Ocenění investičního projektu na bázi metodologie reálných opcí

Abstract

The thesis targets valuation of project small hydro based on real option methodology. Eim of this thesis is determination net prezent value through passive method and active methods. The first one of the thesis are defined standard valuation methods and their diversification. Valuation using financial options and real options are specified. Then there is characterized investment project and conditions for setting input parameters of the voluation of the project. In the practical part there is valued small hydro by discrete binomial model based on replication strategy. Value small hydro is calculated by pasive metod and with the possibility four flexibility. There is determination value option to leave, option to expand, option reduce and option to wait. Value of flexibility is like american option.