Pengertian dan Penilaian: Saham Biasa

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Yuk, kita cari tahu mengenai pengertian dan penilaian saham biasa. Pengertian saham biasa merupakan penyedian pembiayaan jangka panjang permanen perusahaan yang mewakili kepemilikan residual dari perusahaan serta memiliki hak untuk memilih kebijakan dalam perusahaan dan komposisi dewan direksi. Biasanya, direktur perusahaan akan menjadi tim manajemen atas perusahaan. Sedangkan manajer adalah agennya, maka tujuan mereka untuk memaksimalkan harga saham.

Dalam hal mengklaim apabila terjadi likuidasi pemilik saham dapat mengklaim asset perusahaan. Jika perusahaan bangkrut jarang mempunyai asset yang cukup untuk memenuhi klaim. Selain itu, pemegang saham memiliki hak untuk mengklaim pendapatan perusahaan serta menerima dividen atau manajemen perusahaan dalam menginvestasikan ulang pendapatannya kepada perusahaan.

Umumnya, pemegang saham biasa memiliki hak untuk memberi suara kepada pemilihan presdir perusahaan. Sementara perusahaan yang lain memiliki beberapa kelas saham dengan hak suara yang berbeda, misalnya: Google kelas A mempunyai satu suara per saham dan kelas B memiliki sepuluh suara per saham.

3 penilaian saham biasa:

Penilaian saham biasa yaitu :

  1. Book Value : nilai yang terhitung berdasarkan pembukuan perusahaan penerbit saham (emiten).
  2. Market Value : nilai saham di pasar.
  3. Teoritis : nilai saham yang sebenarnya atau nilai sekarang dari nilai kas masa depan.

2 pendekatan dalam menentukan nilai intrinsik saham biasa berdasarkan analisis fundamental:

Pendekatan Nilai Sekarang (Present Value Approach)

Prosesnya meliputi :

  • Estimasi aliran kas saham di masa depan.
  • Estimasi tingkat return yang memenuhi syarat.
  • Mendiskontokan setiap aliran kas dengan tingkat diskonto sebesar return yang memenuhi syarat.
  • Nilai sekarang setiap aliran kas dijumlahkan sehingga memperoleh nilai intrinsik yang bersangkutan.

Model matematisnya, sebagai berikut :

Gambar 1. Model Matematis Pendekatan Nilai Sekarang (Present Value Approach

Pendekatan Price Earning Ratio

Metode ini mengestimasi nilai dari saham perusahaan sebagai perkalian dari beberapa ukuran dari kinerja perusahaan, seperti: earning per share, book value per share, sales per share, cash flow per share, dan perkaliannya ditentukan oleh perkalian yang telah diobservasi dari perusahaan-perusahaan yang dapat dibandingkan.

Model matematisnya, sebagai berikut:

Gambar 2. Model Matematis Pendekatan Price Earning Ratio

Baca juga : Mengisi SPT Untuk Menjual Saham dan Menerima Dividen

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