VALUASI NILAI SAHAM PT GARUDA INDONESIA (PERSERO) MELALUI METODE DISCOUNTED CASH FLOW
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Abstract
Keputusan investasi di pasar modal harus berdasarkan pada kegiatan analisis yang komperehnsif dalam rangka untuk mendapatkan keuntungan yang maksimal dengan resiko kerugian yang minimal. Sehingga berbagai metode analisis dapat dilakukan agar oleh investor untuk memperoleh informasi mengenai nilai saham wajar perusahaan di pasar modal. Penelitian ini bertujuan untuk melakukan valuasi nilai saham PT Garuda Indonesia (GIAA) melalui metode Discounted Cash Flow. Kegiatan analisis penghitungan dilakukan pada data keuangan PT Garuda Indonesia (GIAA) selama lima tahun terakhir. Hasil penelitian menunjukan bahwa nilai wajar saham PT Garuda Indonesia (GIAA) berada pada kondisi harga Undervalued. Sehingga saham PT Garuda Indonesia (GIAA) menjadi saham yang potensial untuk dilakukan keputusan pembelian dengan asumsi harga saham tersebut akan mengalami kenaikan dimasa yang akan datang.
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How to Cite
Priyanto, R. (2025). VALUASI NILAI SAHAM PT GARUDA INDONESIA (PERSERO) MELALUI METODE DISCOUNTED CASH FLOW. Jurnal Sains Manajemen, 7(1), 9-16. https://doi.org/10.51977/jsm.v7i1.1874
References
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Akseptori, R., Yuniati, N., & Kurniasari, P. I. (2018). Fundamental Terhadap Trading Volume Activity Pada Perusahaan Industri Transportasi Laut Dan Perikanan Di Bursa Efek Indonesia. Jurnal Teknologi Dan Terapan Bisnis, 1(2), 90–97.
Andor, G., & Dülk, M. (2013). Present value under uncertain asset life: An evaluation of relative error. Periodica Polytechnica Social and Management Sciences, 21(2), 71–82. https://doi.org/10.3311/PPso.7086
Angelita, G., Kholil, K., Widaningsih, T., & Jamalullail, J. (2019). Corporate Communication Strategy for Business Repositioning A Case Study in PT Garuda Indonesia Tbk. International Journal of Business and Social Science, 10(4). https://doi.org/10.30845/ijbss.v10n4p6
Capinski, M. (2006). A new method of DCF valuation. Available at SSRN 932524.
Daelami, M. (2022). Kapan Gembok Saham GIAA Dibuka? Bos Garuda Angkat Bicara. Https://Investor.Id/Market-and-Corporate/308640/Kapan-Gembok-Saham-Giaa-Dibuka-Bos-Garuda-Angkat-Bicara.
de Vries, J. (2023). Discounted cash flow valuation and indirect cash flow analyses: Retracing the cash. In Corporate Finance for Lawyers: Understanding the Power Balance Between Shareholders, Secured Lenders and Unsecured Creditors (pp. 90–139). Edward Elgar Publishing. https://doi.org/10.4337/9781035302031.00007
Dewi, M. (2017). Analisis Rasio Keuangan untuk Mengukur Kinerja Keuangan PT Smartfren Telecom, Tbk. Jurnal Penelitian Ekonomi Akuntansi (JENSI), 1(1), 1–14.
DRISSI, R. (2023). Empirical Analysis of Unlisted Companies’ Valuation Using Discounted Cash Flow Methods. GATR Journal of Finance and Banking Review, 8(1), 73–84. https://doi.org/10.35609/jfbr.2023.8.1(4
Fernandez, P. (2011). Discounted Cash Flow Valuation Methods: Examples of Perpetuities, Constant Growth and General Case. In SSRN Electronic Journal. SSRN. https://doi.org/10.2139/ssrn.743229
Ganatra, V., Sinha, R., Chawla, P., Yi, T. C., Kee, D. M. H., Fei, N. M., Leng, L. S., Hui, F. H., Sentosa, R. G., Sin, L. G., Gupta, A., & Pandey, R. (2021). A Case Study on Key Success Factors of Garuda Indonesia Airlines. International Journal of Tourism and Hospitality in Asia Pasific, 4(1), 82–96. https://doi.org/10.32535/ijthap.v4i1.1024
Götze, U., Northcott, D., & Schuster, P. (2008). Discounted cash flow methods. Investment Appraisal: Methods and Models, 51–86.
