Aplikace flexibilního business modelu pro ocenění podniku letecké výroby

Abstract

Real options are modern tool for valuation of company and their main advantage is the possibility to flexibly react to particular changes in economics. The thesis aim is to make valuation of own capital for aircraft company Aircraft Industries, a.s. Company is valuated by flexible business model together with active management intervention to production to 01.01.2018. Process of valuation is composed of few steps. It is necessary to set input parameters in first place, then specify market assets, nominal value of debt and evaluate own capital of company. Set internal value of particular options within evaluation of flexibility. The option price is set according to the internal value of company. The last step is count of value of flexibility and the price of own capital. Option for production expansion, option for production contraction, option for production abandoning have been evaluated.