GUNAWAN, HENRY (2023) FREE CASH FLOW DAN RELATIVE MODEL SAAT INITIAL PUBLIC OFFERING (IPO). Masters thesis, UNIVERSITAS MA CHUNG.
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Abstract
This study aims to calculate and compare the valuation results of the two valuation methods, namely the Discounted Cash Flow method (free cash flow to firms) and the
Relative method (Price to Earning Ratio), for companies conducting an IPO in 2021 to April 2022. Number of samples used in this study there are 67 companies that can be
categorized as companies with large and small IPO sizes. This study uses the Mann Whitney test method to test the difference in the mean of the two methods and the root mean
squared error (RMSE) to measure the accuracy of the two methods. From the results of this study, it can be concluded that (1) of the 67 companies studied are classified as
companies with large IPO sizes, and on average they are offered above their fair price or overvalued. (2) of the two methods used, namely DCF and Relative, the average valuation
results are identical or the same. (3) Based on the results of the RMSE test, it can be concluded that the PER method has a lower risk level than the DCF method. Theoretically
this research proves that valuation theory is an art, not a science, and disproves the myth that more quantitative valuations are not necessarily better than simple ones. While practically this research can be used as material for information, consideration and evaluation for companies, investors in conducting company valuation research.
KeyWords: valuation, Free Cash Flow to Firm, Price to Earning Ratio, Mann Whitney, Root Mean Squared Error
| Item Type: | Thesis (Masters) |
|---|---|
| Additional Information: | TUGAS AKHIR |
| Subjects: | H Social Sciences > HJ Public Finance |
| Divisions: | Fakultas Ekonomi dan Bisnis > S1 Akuntansi |
| Depositing User: | Surya |
| Date Deposited: | 25 Oct 2024 02:28 |
| Last Modified: | 25 Oct 2024 02:28 |
| URI: | http://repository.machung.ac.id/id/eprint/308 |
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