Aplikace metodologie reálných opcí při ocenění podniku

Abstract

The aim of this diploma thesis is valuation of Rodinný pivovar BERNARD a.s. by applying real options methodology. Theoretical part of the diploma thesis defines financial and real options. Models for option valuation and procedure of the company valuation by real option methodology are also defined in the theoretical part. Subsequently, Rodinný pivovar BERNARD a.s. is introduced. In practical part, Rodinný pivovar BERNARD a.s. is evaluated. Two risk factors are assumed in valuation of the company - free cash flow and weighted average cost of capital . Version with correlation of the risk factors and without correlation of the risk factors are applied for the company valuation. Active and passive approach are applied in the both versions of the valuation.