Business Valuation Analysis Using the Discounted Cash Flow (DCF) and Price to Earnings Ratio (PER) Methods: Case Study on Telecommunication Subsector Companies Listed on Indonesia Stock Exchange (IDX)
DOI:
https://doi.org/10.35877/454RI.qems3970Keywords:
Business valuation, discounted cash flow, price to earnings ratio, telecommunication subsector companiesAbstract
This study aims to analyze business valuation in telecommunication subsector companies listed on the Indonesia Stock Exchange (IDX) using two valuation methods, namely Discounted Cash Flow (DCF) and Price to Earnings Ratio (PER). The data used in this study were obtained from the company's financial statements and stock market data. The results showed that based on the DCF method, PT Indosat Tbk (ISAT) and PT Smartfren Telecom Tbk (FREN) are overvalued, while PT XL Axiata Tbk (EXCL) and PT Telkom Indonesia (Persero) Tbk (TLKM) are undervalued. Meanwhile, based on the PER method, only ISAT shows an undervalued condition, while other companies are also classified as undervalued compared to the industry average. The differences in results between the two methods shows that the selection of valuation methods affects the interpretation of a company’s stock value.
References
Azizah, J. N. & Imron. (2020). Analisis Fundamental untuk Menilai Harga Wajar dengan Metoda DCF Saham-Saham Perbankan BUMN di Bursa Efek Indonesia. Jurnal Ilmiah Sekolah Tinggi Ilmu Ekonomi Indonesia, 1(1), 1-19.
Bodie, Z., Kane, A., & Marcus, A. J. (2020). Investments (12th ed.). McGraw-Hill Education.
Brealey, R. A., Myers, S. C., & Allen, F. (2019). Principles of Corporate Finance (13th ed.). McGraw-Hill Education.
Brigham, E. F., & Daves, P. R. (2019). Intermediate Financial Management. Cengage Learning.
Bursa Efek Indonesia. (2024). Laporan Keuangan Perusahaan Terbuka. Diakses dari www.idx.co.id
Damodaran, A. (2012). Investment Valuation: Tools and Techniques for Determining the Value of Any Asset (3rd ed.). John Wiley & Sons.
Fernández, P. (2020). Valuation and Common Sense (6th ed.). IESE Business School.
Halim, A. (2018). Analisis investasi dan Aplikasinnya. Jakarta: Salemba Empat
Hanafi M. M. & Halim A. (2016). Analisis Laporan Keuangan Edisi Kedua. Yogyakarta: AMP YKPN
Harris, M., & Raviv, A. (2020). Capital Structure and Corporate Finance. Cambridge University Press.
Hasnia, S. et al. (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), 300-3012. https://doi.org/10.55606/cemerlang.v3i4.1928
Jumran, A., & Hendrawan Sr, R. (2021). Stock Valuation using Discounted Cash Flow Method with Free Cash Flow to Equity and Relative Valuation Approaches on State Owned Banks Listed on IDX for 2021 to 2025 Period Projection. International Journal of Science and Management Studies. 4(4), 191-200.
Kementerian Komunikasi dan Informatika Republik Indonesia. (2023). Laporan Perkembangan Sektor Telekomunikasi di Indonesia.
Koller, T., Goedhart, M., & Wessels, D. (2020). Valuation: Measuring and Managing the Value of Companies. McKinsey & Company.
Prasetyo, Y. (2018). Analisisi Penilaian Saham dengan Menggunakan Metode Price Earning Ratio (PER) dan Price Book Value (PBV) pada Saham PT. Telekomunikasi Indonesia Tbk yang Terdaftar pada Bursa Efek Indonesia periode 2011-2017. Malang: Skripsi Jurusan Administrasi Bisnis, Fak. Ilmu Administrasi, Universitas Brawijaya
Ross, S. A., Westerfield, R. W., & Jaffe, J. (2021). Corporate Finance (13th ed.). McGraw-Hill Education.
