Aplikace metodologie reálných opcí při ocenění vybrané společnosti

Abstract

The goal of the diploma’s thesis is to value the selected company using real options methodology supposing changing volatility of free cash flow on 1st January 2020. The thesis is divided into five chapters, the first chapter being the introduction and the fifth one being the conclusion. The second chapter is the theoretical part of the thesis and it describes financial options, real options and their parameters. Moreover, it describes option pricing models, more precisely, the binominal opting pricing model and the Black-Scholes model. Afterwards, there is a description of the calculation procedure in the chapter. The third chapter includes characteristics of the selected company and input data. The fourth chapter is focused on the prediction of input parameters and equity valuation supposing constant, increasing and decreasing volatility and therethrough the financial flexibility is determined. The operational flexibility is quantified using an option to expand production capacity and option to abandon a business. At the end of the chapter the results of the thesis are evaluated.