PENGARUH LIKUIDITAS (QR), STRUKTUR MODAL, DAN KEBIJAKAN DIVIDEN (DPR) TERHADAP NILAI PERUSAHAAN PADA SUBSEKTOR PERBANKAN YANG TERDAFTAR DI BEI.
Keywords:
stock valuation, Discounted Cash Flow, Free Cash Flow to Firm, Price Earnings Ratio, Initial Public OfferingAbstract
This study aims to estimate the fair value of PT Chandra Daya Investasi Tbk (CDIA) following its Initial Public Offering (IPO) using the Discounted Cash Flow-Free Cash Flow to Firm (DCF-FCFF) and Price Earnings Ratio (PER) methods. A descriptive quantitative approach was employed using secondary data obtained from the 2025 financial statements, stock price data, and supporting publications. The analysis included financial performance evaluation, intrinsic value estimation using DCF-FCFF, and relative valuation using PER. The results indicate that CDIA achieved revenue growth of 44.77%, EBITDA growth of 288%, and net income growth of 285.26%, although part of the earnings increase was driven by non-recurring items. The DCF-FCFF method estimated a fair value of approximately IDR2,455 per share, while the PER approach produced a fair value range of IDR1,620 to IDR2,400 per share. Compared with the June 2026 market price of IDR760 to IDR960 per share, CDIA appears to be undervalued, offering a potential upside of approximately 57% to 76%. These findings suggest that combining DCF-FCFF and PER provides a more comprehensive valuation framework and supports investment decisions based on fundamental analysis.
References
Aji, A. P., & Ekawati, E. (2024). The use of IPO fund, underpricing, and survival: ESG-driven insights from Indonesian firms. International Journal of Management and Economics Invention, 10(9). https://doi.org/10.47191/ijmei/v10i9.01
Alfadilla, J., & Dalam, W. (2023). Stock valuation using discounted cash flow and relative valuation methods. In Proceedings of the 4th International Conference on Applied Economics and Social Science. https://doi.org/10.4108/eai.5-10-2022.2325901
Brealey, R. A., Myers, S. C., & Allen, F. (2020). Principles of corporate finance (13th ed.). McGraw-Hill Education.
Bursa Efek Indonesia. (2025). Statistik BEI 2025. Bursa Efek Indonesia.
Chandra Daya Investasi. (2025). Laporan tahunan 2025. PT Chandra Daya Investasi Tbk.
Chen, B., Chen, W., & Yang, X. (2025). Exchange rate risk and relative performance evaluation. Journal of Risk and Financial Management, 18(6), 310. https://doi.org/10.3390/jrfm18060310
Damodaran, A. (2012). Investment valuation (3rd ed.). John Wiley & Sons.
Diputra, V. D. C., & Rikumahu, B. (2025). Stock valuation before and after the COVID-19 pandemic: Free Cash Flow to Firm (FCFF) and relative valuation. Riset Akuntansi dan Bisnis Indonesia, 1(1), 43–61. https://doi.org/10.61401/rabi.v1i1.191
Graham, B., & Dodd, D. (1934). Security analysis. McGraw-Hill.
Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297–355. https://doi.org/10.1111/j.1540-6261.1991.tb03753.x
Hartono, J. (2019). Teori dan aplikasi analisis investasi (3rd ed.). BPFE Universitas Gadjah Mada.
Julia, A. P., & Hendrawan, R. (2021). Stock valuation on IDX-listed retail companies using DCF with FCFF and relative valuation. The International Journal of Business & Management, 9(7). https://doi.org/10.24940/theijbm/2021/v9/i7/bm2107-056
Kaplan, S. N., & Ruback, R. S. (1995). The valuation of cash flow forecasts: An empirical analysis. The Journal of Finance, 50(4), 1059–1093. https://doi.org/10.1111/j.1540-6261.1995.tb04038.x
Liu, J., Nissim, D., & Thomas, J. K. (2002). Equity valuation using multiples. Journal of Accounting Research, 40(1), 135–172. https://doi.org/10.1111/1475-679X.00041
Nurwinda, F., & Hendrawan, R. (2021). Stock valuation using discounted cash flow method with Free Cash Flow to Firm and relative valuation. The International Journal of Business & Management, 9(7). https://doi.org/10.24940/theijbm/2021/v9/i7/bm2107-054
Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 12(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Otoritas Jasa Keuangan. (2025). Statistik Pasar Modal Indonesia 2024. Otoritas Jasa Keuangan.
Pambudi, S. H. (2013). Financial statement analysis and security valuation (5th ed.). McGraw-Hill Education.
Penman, S. H., & Pope, P. F. (2025). Financial statement analysis for value investing. Columbia University Press. https://doi.org/10.7312/penm21568
Purnaman, S. M. N. (2025). Hubungan sales growth dan EPS growth terhadap pertumbuhan harga saham. Jurnal Akuntansi, Keuangan dan Teknologi Informasi Akuntansi, 6(2), 344–355. https://doi.org/10.36085/jakta.v6i2.9694
Ritter, J. R. (1991). The long-run performance of initial public offerings. The Journal of Finance, 46(1), 3–27. https://doi.org/10.1111/j.1540-6261.1991.tb03743.x
Ritter, J. R., & Welch, I. (2002). A review of IPO activity, pricing, and allocations (NBER Working Paper No. 8805). https://doi.org/10.3386/w880 5
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2019). Corporate finance: Core principles and applications (5th ed.). McGraw-Hill Education.
Semeru, M., & Murtaqi, I. (2024). Stock valuation of PT Widodo Makmur Perkasa Tbk by using discounted cash flow method and relative valuation method. International Journal of Current Science Research and Review, 7(12). https://doi.org/10.47191/ijcsrr/v7-i12-11
Setia-Atmaja, L., & Chandera, Y. (2021). Impact of family ownership, management, and generations on IPO underpricing and long-run performance. Investment Management and Financial Innovations, 18(4). https://doi.org/10.21511/imfi.18(4).2021.23
Suryanto. (2016). Stock valuation by using Price Earning Ratio (PER) in stock index LQ45. AdBispreneur, 1(2). https://doi.org/10.24198/adbispreneur.v1i2.10236