Ruslan, W. (2019). Ekonomi Teknik: Bunga Uang dengan Pemajemukannya Dilengkapi Anggaran dan Investasi. Jakarta: Penerbit Universitas Katolik Indonesia Atma Jaya
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta
Susilawati,. Sayuti, A. J., & Lupikawaty, M. (2023). Analisis Valuasi Saham dengan Metode Discounted Cash Flow pada PT Unilever Indonesia Tbk 2017-2021. Jurnal Terapan Ilmu Ekonomi, Manajemen dan Bisnis, 3(2), 57-64. https://doi.org/10.5281/zenodo.8266642
Wijayanti, N. W., Rakim, A. A., & Ghozi, S. (2020). Valuasi Saham Metode Discounted Cash Flow pada Subsektor Lembaga Pembiayaan di Indonesia. Proseding Seminar Nasional Inovasi Teknologi Terapan (SNITT) Politeknik Negeri Balikpapan, 4(1), 163-170.
Bodie, Z., Kane, A., & Marcus, A. J. (2020). Investments (12th ed.). McGraw-Hill Education.
Brealey, R. A., Myers, S. C., & Allen, F. (2019). Principles of Corporate Finance (13th ed.). McGraw-Hill Education.
Brigham, E. F., & Daves, P. R. (2019). Intermediate Financial Management. Cengage Learning.
Bursa Efek Indonesia. (2024). Laporan Keuangan Perusahaan Terbuka. Diakses dari www.idx.co.id
Damodaran, A. (2012). Investment Valuation: Tools and Techniques for Determining the Value of Any Asset (3rd ed.). John Wiley & Sons.
Fernández, P. (2020). Valuation and Common Sense (6th ed.). IESE Business School.
Halim, A. (2018). Analisis investasi dan Aplikasinnya. Jakarta: Salemba Empat
Hanafi M. M. & Halim A. (2016). Analisis Laporan Keuangan Edisi Kedua. Yogyakarta: AMP YKPN
Harris, M., & Raviv, A. (2020). Capital Structure and Corporate Finance. Cambridge University Press.
Hasnia, S. et al. (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), 300-3012. https://doi.org/10.55606/cemerlang.v3i4.1928
Jumran, A., & Hendrawan Sr, R. (2021). Stock Valuation using Discounted Cash Flow Method with Free Cash Flow to Equity and Relative Valuation Approaches on State Owned Banks Listed on IDX for 2021 to 2025 Period Projection. International Journal of Science and Management Studies. 4(4), 191-200.
Kementerian Komunikasi dan Informatika Republik Indonesia. (2023). Laporan Perkembangan Sektor Telekomunikasi di Indonesia.
Koller, T., Goedhart, M., & Wessels, D. (2020). Valuation: Measuring and Managing the Value of Companies. McKinsey & Company.
Prasetyo, Y. (2018). Analisisi Penilaian Saham dengan Menggunakan Metode Price Earning Ratio (PER) dan Price Book Value (PBV) pada Saham PT. Telekomunikasi Indonesia Tbk yang Terdaftar pada Bursa Efek Indonesia periode 2011-2017. Malang: Skripsi Jurusan Administrasi Bisnis, Fak. Ilmu Administrasi, Universitas Brawijaya
Ross, S. A., Westerfield, R. W., & Jaffe, J. (2021). Corporate Finance (13th ed.). McGraw-Hill Education.
Ruslan, W. (2019). Ekonomi Teknik: Bunga Uang dengan Pemajemukannya Dilengkapi Anggaran dan Investasi. Jakarta: Penerbit Universitas Katolik Indonesia Atma Jaya
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta
Susilawati,. Sayuti, A. J., & Lupikawaty, M. (2023). Analisis Valuasi Saham dengan Metode Discounted Cash Flow pada PT Unilever Indonesia Tbk 2017-2021. Jurnal Terapan Ilmu Ekonomi, Manajemen dan Bisnis, 3(2), 57-64. https://doi.org/10.5281/zenodo.8266642
Wijayanti, N. W., Rakim, A. A., & Ghozi, S. (2020). Valuasi Saham Metode Discounted Cash Flow pada Subsektor Lembaga Pembiayaan di Indonesia. Proseding Seminar Nasional Inovasi Teknologi Terapan (SNITT) Politeknik Negeri Balikpapan, 4(1), 163-170.
Downloads
Published
2025-06-30
How to Cite
Radius, R., & Sriwati, S. (2025). Business Valuation Analysis Using the Discounted Cash Flow (DCF) and Price to Earnings Ratio (PER) Methods: Case Study on Telecommunication Subsector Companies Listed on Indonesia Stock Exchange (IDX). Quantitative Economics and Management Studies, 6(3), 483–491. https://doi.org/10.35877/454RI.qems3970
Issue
Section
Articles