Gunawan, H. (2022). Analisis Pengaruh Potensi Kebangkrutan Terhadap Harga Saham (Studi Kasus Pada Garuda Indonesia (PERSERO) TBK). Fintech, 2(1), 56–75.
Hu, Y. (2024). ARIMA Model, Discounted Cash Flow Analysis, and Dividend Discount Model for Five Technology Stocks’ Pricing and Trading Strategy. Highlights in Business, Economics and Management, 24, 1619–1626. https://doi.org/10.54097/67mydc85
Janiszewski, S. (2011). How to perform discounted cash flow valuation? Foundations of Management, 3(1), 81–96.
Khanafi, M. R., Kautsar, A., & Paramita, R. A. S. (2024). Stock Valuation Analysis Using The Discounted Cash Flow (DCF) Method With The Free Cash Flow To Firm (FCFF): Study Case of PT Transkon Jaya Tbk. Journal of Business and Management Review, 5(3), 205–214. https://doi.org/10.47153/jbmr53.9332024
Khurshid Khudoykulov. (2021). the Valuation of the Cost of Capital Through the Dcf Model. Scientific Journal of Actuarial Finance and Accounting, 1(2), 1–8. https://doi.org/10.55439/afa/vol1_iss2/7
Martia, D. Y., Setyawati, W., & Hastuti, Y. (2018). Analisis Valuasi Saham Pt. Semen Indonesia (Persero) Tbk Dengan Metode Discounted Cash Flow (DCF). Jurnal Aktual Akuntansi Keuangan Bisnis Terapan (AKUNBISNIS), 1(2), 160–166. https://doi.org/10.32497/akunbisnis.v1i2.1232
Mufty, F., Sumirat, E., & Darmansyah, A. (2023). PT Garuda Indonesia (PERSERO) Tbk Stock (GIAA) Fair Value Valuation Post Restructuring and Relisting on IDX. International Journal of Current Science Research and Review, 06(02). https://doi.org/10.47191/ijcsrr/v6-i2-90
Oosterom, J. P. (2022). Enhancing the evaluation of Energy Investments by supplementing traditional discounted cash flow with Energy Return on Investment analysis. Energy Policy, 168. https://doi.org/10.1016/j.enpol.2022.112953
Panigrahi, A., Vachhani, K., & Sisodia, M. (2021). Application of discounted cash flow model valuation: The case of Excide industries. Journal of Management Research and Analysis, 8(4), 170–179. https://doi.org/10.18231/j.jmra.2021.034
Panigrahi, S., Mohapatra, S., Shetty, A. P., Baby, R. S., & ... (2021). The burden &contributing factors of psychological distress across India during the COVID pandemic. Archives of Psychiatric …. https://www.sciencedirect.com/science/article/pii/S0883941721001539
Perek, A. A. (2012). Residual Income versus Discounted Cashflow Valuation Models : An Empirical Study. Accounting & Taxation ♦, 4(2), 57–64.
Permata, C. P., & Ghoni, M. A. (2019). Peranan Pasar Modal Dalam Perekonomian Negara Indonesia. Jurnal Akun Stie, 5(2), 50–61.
Ramadhani, P. I. (2022). Gelar Aksi Korporasi, Garuda Indonesia Harap Pembukaan Suspensi Saham. Https://Www.Liputan6.Com/Saham/Read/5102907/Gelar-Aksi-Korporasi-Garuda-Indonesia-Harap-Pembukaan-Suspensi-Saham.
Resia, E. (2021). Menyelamatkan atau Mengubur Garuda Indonesia. Https://Www.Djkn.Kemenkeu.Go.Id/Kpknl-Pekanbaru/Baca-Artikel/14352/Menyelamatkan-Atau-Mengubur-Garuda-Indonesia.Html.
