Ocenění podniku na bázi reálných opcí

Abstract

The thesis is focused on the determination of the value of the company MARLENKA international s.r.o., in particular, on the analysis of the effects of possible active management interventions in the subsequent four years through the application of real options. The thesis is divided into three parts. The first part clarifies the topic of financial and real options, furthermore are described option pricing models and in the end of the chapter is described the valuation process with the application of real options. The second part is devoted to the characteristics of the company, which was selected for the valuation. Subsequently is described the current situation of the company, outlined is also the company's future development with the application of financial plans which are compiled with the usage of binomial model. The third part is focused on the determination of the value of a company MARLENKA international s.r.o. as of 1 January 2016 as a real option. After the calculation of the input parameters, the value of equity is determined with the usage of the passive strategy. Subsequently, the value of equity is determined through the application of active strategy. Furthermore, the value of various types of options is determined, thanks to which the value of equity with the consideration of risk and flexibility is enumerated. The third part of the thesis includes also a sensitivity analysis. In the end of the practical part is present an assessment of achieved results.