Perbandingan ketepatan penilaian saham dengan metode price earnings ratio (PER), price to book value ratio (PBV), dan kombinasi keduanya berdasarkan kriteria comparable firms pada saham syariah

Widuhung, Sisca Debyola (2012) Perbandingan ketepatan penilaian saham dengan metode price earnings ratio (PER), price to book value ratio (PBV), dan kombinasi keduanya berdasarkan kriteria comparable firms pada saham syariah. Al-Hisbah: Jurnal Akuntansi Keuangan dan Syariah, 1 (1). pp. 1-29. ISSN 2089-7162

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Abstract

This research is to compare between the method of Price Earning Ratio (PER), Price to Book Value (PBV), or a combination of both, Which one from them is more appropriate in valuing the company's stock, particularly stock listed in the List of Sharia Securities. The comparison is done through three phases, such as searching the best firms comparable criteria phase, finding the optimal methode to combinate PBV PER, and discovery the most accuratest method in valuation the stocks. Criteria comparable firms are classified by industry category, total assets, Return On Equity (ROE), a combination of industry and assets, and a combination of industry and ROE. PER and PBV combination method used is in the weight range 10% - 90% for each method with a total weighting of 100% in any combination. Overall, the stage of this research is using the absolute percentage error calculation’s data, which represents the difference between the estimate stock price and the actual stock price. There are two test used in this study, Friedman and Wilcoxon test. By using 125 samples of company that recorded on the List of Sharia Securities, this study provides support for using a combination of PER and PBV methods of selecting comparable firms in which it is based on the same industry category. By using these three stock valuation methods, The best criteria for selecting comparable firms is based on industry category. Results of testing the accuracy of stock valuation methods showed that the combination PER and PBV’s method is a better method to use. The most optimal combination found in 20% PER and 80% PBV. This suggests that earnings and book value information have an important key to determinate the intrinsic value of stock, although information on book value are considered more important than earnings.

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