Valuasi Harga Wajar LPCK (Q2-2012)

Metode Pak TOM DS (milis OB):

EPS Annualized 2012 = Rp. 530,52,-
ROE Q2-2012 = 18,35% --> annualized = 18,35% X 2 = 36,7%

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
                                                                = 36,7% - 6,75% = 29,95%

Earning multiple premium (B) =  A X Z
                                                  = 29,95% X 14,81x = 4,44x

PER wajar = Z + B
                  = 14,81x + 4,44x = 19,25x

Harga wajar LPCK = PER wajar X EPS annualized
                                 = 19,25x X Rp. 530,52,- = Rp. 10213,-


Harga LPCK skrg = Rp. 3.575,-

Margin of safety = 1 - (hrg skrg/hrg wajar)
                           = 1 - (3575/10213) = 65%

Dengan metode valuasi seperti itu, didapat margin of safety sebesar 65%. Maka hal tersebut sudah memenuhi kriteria screening (pemilihan saham) Benjamin Graham, yaitu margin of safety minimal sebesar 30%.