Valuasi Perusahaan Startup Berbasis Teknologi dengan Discounted Cash Flow Method dan Real Option Method

Abstract

The phenomenon of the growth of startup companies is often associated with the highly rapid development of internet technology in Indonesia. The growing number of internet users pushes the growth of startup companies. The rapid development of startups in Indonesia is also linked to the bubble.com phenomenon that occurred in Silicon Valley between 1999 and 2000. Jnternet-based companies (com companies) emerged during this period. The surge in internet company assets at this time is caused by the valuation of shares that are not based on the valuation of assets in general. Recently, the stock prices of startup companies have started to fall, and it is considered the same as the bubble.com phenomenon. Another indication is that there is a mass layoff of the employees of a company, where this condition also occurred in Silicon Valley during the era of the fall ofjasa.com. Related to this, it is necessary to carry out an intrinsic valuation of startup stocks empirically and in accordance with applicable valuation standards to see the condition of these companies as a whole. The population in this research is startup companies that have carried out an Initial Public Offering (IPO) in the Indonesia Stock Exchange (IDX), and 12 startup companies in the technology sector are taken as the. This research uses the Discounted Cash Flow (DCF) and Real Option (RO) as the valuation methods. The results of the assessment with the two methods are then reconciled to obtain the intrinsic value of startup companies in the technology sector. The research results show that 12 startup companies in the technology sector are experiencing overvalued conditions where the condition of overvalue is caused by several things such as the company's external and internal circumstances.