Valuasi Bank: PBV, PER & DDM

Parameter Valuasi Bank

Tiga metode valuasi bank: PBV (Price-to-Book), PER (Price-to-Earnings), DDM (Dividend Discount Model). Geser ROE, growth, dan cost of equity untuk lihat valuasi wajar bank berubah — bank valuasi terutama pakai PBV karena aset likuid.

ROE berkelanjutan (%)15%

Cost of equity (CAPM, %)12%

Pertumbuhan dividen jangka panjang (%)6%

Payout ratio dividen (%)40%

Book value per saham (Rp)5.000

Earnings per share EPS (Rp)750

Harga wajar: PBV, PER, DDM vs harga pasar

Glosarium: PBV (Price-to-Book Value) = harga ÷ nilai buku per saham. PBV wajar = (ROE − g) / (COE − g) untuk justified PBV. PER (Price-to-Earnings) = harga ÷ EPS. PER wajar = payout × (1+g) / (COE − g). DDM (Dividend Discount Model, Gordon) = dividen tahun depan / (COE − g). Bank sering valuasi via PBV karena aset/kewajiban likuid (mark-to-market). Premium PBV >1 = bank menghasilkan ROE di atas COE (value creator).