摘要:This research is an empirical study on the shares. Gudang Garam Tbk and PT.HM Sampoerna Tbk, which have been going public with the title of the JSEShare Price Analysis Forcasting Model For Predicting Intrinsic Value CigarettesCompany Shares Listed on The Stock Exchange Indonesia purpose of this studyis to determine the intrinsic value of the cigarette companys shares are listed onthe stock exchanges of Indonesia based on the analysis forcesting share pricemodel. Fundamental analysis of shares. Gudang Garam Tbk and PT. HMSampoerna Tbk, is done by using analysis of companies with dividend approachand PER. Dividend approach can be formulated with Po = TIT ttkgk D k Dt (1)() (1) 1 1 - = Σ, while the approach can be formulated with PER = PERKGB - 1 -. Benchmark for investment decision making is if the stock isundervalued at the position.. Based on the results of PT industry. Gudang GaramTbk and PT. PT HM Sampoerna is at maturity stage. From the analysis ofcompanies with known methods that PER and dividend shares. Gudang GaramTbk and PT. HM Sampoerna Tbk be in a position overvalued. Based on thisresearch, because both companies share prices are overvalued position rightdecision is to sell these shares before the price falls.