Valuasi Harga Wajar BBRI (Q2-2012)

EPS Annualized 2012 = Rp. 725,52,-
ROE Q2-2012 = 15,79% --> annualized = 15,79% X 2 = 31,58%

BI Rate = 5,75%
Yield SUN = 5,75% + 1 = 6,75%

PER SUN (Z) = 1 / Yield SUN
                       = 1 / 6,75% = 14,81x

Earning premium saham thdp SUN (A) = ROE - Yield SUN
                                                                = 31,58% - 6,75% = 24,83%

Earning multiple premium (B) =  A X Z
                                                  = 24,83% X 14,81x = 3,68x

PER wajar = Z + B
                  = 14,81x + 3.68x = 18,49x

Harga wajar BBRI = PER wajar X EPS annualized
                                 = 18,49x X Rp. 725,52,- = Rp. 13.415,-


Harga BBRI skrg = Rp. 7.350,-

Margin of safety = 1 - (hrg skrg/hrg wajar)
                           = 1 - (7350/13415) = 45,2%