Apa itu PER Saham?
Panduan Lengkap Price Earnings Ratio untuk Investor Indonesia 2025 – Rumus, Interpretasi, dan Strategi Valuasi Fundamental
PER (Price Earnings Ratio) adalah rasio harga saham dibagi EPS yang menunjukkan berapa kali investor bersedia membayar untuk setiap rupiah laba per saham, sebagai indikator valuasi relatif.
🎯 Mengapa PER Krusial untuk Valuasi Saham?
Price Earnings Ratio (PER) adalah metrik valuasi paling populer di dunia investasi. PER menunjukkan apakah saham mahal atau murah relatif terhadap kemampuan perusahaan menghasilkan laba. Berbeda dengan EPS yang mengukur profitabilitas, PER mengukur valuasi relatif terhadap earnings tersebut.
✅ Kegunaan PER:
- • Perbandingan valuasi antar saham
- • Identifikasi overvalued/undervalued
- • Market expectation terhadap growth
- • Entry/exit timing decisions
🔍 Aplikasi PER:
- • Value investing screening
- • Sector rotation analysis
- • Market timing strategies
- • Risk-reward assessment
📚 Definisi dan Rumus PER
📖 Definisi PER
Price Earnings Ratio
Apa itu PER?
PER adalah harga saham saat ini dibagi dengan EPS (Earnings Per Share). Metrik ini menunjukkan berapa kali investor bersedia membayar untuk setiap rupiah laba per saham.
Interpretasi PER:
PER Tinggi: Market mengharapkan pertumbuhan laba tinggi
PER Rendah: Potensi undervalued atau pertumbuhan lambat
PER mencerminkan ekspektasi pasar terhadap prospek perusahaan di masa depan
🧮 Rumus PER
Cara menghitung Price Earnings Ratio
Formula PER:
Contoh Sederhana:
• Harga saham BBCA: Rp 8.500
• EPS BBCA: Rp 1.432
• PER BBCA = 8.500 / 1.432 = 5.9x
Artinya investor membayar 5.9x lipat untuk setiap Rp 1 laba per saham BBCA
📈 Cara Membaca dan Interpretasi PER
📊 Panduan Interpretasi PER
PER Rendah (5x-15x)
UNDERVALUED
- • Harga relatif murah vs earnings
- • Potensi value investing opportunity
- • Risk: slow growth atau declining business
- • Cocok untuk defensive/dividend strategy
BBCA PER 5.9x – mature banking, stable earnings
PER Moderat (15x-25x)
FAIR VALUE
- • Valuasi wajar sesuai industry average
- • Growth expectations moderat
- • Balance risk-return yang reasonable
- • Suitable untuk core holdings
ASII PER 11.6x – fair value untuk cyclical stock
PER Tinggi (>25x)
GROWTH PREMIUM
- • Market expect high earnings growth
- • Premium untuk growth prospects
- • Risk: earnings disappointment
- • Cocok untuk growth investing
Tech stocks PER 30x+ – growth premium justified
🔍 Context Matters: PER Analysis
PER tidak bisa dianalisis secara terpisah. Perhatikan konteks industri, cycle bisnis, dan kualitas earnings
✅ PER Rendah yang Bagus:
- • Cyclical Bottom: Temporary low earnings, recovery ahead
- • Defensive Stocks: Stable dividend, low volatility
- • Market Mispricing: Undervalued gem dengan solid fundamentals
- • Value Trap Avoided: Strong balance sheet, competitive moat
❌ PER Tinggi yang Berbahaya:
- • Earnings Peak: Unsustainable profit margins
- • Hype Premium: Speculation tanpa fundamental support
- • Accounting Quality: One-time gains boost EPS artificially
- • Growth Deceleration: PER expansion tidak match dengan growth
⚡ PER vs Metrik Valuasi Lainnya
| Aspek | PER (Price Earnings Ratio) | EPS (Earnings Per Share) | PBV (Price to Book Value) |
|---|---|---|---|
