ANALISIS VALUASI SAHAM DENGAN PENDEKATAN METODE FREE CASH FLOW TO EQUITY (FCFE) DAN RELATIVE VALUATION PADA EMITEN INDEX KOMPAS100

Abstrak

Penelitian ini bertujuan mengevaluasi valuasi saham emiten dalam Indeks KOMPAS100 melalui metode Free Cash Flow to Equity (FCFE) serta Relative Valuation (RV). Metode FCFE mengukur arus kas bebas yang tersedia bagi pemegang saham setelah kewajiban operasional dan belanja modal terselesaikan. Metode RV menggunakan rasio keuangan seperti Price to Earnings Ratio (PER) maupun Price to Book Value (PBV) untuk membandingkan perusahaan sejenis dan menentukan apakah saham undervalued, fairly valued, atau overvalued. Data penelitian diambil dari laporan keuangan serta informasi pasar saham 100 perusahaan paling likuid di Bursa Efek Indonesia (BEI) selama periode 2019-2023. Hasil penelitian menunjukkan variasi valuasi saham dalam Indeks KOMPAS100 berdasarkan sektor. Sektor keuangan serta energi memperlihatkan kinerja FCFE konsisten positif. Sektor konsumen serta properti menunjukkan disparitas signifikan antara nilai pasar terhadap nilai intrinsik. Hasil penelitian ini memberi wawasan bagi investor dalam pengambilan keputusan investasi berbasis potensi undervaluation atau overvaluation di sektor-sektor tertentu.

This study aims to evaluate the stock valuation of issuers listed on the KOMPAS100 Index using the Free Cash Flow to Equity (FCFE) method and Relative Valuation (RV). The FCFE method measures free cash flow available to shareholders after settling operational expenses and capital expenditures. The RV method applies financial ratios such as the Price to Earnings Ratio (PER) and Price to Book Value (PBV) to compare companies within the same industry and determine whether stocks are undervalued, fairly valued, or overvalued. This study uses secondary data from financial reports and stock market information of the 100 most liquid companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period. The results indicate variations in stock valuation within the KOMPAS100 Index across sectors. The financial and energy sectors exhibit consistently positive FCFE performance. The consumer and property sectors show significant disparities between market value and intrinsic value. These findings provide insights for investors in making investment decisions based on the potential for undervaluation or overvaluation across specific sectors.