Analisis Fundamental dengan Metode DCF-FCFF dan Relative Valuation dalam Pengambilan Keputusan Investasi pada PT Summarecon Agung Tbk

Abstract

The property and real estate sector represents one of the primary catalysts for national economic growth, characterized by an extensive multiplier effect across numerous downstream industries. This study evaluates the comprehensive financial performance of PT Summarecon Agung Tbk (SMRA) during the structural post-pandemic recovery window spanning from 2021 to 2025. Financial health and operational viability are systematically examined utilizing a framework of liquidity, profitability, solvency, and activity ratios, while concurrently isolating the exogenous impacts of key macroeconomic parameters, including core inflation, benchmark interest rate adjustments, and Gross Domestic Product (GDP) fluctuations. Employing a descriptive quantitative research design, this paper analyzes longitudinal secondary data derived from audited consolidated financial statements and official central bank publications. The empirical findings reveal that SMRA demonstrated profound operational resilience, orchestrated primarily through an aggressive rebound in property marketing sales within its signature township developments and the stringent execution of corporate cost-containment strategies. While profitability metrics displayed a robust, non-linear recovery trajectory, solvency and leverage ratios remained fundamentally elevated, reflecting the capital-intensive infrastructure mandates characteristic of large-scale property developers. This research provides critical, empirical, and strategic insights for corporate financial managers navigating leverage structures and capital expenditure dynamics during highly volatile macroeconomic transitions.