| Formula | Harga Saham / EPS | Laba Bersih / Saham Beredar | Harga Saham / Book Value |
| Purpose | Valuation multiple relatif | Measure profitability per share | Asset-based valuation |
| Best For | Relative valuation, timing | Growth analysis, earning power | Value investing, downside protection |
| Good Range | 10x-20x (varies by sector) | Growing 10%+ annually | 0.5x-2.0x (varies by industry) |
| Limitation | Tidak akurat jika EPS volatile | Can be manipulated | Ignores profitability & growth |
| Relationship | Uses EPS as denominator | Foundation for PER calculation | Complementary valuation metric |
📊 PER sebagai Valuasi Tool
- • Menggunakan EPS current untuk relative valuation
- • Market expectation terhadap future growth
- • Sector comparison untuk identify opportunities
- • Entry/exit timing berdasarkan historical PER range
- • Complement dengan analisis PBV
💰 EPS sebagai Foundation
- • EPS quality menentukan PER reliability
- • EPS growth trend untuk forward PER calculation
- • Earning power sustainability assessment
- • PER hanya meaningful jika EPS positive & stable
- • Building block untuk DCF valuation
🔗 Integrated Analysis
- • PER untuk timing (expensive vs cheap)
- • EPS untuk quality & growth prospects
- • PBV untuk downside protection
- • Combined approach untuk optimal returns
- • Risk-adjusted investment decisions
🇮🇩 Contoh Perhitungan PER Saham Indonesia
Mari pelajari cara menghitung dan menganalisis PER dengan contoh riil saham-saham populer Indonesia. Data dapat berubah sesuai harga pasar dan laporan keuangan terkini.
Bank Central Asia (BBCA)
Sektor: Perbankan
📊 Data Valuasi (2024):
Harga Saham:
Rp 8.500
EPS (TTM):
Rp 1.432
Market Cap:
Rp 205 Triliun
PBV Ratio:
1.8x
🧮 Perhitungan PER:
PER = Harga Saham ÷ EPS
PER = 8.500 ÷ 1.432 = 5.9x
Sector Average PER: 8-12x
💡 Analisis PER:
PER BBCA 5.9x sangat rendah vs sector average 8-12x. Indikasi undervalued atau market concern terhadap banking sector outlook. Quality bank dengan dividend yield menarik.
Unilever Indonesia (UNVR)
Sektor: Consumer Goods
📊 Data Valuasi (2024):
Harga Saham:
Rp 2.650
EPS (TTM):
Rp 1.026
Market Cap:
Rp 20.1 Triliun
Dividend Yield:
4.2%
🧮 Perhitungan PER:
PER = Harga Saham ÷ EPS
PER = 2.650 ÷ 1.026 = 2.6x
Historical PER Range: 15-25x
💡 Analisis PER:
PER UNVR 2.6x ekstrem rendah vs historical 15-25x. Major concern terhadap growth outlook consumer staples. Potential value trap atau deep value opportunity.
Astra International (ASII)
Sektor: Otomotif & Heavy Equipment
📊 Data Valuasi (2024):
Harga Saham:
Rp 5.200
EPS (TTM):
Rp 449
Market Cap:
Rp 211 Triliun
ROE:
8.5%
🧮 Perhitungan PER:
PER = Harga Saham ÷ EPS
PER = 5.200 ÷ 449 = 11.6x
Cyclical PER Range: 8-15x
💡 Analisis PER:
PER ASII 11.6x moderat untuk cyclical stock. Fair valuation mengingat EPS pressure dari automotive downturn. Wait untuk better entry point atau recovery sign.
GoTo Gojek Tokopedia (GOTO)
Sektor: Technology Platform
📊 Data Valuasi (2024):
Harga Saham:
Rp 70
EPS (TTM):
Rp -27
Market Cap:
Rp 22 Triliun
P/S Ratio:
1.8x
🧮 Perhitungan PER:
PER = Harga Saham ÷ EPS
PER = 70 ÷ (-27) = N/A
PER tidak applicable untuk loss-making company
💡 Analisis Alternative:
PER tidak bisa digunakan karena EPS negatif. Gunakan P/S ratio 1.8x atau EV/Revenue. Focus pada path to profitability dan revenue growth momentum.
