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Abstrak :
Penelitian ini bertujuan untuk menganalisa pengaruh dari efisiensi inovasi yang dicanangkan oleh (Hirshleifer, Hsu, & Li, 2013) terhadap valuasi perusahaan dan performa operasi perusahaan di Eropa pada periode 2004 hingga 2011. Selain itu juga disertakan variabel kontrol atas kegiatan inovasi; seperti intensitas paten, intensitas R&D, abnormal earning, proporsi R&D, pertumbuhan R&D; dan kegiatan investasi, intensitas investasi (Capex/ME). Tidak lupa, penelitian juga menambahkan karakteristik industri dan periode waktu dalam model. Dari hasil penelitian ditemukan bahwa efisiensi inovasi signifikan berpengaruh terhadap performa operasi, namun membutuhkan waktu yang cenderung lebih panjang yaitu tiga periode ke belakang untuk dapat menghasilkan imbal hasil yang positif terhadap profitabilitas perusahaan. Selain itu variabel kontrol kegiatan inovasi dan kegiatan investasi juga berpengaruh terhadap performa operasi. Sinyal efisiensi inovasi secara signifikan berpengaruh positif terhadap valuasi pasar atas perusahaan. Informasi atas R&D expediture perusahaan juga berpengaruh signifikan dan positif terhadap valuasi pasar atas perusahaan.

Abstrak :
ABSTRAK
Laporan magang ini bertujuan untuk menganalisa performas usaha dan keuangan dari PT Indofood CBP Sukses Makmur. Indofood memasarkan portofolio produk yang luas termasuk mi, produk susu, makanan bernutrisi, makanan ringan, bumbu masakan, dan minuman penyegar. Ditengah ekspektasi kenaikan konsumsi pada tahun 2018 yang dikarenakan kebijakan pemerintah yang populis dan Pilkada serentak, Indofood beroperasi pada segment konsumen yang sulit. Katalis kenaikan yang terbatas menghasil rekomendasi investasi HOLD dengan target harga Rp8,896 dan potensi kenaikan sebesar 7.18

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ABSTRACT
This internship report aims to analyze PT Indofood CBP Sukses Makmur business and financial performance. Indofood markets a wide portfolio of product including noodles, dairy, nutritional foods, snack foods, food seasoning and beverages that cater to a wide consumer spectrum. Amid the expected consumption pick up in 2018 due to populist government policy and simultaneous regional election, Indofood exists in tough segments within the consumer industry. The limited upside catalyst resulted in a HOLD investment recommendation with target price of Rp8,896 and upside potential of 7.18 .

Abstrak :
[ABSTRAK
Penelitian ini membahas penyederhanaan neraca keuangan yang sudah terstandarisasi khususnya pada neraca kekayaan-kewajiban dengan metode revised balance sheet. Pada neraca kekayaan-kewajiban standar terdapat minimal 32 (tiga puluh dua) variabel data keuangan, dengan menggunakan metode revised balance sheet, maka hanya 6 (enam) variabel data keuangan berjangka panjang yang digunakan dalam proses evaluasi kinerja keuangan, prediksi posisi keuangan, serta perancangan kebijakan dalam upaya meningkatkan pertumbuhan keuangan perusahaan.

Proses penyederhanaan neraca keuangan serta penentuan kebijakan keuangan perusahaan menggunakan perangkat lunak Matlab. Pada Matlab terdapat media tampilan GUI (graphic user interface) yang memudahkan dalam pemrosesan setiap data neraca keuangan. Evaluasi kinerja dan langkah kebijakan yang diprioritaskan pada penelitian ini ditampilkan dalam beberapa feature, diantaranya adalah penentuan laju pertumbuhan keuangan perusahaan, penilaian harga saham, evaluasi tindakan merger, simulasi laju pertumbuhan dengan penambahan modal penyertaan saham, penentuan kelayakan investasi serta evaluasi biaya penelitian dan pengembangan perusahaan

Hasil yang diperoleh dalam penelitian ini bahwa penggunaan alat analisa keuangan dalam bentuk program komputer dengan menggunakan metode revised balance sheet melalui perangkat lunak Matlab dapat beroperasi secara efektif dan efisien.; ABSTRACT
This study discusses the simplification of the financial statements that has been standardized especially on the balance sheet become simpler with the revised balance sheet method. At the balance sheet standard, there are at least 32 (thirty two) financial data variables, using the revised balance sheet method, only 6 (six) variable long-term financial data used in the process of evaluating the financial performance, financial position prediction, and design policies in an effort to improve the company's financial growth.

