Penilaian Nilai Intrinsik Saham Menggunakan Metode DCF Pada Perusahaan JII30
-
Muhamad Fatikhul Khoir
*
Universitas Islam Negeri Jurai Siwo Lampung, Metro,
Indonesia
- Atika Lusi Tania Universitas Islam Negeri Jurai Siwo Lampung, Metro, Indonesia
- Era Yudistira Universitas Islam Negeri Jurai Siwo Lampung, Metro, Indonesia
- Lella Anita Universitas Islam Negeri Jurai Siwo Lampung, Metro, Indonesia (*) Corresponding Author
Abstract
This study aims to estimate the intrinsic value of Jakarta Islamic Index 30 (JII30) constituent stocks for the period 2022–2025 to address valuation uncertainty in the Islamic capital market. The main problem addressed is the disconnection between market prices and companies’ fundamental values amid macroeconomic volatility. This study employs a fully integrated Discounted Cash Flow (DCF) approach to project the time value of money and future cash flows. Through purposive sampling, 15 sample companies were selected and analyzed using the variables of Operating Cash Flow, capital structure, Capital Asset Pricing Model (CAPM), Weighted Average Cost of Capital (WACC), and Terminal Value based on the Gordon Growth Model. The novelty of this study lies in the application of a fundamental DCF valuation model to Islamic stocks in the JII30, integrated with a Maqasid Syariah perspective, particularly concerning asset productivity and economic justice. The results show that 13 companies have strong fundamentals with positive Free Cash Flow (FCF), while BRPT and TPIA recorded negative FCF due to massive expansion. WACC levels varying between 1.68%–13.70% reflect unique sectoral risk heterogeneity. The main findings reveal that the majority of JII30 constituents are undervalued, indicating that the market has not fully reflected the fundamental value of the issuers. The main contribution of this study is validating the relevance of the DCF method as a rational and objective instrument for investment decision-making by Islamic investors in Indonesia.
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Copyright (c) 2026 Muhamad Fatikhul Khoir, Atika Lusi Tania, Era Yudistira, Lella Anita
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