Metoda opțiunilor reale pentru evaluare, Declarația săptămânii
Types of real options[ edit ] Simple Examples Investment This simple example shows the relevance of the real option to delay investment and wait for further information, and is adapted from "Investment Example". Consider a firm that has the option to invest in a new factory.
It can invest this year or next year. The question is: when should the firm invest? If the firm invests this year, it has an income stream earlier.
But, if it invests next year, the firm obtains further information about the state of the economy, which can prevent it from investing with losses.
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The firm knows its discounted cash flows if it invests this year: 5M. If it invests next year, the discounted cash flows are 6M with a The investment cost is 4M.
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If the firm invests next year, the present value of the investment cost is 3. Following the net present value rule for investment, the firm should invest this year because the discounted cash flows 5M are greater than the investment costs 4M by 1M. Yet, if the firm waits for next year, it only invests if discounted cash flows do not decrease.
If discounted cash flows decrease to 3M, then investment is no longer profitable. If, they grow to 6M, then the firm invests. This implies that the firm invests next year with a Thus the value to invest next year is 1.
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Given that the value to invest next year exceeds the value to invest this year, the firm should wait for further information to prevent losses. This simple example shows how the net present value may lead the firm to take unnecessary risk, which could be prevented by real options valuation. Staged Investment Staged investments are quite often in the pharmaceutical, mineral, and oil industries.
In this example, it is studied a staged investment abroad in which a firm decides whether to open one or two stores in a foreign country. This is adapted from "Staged Investment Example". The firm does not know how well its stores are accepted in a foreign country.
If their stores have high demand, the discounted cash flows per store is 10M. If their stores have low demand, the discounted cash flows per store is 5M. It is also known that if the store's demand is independent of the store: if one store has high demand, the other also has high demand. The investment cost per store is 8M.
CECCAR REZUMAT Spre deosebire de metodele patrimoniale de evaluare a societăților, care au dezavantajul că sunt statice și orientate spre trecut, metodele dinamice de evaluare iau în considerare mai mult viitorul decât prezentul și trecutul.
Should the firm invest in one store, two stores, or not invest? The net present value suggests the firm should not invest: the net present value is But is it the best alternative? Following real options valuation, it is not: the firm has the real option to open one store this year, wait a year to know its demand, and invest in the new store next year if demand is high.
The value to open one store this year is 7. Thus the value of the real option to invest in one store, wait a year, and invest next year is 0. Given this, the firm should opt by opening one store. This simple example shows that a negative net present value does not imply that the firm should not invest.
The flexibility available to management — i. Real options are also commonly applied to stock valuation - see Business valuation § Option pricing approaches - as well as to various other "Applications" referenced below. Options relating to project size[ edit ] Where the project's scope is uncertain, flexibility as to the size of the relevant facilities is valuable, and constitutes optionality.
Real options valuation
Management then has the option but not the obligation to expand — i. A project with the option to expand will cost more to establish, the excess being the option premiumbut is worth more than the same without the possibility of expansion.
This is equivalent to a call option.
Option to contract : The project is engineered such that output can be contracted in future should conditions turn out to be unfavourable. Forgoing these future expenditures constitutes option exercise. This is the equivalent to a put optionand again, the excess upfront expenditure is the option premium.
Option to expand or contract: Here the project is designed such that its operation can be dynamically turned on and off. Management may shut down part or all of the operation when conditions are unfavorable a put optionand may restart operations when conditions improve a call option.
A metoda opțiunilor reale pentru evaluare manufacturing system FMS is a good example of this type of option. This option is also known as a Switching option. Options relating to project life and timing[ edit ] Where there is uncertainty as to when, and how, business or other conditions will eventuate, flexibility as to the timing of the relevant project s is valuable, and constitutes optionality.
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Growth options are perhaps the most generic in this category — these entail the option to exercise only those projects that appear to be profitable at the time of initiation. Initiation or deferment options: Here management has flexibility as to when to start a project. For example, in natural resource exploration a firm can delay mining a deposit until market conditions are favorable. This constitutes an American styled call option.
Delay option with a product patent: A firm with a patent right on a product has a right to metoda opțiunilor reale pentru evaluare and market the product exclusively until the expiration of the patent.
The firm will market and develop the product only if the present value of the expected cash flows from the product sales exceeds the cost of development. If this does not occur, the firm can shelve the patent and not incur any further costs. Option to abandon: Management may have the option to cease a project during its life, and, possibly, to realise its salvage value. Here, when the present value of the remaining cash flows metoda opțiunilor reale pentru evaluare below the liquidation value, the asset may be sold, and this act is effectively the exercising of a put option.
CECCAR REZUMAT Spre deosebire de metodele patrimoniale de evaluare a societăților, care au dezavantajul că sunt statice și orientate spre trecut, metodele dinamice de evaluare iau în considerare mai mult viitorul decât prezentul și trecutul. Articolul de față își propune prezentarea acestor metode dinamice de evaluare, incluzându-le și pe cele specifice societăților cotate la bursa de valori, precum și a modelelor matematice care le caracterizează, utilizând exemple numerice. Această optică este argumentată prin faptul că, pentru o afacere în derulare, metodele de randament au o relevanță mai mare, deoarece sunt anticipative, bazându-se pe viitorul afacerii ținând cont de tendințele acesteia în domeniul strategic adică pe termen lungal profitabilității și al rentabilității. De cealaltă parte, metodele patrimoniale de evaluare sunt în primul rând utile pentru estimarea valorii unei afaceri care își încetează activitatea.
This option is also known as a Termination option. Abandonment options are American styled. Sequencing options: This option is related to the initiation option above, although entails flexibility as to the timing of more than one metoda opțiunilor reale pentru evaluare projects: the analysis here is as to whether it is advantageous to implement these sequentially or in parallel.
Here, observing the outcomes relating to the first project, the firm can resolve some of the uncertainty relating to the venture overall.
Once resolved, management has the option to proceed or not with the development of the other projects.
If taken in parallel, management would have already spent the resources and the value of the option not to spend them is lost.
The sequencing of projects is an important issue in corporate strategy. Related here is also the notion of Intraproject vs. Interproject options.
