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All Journal Journal of Economic, Bussines and Accounting (COSTING)
Pandumulia Segalapuja Hasayangan
Institut Teknologi Bandung
Economics, Econometrics & Finance

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Journal : Journal of Economic, Bussines and Accounting (COSTING)

 1 
VALUATION AND BUSINESS PERFORMANCE ANALYSIS OF PT. IMC PELITA LOGISTIK .TBK (PSSI) Pandumulia Segalapuja Hasayangan; Isrochmani Murtaqi; Oktofa Yudha Sudrajad
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 2 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v8i2.13788

Abstract

This study investigates the valuation and financial performance of PT. IMC Pelita Logistik Tbk. (PSSI), a player in Indonesia's shipping and logistics industry. Using an absolute valuation method with Free Cash Flow to the Firm (FCFF) and Weighted Average Cost of Capital (WACC), PSSI's intrinsic value per share was determined to be US$ -0.0391, significantly below its market price of US$ 0.0278, indicating that the stock is overvalued. For relative valuation, the metrics used were Price to Earnings Ratio (PER), Price to Book Value (PBV), and Enterprise Value to EBITDA (EV/EBITDA). PSSI's PER (3.56) is lower than its peers (6.43), but its PBV (0.86) and EV/EBITDA (3.18) are higher than the average of its peers (0.68 and 2.33), indicating overvaluation. The author prioritizes EV/EBITDA as it provides a more comprehensive assessment compared to PER. The financial performance analysis includes profitability, liquidity, activity, and solvency ratios. The final recommendation for investors is to sell, as PSSI is overvalued based on absolute valuation, PBV, and EV/EBITDA metrics.
VALUASI DAN ANALISIS PERFORMA BISNIS PT. IMC PELITA LOGISTIK TBK (PSSI) Pandumulia Segalapuja Hasayangan1 Pandumulia Segalapuja Hasayangan; Isrochmani Murtaqi
Journal of Economic, Bussines and Accounting (COSTING) Vol. 7 No. 6 (2024): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i6.13820

Abstract

Studi ini menyelidiki valuasi dan kinerja keuangan PT. IMC Pelita Logistik Tbk. (PSSI), pemain di industri pelayaran dan logistik Indonesia. Dengan metode valuasi absolut menggunakan Free Cash Flow to the Firm (FCFF) dan Weighted Average Cost of Capital (WACC), nilai intrinsik per saham PSSI ditentukan sebesar US$ -0,0391, jauh di bawah harga pasar US$ 0,0278, menunjukkan saham ini dinilai terlalu tinggi. Dalam valuasi relatif, metrik Price to Earnings Ratio (PER), Price to Book Value (PBV), dan Enterprise Value to EBITDA (EV/EBITDA) digunakan. PER PSSI (3,56) lebih rendah dari peers (6,43), tetapi PBV (0,86) dan EV/EBITDA (3,18) lebih tinggi dari rata-rata peers (0,68 dan 2,33), menunjukkan overvaluasi. Penulis memprioritaskan EV/EBITDA karena memberikan penilaian lebih komprehensif dibandingkan PER. Analisis kinerja keuangan melibatkan rasio profitabilitas, likuiditas, aktivitas, dan solvabilitas. Rekomendasi akhir untuk investor adalah menjual, karena PSSI dinilai terlalu tinggi berdasarkan valuasi absolut, PBV, dan EV/EBITDA.
Co-Authors Isrochmani Murtaqi Oktofa Yudha Sudrajad