Cara Pakai P/E Ratio (PER) (Praktek Analisa Fundamental Saham)

Summary

This script delves into the fundamental analysis of stocks, focusing on the Price Earnings Ratio (PE Ratio). It explains the concept of ratios, the calculation of PE, and its importance in evaluating a stock's value relative to its earnings. The video discusses using PE to compare companies of different scales and over time, highlighting its utility in identifying undervalued stocks. It also touches on the limitations of PE, such as its reliance on net income, which may not always reflect a company's consistent profitability. The script advises a comprehensive fundamental analysis before making investment decisions, rather than solely relying on PE as a magic number.

Takeaways

• 📈 The script discusses the concept of fundamental analysis, emphasizing the importance of ratios like the Price Earnings Ratio (PE Ratio) for evaluating stocks.
• 🔢 Fundamental analysis involves examining the basic financial elements of a company, including its ownership and financial health, to determine the value of its shares.
• 📊 The PE Ratio is a comparison of two numbers, calculated by dividing the share price by the Earnings Per Share (EPS), which indicates the cost of a stock relative to its earnings.
• 🏦 The script uses the example of two telecommunication companies, Telkom and XL, to demonstrate how to manually calculate the PE Ratio and compare their stock prices.
• 📉 A lower PE Ratio suggests that a stock is cheaper in relation to its earnings, but it doesn't automatically mean it's a good investment; the company's overall quality and growth potential must also be considered.
• 📚 The script references Benjamin Graham's 'Intelligent Investor', which recommends PE Ratios below 15 and even below 10 as potentially undervalued stocks.
• 📉 The script explains that PE Ratios can be calculated using annualized earnings or the last 12 months of earnings (TTM), with each method having its own implications for accuracy.
• ⚠️ It warns against solely relying on PE Ratios to determine a stock's value, as they can be influenced by one-time earnings or non-recurring events, which may not reflect the company's true profitability.
• 📈 The script suggests that comparing a company's PE Ratio with industry peers can provide insights into whether its stock is over- or undervalued within its sector.
• 📊 The importance of comprehensive fundamental analysis is highlighted, with the script advising investors to look beyond PE Ratios to consider management quality, dividend consistency, and growth prospects.
• 💡 The script concludes by advising investors to be cautious when using PE Ratios, as they should not be seen as a magic number that guarantees a stock's value or future performance.

Q & A

What is the fundamental analysis of a company?

Fundamental analysis is the process of evaluating a company's financial health and performance to determine its underlying value. It involves analyzing all aspects related to the company, including its financial statements, management quality, dividend history, growth prospects, and more.

What is the Price Earnings Ratio (PE Ratio)?

The Price Earnings Ratio (PE Ratio) is a valuation ratio calculated by dividing the market value per share of a stock by its earnings per share (EPS). It indicates the price investors are willing to pay for each unit of a company's earnings.

Why is it important to compare ratios when analyzing stocks?

Comparing ratios is important because it allows investors to evaluate the relative value and performance of different companies, even if they have different scales of operations or are in different industries. It also helps in assessing the growth of a company over time.

How is the Earnings Per Share (EPS) calculated?

Earnings Per Share (EPS) is calculated by dividing a company's net income for the year by the number of shares outstanding. It represents the portion of a company's profit allocated to each share of common stock.

What are the components needed to calculate the PE Ratio?

To calculate the PE Ratio, you need three components: the net income of the company for one year, the number of shares outstanding, and the stock's current market price.

How can you determine if a stock is overvalued or undervalued using the PE Ratio?

A stock is considered overvalued if it has a high PE Ratio compared to the industry average or its historical PE Ratio, indicating that investors are paying more for each unit of earnings. Conversely, a stock is undervalued if it has a low PE Ratio, suggesting that it may be a good buying opportunity.

What is the difference between the 'Trailing PE' and 'Forward PE'?

The 'Trailing PE' uses the most recent 12 months of earnings to calculate the PE Ratio, while the 'Forward PE' estimates the earnings for the next 12 months. The 'Trailing PE' is based on actual earnings, whereas the 'Forward PE' is based on projected or expected earnings.

Why might a company's PE Ratio be misleading?

A company's PE Ratio can be misleading if it is based on non-recurring or extraordinary earnings, such as one-time gains or losses, which do not reflect the company's normal earnings power. It can also be affected by changes in the number of shares outstanding due to stock issuances or buybacks.

How can investors use the PE Ratio to make informed investment decisions?

Investors can use the PE Ratio to compare a stock's valuation with its peers in the same industry or with the market as a whole. It can help identify stocks that may be undervalued or overvalued, but it should be used in conjunction with other financial metrics and qualitative analysis for a comprehensive evaluation.

What are some limitations of using the PE Ratio as an investment tool?

Limitations of the PE Ratio include its sensitivity to short-term fluctuations in earnings, its inability to account for growth prospects or future earnings potential, and its potential to be skewed by non-recurring items or changes in the number of shares outstanding.

Why is it important to consider a company's fundamentals before using the PE Ratio to evaluate its stock?

It is important to consider a company's fundamentals because the PE Ratio alone does not provide a complete picture of a company's financial health or growth potential. Fundamentals such as management quality, dividend history, and revenue growth are crucial for a more accurate assessment of a company's value and future prospects.