Aplikace metodologie reálných opcí při ocenění podniku
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Vysoká škola báňská – Technická univerzita Ostrava
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Abstract
The theme of this diploma thesis is valuation of CANIS SAFETY a.s. using real options methodology. This thesis consists of theoretical and practical part. The theoretical part is focused on description of real options methodology. Here are characterized financial and real options, options pricing models and application of real options to company valuation. Then, company CANIS SAFETY a.s. is introduced. Within the practical part, company CANIS SAFETY a.s. is evaluated. Two risk factors are determined, namely operating income and cost of equity. Furthermore, free cash flow is determined, equity is valued with taking risk into account and operational flexibility is identified. Company valuation is done in two versions, for version without correlation between risk factors and for version with correlation between risk factors.
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options, real options, option pricing models, binomial model, company valuation, equity value, intrinsic value of option, option price, operational flexibility, expansion option, narrowing option, abandonment option, portfolio of real options, sensitivity analysis