SKRIPSI DIGITAL
Comparative Analysis of Discounted Cash Flow, Relative Valuation, and Sum of the Parts Valuation Methods: Evidence from PT Merdeka Copper Gold Tbk = Comparative Analysis of Discounted Cash Flow, Relative Valuation, and Sum of the Parts Valuation Methods: Evidence from PT Merdeka Copper Gold Tbk
The increase in metal commodity prices and the development of strategic projects by PT Merdeka Copper Gold Tbk (MDKA) have increased the complexity of selecting a valuation method that accurately represents the Company's intrinsic value. This study aims to compare the estimated intrinsic value of MDKA's shares using the Discounted Cash Flow (DCF-FCFF), Relative Valuation (EV/EBITDA), and Sum-of-the-Parts (SOTP) methods, and to evaluate which method provides the closest estimate to the market price. This study employs a case study approach using secondary data with a valuation date of April 2025. The valuation results are validated using the actual market price in April 2026. The estimated intrinsic values are IDR 2,931 (DCF), IDR 2,048 (EV/EBITDA), and IDR 3,341 (SOTP) per share. All methods indicate that MDKA's shares were undervalued at the April 2025 valuation date. However, the SOTP method provides the closest estimate to the actual market price of IDR 3,230 per share in April 2026, with the lowest deviation of 3.43%. These findings indicate that SOTP is the most representative valuation approach for a multi-commodity mining company with assets at different stages of development.
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