THE VALUATION OF STOCK VALUE USING DCF-FCFF, RELATIVE VALUATION, INDUSTRY ANALYSIS AND MACRO ECONOMIC (STUDY ON SEMEN GRESIK.Ltd)

Bunga Vidyaningrum (Sekolah Tinggi SBI Yogyakarta)
Yusti Pujisari (Sekolah Tinggi Ilmu Ekonomi SBI)
Cesilia Arum Septianingsih (Sekolah Tinggi Ilmu Ekonomi SBI)
Mutmainna (Universitas Muhammadiyah Palopo)

Kajian Akuntansi
Vol. 27 No. 1 (2026): June 2026

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.