Analisis Komparatif Nilai Pasar Ekuitas PT Bank Central Asia Tbk Sebelum dan Sesudah Stock Split

ILMAWAN, BURHAN ZAKI (2022) Analisis Komparatif Nilai Pasar Ekuitas PT Bank Central Asia Tbk Sebelum dan Sesudah Stock Split. KTTA thesis, Politeknik Keuangan Negara STAN.

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Abstract

Aksi stock split dilakukan PT Bank Central Asia Tbk demi menjaga harga tiap lembar saham BBCA tetap terjangkau untuk para investor. Untuk mengetahui dampak dari aksi stock split tersebut, dilakukan penilaian bisnis terhadap nilai ekuitas PT Bank Central Asia Tbk lalu membandingkan nilai sebelum dan sesudah stock split. Stock split BBCA dilakukan di antara kuartal III dan kuartal IV tahun 2021 sehingga nilai ekuitas yang dibandingkan adalah antara nilai ekuitas kuartal III dan kuartal IV tahun 2021. Data yang digunakan berupa data sekunder dan dikumpulkan dari berbagai sumber dengan metode kepustakaan. Pendekatan yang digunakan untuk menilai saham PT Bank Central Asia Tbk adalah pendekatan pasar dan pendekatan pendapatan. Untuk pendekatan pasar, metode yang digunakan adalah guideline publicly traded company method. Untuk pendekatan pendapatan, metode yang digunakan adalah metode discounted cash flow. Hasil dari kedua pendekatan tersebut dilakukan rekonsiliasi sehingga didapat satu simpulan nilai. Hasil dari penelitian ini menunjukkan bahwa aksi stock split berpengaruh positif terhadap nilai ekuitas suatu perusahaan. Terjadi peningkatan nilai ekuitas PT Bank Central Asia Tbk akibat dari stock split yang dilakukan. / Stock split was carried out by PT Bank Central Asia Tbk in order to keep the price of each BBCA share affordable for investors. To find out the impact of the stock split, a business valuation was conducted on the equity value of PT Bank Central Asia Tbk and then compared the values before and after the stock split. The BBCA stock split was carried out between the third and fourth quarters of 2021 so that the equity value compared was between the third quarter and the fourth quarter of 2021. The data used were secondary data and collected from various sources using the literature method. The approach used to value the shares of PT Bank Central Asia Tbk is the market approach and the income approach. For the market approach, the method used is the guideline publicly traded company method. For the income approach, the method used is the discounted cash flow method. The results of the two approaches are reconciled so that one conclusion is obtained. The results of this study indicate that the stock split has a positive effect on the equity value of a company. There was an increase in the equity value of PT Bank Central Asia Tbk as a result of the stock split.

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