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All Journal Journal of Business and Management Journal of Regional and City Planning Journal of Accounting and Investment Jurnal Manajemen Indonesia Syntax Literate: Jurnal Ilmiah Indonesia Journal of Economic, Bussines and Accounting (COSTING) Sebatik Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan International Journal of Supply Chain Management EQIEN - JURNAL EKONOMI DAN BISNIS IJIES (International Journal of Innovation in Enterprise System) Journal of Islamic Monetary Economics and Finance Jurnal Ilmu Sosial Politik dan Humaniora (Jisora) JAF- Journal of Accounting and Finance JATI EMAS (Jurnal Aplikasi Teknik dan Pengabdian Masyarakat) Dynamic Management Journal Indonesian Journal of Sport Management International Journal of Social Service and Research Journal Of World Science Jurnal Manajemen dan Kewirausahaan Journal Integration of Social Studies and Business Development Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Journal Integration of Management Studies
Raden Aswin Rahadi
Institut Teknologi Bandung
Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Transportation Other

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Journal : Journal Integration of Social Studies and Business Development

 1 
The Accuracy of Relative Valuation Methods in Predicting the Offer Price of Indonesian IPO Stocks Ravenza, Rafi; Raden Aswin Rahadi
Journal Integration of Social Studies and Business Development Vol. 2 No. 2 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v2i2.237

Abstract

The increasing Initial Public Offerings (IPO) trend in Indonesia has created many investment opportunities for institutional and retail investors. However, multiple valuation methods often result in varying IPO price predictions, leading to uncertainty and confusion among investors. This study aims to assess the effectiveness of relative valuation methods in predicting IPO offer prices, focusing on widely adopted methods due to their simplicity and accessibility. The research evaluates three popular relative valuation metrics: the price-to-book (P/B) ratio, the price-to-earnings (P/E) ratio, and the price-to-sales (P/S) ratio. By analyzing companies that went public in Indonesia in 2023 and utilizing average financial ratios from the preceding year, the study seeks to determine which method provides the most accurate price predictions. The findings indicate that the P/B ratio is the most reliable method, achieving an average absolute error of 51.1%. This suggests that the P/B method minimizes valuation errors more effectively than P/E and P/S ratios. Moreover, regression models' P/B ratio demonstrates the highest adjusted R² value of 0.781, further validating its predictive accuracy. The implications of this study are significant for investors and financial analysts who rely on relative valuation methods to make informed decisions about IPO investments. By highlighting the P/B ratio's superior performance in predicting IPO offer prices, this research contributes to the ongoing discourse on valuation methodologies and their practical application in emerging markets like Indonesia.
Co-Authors Adam Aliya Silmi Ade Iusticia Putra Adha, Augusta Adhyma, Irsyad Vawzan Afgani, Kurnia Fajar Afti Insani Nurmahmudiyah Alexius Reinaldo Hartadi Budiman Alfita Puspa Handayani Ang Dung Do Anggoro, Yudo Annisa Rahmani Qastharin Annisa Ratna Nurillah Anny Nainggolan, Yunieta Aqila Ayu Prasetyaningrum Asep Bagja Nugraha Asep Darmansyah Astari, Airen Widhia Atika Irawan Aulia Dwi Ikhwan Ayudiatri, Safira Bagus Aditya Nugraha Belgiawan, Prawira Fajarindra Bentang Arief Budiman Colin Gan Cheong Kiat Colin Gan Cheong Kiat, Dr. Danyaa Allya Salsabilla Dayuwati, Galia Surya Dematria Pringgabayu Desy Kharohmayani Eko Susanto Erman Sumirat Erman Sumirat Ertanto Vetra Fitria Rahayu Khaerani Fitrianda, Saldy Gabriella, Milka Halim, Robbyson Hardjakaprabon, Raden Bayuningrat Hari Purnama Harris Kristianto Yondi Husna Nugrahapraja Ima Mulyama Zainuddin Indrayana, Gun Gun Irshad Adriatama Iwan Nurfahrudin Januarti Jaya Ekaputri Johan Anindito Indriawan Kurnia Fajar Afgani Kurnia Fajar Afgani Kusbiantoro, Andri Laory, Irwanda Lazuardi Kitri, Mandra Lidia Mayangsari Lincoln Ramadhani Parmonangan Maria Dellarosawati Idawicaksakti Masango Matimura Masango Matimura, Mr. Mega Fitriani Adiwarna Prawira Monica Dianrosawati Itaratnasari Muhammad Abdur Rasyid Muhammad Arief Waliyuddin Muhammad Naufal Syafrun Muhammad Rizatha Muhammad, Zikri Nasrul Syahruddin Natas Setiabudhi Daryono Putra Natas Setiabudhi Daryono Putra Nikma Fista Safrina Nita, Arfenia Octaviani Ratnasari Santoso Purbayati, Radia Putri Pradana, Dian Putri, Alya Indira Rahmatsyah Putranto, Nur Arief Raihani, Atika Fatka Ravenza, Rafi Reza Ashari Nasution Rindia Maharani Putri Rivary Finan Hernawan Rivary Finan Hernawan Salma Fadhilah Widityani Septyandi, Chandra Budhi Setiamarga, Davin H. E. Setiawan, Suganta Handaru Shanaya Ratu Shafira Sri Aswin Suryani Subiakto Sukarno Sudarso Kaderi Wiryono Suganta Handaru Setiawan Syifaa Novianti Taufik Faturohman Wervyan Shalannanda Yulianti Yulianti Yunieta Anny Nainggolan