Valuasi Harga Wajar PANS (Q2-2012)

EPS Annualized 2012 = Rp. 290,76,-
ROE Q2-2012 = 12,93% --> annualized = 12,93% X 2 = 25,86%

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
                                                                = 25,86% - 6,75% = 19,11%

Earning multiple premium (B) =  A X Z
                                                  = 19,11% X 14,81x = 2,83x

PER wajar = Z + B
                  = 14,81x + 2,83x = 17,64x

Harga wajar PANS = PER wajar X EPS annualized
                                 = 17,64x X Rp. 290,76,- = Rp. 5.129,-


Harga PANS skrg = Rp. 1.840,-

Margin of safety = 1 - (hrg skrg/hrg wajar)
                           = 1 - (1840/5129) = 64,13%