Analisis Fundamental Saham Perusahaan Perbankan Dengan Excess Return Model Dan Dividend Discount Model Sebagai Dasar Pengambilan Keputusan Investasi

Kan, Dicky Arvianto and Putu Prima Wulandari,, SE., MSA., Ak (2021) Analisis Fundamental Saham Perusahaan Perbankan Dengan Excess Return Model Dan Dividend Discount Model Sebagai Dasar Pengambilan Keputusan Investasi. Sarjana thesis, Universitas Brawijaya.

Abstract

Penelitian ini bertujuan untuk menerapkan metode penlilaian saham berupa Excess Return Model dan Dividend Discount Model pada perusahaan subsektor perbankan yang sahamnya terdaftar di Bursa Efek Indonesia periode 2017-2020 untuk mengetahui kewajaran harga saham sebagai pertimbangan dalam pengambilan keputusan investasi. Sampel dalam penelitian ini dipilih dari populasi sejumlah 43 perusahaan perbankan dengan teknik purposive sampling. Berdasarkan kriteria yang ditentukan, dipilih empat sampel, yaitu Bank Rakyat Indonesia (Persero) Tbk. (BBRI), Bank Central Asia Tbk. (BBCA), Bank Mandiri (Persero) Tbk. (BMRI), dan Bank Negara Indonesia (Persero) Tbk. (BBNI). Hasil penelitian dengan metode Excess Return Model mengungkapkan saham BBRI, BMRI, dan BBNI undervalued yang berarti investor sebaiknya membeli, dan BBCA overvalued yang berarti sebaiknya dijual. Sementara hasil penelitian dengan metode Dividend Discount Model menunjukkan saham BMRI dinilai undervalued dan sebaiknya dibeli, dan saham BBRI, BBCA, BBNI overvalued yang berarti sebaiknya dijual.

English Abstract

This study aims to apply stock valuation methods consisting of the Excess Return Model and Dividend Discount Model on companies in the banking subsector whose stocks are listed in the Indonesia Stock Exchange in the period 2017-2020 in order to determine their fair value for the purpose of investment decision-making. Samples in this study are selected from among 43 banks by using the purposive sampling technique. Based on a set of specified criteria, four samples are chosen, namely Bank Rakyat Indonesia (Persero) Tbk. (BBRI), Bank Central Asia Tbk. (BBCA), Bank Mandiri (Persero) Tbk. (BMRI), and Bank Negara Indonesia (Persero) Tbk. (BBNI). Analysis results with the Excess Return Model reveal that BBRI, BMRI, and BBNI stocks are undervalued which means they should be bought, whereas BBCA stock is overvalued and should be sold. On the other hand, analysis results with the Dividend Discount Model show that BMRI stock is considered undervalued and should be bought, while BBRI, BBCA, BBNI stocks are overvalued and therefore should be sold

Item Type: Thesis (Sarjana)
Identification Number: 0521020350
Uncontrolled Keywords: excess return model, dividend discount model, analisis fundamental, keputusan investas, excess return model, dividend discount model, fundamental analysis, investment decision
Subjects: 600 Technology (Applied sciences) > 657 Accounting
Divisions: Fakultas Ekonomi dan Bisnis > Akuntansi
Depositing User: Nur Cholis
Date Deposited: 14 Jun 2022 06:29
Last Modified: 14 Jun 2022 06:29
URI: http://repository.ub.ac.id/id/eprint/191110
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