Ocenění podniku na bázi metodologie reálných opcí

Abstract

The thesis deals with the valuation of equity as a real option of company Hyundai Motor Manufacturing Czech. The thesis is divided into three main parts. The theoretical part focuses on the basic parameters of options, types of options and basic factors that affect the price of the option. There is also included description of pricing models and the valuation process of equity as a real option. The following part focuses on the basic characteristics and production process of the company. In the practical part of the thesis, there is perform equity valuation as a real call option. The value of equity is estimated at risk without flexibility and by using active strategies for risk and flexibility. The discrete binomial and trinomial valuation model is used there. There is also sensitivity analysis and valuation of operational flexibility as the american type options. The conclusion of the practical part contains summary of the results.