Aplikace metodiky reálných opcí při ocenění podniku ve zpracovatelském průmyslu

Abstract

The main purpose of thesis is the application of real options methodology in the valuation of a selected company in manufacturing industry. The thesis is divided into five chapters, including the introduction and conclusion. The second chapter represents the theoretical part of the thesis. This is a necessary theoretical introduction to the methodology of real options. There is also explained procedure for determining the value of equity using binomial and trinomial model, which is applied in the practical part of the thesis. The third chapter contains a brief description of the company, including an analysis of financial health. The fourth chapter represents the main part of the thesis and uses the knowledge from the theoretical part. The value of equity is estimated at risks without flexibility and subsequently at risks and flexibility for both discrete models. The practical part also includes, among other things, sensitivity analysis and evaluation of operational flexibility as the american option type. At the end of the fourth chapter, the results are evaluated.