Rorizki, F., Sakinah, S., Dalimunthe, A., & Silalahi, P. R. (2022). Perkembangan dan Tantangan Pasar Modal Indonesia. Economic Reviews Journal, 1(2), 147–157. https://doi.org/10.56709/mrj.v1i2.24
Rosalinda, V., & Pratiwi, A. R. (2018). Analisis Valuasi Nilai Wajar Saham PT. Jasa Marga (Persero) Tbk Menggunakan Metode Discounted Cash Flow (DCF) Untuk Proyeksi Tahun 2021-2023. Accounting and Financial Review, 1(1), 46–51. http://jurnal.unmer.ac.id/index.php/afre
Sasongko, A., & Tanujaya, E. (2020). Valuation Analysis of PT XYZ’s Initial Share Value Regarding the 2020 IPO Plan with Discounted Free Cash Flow and Relative Valuation Method. Proceedings of the 2nd International Conference of Business, Accounting and Economics, ICBAE 2020, 5-6 August 2020, Purwokerto, Indonesia. https://doi.org/10.4108/eai.5-8-2020.2301192
Silva, J. M., & Pereira, J. A. (2017). Adjustments to Cash Build-up When Retaining Dividends in the FCFE Valuation. Journal of Advanced Management Science, 5, 327–332. https://doi.org/10.18178/joams.5.5.327-332
Siregar, S. (2017). Perspektif Hukum Islam Mengenai Mekanisme Manipulasi Pasar Dalam Transaksi Saham Di Pasar Modal. Yurisprudentia: Jurnal Hukum Ekonomi, 3(2), 70–87.
Steiger, F. (2010). The Validity of Company Valuation Using Discounted Cash Flow Methods. ArXiv Preprint ArXiv:1003.4881. http://arxiv.org/abs/1003.4881
Tyana, & Abdillah, A. M. (2021). Various Policies of PT Garuda Indonesia (Persero) Tbk. in Increasing Its Productivity, Efficiency and Income. Journal Of Social Research, 1(1), 54–64. https://doi.org/10.55324/josr.v1i1.4
Utari, N. A., Asriany, A., & Hamid, R. S. (2022). Analisis Perbandingan Kinerja Keuangan Sebelum dan Sesudah Akuisisi Pada Perusahaan Yang Terdaftar di BEI Periode 2015-2020. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 5(1), 536–545.
Widyani, D. (2021). Gamification as a marketing strategy for Garuda Indonesia loyalty program. International Journal of Research in Business and Social Science (2147- 4478), 10(7), 418–422. https://doi.org/10.20525/ijrbs.v10i7.1405
Yuliah, Y., Triana, L., & Lesmana, I. S. (2019). Analisis Nilai Saham Dengan Dividend Discount Model (DDM) (Studi kasus Perusahaan Tekstil Dan Garmen Yang Terdaftar Di Bursa Efek Indonesia Tahun 2018). Jurnal Manajemen STIE Muhammadiyah Palopo, 5(2), 9–13. https://doi.org/10.35906/jm001.v5i2.360
Zellatifanny, C. M., & Mudjiyanto, B. (2018). Tipe Penelitian Deskripsi Dalam Ilmu Komunikasi. Diakom : Jurnal Media Dan Komunikasi, 1(2), 83–90. https://doi.org/10.17933/diakom.v1i2.20
Akbar, C., & Cahyani, D. R. (20211). BEI Hentikan Sementara Perdagangan Efek Garuda Indonesia, Sebabnya? Https://Bisnis.Tempo.Co/Read/1474043/Bei-Hentikan-Sementara-Perdagangan-Efek-Garuda-Indonesia-Sebabnya.
Akseptori, R., Yuniati, N., & Kurniasari, P. I. (2018). Fundamental Terhadap Trading Volume Activity Pada Perusahaan Industri Transportasi Laut Dan Perikanan Di Bursa Efek Indonesia. Jurnal Teknologi Dan Terapan Bisnis, 1(2), 90–97.
Andor, G., & Dülk, M. (2013). Present value under uncertain asset life: An evaluation of relative error. Periodica Polytechnica Social and Management Sciences, 21(2), 71–82. https://doi.org/10.3311/PPso.7086
Angelita, G., Kholil, K., Widaningsih, T., & Jamalullail, J. (2019). Corporate Communication Strategy for Business Repositioning A Case Study in PT Garuda Indonesia Tbk. International Journal of Business and Social Science, 10(4). https://doi.org/10.30845/ijbss.v10n4p6
Capinski, M. (2006). A new method of DCF valuation. Available at SSRN 932524.
