Aplikace metodologie reálných opcí při ocenění podniku

Abstract

The aim of this master thesis is to apply the methodology of real options in valuation of Karlovarské minerální vody a.s. The master thesis is divided into 5 chapters. The second chapter describes the methodology of real options, including the basic terminology of the options, the types and factors influencing their price. Next, the initial characteristics and types of real options, their relationship with financial options and valuation methods are presented. At the end of the chapter is presented a procedure for calculation and determination of the basic parameters needed for it. In the third chapter is presented a valued enterprise, Karlovarské minerální vody a.s., there are outlined the basic data and history of the company. The fourth chapter forms the core part of this master thesis, because here is applied the methodology of real options, which is explained in the second chapter, to the valuation of Karlovarské minerální vody a.s. It describes the determination of input parameters such as future cash flows, WACC, alculation of the underlying asset, and the realization price of the options, including the determination of the intrinsic value of the option. Following is the determination of the value of equity using a passive and active strategy. Last but not least, the operational flexibility of the company's management is quantified and, in the end, the results are evaluated. The last fifth chapter summarizes and comments the achieved results from the previous chapter, including the achieved value of Karlovarské minerální vody a.s.