Telkom Indonesia (TLKM)
Sektor: Telecommunications
📊 Data Valuasi (2024):
Harga Saham:
Rp 2.800
EPS (TTM):
Rp 198
Market Cap:
Rp 279 Triliun
Dividend Yield:
3.8%
🧮 Perhitungan PER:
PER = Harga Saham ÷ EPS
PER = 2.800 ÷ 198 = 14.1x
Telecom PER Range: 10-18x
💡 Analisis PER:
PER TLKM 14.1x fair value untuk telecom utility. Reasonable untuk defensive stock dengan stable dividend. Suitable untuk income-focused investors.
🧮 Kalkulator PER Sederhana
🔧 Faktor yang Mempengaruhi PER
📈 Faktor Positif (PER Naik)
Yang mendorong peningkatan valuasi
🚀 Earnings Growth Expectation
Market anticipate strong future earnings growth, justifying higher valuation multiple
💰 Interest Rate Decline
Lower discount rate increases present value of future earnings, supporting higher PER
🏢 Sector Rotation
Institutional money flow into favorable sectors drives up average sector PER
📊 Multiple Expansion
Market sentiment improvement or re-rating of company’s competitive position
🎯 Market Leadership
Companies gaining market share or achieving dominant position command premium PER
📉 Faktor Negatif (PER Turun)
Yang mendorong penurunan valuasi
⚠️ Earnings Deceleration
Slowing profit growth or earnings miss vs expectations compress valuation multiple
📈 Rising Interest Rates
Higher discount rates reduce present value of future cash flows, lowering justified PER
🏭 Industry Headwinds
Structural challenges or regulatory changes affecting entire sector’s outlook
💸 Margin Compression
Rising costs or pricing pressure reducing profitability and earnings quality
🎭 Market Sentiment
Risk-aversion, recession fears, or geopolitical uncertainty compress all valuations
🔄 Siklus PER dan Market Timing
📈 Bull Market
PER expansion phase. Earnings growth + multiple expansion = strong returns
⚖️ Peak Valuation
PER at historical high. Earnings growth slowing, multiple expansion topping
📉 Bear Market
PER compression phase. Earnings decline + multiple contraction = poor returns
💎 Value Territory
PER at historical low. Best entry point for long-term investors
📈 Strategi Investasi Menggunakan PER
💰 Low PER Value Strategy
Target PER rendah dengan fundamental kuat
🎯 Kriteria Screening:
- • PER < 15x atau below sector average
- • Stable atau growing EPS trend
- • Strong balance sheet (low debt)
- • Dividend yield > 3% (income component)
✅ Target Opportunities:
- • Cyclical stocks at bottom cycle
- • Mature companies with stable earnings
- • Banks during economic uncertainty
- • Dividend aristocrats temporarily cheap
💡 Implementation:
Patient capital approach. Dollar cost averaging ketika PER attractive. Focus pada consistent returns daripada spectacular gains.
🚀 PEG Growth Strategy
PER reasonable dengan growth tinggi
🎯 Kriteria Screening:
- • PEG ratio < 1.5 (PER/EPS growth rate)
- • EPS growth > 15% for 3+ years
- • Revenue growth supports EPS growth
- • Strong competitive moat atau market leadership
✅ Target Sectors:
- • Technology (digital transformation)
- • Healthcare (demographic trends)
- • Consumer discretionary (rising income)
- • Infrastructure (economic development)
💡 Implementation:
Buy pada reasonable PER (15-25x) dengan growth visibility. Monitor quarterly earnings untuk trend sustainability. Complement dengan EPS quality analysis.
🔄 PER Mean Reversion
Trading around historical PER range
🎯 Kriteria Screening:
- • Identify 5-year historical PER range
- • Buy near bottom quartile PER
- • Sell near top quartile PER
- • Focus pada stable, mature companies
✅ Best Candidates:
- • Blue chip stocks dengan stable earnings
- • Cyclical stocks dengan predictable cycle
- • Utility stocks (regulated, stable returns)
- • REITs dengan consistent distribution
💡 Implementation:
Historical analysis untuk establish PER range. Buy signals ketika PER touch bottom 25%, sell signals di top 25%. Risk management dengan position sizing berdasarkan confidence level.
