Dividend Discount Model (Ddm) Sebagai Model Penilaian Harga Saham (Studi empiris pada perusahaan-perusahaan BUMN yang listing di BEI)

C Ambar Pujiharjanto, Nilmawati Nilmawati

Abstract


A valuation model is a mechanism that converts a set of forecast a series of company and economic variables into a forecast of market value for the company’s stock. This purpose of this paper to evaluate intrinsic value of stock are used dividend discount model (DDM) and so to compare at market stock price. BUMN firms are used at this research object because covering all industrial situation. The DDM was operationalised to test on nine BUMN firms and based on the result it is found that eight BUMN firms are undervalued and one BUMN firm is overvalued.


Keywords


dividend discount model (DDM); price earning ratio (PER); undervalue; overvalue.

Full Text:

PDF

References


Brigham, F Eugene dan Houston JF, 2004. Fundamental of Financial Management, Tenth Edition, Thomson South-Western, Ohio USA.

C. Ambar Pujiharjanto dan FX.Suwarto, 2003. Relevansi Price Erning Ratio Sebagai Penilaian Harga Saham, Jurnal Ilmiah Ekonomi dan Kewirausahaan STIE Megarkencana, Yogyakarta

__________ dan Sherly Novitasari, 2006. Relevansi DPR, RE, Book Value dan Total Debt dalam Valuation Model pada perusahaan-perusahaan Manufaktur di BEJ, Buletin Ekonomi-FE UPN, Yogyakarta.

Damodaran, Aswath, 2002. Investment Valuation: Tools and Techniques for the Determining the Value of Any Asset, John Wiley and Sons, Inc, Canada.

Elton J. Edwin dan Gruber, MJ. 1995. Modern Portfolio Theory and Investment Analysis, Fifth Edition, John Wiley and Sons, Inc. Canada.

Gordon, Myron J. 1962. The Investment, Financing and Valuation of The Corporation, Homewood III, Richard D Irwin.

Malkiel, Burton, 1963. Equity Yields, Growth, and Structure of Share Prices, American Economic Revie, 53 , pp.1004-1031.

Miller, M., dan Modigliani, F., 1961. Dividend Policy, Growth and the Valuation of Shares, Journal of Bussiness, 34, pp. 411-433.

Molodovsky, N., May, C. dan Chottinger, S., 1965. Common Stock Valuation, Financial Analysts Journal, 21, pp. 104-123.




DOI: https://doi.org/10.18196/jbti.v1i2.2416

Refbacks

  • There are currently no refbacks.


JBTI : Jurnal Bisnis : Teori dan Implementasi terindex:
 
 

Lihat Statistik Jurnal View MyStat

 
Office:
Magister of Managemet Postgraduate Building 2nd Floor UMY
Jl. Brawijaya, Tamantirto, Kasihan, Bantul, Daerah Istimewa Yogyakarta, Indonesia
Phone: +62 274 387 656 Ext. 133
WA : +62 815-8758-702
E-mail: jbti@umy.university


This work is licensed under Attribution-NonCommercial-NoDerivatives 4.0 International