Ocenění společnosti za rizika a flexibility

Abstract

The aim of this diploma thesis is the valuation of the company TONAK a.s. under risk and flexibility, using application of the real options methodology. The valuation is made on 1.1.2021. Thesis is divided into five chapters, the first chapter is an introduction and the fifth chapter is a final conclusion. The second chapter is a theoretical part of the thesis and contains a brief description of the valuation of the company, the characteristics of financial and real options including models for their valuation and a description of the individual calculation steps. The content of the third chapter is an introduction of the valuated company TONAK a.s. including an analysis of its sales and profit for the accounting period for the last five known years. The fourth chapter is focused on the prediction of input parameters and valuation of the company's equity using the application of real options methodology. Attention is paid to the calculations of financial and operational flexibility, while operational flexibility is quantified through real options to expand production capacity and abandonment of production. At the end of the chapter, the results of the whole practical part are summarized and evaluated.