ABSTRAK Moch Ronny M.Noor, Analisis Nilai Kewajaran Harga Saham Menggunakan Dividen Discount Model Sebagai Alternatif Pengambilan Keputusan Investasi Pada Perusahaan Subsektor Telekomunikasi. Dibawah bimbingan Ibu Hj. Evaliati Amaniyah, S.E,. M.S.M dan Bapak Yudhi Prasetya Mada, S.E,. MM. Tujuan penelitian ini adalah untuk mengetahui nilai kewajaran harga saham perusahaan subsektor telekomunikasi yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 20132017 berdasarkan perhitungan Dividend Discount Model (DDM) menggunakan model nonkonstan atau ganda. Jenis penelitian ini adalah deskriptif. Metode pengambilan sampel yang digunakan dalam penelitian ini adalah purposive sampling dan diperoleh sampel sebanyak 2 Perusahaan. Obyek dalam penelitian ini adalah PT. Telekomunikasi Indonesia (Persero), Tbk. dan PT. Indosat, Tbk. Kesimpulan dalam penelitian ini adalah (1) nilai intrinsik saham perusahaan PT. Telekomunikasi Indonesia (Persero), Tbk dinyatakan Undervalued atau murah karena nilai intrinsik saham lebih besar daripada harga pasarnya. (2) nilai intrinsik saham perusahaan PT. Indosat, Tbk dinyatakan Undervalued atau murah karena nilai intrinsik saham lebih besar daripada harga pasarnya. Kata kunci: Dividend Discount Model, Telekomunikasi, Kewajaran Harga Saham

ABSTRACT Moch Ronny M.Noor, Fairness Value Analysis Stock Price Using Dividend Discount Model as Alternative of Investment Decision Making in the Company Sub Sector Telecomunication. Under the guidance of Mrs. Hj. Evaliati Amaniyah, S.E,. M.S.M and Mr. Yudhi Prasetya Mada, S.E,. MM. The purpose of this research was to understand the reasonableness of the company’s stock price sub sector of telecomunication that are listed on Indonesia Stock Exchange (IDX) during the period 2013-2017, based on the calculation of the Dividend Discount Model uses the Double Growth. This research is descriptive. Samples collecting technique applied is purposive sampling and obtaines the samples as many as 2 companies. The object of this research is PT. Telekomunikasi Indonesia (Persero), Tbk. and PT. Indosat, Tbk. The conclusion of this research were (1) the calculation uses the double growth, the intrinsic stock value of PT. Telekomunikasi Indonesia (Persero), Tbk. declared Undervalued or cheap because the intrinsic value of the stock is greater than its market price. (2) The calculation uses the double growth, the intrinsic stock value of PT. Indosat, Tbk. declared Undervalued or cheap because the intrinsic value of the stock is greater than its market price. Keywords: Dividend Discount Model, Company Sub Sector of Telecomunication , Fairness Stock Price

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