🏭 PER Characteristics per Industri Indonesia
Setiap sektor memiliki karakteristik PER yang berbeda berdasarkan business model, growth prospects, dan risk profile
Banking
Typical PER Range: 5x-15x
Average PER: 8-12x
Cyclical Nature: Medium
PER Drivers:
- • Interest rate environment
- • Credit growth expectations
- • Non-performing loan trends
- • Regulatory capital requirements
Consumer Goods
Typical PER Range: 10x-25x
Average PER: 15-20x
Cyclical Nature: Low
PER Drivers:
- • Brand strength & loyalty
- • Market share expansion
- • Input cost volatility
- • Rural vs urban penetration
Technology
Typical PER Range: 15x-40x
Average PER: 25-35x
Cyclical Nature: Medium
PER Drivers:
- • User growth trajectory
- • Monetization improvement
- • Platform network effects
- • Innovation & disruption risk
Mining & Resources
Typical PER Range: 5x-20x
Average PER: 8-15x
Cyclical Nature: Very High
PER Drivers:
- • Commodity price cycles
- • Production cost efficiency
- • Reserve quality & longevity
- • Global demand patterns
Property
Typical PER Range: 8x-25x
Average PER: 12-18x
Cyclical Nature: High
PER Drivers:
- • Project completion timeline
- • Interest rate sensitivity
- • Land bank strategic value
- • Economic growth correlation
Telecommunications
Typical PER Range: 8x-18x
Average PER: 12-15x
Cyclical Nature: Low
PER Drivers:
- • ARPU trends & pricing power
- • Network investment ROI
- • Digital service monetization
- • Regulatory environment
Infrastructure
Typical PER Range: 12x-20x
Average PER: 15-18x
Cyclical Nature: Low-Medium
PER Drivers:
- • Traffic volume growth
- • Tariff adjustment capability
- • Concession period remaining
- • Economic activity correlation
Automotive
Typical PER Range: 6x-18x
Average PER: 10-14x
Cyclical Nature: Very High
PER Drivers:
- • Economic cycle sensitivity
- • Consumer financing access
- • Raw material cost volatility
- • Electric vehicle transition
Healthcare
Typical PER Range: 15x-30x
Average PER: 20-25x
Cyclical Nature: Low
PER Drivers:
- • Demographic aging trends
- • Healthcare penetration growth
- • Insurance coverage expansion
- • Medical technology advancement
📊 Rangkuman PER Ranges per Sektor Indonesia
| Sektor | PER Range | Avg PER | Cyclical Risk | Investment Style |
|---|---|---|---|---|
| Technology | 15x-40x | 25-35x | Medium | Growth |
| Healthcare | 15x-30x | 20-25x | Low | Growth/Defensive |
| Consumer Goods | 10x-25x | 15-20x | Low | Defensive |
| Infrastructure | 12x-20x | 15-18x | Low-Medium | Income |
| Telecom | 8x-18x | 12-15x | Low | Dividend |
| Property | 8x-25x | 12-18x | High | Cyclical |
| Banking | 5x-15x | 8-12x | Medium | Value |
| Automotive | 6x-18x | 10-14x | Very High | Contrarian |
| Mining | 5x-20x | 8-15x | Very High | Commodity Play |
Note: PER ranges dapat berfluktuasi tergantung market cycle, economic conditions, dan investor sentiment. Selalu lakukan comparative analysis dengan peers dalam sector yang sama.
❓ FAQ – Pertanyaan Seputar PER Saham
Ya, PER dan PE Ratio adalah istilah yang sama – keduanya merujuk pada Price Earnings Ratio. Di Indonesia lebih sering disebut PER, sedangkan di pasar global umumnya disebut PE Ratio. Formula dan interpretasinya identik: Harga Saham ÷ EPS. Yang penting adalah konsistensi dalam penggunaan istilah dan pemahaman konsep valuasi relatif yang mendasarinya.
