Aplikace reálných opcí při ocenění podniku

Abstract

The aim of this diploma thesis is determination of the equity value of the selected company by real options methodology. The equity specifically is valued by discrete models. The theoretical part describes the methodology of real options. Firstly the individual characteristics and types of options are described. After that follows an explanation of option pricing models and a description of the methodological procedure for the company valuation by real option analysis. The content of the practical part is the determination of the equity value of the company by binomial model and trinomial model under flexibility. Afterwards the sensitivity analysis is carried out, which shows real options price changes that is the equity value changes in response to changes in input parameters. On the basis of the application of the binomial model, the equity value was determined to be 93 015 thousand CZK, using the trinomial model the equity was valued at 82 788 thousand CZK.