Zohlednění rizika a flexibility při ocenění společnosti

Abstract

The aim of this thesis is to determine the value of the equity of Hyundai Motor Manufacturing Czech s.r.o. using the real options methodology. The valuation is carried out as of January 1, 2026.

The thesis is divided into five chapters.

The second chapter focuses on the theoretical background and aims to define the methodological framework for company valuation with consideration of risk and flexibility. It first introduces financial options as the theoretical foundation, followed by a discussion of real options, their characteristics, and typology. Furthermore, option valuation methods are described, including simulation approaches, and the real options methodology is placed within the broader context of company valuation.

The third chapter focuses on the selected company and the analysis of its financial situation. It provides basic information about the company, its history, business activities, and market position. This is followed by a financial analysis aimed at evaluating the company’s economic performance and establishing a basis for its valuation.

The core part of the thesis is Chapter Four, in which the real options methodology is applied to company valuation. First, the key input parameters are determined, based on which the equity value is subsequently estimated. The methodology is then applied with consideration of the company’s operating flexibility, and the contribution of the expansion and contraction options is analyzed in terms of their impact on the equity value, including an evaluation of the results.