Daelami, M. (2022). Kapan Gembok Saham GIAA Dibuka? Bos Garuda Angkat Bicara. Https://Investor.Id/Market-and-Corporate/308640/Kapan-Gembok-Saham-Giaa-Dibuka-Bos-Garuda-Angkat-Bicara.
de Vries, J. (2023). Discounted cash flow valuation and indirect cash flow analyses: Retracing the cash. In Corporate Finance for Lawyers: Understanding the Power Balance Between Shareholders, Secured Lenders and Unsecured Creditors (pp. 90–139). Edward Elgar Publishing. https://doi.org/10.4337/9781035302031.00007
Dewi, M. (2017). Analisis Rasio Keuangan untuk Mengukur Kinerja Keuangan PT Smartfren Telecom, Tbk. Jurnal Penelitian Ekonomi Akuntansi (JENSI), 1(1), 1–14.
DRISSI, R. (2023). Empirical Analysis of Unlisted Companies’ Valuation Using Discounted Cash Flow Methods. GATR Journal of Finance and Banking Review, 8(1), 73–84. https://doi.org/10.35609/jfbr.2023.8.1(4
Fernandez, P. (2011). Discounted Cash Flow Valuation Methods: Examples of Perpetuities, Constant Growth and General Case. In SSRN Electronic Journal. SSRN. https://doi.org/10.2139/ssrn.743229
Ganatra, V., Sinha, R., Chawla, P., Yi, T. C., Kee, D. M. H., Fei, N. M., Leng, L. S., Hui, F. H., Sentosa, R. G., Sin, L. G., Gupta, A., & Pandey, R. (2021). A Case Study on Key Success Factors of Garuda Indonesia Airlines. International Journal of Tourism and Hospitality in Asia Pasific, 4(1), 82–96. https://doi.org/10.32535/ijthap.v4i1.1024
Götze, U., Northcott, D., & Schuster, P. (2008). Discounted cash flow methods. Investment Appraisal: Methods and Models, 51–86.
Gunawan, H. (2022). Analisis Pengaruh Potensi Kebangkrutan Terhadap Harga Saham (Studi Kasus Pada Garuda Indonesia (PERSERO) TBK). Fintech, 2(1), 56–75.
Hu, Y. (2024). ARIMA Model, Discounted Cash Flow Analysis, and Dividend Discount Model for Five Technology Stocks’ Pricing and Trading Strategy. Highlights in Business, Economics and Management, 24, 1619–1626. https://doi.org/10.54097/67mydc85
Janiszewski, S. (2011). How to perform discounted cash flow valuation? Foundations of Management, 3(1), 81–96.
Khanafi, M. R., Kautsar, A., & Paramita, R. A. S. (2024). Stock Valuation Analysis Using The Discounted Cash Flow (DCF) Method With The Free Cash Flow To Firm (FCFF): Study Case of PT Transkon Jaya Tbk. Journal of Business and Management Review, 5(3), 205–214. https://doi.org/10.47153/jbmr53.9332024
Khurshid Khudoykulov. (2021). the Valuation of the Cost of Capital Through the Dcf Model. Scientific Journal of Actuarial Finance and Accounting, 1(2), 1–8. https://doi.org/10.55439/afa/vol1_iss2/7
Martia, D. Y., Setyawati, W., & Hastuti, Y. (2018). Analisis Valuasi Saham Pt. Semen Indonesia (Persero) Tbk Dengan Metode Discounted Cash Flow (DCF). Jurnal Aktual Akuntansi Keuangan Bisnis Terapan (AKUNBISNIS), 1(2), 160–166. https://doi.org/10.32497/akunbisnis.v1i2.1232
Mufty, F., Sumirat, E., & Darmansyah, A. (2023). PT Garuda Indonesia (PERSERO) Tbk Stock (GIAA) Fair Value Valuation Post Restructuring and Relisting on IDX. International Journal of Current Science Research and Review, 06(02). https://doi.org/10.47191/ijcsrr/v6-i2-90
Oosterom, J. P. (2022). Enhancing the evaluation of Energy Investments by supplementing traditional discounted cash flow with Energy Return on Investment analysis. Energy Policy, 168. https://doi.org/10.1016/j.enpol.2022.112953
Panigrahi, A., Vachhani, K., & Sisodia, M. (2021). Application of discounted cash flow model valuation: The case of Excide industries. Journal of Management Research and Analysis, 8(4), 170–179. https://doi.org/10.18231/j.jmra.2021.034
Panigrahi, S., Mohapatra, S., Shetty, A. P., Baby, R. S., & ... (2021). The burden &contributing factors of psychological distress across India during the COVID pandemic. Archives of Psychiatric …. https://www.sciencedirect.com/science/article/pii/S0883941721001539
Perek, A. A. (2012). Residual Income versus Discounted Cashflow Valuation Models : An Empirical Study. Accounting & Taxation ♦, 4(2), 57–64.