The simplification of the balance sheet and financial policies determinationusing Matlab software. In Matlab media, there is GUI (graphic user interface) that facilitates the processing of any financial data in financial statements. Performance evaluation and priority policies measures in this study is shown in several features, including the determination the growth rate of corporate finance, stocks valuation, merger valuation, growth rate with additional equity, investment criteria acceptance, and research and development cost valuation.

The results obtained in this study that the use of financial analysis tool in the form of a computer program using the revised balance;This study discusses the simplification of the financial statements that has been standardized especially on the balance sheet become simpler with the revised balance sheet method. At the balance sheet standard, there are at least 32 (thirty two) financial data variables, using the revised balance sheet method, only 6 (six) variable long-term financial data used in the process of evaluating the financial performance, financial position prediction, and design policies in an effort to improve the company's financial growth. The simplification of the balance sheet and financial policies determinationusing Matlab software. In Matlab media, there is GUI (graphic user interface) that facilitates the processing of any financial data in financial statements. Performance evaluation and priority policies measures in this study is shown in several features, including the determination the growth rate of corporate finance, stocks valuation, merger valuation, growth rate with additional equity, investment criteria acceptance, and research and development cost valuation. The results obtained in this study that the use of financial analysis tool in the form of a computer program using the revised balance, This study discusses the simplification of the financial statements that has been standardized especially on the balance sheet become simpler with the revised balance sheet method. At the balance sheet standard, there are at least 32 (thirty two) financial data variables, using the revised balance sheet method, only 6 (six) variable long-term financial data used in the process of evaluating the financial performance, financial position prediction, and design policies in an effort to improve the company's financial growth. The simplification of the balance sheet and financial policies determinationusing Matlab software. In Matlab media, there is GUI (graphic user interface) that facilitates the processing of any financial data in financial statements. Performance evaluation and priority policies measures in this study is shown in several features, including the determination the growth rate of corporate finance, stocks valuation, merger valuation, growth rate with additional equity, investment criteria acceptance, and research and development cost valuation. The results obtained in this study that the use of financial analysis tool in the form of a computer program using the revised balance]

Abstrak :
Laporan Magang ini membahas mengenai proses valuasi saham PT. Hanjaya Mandala Sampoerna dengan menganalisa kondisi keuangan perusahaan di tengah kondisi persaingan ketat industri rokok. Valuasi ini dilakukan dengan pendekatan fundamental menggunakan Free Cash Flow to the Firm (FCFF), dengan sanity check menggunakan Relative Valuation. Ekspektasi pertumbuhan penjualan volume yang kuat, kenaikan Average Selling Price, dan tidak adanya kenaikan pajak cukai pada tahun 2019 akan menunjang pertumbuhan pangsa pasar perusahaan, dan pada akhirnya mendorong kenaikan profit. Harga saham PT. Hanjaya Mandala Sampoerna diekspektasikan akan naik sebanyak 30,2% dalam satu tahun, dengan rekomendasi saham BELI. Namun, ada ruang untuk menurun setelah periode satu tahun karena kemungkinan munculnya kenaikan cukai pada industri rokok yang berlaku tahun 2020. Secara umum, proses valuasi yang dilakukan sudah sesuai dengan standar yang ditetapkan. Meskipun demikian, masih ada kekurangan dari prosedur yang dilakukan oleh PT MBA Sekuritas, yakni estimasi pada model finansial yang tidak diperbaharui secara rutin. ......This Internship Report evaluates the stock valuation process for PT. Hanjaya Mandala Sampoerna by analyzing the company's financial stance in the midst of intense competition in the cigarette industry. This valuation was conducted through the fundamental approach using Free Cash Flow to the Firm (FCFF), with a sanity check using Relative Valuation. Expectations of strong sales volume growth, an increase in Average Selling Price, and the absence of an increase in excise in 2019 will support the growth of the company's market share, ultimately driving profitability. As a result, PT. Hanjaya Mandala Sampoerna’s share price is expected to rise as much as 30.2% in one year, which leads to a BUY recommendation. However, there is room for a decline after a one-year period due to the possibility of an increase in excise tax on the cigarette industry in effect in 2020. In general, the valuation process is carried out in accordance with established standards. Nevertheless, there are still shortcomings of the process carried out by PT MBA Securities, namely irregularly updated estimates on financial models.

Abstrak :
This Thesis calculates the fair value of shares PT Unilever Indonesia Tbk (UNVR) both before and after the increase in royalty fee and then compares it with similar companies in industry that listed in Indonesia Stock Exchange. This research is qualitative descriptive interpretative. Valuation is done by using Free Cash Flow to Equity (FCFE), EV/EBITDA, P/E Ratio, and P/B Ratio. The research showed that market price of UNVR per Dec 28th 2012 was overvalued compared with its intrinsic value for conservative investor. Company must perform corporate actions such as stock splits to make investors interested (cover negative sentiment due to increase royalty fee).