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Abstrak :
ABSTRAK
Laporan magang ini menjelaskan tahapan-tahapan valuasi saham PT MACD Tbk, sebuah perusahaan publik di Indonesia dengan bisnis utama minyak dan gas serta komoditas yang dilakukan di PT TMAR Sekuritas. Valuasi saham dilakukan dengan dua metode utama, yaitu free cash flow to the firm FCFF dan valuasi relatif menggunakan EV/EBITDA. Dalam melakukan tahapan valuasi, penulis dan analis menetapkan asumsi harga dan produksi komoditas serta melakukan pemodelan keuangan perusahaan untuk mendapatkan nilai wajar saham PT MACD Tbk. Berdasarkan hasil valuasi tersebut, nilai wajar saham PT MACD Tbk adalah Rp1.530,00 dengan metode FCFF dan Rp1.804,00 dengan metode EV/EBITDA, memberikan potensi kenaikan harga masing-masing sebesar 62 dan 91 dibandingkan dengan harga penutupan saham MACD tanggal 29 November 2017.

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ABSTRACT
This internship report explains stock valuation steps and processes for PT MACD Tbk, an oil and gas and commodity related Indonesian public limited corporation that was conducted in PT TMAR Sekuritas. Two methods are utilized in the stock valuation, namely free cash flow to the market FCFF method and EV EBITDA relative valuation. In conducting the valuation, the author and stock analyst prepared price and production assumptions for all commodities produced and made financial modeling to obtain the fair value of PT MACD Tbk. Based on the valuation, the fair value of PT MACD Tbk rsquo s stock are Rp1.530,00 with FCFF method, and Rp1.804,00 by using EV EBITDA method, giving 62 and 91 potential upside respectively, compared to MACD rsquo s closing price at November 29, 2017.

Abstrak :
Karya Akhir ini mengevaluasi kinerja portofolio-portofolio yang dibentuk berdasarkan rasio-rasio dari laporan keuangan tahun sebelumnya, seperti dari rasio Price to Book Value (PBV), Price to Earning Ratio (PER), and Enterprise Multiple (EV/EBITDA). Setiap portofolio yang dibentuk berdasarkan data-data akuntansi tersebut, kemudian dievaluasi kinerja return-nya dan dibandingkan dengan kinerja return pasar yang diwakili oleh indeks IHSG dan LQ-45. Pengukuran kinerja juga dilakukan tidak hanya dengan menggunakan average return, tetapi juga melalui metode risk-adjusted return dengan metode Sharpe dan Treynor measure. Tujuan dari Karya Akhir ini, adalah untuk mengevaluasi strategi investasi pada model valuasi mana dari rasio PBV, PER, dan EV/EBITDA yang dapat memberikan kinerja lebih tinggi dibandingkan dengan portofolio lainnya. Portofolio dibentuk berdasarkan informasi laporan keuangan dalam lima tahun, yaitu dari laporan keuangan tahun 2003 sampai dengan tahun 2007. Pada setiap tahun, dibuat dua periode investasi yaitu periode Januari-Desember dan Mei-April. Pada setiap periode, portofolio yang dibentuk ada enam buah, yaitu portofolio berdasarkan multiple PBV Tinggi, PBV rendah, PER Tinggi, PER Rendah, EV/EBITDA Tinggi, dan EV/EBITDA Rendah. Tiap portofolio terdiri dari 10 saham, yang ditahan selama periodenya masing-masing. Lalu unadjusted return maupun riskadjusted return masing-masing portofolio dibandingkan dengan return indeks IHSG dan LQ-45. Pengamatan diambil dari daftar 45 saham paling likuid diperdagangkan pada Bursa Efek Indonesia setiap tahunnya. Studi ini menunjukkan sangat dimungkinkan untuk mendapatkan excess return dengan berinvestasi pada saham-saham yang memiliki rasio EV/EBITDA rendah, PER rendah, dan PBV tinggi. Investor juga disarankan untuk menghindari portofolioportofolio yang dibentuk berdasarkan rasio EV/EBITDA tinggi, PER tinggi, dan PBV rendah, karena memberikan negative return. Portofolio yang memberikan excess return terbesar dibandingkan dengan portofolio lainnya adalah portofolio EV/EBITDA rendah.

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This study evaluates the performance of portfolios formed by ratios of financial statements whose been released for the previous year performance. The ratios included in this Karya Akhir are Price to Book Value (PBV), Price to Earning Ratio (PER), and Enterprise Multiple (EV/EBITDA). The performance of each portfolios formed by those accounting data, would be evaluated and caompared with the market return on behalf IHSG and LQ-45 index. Performance evaluation would not only be calculated for the average return, but also by risk-adjusted return method with the Sharpe and Treynor measure method. The purpose of this study is to evaluate which investment strategy of any valuation models (P/E, PBV, EV/EBITDA) that would gained a higher excess return compared with others and also market return. Portfolios formed by the financial statements information of five years, from year 2003 until 2007 financial statement. On each year, investment would be implemented by two kinds of period, which are the January-December period and the May-April period. On each period, portfolio formed to six categories, which are portfolio formed by higher PBV, lower PBV, higher PER, lower PER, higher EV/EBITDA, and lower EV/EBITDA. Each portfolio consists of ten stocks would be held for each period. Unadjusted return and risk-adjusted return of a portfolio would be compared to the IHSG and LQ-45 index return. Samples are picked from the most 45 liquid stock list on Indonesia Stock Exchange each year. This study conclude that it is possible to gain an excess return by investing on stocks which have lower EV/EBITDA, lower PER, and higher PBV. Investors also suggested to avoid the portfolios which formed by higher EV/EBTIDA, higher PER, and lower PBV, because it gave us negative return. This kind of investment strategy indicated an unefficent market in Indonesia capital market, even in a weak form of efficiency.

Abstrak :
This Thesis calculates the fair value of shares PT Unilever Indonesia Tbk (UNVR) both before and after the increase in royalty fee and then compares it with similar companies in industry that listed in Indonesia Stock Exchange. This research is qualitative descriptive interpretative. Valuation is done by using Free Cash Flow to Equity (FCFE), EV/EBITDA, P/E Ratio, and P/B Ratio. The research showed that market price of UNVR per Dec 28th 2012 was overvalued compared with its intrinsic value for conservative investor. Company must perform corporate actions such as stock splits to make investors interested (cover negative sentiment due to increase royalty fee).