Aplikace metodologie reálných opcí při ocenění vybraného subjektu

Abstract

The main goal of this thesis is to valuate the selected subject using the metodology of real options. The thesis is divided into three main parts. The first part contains the theoretical definition of the methodology used as well as description of parameters of financial and real options and their comparison. The following part focuses on the equity as a real call option and basic types of operating real options and also includes description of pricing models. The second part is dedicated to the selected economic subject and description of specifics of the business, the products offered, the competition information and the vision for the future. In the practical part of the thesis, there is perform equity valuation as a real call option based on a passive and active strategy. The valuation is perform in three variants that differ from one another in the method of determining the volatility of free cash flow to the firm. There is also valuation of operational flexibility through two types of real options and their combination. The conclusion of the practical part contains overall evaluation and comparison of achieved results.