Ocenění společnosti v oděvním průmyslu za rizika a flexibility

Abstract

The aim of the thesis is valuation of the company Ponature s.r.o. using real options methodology. The diploma thesis is divided into five chapters, including an introduction and a conclusion. The second chapter is devoted to options, option valuation methods and company valuation procedure. Financial options, their characteristics, categorization and primary option combination are described in more detail. Financial options are followed by a description of real options including specific types. Subsequently, attention is paid to the definition of option valuation methods, which include discrete and continuous methods. The final sub-chapter contains a presentation of the individual steps to the valuation of the company according to the methodology of real options. The subchapter concludes with a presentation of sensitivity analysis. In the third chapter, the company Ponature s.r.o. is introduced together with the development of sales and net turnover during the period of operation. The chapter ends with a summary of the goals that the company has set for the upcoming accounting period. In the beginning of the fourth chapter, the input parameters are determined, namely the firm's free cash flows, the average cost of capital and the risk-free rate. Subsequently, the development of free cash flows and the value of the underlying asset is predicted. Before the valuation itself, the development of future external resources for the first and second phases is determined, which serves to predict the intrinsic value of the option. When valuing the company's equity, both the American and European options are applied. The valuation is followed by a sensitivity analysis, with the help of the analysis, changes in key parameters to the value of the equity capital are investigated. The conclusion of the chapter includes a summary of results with commentary. In the conclusion, which is the final chapter of this diploma thesis, the results of the company's evaluation are recapitulated.