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All Journal Jurnal Tata Kota dan Daerah The Asian Journal of Technology Management (AJTM) Widya Cipta : Jurnal Sekretari dan Manajemen Journal of Economic, Bussines and Accounting (COSTING) Indonesian Journal of Energy International Journal of Economics Development Research (IJEDR) Devotion: Journal of Research and Community Service Journal of Research in Social Science and Humanities Jurnal Indonesia Sosial Sains Cerdika: Jurnal Ilmiah Indonesia Eduvest - Journal of Universal Studies Journal Integration of Social Studies and Business Development Journal Integration of Management Studies Journal of Tourism, Hospitality and Travel Management (JTHTM) Widya Cipta : Jurnal Sekretari dan Manajemen
Rahadi, Raden Aswin
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Journal : Devotion: Journal of Research and Community Service

 1 
Stock Valuation and Business Performance of PT Indofood Cbp Sukses Makmur Tbk Amidst Wheat Price Volatility During The Russia-Ukraine Crisis Arbrianto, Dimas; Rahadi, Raden Aswin
Devotion : Journal of Research and Community Service Vol. 4 No. 7 (2023): Devotion: Journal of Research and Community Service
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/devotion.v4i7.522

Abstract

The Russia-Ukraine Crisis in 2022 adversely affected the business performance of PT Indofood CBP Sukses Makmur Tbk (ICBP), the largest noodle manufacturer in Indonesia, due to volatile wheat prices. During Q2, ICBP witnessed a 16% growth in net revenue but a substantial 40.1% decline in profit, primarily attributed to escalating commodity prices. This negative trend persisted in Q3, resulting in a significant 33.4% decrease in net profit despite increased sales. Consequently, ICBP’s stock price experienced a decline. In this context, conducting a comprehensive fundamental analysis that integrates various macroeconomic factors is crucial to evaluate the company’s valuation. This study aims to determine the valuation of the ICBP amidst wheat price volatility during the Russia-Ukraine crisis. This study employs multiple analysis approaches, including financial ratio analysis, intrinsic valuation using free cash flow to firm (FCFF), and relative valuation analysis employing price-earnings ratio (P/E) and enterprise value to EBITDA (EV/EBITDA) ratios. The intrinsic valuation of ICBP suggests a fair stock value of 13,806 Rupiah per share, while the current share price is 10,000 Rupiah per share, indicating an undervaluation of approximately 27.6%. Similarly, the relative valuation analysis reveals that ICBP is undervalued compared to industry peers based on P/E and EV/EBITDA ratios. These findings indicate that ICBP is presently undervalued, presenting an opportunity for future appreciation of its share price.
Analysis of Stock Valuation and Business Performance of a Digital Media Company in Indonesia Before and After the Covid-19 Pandemic (Case Study: Global Mediacom) Imaduddin, Aufarizqi; Rahadi, Raden Aswin
Devotion : Journal of Research and Community Service Vol. 4 No. 7 (2023): Devotion: Journal of Research and Community Service
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/devotion.v4i7.523

Abstract

The rise of digital streaming and investing in Indonesia has been exacerbated by the COVID-19 pandemic. One company involved in this unprecedented scenario is PT Global Mediacom TBK (BMTR). The everchanging digital streaming landscape and its massive growth create both an opportunity and threat for the company’s growth. The study aims to analyse stock valuation and performance of digital media in Indonesia pre-pots pandemic. To analyse this, the study utilized secondary data from the company’s annual report and various secondary sources. The data is processed using absolute valuation method of Discounted Cash Flow valuation and relative valuation method of Price-to-Earnings Ratio, Price-to-Book Value and EV/EBITDA. Using the absolute valuation method, it is found that the company’s stock is currently overvalued with an intrinsic value of Rp 169 in comparison to the actual price of Rp 278. One of the reasons for this is the company’s high beta stock of 1.8 which could signal a higher risk but higher return. Using the relative valuation method, all the metrics found that BMTR stock is undervalued. Being constantly below the industry average. However, the financial analysis as well as the relative valuations has found that the company is the most stable out of all the Indonesian listed digital streaming companies. This demonstrates the excellent business performance of the company.
Stock Valuation Analysis of PT Sinar Mas Agro Resources and Technology Tbk Using Free Cash Flow to The Firm and Relative Valuation Ramiza, Fitradi; Rahadi, Raden Aswin
Devotion : Journal of Research and Community Service Vol. 4 No. 10 (2023): Devotion: Journal of Research and Community Service
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/devotion.v4i10.553

Abstract

Indonesia is the world's top producer and exporter of palm oil, generating 46 million tonnes of crude palm oil. PT SMART Tbk (SMAR) is one of Indonesia's big palm oil companies, with a plantation area of 136,402 hectares. The Indonesian government implemented the B35 biodiesel policy in February 2023, indicating there is potential for growth in the increased use of palm oil as a biodiesel blend. The positive sentiment from the B35 program, which will continue into the B40 program, is expected to boost domestic market demand for biodiesel, consequently impacting SMAR's sales revenue. The study aims to evaluate SMAR's business performance, intrinsic value, and propose solutions to close the value discrepancy gap. The study adopts a quantitative approach for stock valuation calculations and a qualitative approach for underlying assumptions. The analysis covers financial statement analysis, financial ratio analysis, PESTLE analysis, Porter’s five forces analysis, absolute valuation and relative valuation methods. Based on the FCFF analysis, SMAR's intrinsic value is Rp 8,609 while the market price is Rp 5,200, indicating that SMAR is undervalued. The relative valuation analysis using PER, PBV, and EV/EBITDA also indicates that SMAR is undervalued compared to similar companies in the palm oil industry. Overall, this indicates a potential investment opportunity for investors in SMAR shares.
Co-Authors Afgani, Kurnia Fajar Ahmedz Widiasta Amri, Mulya Anggoro, Yudo Arbrianto, Dimas Ardelia, Rahmadina Arifin, Afrad Aryawati, Ayu Bagaskara, Danang Pangestu Gusti Boediman, Alfred Dany Hilmanto Dedi Rachmadi Dewi, Ineu Utami Eko Susanto Esri Hestiningtyas Fajar Afgani, Kurnia Firmansyah Hakam, Dzikri Ganesworo, Muhammad Galing Ginting, Henndy Hakam, Dzikri Firmansyah Hapsariniaty, Alia Widyarini Hidayat, Sutan Emir Ilhami, Muhammad Livain Imaduddin, Aufarizqi Indrayana, Gun Gun Muhammad, Reyhan Devtyan Mulya, Haekal Hanifah Nugraha, Bagus Aditya Nusantara, Tariska Rosseliny Pratama, Reyhan Putri, Sripamesti Raksakadarma, Bayu Avrianto Ramiza, Fitradi Ria, Poeti Saffana, Indri Sanabila Safrina, Nikma Fista Saleh, Mivaldo Razaq Wardana Siahaan , Uke Marius Siahaan, Uke Marius Wijaya, GP Aji