1 2 3 4 5 6

Net Income
Saham 2015 2016 2017 2018
apii 18,444,000,000 15,872,000,000 13,922,000,000 22,387,000,000
indf 2,968,000,000 3,885,000,000 2,504,000,000 3,261,000,000
unvr 4,839,000,000 5,353,000,000 5,739,000,000 5,852,000,000
7 8 9 10 11 12 13
EPS
2015 2016 2017 2018
22.75 15.37 14.77 12.96
14 15 16 17 18 19 20 21 22
Book Value Per Share PBV
2015 2016 2017 2018 2015
151.07 205.07 222.4 229.97 1.08
 23 24 25 26 27 28 29 30
PER
2016 2017 2018 2015 2016
1.42 0.88 0.75 14.44 28.40
 31 32 33 34 35 36 37 38
PER Industri
2017 2018 2015 2016 2017
20.77 6.71 14.53 19.07 17.44
 39 40

2018
5.25
Kode Saham apii
Harga Saham 189

Target MOS
Metode DCF 498 62.08
Metode PER Industri 182.38 -3.63
Metode PER Historis 227.8368 17.05
Metode PBV Historis 237.444025 20.40

Metode Discounted Cash Flow

1 2 3 4
apii 2015 2016 2017
Net Income 18,444,000,000 15,872,000,000 13,922,000,000
% change -13.94 -12.29

Risk Free Rate 8 obligasi negara/2x inflasi

1 2 3
Tahun 2019 2020 2021
FV 24,966,903,619 27,844,118,296 31,052,906,502
24,966,903,619 27,844,118,296 31,052,906,502
PV 23,117,503,351 23,871,843,533 24,650,798,358

Equity 267,991,000,000.00
Share 1,075,760,000

Fair Value 498

Price 189

MOS 62.0844344339

Metode PER Industri

apii 2015 2016 2017
PER Industri 14.53 19.07 17.44
% change 31.25 -8.55
EPS 22.75 15.37 14.77
% change -32.44 -3.90

Harga Wajar = PER Rata2 industri x

14.07 x
182.38
Metode PER Historis
apii 2015 2016 2017
PER 14.44 28.4 20.77
% change 96.68 -26.87
EPS 22.75 15.37 14.77
% change -32.44 -3.90

Harga Wajar = PER Rata2 Historis x

17.58 x
227.8368

Metode PBV Historis

apii 2015 2016 2017
PBV 1.08 1.42 0.88
% change 31.48 -38.03
BVPS 151.07 205.07 222.4
% change 35.75 8.45

Harga Wajar = PBV Rata2 Historis x

1.0325 x
237.444025
 avg 215.89

5
2018 avg
22,387,000,000
60.80 11.52

4 5 6 7
2022 2023 2024 2025
34,631,479,149 38,622,450,622 43,073,346,237 48,037,168,179
34,631,479,149 38,622,450,622 43,073,346,237 48,037,168,179
25,455,171,021 26,285,790,922 27,143,514,526 28,029,226,248

2018 avg
5.25 14.07
-69.90
12.96
-12.25

EPS
12.96
 2018 avg
6.71 17.58
-67.69
12.96
-12.25

EPS
12.96

2018 avg
0.75 1.0325
-14.77
229.97
3.40

BVPS
229.97
 8 9 10
2026 2027 2028
53,573,026,669 59,746,843,856 66,632,138,833
53,573,026,669 59,746,843,856 66,632,138,833
28,943,839,358 29,888,296,928 30,863,572,805 268,249,557,049.03
 2008 2009 2010 2011 2012
2407 3044 3387 4164 4839
26.46 11.27 22.94 16.21

Risk free rate 12

1 2 3 4 5
2016 2017 2018 2019 2020
FV 3,653.0144 4,496.13 5,533.84 6,811.05 8,383.04
FV 3653.0144 4496.130124 5533.836956 6811.046525 8383.036064
PV 3261.62 4432.304932 5524.290981 6809.63448 8382.827472
 2013 2014 2015
5353 5739 2968
10.62 7.21 -48.28 23.08

6 7 8 9 10
2021 2022 2023 2024 2025
10,317.84 12,699.20 15,630.17 19,237.62 23,677.66
10317.84079 12699.19844 15630.17344 19237.6175 23677.6596
10317.80998 12699.19389 15630.17277 19237.6174 23677.6596