Aplikace metodologie reálných opcí při ocenění podniku

Abstract

The methodology of real options is a relatively new approach of valuation, selection and managing of strategic business investment. Allows more flexible management approach to investment decisions and hence better adapt to quickly changing conditions on the market. The aim of the diploma thesis is to use a metodology of real options to determine value of equity and active interventions of management of the company Ostroj, Inc. Cost of capital is regarded as an american call option which's value is determined by using a binomial model for multiple periods, assuming the discrete evolution of the underlying asset price in time and replication strategy that is based on a risk-neutral approach. The diploma thesis consists of five parts. It contains an introduction, theoretical part, the performance of the company, the practical part, and the conclusion. The theoretical part describes the option's methodology and business model. In practical part is determined the value of equity and performed the analysis of seven flexible management interventions. The value of flexibility is found out in the case of expansion, restriction or stopping the production in depreciated cost and their combinations in the portfolio.