Permata, C. P., & Ghoni, M. A. (2019). Peranan Pasar Modal Dalam Perekonomian Negara Indonesia. Jurnal Akun Stie, 5(2), 50–61.
Ramadhani, P. I. (2022). Gelar Aksi Korporasi, Garuda Indonesia Harap Pembukaan Suspensi Saham. Https://Www.Liputan6.Com/Saham/Read/5102907/Gelar-Aksi-Korporasi-Garuda-Indonesia-Harap-Pembukaan-Suspensi-Saham.
Resia, E. (2021). Menyelamatkan atau Mengubur Garuda Indonesia. Https://Www.Djkn.Kemenkeu.Go.Id/Kpknl-Pekanbaru/Baca-Artikel/14352/Menyelamatkan-Atau-Mengubur-Garuda-Indonesia.Html.
Rorizki, F., Sakinah, S., Dalimunthe, A., & Silalahi, P. R. (2022). Perkembangan dan Tantangan Pasar Modal Indonesia. Economic Reviews Journal, 1(2), 147–157. https://doi.org/10.56709/mrj.v1i2.24
Rosalinda, V., & Pratiwi, A. R. (2018). Analisis Valuasi Nilai Wajar Saham PT. Jasa Marga (Persero) Tbk Menggunakan Metode Discounted Cash Flow (DCF) Untuk Proyeksi Tahun 2021-2023. Accounting and Financial Review, 1(1), 46–51. http://jurnal.unmer.ac.id/index.php/afre
Sasongko, A., & Tanujaya, E. (2020). Valuation Analysis of PT XYZ’s Initial Share Value Regarding the 2020 IPO Plan with Discounted Free Cash Flow and Relative Valuation Method. Proceedings of the 2nd International Conference of Business, Accounting and Economics, ICBAE 2020, 5-6 August 2020, Purwokerto, Indonesia. https://doi.org/10.4108/eai.5-8-2020.2301192
Silva, J. M., & Pereira, J. A. (2017). Adjustments to Cash Build-up When Retaining Dividends in the FCFE Valuation. Journal of Advanced Management Science, 5, 327–332. https://doi.org/10.18178/joams.5.5.327-332
Siregar, S. (2017). Perspektif Hukum Islam Mengenai Mekanisme Manipulasi Pasar Dalam Transaksi Saham Di Pasar Modal. Yurisprudentia: Jurnal Hukum Ekonomi, 3(2), 70–87.
Steiger, F. (2010). The Validity of Company Valuation Using Discounted Cash Flow Methods. ArXiv Preprint ArXiv:1003.4881. http://arxiv.org/abs/1003.4881
Tyana, & Abdillah, A. M. (2021). Various Policies of PT Garuda Indonesia (Persero) Tbk. in Increasing Its Productivity, Efficiency and Income. Journal Of Social Research, 1(1), 54–64. https://doi.org/10.55324/josr.v1i1.4
Utari, N. A., Asriany, A., & Hamid, R. S. (2022). Analisis Perbandingan Kinerja Keuangan Sebelum dan Sesudah Akuisisi Pada Perusahaan Yang Terdaftar di BEI Periode 2015-2020. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 5(1), 536–545.
Widyani, D. (2021). Gamification as a marketing strategy for Garuda Indonesia loyalty program. International Journal of Research in Business and Social Science (2147- 4478), 10(7), 418–422. https://doi.org/10.20525/ijrbs.v10i7.1405
Yuliah, Y., Triana, L., & Lesmana, I. S. (2019). Analisis Nilai Saham Dengan Dividend Discount Model (DDM) (Studi kasus Perusahaan Tekstil Dan Garmen Yang Terdaftar Di Bursa Efek Indonesia Tahun 2018). Jurnal Manajemen STIE Muhammadiyah Palopo, 5(2), 9–13. https://doi.org/10.35906/jm001.v5i2.360
Zellatifanny, C. M., & Mudjiyanto, B. (2018). Tipe Penelitian Deskripsi Dalam Ilmu Komunikasi. Diakom : Jurnal Media Dan Komunikasi, 1(2), 83–90. https://doi.org/10.17933/diakom.v1i2.20