SKRIPSI DIGITAL
Assessing the Intrinsic Value of a Conglomerate Firm: An Integrated Valuation Framework Applied to PT Bumi Resources Tbk = Assessing the Intrinsic Value of a Conglomerate Firm: An Integrated Valuation Framework Applied to PT Bumi Resources Tbk
Conglomerate stocks that significantly drove the surge in the Indonesia Stock Exchange Composite Index (IHSG) throughout 2025 require an appropriate valuation approach; however, within a single conglomerate consolidation, aggregate valuation methods are unable to capture value heterogeneity across business segments operating with fundamentally different risk profiles and industry cycles, potentially resulting in biased value estimates. This study aims to estimate the intrinsic value of PT Bumi Resources Tbk (BUMI) and to determine whether BUMI shares are undervalued or overvalued. This study employs a case study approach by integrating the DCF-FCFF method for BUMI Parent, the EV/EBITDA method for PT Bumi Resources Minerals Tbk (BRMS) and PT Darma Henwa Tbk (DEWA), and the EV/Resources approach for Wolfram Ltd and Jubilee Metals Ltd within a Sum-of-the-Parts (SOTP) framework. Data were sourced from the financial statements of BUMI, BRMS, and DEWA obtained from the Indonesia Stock Exchange, as well as other financial data sources, with a cut-off date of April 30, 2026. The analysis yields an intrinsic value of IDR 285 per share, above the market price of IDR 240 per share, indicating an undervalued condition with an upside potential of approximately 18.75%.
Keywords: intrinsic value, valuation, conglomerate, SOTP, DCF-FCFF, EV/EBITDA
Tidak tersedia versi lain
Karya Umum 
Filsafat 
Agama 
Ilmu-ilmu Sosial 
Bahasa 
Ilmu-ilmu Murni 
Ilmu-ilmu Terapan 
Kesenian, Hiburan, dan Olahraga 
Kesusastraan 
Geografi dan Sejarah