Analisis Financial Distress Menggunakan Altman Z-Score dan Springate Perusahaan SubSektor Rokok Terdaftar di BEI 2020-2022

Abstract

The increase in cigarette excise rates by the government has put pressure on the company's operational costs so that the profits generated cannot be maximized. This study aims to predict the occurrence of financial distress in cigarette sub-sector companies listed on the Indonesia Stock Exchange for the period 2020-2022 using the Altman Z-Score and Springate S-Score methods, and determine the level of accuracy of the two methods. The data used is secondary data in the form of company financial reports with sample data, namely balance sheet and profit and loss statements. The research results of the Altman Z-Score method show the results of one company in the distress category, namely PT Indonesian Tobacco. Springate method two companies are in the distress category, namely PT Indonesian Tobacco and PT Bentoel International Investama. The highest accuracy rate is Altman Z-Score of 73.33% and Springate of 66.667%.