Ocenění podniku na bázi metodologie reálných opcí

Abstract

The objective of the diploma thesis is the equity valuation based on the option methodology. The valuation is made by applying discrete models (binomial and trinomial model) under risk and flexibility, as a real option, and next under risk without flexibility. Valuation date is 1.1.2010. Chapter two is focused on the description of traditional valuation methods and in subsection the equity valuation as a real option is analyzed and described. The third chapter is dedicated to the practical part, the financial analysis is made and the equity value of the company is determined based on the selected approaches. The sensitivity analysis is made in the end, as well. In the chapter fourth the results of the valuation including sensitivity analysis results are commented and compared.