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All Journal Kajian Akuntansi
Bunga Vidyaningrum
Sekolah Tinggi SBI Yogyakarta
Economics, Econometrics & Finance

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THE VALUATION OF STOCK VALUE USING DCF-FCFF, RELATIVE VALUATION, INDUSTRY ANALYSIS AND MACRO ECONOMIC (STUDY ON SEMEN GRESIK.Ltd) Bunga Vidyaningrum; Yusti Pujisari; Cesilia Arum Septianingsih; Mutmainna
Kajian Akuntansi Vol. 27 No. 1 (2026): June 2026
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/kajian_akuntansi.v27i1.7374

Abstract

This study aims to determine the intrinsic value of PT Semen Gresik Tbk.'s shares, using the Discount Cash Flow-Future Cash Flow to Firm (DCF-FCFF) method and relative valuation (EV/EBITDA. PER, PBV). Furthermore, the two methods are combined (blended valuation) to obtain the intrinsic value and compared with the current market price. The results show that there is an overvaluation in the value of PT Semen Gresik Tbk.'s shares, where the intrinsic value is smaller than the market value prevailing at the closing price of November 25, 2024. This study also uses supporting analysis, namely macroeconomic analysis which includes projections of world economic growth, inflation, interest rates and Gross Domestic Product (GDP). In addition, Porter's five analysis is also carried out to identify the company's strengths and weaknesses. Macroeconomic analysis and Porter's five will support investors in making decisions. 
Co-Authors Cesilia Arum Septianingsih Mutmainna Yusti Pujisari