ANALISIS NILAI INTRINSIK SAHAM PT INDIKA ENERGY TBK DENGAN PENDEKATAN PENILAIAN RELATIF

This study aims to estimate the intrinsic value of PT Indika Energy Tbk (INDY) shares and analyze the feasibility of investment decisions. The research method employs a descriptive comparative quantitative approach using financial statement data from 2012 to 2024. The analysis involves four comparable companies in the coal subsector as the basis for industry multipliers. The main variables analyzed include the Price-Earnings Ratio, Price-to-Book Value, and Enterprise Value per EBITDA. The results of the study using a quadratic model showed the highest level of precision with the smallest RMSE value of 0.0288 for the net income variable. The combined intrinsic value estimate reached Rp2,454 per share. This figure far exceeds the December 2024 market price of Rp1,495. This indicates that INDY shares are undervalued with a significant margin of safety. The theoretical contribution of this research strengthens the literature on relative valuation for companies undergoing business transitions. The practical contribution provides guidance for investors in making data-driven buying decisions based on fundamental analysis. The implications of the findings confirm that the current market price does not yet fairly reflect the company’s fundamental value. These research results are crucial as an investment navigation tool to rationally mitigate the risks of global commodity price volatility.