Brawijaya with the object of research in Sub Sector Cement Company that has gone public. The sampling technique used purposive sampling techniques acquired three companies that meet the criteria. Results from this study through an approach Dividend Discount Model (DDM) using constant growth model, it can be seen INTP, SMCB and SMGR are in condition undervalued or considered cheap. This is because the intrinsic value is higher than the market price. Investment decisions taken for prospective investors should buy the shares, and for those who already own shares should hold these shares in the hope the stock price will rise in the future or raise its stake