Zhodnocení reálné investice pomocí pokročilých metod

Abstract

This thesis focuses on the evaluation of a real investment project in the manufacturing industry using both traditional methods and the real options approach. Traditional methods, such as Net Present Value (NPV), Internal Rate of Return (IRR), and Economic Value Added (EVA), do not account for managerial flexibility during the project’s lifetime. Therefore, the real options method is applied using a binomial model. The analysis includes less common options such as the insourcing option and the option to sell surplus capacity back to the original buyer, which are not typically classified as standalone categories in the academic literature. The option to prematurely terminate the project is also considered. The thesis evaluates the effect of combining these options and compares the outcomes of selling to end customers versus selling to a single buyer. Finally, a sensitivity analysis is conducted to identify key risk parameters of the project with compound options.