Aplikace flexibilního business modelu v odvětví vojenského průmyslu

Abstract

The methodology of real option is a relatively new approach to investment decisions making and business valuation. So far it was possible to valued investment projects using traditional approaches. Most often was used the rule of clean present value NPV. The disadvantage of this method is that in case of undertaking or refusing the project is not possible to make any changes in it over the life of the project. Unfortunately, this fact in itself does not reflect reality when it can happen that appeared on the market created new opportunities or to adverse market conditions.This problem is solved by the methodology of real option, as there is considered with the possibility of future active management interventions into existing projects. The aim is to determine the value of the company's capital VOP-026 Šternberk, s. p., 1. 1. 2012 by using flexible business model and analyze the impact of active management interventions on a company's value. Value of equity is determined by active and passive financial strategy. When the passive strategy is the value of equity is seen as a type of financial derivative called "forward". financial strategy is the value of equity is viewed as an American call option. Then they analyzed the possible future active management interventions to the company's capital. Where the quantified value of each option flexibility. Individual options are meant to expand manufacturing option, option to narrow production, option for expansion and narrowing of production and the end of production option for the remaining cost.