Stock Valuation Analysis Using Discounted Cash Flow and Price Earning Ratio for Investment Decision Making in Mining Companies Listed on the ESG Sector Leaders IDX KEHATI

Ain Idza Qalbu; Edi Wijayanto; Theresia Tyas Listyani

doi:10.55927/ijbae.v4i2.7

Authors

Ain Idza Qalbu Politeknik Negeri Semarang
Edi Wijayanto Politeknik Negeri Semarang
Theresia Tyas Listyani Politeknik Negeri Semarang

DOI:

https://doi.org/10.55927/ijbae.v4i2.7

Keywords:

Stock Valuation, Discounted Cash Flow, Price Earning Ratio, Root Means Square Error, Investment Decision

Abstract

Stock valuation is very important for investors to make a good investment decision in order to get the desired profit. This study uses Discounted Cash Flow (DCF) and Price Earning Ratio (PER) to determine the fair value of shares. This study uses a descriptive applied quantitative method that focuses on the shares of mining companies listed on the ESG Sector Leaders IDX KEHATI. There are 3 out of 9 companies that meet the sampling criteria, namely AKRA, ANTM, and ELSA. The results indicated that the fair value of the three stocks was undervalued. The Root Mean Square Error (RMSE) value of the PER method is smaller, which means it is more accurate. The investment decision recommendation is to buy these stocks.

References

Afrianto, R. B., Tjandrasa, H., Arieshanti, I., Informatika, T., & Informasi, F. T. (2013). PREDIKSI PERGERAKAN HARGA SAHAM Menggunakan Metode Back Propagation Neural Network. Simantec, 3(3), 132–141.

Astuti, A. D., & Anwar, M. S. (2019). Determinan Harga Saham Pertambangan di Indonesia. Al-Tijary, 5(1), 75–88. https://doi.org/10.21093/at.v5i1.1662

Budiman, R. (2021). Jurus-Jurus Valuasi Saham. Elex Media Komputindo: Jakarta.

Darmawan, A. (2016). Analisis Fundamental Harga Saham Perusahaan dengan Menggunakan Metode Discounted Cash Flow dan Price Earning ( Studi Pada Perusahaan Multinasional Yang Menjadi Anggota Indeks Sektor Properti di BEI Periode 2012-2016 ). 63(1), 122–129.

Hartono, J. (2017). Teori Portofolio dan Analisis Investasi. BPFE: Yogyakarta.

Noor, M. S. (2014). Analisis Penilaian Harga Wajar Saham Studi Kasus pada PT Multi Bintang Indonesia. Jurnal Ilmu Manajemen (JIM), 2(3), 1095–1105.

Nyaman, A. M. S. R., & Miftah, M. (2022). Stock Price Assessment with Fundamental Analysis as a Basis for Investment Decision Making. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 5(2), 12711–12728. https://doi.org/10.33258/birci.v5i2.5115

Pengestika, T. N., & Christianti, A. (2021). Valuasi Saham dan Pengambilan Keputusan Investasi: Perbandingan Metode Absolute dan Metode Relative. Jurnal Bisnis Dan Manajemen, 8(2), 291–299.

Ruth, M., Manurung, R., & Ulpah, M. (2023). Environmental, Social, and Governance (Esg) Influence on Company Values in Indonesia. Jurnal Scientia, 12(1), 503–511. http://infor.seaninstitute.org/index.php

St. Hasnia, Amiruddin Tawe, Nurman Nurman, Anwar Anwar, & Muhammad Ichwan Musa. (2023). Penggunaan Price Earning Ratio Dan Price To Book Value Sebagai Dasar Pengambilan Keputusan Investasi Saham (Studi Pada Perusahaan Sub Sektor Batubara Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2020-2022). CEMERLANG : Jurnal Manajemen Dan Ekonomi Bisnis, 3(4), 300–312. https://doi.org/10.55606/cemerlang.v3i4.1928

Sugiyono. (2013). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta: Bandung.

Tandelilin, E. (2017). Pasar Modal: Manajemen Portofolio dan Investasi. Kanisius: Yogyakarta.

Taufikurahman, M. R., Firdaus, A. H., Ahmad, T., Febriani, D. A., & Permana, A. S. (2023). Dampak Investasi Sektor Pertambangan Terhadap Kinerja Ekonomi Nasional dan Regional. Institute for Development of Economics and Finance, 07(07), 1–9.

Wira, D. (2014). Analisis Fundamental Saham. Exceed: Depok.