Ocenění společnosti aplikací metodologie reálných opcí

Abstract

The main goal of this thesis is to value the equity of Vitesco Technologies Czech Republic s.r.o. using the real options methodology. The valuation will be carried out based on the available data as of 2023, with an emphasis on taking into account the financial flexibility of the company. This thesis is divided into three main chapters. The first chapter includes the theoretical background, in which the nature of business valuation is characterised, the financial and real options methodologies are described and the theoretical background from which the practical part is subsequently based is also presented. These include estimates of free cash flow, the risk-free interest rate or the weighted average cost of capital. In the next chapter, the company being valued is characterised, including its history, organisational structure, production orientation and development of economic results. The fourth chapter of this thesis contains the practical part of the application of the real options methodology to the valuation of the selected company. First, all necessary input parameters such as historical and then predicted free cash flows are defined. The prediction of the future development of FCFF is performed in this thesis for 1000 scenarios. Then, the risk-free interest rate, the cost of equity and external capital or the amount of debt is determined. Next, the valuation of equity is performed using active and passive strategies. The results of the valuation are complemented by a sensitivity analysis that focuses on the volatility of free cash flows and the amount of foreign funds