Analisis Fundamental Nilai Intrinsik dan Nilai Pasar Saham PT Indo Tambangraya Megah Tbk Pada Masa Pandemi Covid-19 Sebagai Dasar Keputusan Investasi

NUGRAHMI, AZZAHRA (2022) Analisis Fundamental Nilai Intrinsik dan Nilai Pasar Saham PT Indo Tambangraya Megah Tbk Pada Masa Pandemi Covid-19 Sebagai Dasar Keputusan Investasi. KTTA thesis, Politeknik Keuangan Negara STAN.

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Abstract

Pandemi Covid-19 sebagai wabah penyakit yang menyerang berbagai negara memberi dampak pada semua sektor kehidupan. Penelitian ini dilakukan untuk mengetahui kinerja keuangan dari sisi analisis fundamental PT Indo Tambangraya Megah Tbk sebagai salah satu perusahaan tambang batubara di Indonesia. Metode yang digunakan dalam penelitian ini adalah metode kepustakaan dan analisis data kuantitatif dengan pengambilan data yang bersumber dari laporan keuangan perusahaan, jurnal ilmiah, buku, peraturan pemerintah, dan website terkait, dan sumber lain yang relevan. Pembahasan mengenai analisis strategi dan bisnis perusahaan menunjukkan penilaian perusahaan dari sisi kualitatif sebagai dasar dalam melakukan analisis keuangan dan akuntansi perusahaan serta dilakukan analisis ekonomi makro dan pasar modal untuk melihat hubungan nilai pasar perusahaan dengan indikator ekonomi makro. Pembahasan mengenai kinerja keuangan dari sisi analisis fundamental menggunakan pendekatan rasio keuangan dari segi aspek likuiditas, solvabilitas, profitabilitas, dan efektivitas pemanfaatan aset, sedangkan pembahasan mengenai nilai intrinsik perusahaan menggunakan metode dividend discount model, discounted free cash flow, discounted abnormal earning, dan discounted abnormal operating income serta menggunakan simulasi monte carlo. Hasil penelitian kinerja keuangan PT Indo Tambangraya Megah Tbk tahun 2021 menunjukkan tren positif dibandingkan dengan tahun 2020 sebagi tahun awal pandemi, bahkan tahun 2021 menujukkan kinerja keuangan perusahaan yang lebih baik daripada tahun pra pandemi. Adapun hasil penilaian harga wajar saham menunjukkan kondisi harga wajar saham yang berbeda-beda, tergantung metode yang digunakan. Namun, semua metode menujukkan bahwa kondisi saham PT Indo Tambangraya Megah Tbk adalah undervalued. / The Covid-19 pandemic as a disease outbreak that attacks various countries has an impact on all sectors of life. This study was conducted to determine the financial performance of the fundamental analysis of PT Indo Tambangraya Megah Tbk as one of the coal mining companies in Indonesia. The method used in this research is the method of literature and quantitative data analysis by taking data from company financial reports, scientific journals, books, government regulations, and related websites, and other relevant sources. The discussion of the company's strategy and business analysis shows the company's qualitative assessment as the basis for conducting financial and accounting analysis of the company as well as macroeconomic and capital market analysis to see the relationship between the company's market value and macroeconomic indicators. The discussion on financial performance in terms of fundamental analysis uses a financial ratio approach in terms of aspects of liquidity, solvency, profitability, and the effectiveness of asset utilization, while the discussion on the intrinsic value of the company uses the dividend discount model, discounted free cash flow, discounted abnormal earnings, and discounted abnormal methods. operating income and using the Monte Carlo simulation. The results of the research on the financial performance of PT Indo Tambangraya Megah Tbk in 2021 showed a positive trend compared to 2020 as the initial year of the pandemic, even 2021 showed the company's financial performance was better than the pre-pandemic year. The results of the fair price assessment show that the conditions for the fair price of the shares are different, depending on the method used. However, all methods show that the condition of the shares of PT Indo Tambangraya Megah Tbk is undervalued.

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