Analisis Dividend Discounted Model untuk Keputusan Investasi pada PT Medco Energi Internasional Tbk Periode 2021–2025

Ananta Adelia Nusa; Marieska Lupikawaty; Mahmud Junianto

doi:10.61132/maeswara.v4i4.2673

Authors

Ananta Adelia Nusa Politeknik Negeri Sriwijaya
Marieska Lupikawaty Politeknik Negeri Sriwijaya
Mahmud Junianto Politeknik Negeri Sriwijaya

DOI:

https://doi.org/10.61132/maeswara.v4i4.2673

Keywords:

Dividend Discounted Model, Investment Decisions, Intrinsic Value, Medco Energi, Stock Valuation

Abstract

This study aims to calculate the fair value of MEDC shares using the Dividend Discounted Model (DDM) to serve as a reference for investors’ investment decisions and to determine the intrinsic value of MEDC shares so that investment decisions can be made. The sample used in this study is PT. Medco Energi Internasional Tbk for the period 2021–2025. This study uses secondary data in the form of financial statements published by the Indonesia Stock Exchange and the closing stock prices for each research period. The results show that, based on the Dividend Discount Model (DDM), the stock is currently undervalued; this condition indicates a “Sell” investment decision for investors who already.

Downloads

Download data is not yet available.

References

Budiono, D. A. Z., & Yuana, P. (2022). Perbandingan Analisis Penilaian Harga Wajar Saham Dengan Metode Penilaian Relatif dan Arus Kas Terdiskonto Dalam Pengambilan Keputusan Investasi. Jurnal Management Risiko Dan Keuangan, 1(4), 294–302. https://doi.org/10.21776/jmrk.2022.01.4.07

Dividen Saham Medco energi. (2025, November 11). Investing.Com.https://id.investing.com/

Dukalang, H. H., Koni, W., Mokoagow, N. C., Sultan, I., & Gorontalo, A. (2021). Comparison of Dividend Discount Model With Free Cash Flow To Firms For Valuation of Banking Stocks Listed in Jakarta Islamic Index (JII) Period 2016-2020. Jurnal Ekonomi & Keuangan Islam, 12(2), 278–285.

Fernanda, H. (2023). Metodologi Penelitian Kualitatif & Kuantitatif (1st ed.). PT Penamuda Media.

Ganefi, H. S., Prasetyono, A., & Amalia, M. R. (2023). Penilaian saham secara fundamental menggunakan metode dividend discount model dan price earning ratio untuk keputusan investasi . Jurnal Riset Ekonomi Dan Bisnis, 16(1), 68–80.

Gunawan, C., & Hapsari, N. (2023). Analisis Fundamental untuk Menilai Saham dengan Metode Valuasi Relatif terhadap Keputusan Investasi. Studi Akuntansi, Keuangan, Dan Manajemen, 3(1), 19–33. https://doi.org/10.35912/sakman.v3i1.2285

Istiani, & Amrulloh, A. (2025). Analisis Kinerja Keuangan Perusahaan Sektor Pertambangan yang Terdaftar di BEI Tahun 2020-2023. Anggaran: Jurnal Publikasi Ekonomi Dan Akuntansi, 3(1), 65–73.

Jahrizal, Pangestika, D. E., Riani, E., Riana, R., Ridarman, N. P., & Fera, S. A. (2026). Studi Kelayakan Finansial Dan Investasi . Kbm Indonesia.

Kleriawan, E. B., & Dwiyono, I. M. (2021). The Fair Price of Company Shares with Dividend Discount Model Method. AFRE (Accounting and Financial Review), 4(1), 38–44. https://doi.org/10.26905/afr.v4i1.5960

Lupikawaty, M. (2025). Strategi Investasi dan Perencanaan Keuangan (Membangun Portofolio yang Sukses Di Pasar Modal) (W. Yuliani, J. A. Putri, & S. F. Risti, Eds.; 1st ed.). CV Dunia Penerbitan Buku.

Nurhayati, E. C., Trihudiyatmanto, M., Efendi, B., Purwanto, H., & Affandi, A. (2022). Corporate Social Responsibility: Pemoderasi Pengaruh Kebijakan Deviden Terhadap Harga Saham. Jurnal Akuntansi, Manajemen & Perbankan Syariah, 2(3), 24–40.

Pangestika Natali, T., & Chistianti, A. (2021). Valuasi Saham dan Pengambilan Keputusan Investasi: Perbandingan Metode Absolute dan Metode Relative. Jurnal Bisnis Dan Manajemen, 8(2), 291–299. https://doi.org/10.5194/gmd-7-1247-2014

Pujiastuti, W. (2025). PRICE EARNING RATIO (PER) DAN NILAI WAJAR SAHAM: EVALUASI KRITIS DALAM INVESTASI (Studi Pada Saham PT Kalbe Farma Tbk, Periode 2019-2023) marli@stie-mce.ac.id STIE Malangkucecwara Malang (Vol. 18, Issue 1).

Purnamasari, K., & Djuniardi, D. (2021). Dasar-Dasar Manajemen Keuangan (Moh. F. Arifin & M. R. Aqli, Eds.; 1st ed.). CV. Literasi Nusantara Abadi.

Rohman, N. R., Natali, M. E., Dewitasari, R. P., & Almuntaha, E. (2024). Analisis Penilaian Saham PT Industri Jamu dan Farmasi Sido Muncul Tbk Dalam Pengambilan Keputasan Investasi. Prosiding Seminar Nasional Aplikasi Sains & Teknologi (SNAST), 122–129.

Segal, T. (2025, April 29). Fundamental analysis: Principles, types, and how to use it. Investopedia. https://www.investopedia.com/terms/f/fundamentalanalysis.asp

Senel, C. (2025). Constant Growth Dividend Discount Model (DDM): A study on selected companies in Türkiye. Review of Socio-Economic Perspectives, 10(2), 148 160. https://doi.org/10.2478/rsep-2025-0020

Statistik Pasar Modal Indonesia Agustus 2025. (2025). https://web.ksei.co.id/files/Statistik_Publik_Agustus_2025.pdf

Untung, H. B. (2024). Hukum Investasi (Tarmizi, Ed.). Sinar Grafika.

Wardhani, R. S., Vebtasvili, Aprilian, R. I., Yanto, Suhdi, Yunita, A., & Agustina, D. (2022). Mengenal Saham. K-Media.