Ocenění vlastního kapitálu strojírenské společnosti za flexibility a rizika

Abstract

The aim of this thesis was to determine the value of the equity of VÍTKOVICE GEARWORKS, as method of real options. For the valuation of the replication strategy used a binomial model. The capital was awarded the active and passive strategies. Further, the calculated value of flexible intervention like options to expand, options to contract a projekt, options to abandon a project, and also the value of compound options. It was found that the greatest impact on the size of equity is an option to expand. The value of equity under passive and active strategies are different due to financial flexibility, and the value of compound option is not the sum of individual managerial flexibilities.