Results of hypothesis test shows that independent variables, such as dividend payout ratio, return on equity, earning growth, and financial leverage, collectively and partially able to explain the effect to price earning ratio, by R2 as much as 57,9 %. The rest of 42,1% come from other factors, including government policies, level of sales development, profit growth or interests rate. F test has been defined, it is then said as significant and, therefore, first hypothesis is proved. Result of partial test on independent and dependent variables indicates that the highest R2 is resulted from financial leverage variable. This is because condition that during crisis, companies get higher leverage.In fittingness test the companies' shares tend to be undervalued.