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Thursday, Jan-23 2020 09:33 WIB
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Memahami Price to Book Value (P/BV)
Published: 4 Nov 2011 12:13 WIB


IMQ, Jakarta —  Secara umum, P/BV adalah sebuah indikator penting dalam investasi walaupun sebagian analis menganggap sudah kurang relevan lagi karena berbagai alasan.

Namun, bagaimanapun juga, P/BV ini merupakan rasio yang sudah secara luas dipakai di berbagai analisis sekuritas dunia. Rasio P/BV ini didefinisikan sebagai perbandingan nilai pasar suatu saham (stock’s market value) terhadap nilai bukunya sendiri (perusahaan) sehingga kita dapat mengukur tingkat harga saham apakah overvalued atau undervalued.

Perhitungannya dilakukan dengan membagi harga saham (closing price) pada kuartal tertentu dengan nilai buku kuartal persahamnya. Beberapa pihak menyebutnya dengan “price-equity ratio”.

Semakin rendah nilai P/BV suatu saham maka saham tersebut dikategorikan undervalued, yang mana sangat baik untuk memutuskan investasi jangka panjang. Nilai rendah PBV ini harus disebabkan oleh turunnya harga saham, sehingga harga saham berada di bawah nilai bukunya atau nilai sebenarnya.

Namun, rendahnya nilai P/BV ini juga dapat mengindikasikan menurunnya kualitas dan kinerja fundamental emiten yang bersangkutan (fundamentally wrong).

Oleh karena itu, nilai P/BV harus kita bandingkan juga dengan P/BV sektor yang bersangkutan. Apabila terlalu jauh perbedaannya dengan P/BV industrinya maka sebaiknya perlu dianalisis lebih dalam lagi.

Menariknya, P/BV ini juga memberikan sinyal kepada investor apakah harga yang kita bayar/investasikan kepada perusahaan tersebut terlalu tinggi atau tidak jika diasumsikan perusahaan bangkrut tiba-tiba (bankrupt immediately).

Karena jika perusahaan bangkrut, maka kewajiban utamanya membayar utang terlebih dahulu, baru sisa aset (kalau ada) dibagikan kepada para pemegang saham. Ada kelemahan rasio keuangan ini, di mana nilai ekuitas dipengaruhi langsung oleh saldo laba perusahaan yang diakumulasi dari laba/rugi pada income statement.

Jadi konsep utama P/BV adalah kapitalisasi pasar dibagi oleh nilai buku. Nilai buku dapat dengan basis seluruh perusahaan atau per sahamnya saja. Rasio ini jelas membandingkan nilai pasar terhadap nilai perusahaan berdasarkan laporan keuangan (financial statements).

Maka dapat diartikan bahwa semakin tinggi nilai P/BV suatu saham mengindikasikan persepsi pasar yang berlebihan terhadap nilai perusahaan dan sebaliknya jika P/BV rendah, maka diartikan sebagai sinyal good investment opportunity dalam jangka panjang.

Namun untuk beberapa jenis perusahaan, rasio P/BV ini kurang ampuh lagi karena adanya kesulitan mendasar bagi akuntansi tradisional untuk perusahaan berbasis teknologi tinggi. Aset utama perusahaan jenis ini adalah ”intellectual property” yang merupakan ”great value” yang sulit dicatatkan dalam akuntansi keuangan biasa. Sehingga book value perusahaan jenis ini tidak merefleksikan kekayaan sebenarnya dari perusahaan teknologi ini.

Secara umum nilai P/BV ini lebih diminati oleh value investor ketimbang growth investor.
Author: Perdana Wahyu Sentosa
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