Masip: Jurnal Manajemen Administrasi Bisnis dan Publik Terapan
Vol. 4 No. 3 (2026): September: MASIP: Jurnal Manajemen Administrasi Bisnis dan Publik Terapan

Perbandingan Akurasi Metode PBV, PER, dan DDM dalam Valuasi Saham Emiten Salim Group Periode 2021-2025

Wira Destiawan (Politeknik Negeri Sriwijaya)
Marieska Lupikawaty (Politeknik Negeri Sriwijaya)
Claudya Nurcahaya (Politeknik Negeri Sriwijaya)



Article Info

Publish Date
01 Sep 2026

Abstract

This study aims to analyze the intrinsic value of stocks using the Price-to-Book Value (PBV), Price-to-Earnings Ratio (PER), and Dividend Discount Model (DDM) methods, as well as to compare the accuracy of these three methods using the Root Mean Squared Error (RMSE) for Salim Group issuers listed on the Indonesia Stock Exchange during the 2021–2025 period. This study employs a quantitative approach with a comparative descriptive analysis method. The research sample consists of six issuers, namely ICBP, INDF, SIMP, IMAS, LSIP, and ROTI. The results show that, based on the DDM method, ICBP, INDF, LSIP, and ROTI are categorized as undervalued, while SIMP and IMAS are categorized as overvalued. Furthermore, the RMSE test results indicate that the DDM method has the highest level of accuracy, with an RMSE value of 1.711, followed by PER at 4.118 and PBV at 7.885. These findings indicate that DDM produces intrinsic value estimates that are closer to the actual values than those produced by PER and PBV. Therefore, DDM is the most accurate method and can serve as a primary consideration in making investment decisions for the issuers examined.

Copyrights © 2026






Journal Info

Abbrev

MASIP

Publisher

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

Sub Rumpun ILMU EKONOMI 1 Ekonomi Pembangunan 2 Akuntansi 3 Ekonomi Syariah 4 Perbankan 5 Perpajakan 6 Asuransi Niaga (Kerugian) 7 Notariat 8 Bidang Ekonomi Lain Yang Belum Tercantum Sub Rumpun ILMU MANAJEMEN 1 Manajemen 2 Manajemen Syariah 3 Administrasi Keuangan (Perkantoran, Pajak, Hotel, ...