ANALISIS VALUASI SAHAM PT. BANK RAKYAT INDONESIA MENGGUNAKAN METODE DISCOUNTED CASH FLOW (DCF) SEBAGAI DASAR PENGAMBILAN KEPUTUSAN INVESTASI
DOI:
https://doi.org/10.24843/EJMUNUD.2026.v15.i4.p03Kata Kunci:
capital asset pricing model; discounted cash flow; keputusan investasi; nilai intrinsik; valuasi sahamAbstrak
Penelitian ini bertujuan untuk menganalisis nilai intrinsik saham PT. Bank Rakyat Indonesia (BBRI) dan merumuskan rekomendasi keputusan investasi, sebagai respons terhadap koreksi harga signifikan akibat tekanan capital outflow. Metode valuasi yang digunakan adalah Discounted Cash Flow (DCF) dengan pendekatan Free Cash Flow to Equity (FCFE) untuk periode proyeksi 2025-2029. Hasil analisis menunjukkan nilai intrinsik saham BBRI lebih rendah dari harga pasarnya, mengindikasikan bahwa saham BBRI undervalued. Temuan undervalued ini mengimplikasikan bahwa investor dapat membeli saham pada harga yang lebih rendah dari nilai intrinsiknya, di mana nilai intrinsik tersebut telah memperhitungkan imbal hasil yang disyaratkan sebesar 9,72% sebagai kompensasi adil atas risiko sistematis berdasarkan kerangka Capital Asset Pricing Model (CAPM). Oleh karena itu, penelitian ini memberikan rekomendasi investasi BELI (BUY), karena potensi imbal hasil yang diharapkan (expected return) dari capital gain lebih tinggi daripada imbal hasil yang disyaratkan, sehingga menawarkan potensi keuntungan tambahan di atas kompensasi risiko yang seharusnya.
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