Ocenění vybraného podniku s ohledem na riziko a flexibilitu

Abstract

This thesis focuses on the valuation of a selected company with respect to risk and decision-making flexibility using the real options methodology. The aim of the thesis is to determine the value of the company’s equity by applying an option-based approach, which makes it possible to capture the uncertainty of future development and the asymmetry of returns resulting from the limited liability of owners. The theoretical part defines the fundamental concepts of business valuation, the principles of financial and real options, and presents selected valuation models, particularly the binomial and trinomial models. Special attention is devoted to the interpretation of equity as a call option on the value of the company’s assets. The practical part is focused on the valuation of a specific company, LIBROS s.r.o. First, key input parameters are determined, especially free cash flow to the firm, weighted average cost of capital, and volatility. Subsequently, the future development of the company’s value is modeled, and the equity value is estimated using discrete option pricing models, both in the form of European and American options. The thesis also includes a sensitivity analysis examining the impact of selected parameters on the resulting value.