Tidak ada PER ideal universal – tergantung sektor dan kondisi market. Guidelines umum: Banking 8-12x, Consumer Goods 15-20x, Technology 25-35x. Yang penting adalah relative comparison dengan sector peers dan historical range. PER rendah belum tentu murah jika ada fundamental issues, PER tinggi bisa justified jika growth prospects strong. Focus pada PER + EPS growth quality kombinasi.
Forward PER menggunakan projected EPS untuk periode mendatang (biasanya 12 bulan ke depan). Formula: Current Price ÷ Forward EPS. Sumber forward EPS: analyst consensus, company guidance, atau estimasi sendiri. Contoh: Harga BBCA Rp 8.500, estimated EPS 2025 Rp 1.600 → Forward PER = 5.3x. Forward PER lebih relevan untuk decision making karena market is forward-looking, tapi perlu hati-hati dengan quality of estimates.
PER tidak bisa dihitung jika EPS negatif karena akan menghasilkan nilai negatif yang tidak meaningful untuk valuasi. Alternative untuk loss-making companies: Price-to-Sales (P/S), EV/Revenue, atau Price-to-Book (PBV). Focus pada metrics seperti revenue growth, path to profitability, cash burn rate. Untuk growth companies, gunakan forward PER ketika projected profitable, atau PEG ratio based on revenue growth.
Tidak selalu! PER rendah bisa menunjukkan value trap jika: (1) Earnings peak – profit margin unsustainable, (2) Declining business – market share erosi, (3) One-time gains – EPS artificial inflate, (4) Accounting issues – earnings quality questionable. PER rendah yang legitimate cheap: cyclical bottom dengan recovery prospect, market mispricing pada quality companies, temporary setbacks pada strong fundamentals. Always verify dengan balance sheet strength dan business sustainability.
Sector-adjusted PER analysis membandingkan PER company vs sector median/average. Langkah: (1) Identify sector peers, (2) Calculate sector average PER, (3) Compare individual vs sector, (4) Analyze deviation reasons. Tools: Relative PER = Company PER ÷ Sector PER. Relative PER < 1.0 = discount to sector, >1.0 = premium. Useful untuk sector rotation strategy dan identifying relative value within sama industry group. Perhatikan juga business model differences dalam sektor.
📚 Artikel Terkait Fundamental Analysis
Apa itu EPS Saham?
Panduan lengkap Earnings Per Share – foundation untuk perhitungan PER dan analisis profitability
- • Formula dan cara hitung EPS
- • EPS quality dan sustainability
- • Industry-specific EPS characteristics
- • EPS growth strategy untuk returns
Apa itu PBV dalam Saham?
Complement PER analysis dengan Price to Book Value untuk comprehensive valuation framework
- • Formula dan interpretasi PBV
- • PBV vs PER comparative analysis
- • Asset-based valuation approach
- • Value investing dengan PBV screening
Keuntungan Saham Per Bulan
Implementasi PER analysis untuk optimize monthly returns dan portfolio performance
- • Realistic monthly return expectations
- • PER-based entry/exit timing
- • Risk management dengan valuasi
- • Portfolio optimization strategies
🎯 Siap Aplikasikan PER Analysis untuk Investment Success?
Dengan pemahaman mendalam tentang PER, Anda kini memiliki powerful tool untuk valuasi relatif dan market timing. Saatnya implement knowledge ini untuk build wealth systematically.
⚠️ Disclaimer Investasi
Artikel ini bersifat edukasi dan bukan rekomendasi investasi. Semua contoh PER dan analisis saham disediakan untuk ilustrasi konsep valuasi. Data finansial dapat berubah sesuai laporan terkini.
Valuation Risk: PER hanya salah satu aspek analysis. Combine dengan EPS quality, balance sheet strength, dan business fundamentals untuk keputusan investment yang comprehensive.
Market Risk: Valuasi dapat berubah rapidly berdasarkan market sentiment dan economic conditions. Selalu pertimbangkan risk tolerance dan investment horizon dalam aplikasi PER analysis.