Valuation of Phoenics

Detalhes bibliográficos
Autor(a) principal: Köppl, Stefan
Data de Publicação: 2013
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10071/6964
Resumo: This work presents theoretical background for diverse valuation methods, with special attention paid to the real options method and its advantages over traditional methods for valuation of young entities. Additionally, it presents a case study of a start-up company, the value of which is found using diverse methods. The main result shows that the value of the company obtained with the real options approach is much higher than the one found with traditional discounted cash flow (DCF) method. Moreover, it shows that the difference in the obtained valuations leads to different strategic decisions: according to DCF certain projects should not be undertaken, whereas according to the real options approach the company should expand its operations.
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spelling Valuation of PhoenicsReal options valuationDiscounted cash flow valuationStart-up companiesMétodo de avaliaçãoOpção realThis work presents theoretical background for diverse valuation methods, with special attention paid to the real options method and its advantages over traditional methods for valuation of young entities. Additionally, it presents a case study of a start-up company, the value of which is found using diverse methods. The main result shows that the value of the company obtained with the real options approach is much higher than the one found with traditional discounted cash flow (DCF) method. Moreover, it shows that the difference in the obtained valuations leads to different strategic decisions: according to DCF certain projects should not be undertaken, whereas according to the real options approach the company should expand its operations.Esta dissertação apresenta uma base teórica para diversos métodos de avaliação, com especial atenção para o método de opções reais e as suas vantagens em relação aos métodos tradicionais de avaliação de entidades jovens. Além disso, apresenta um case study de uma empresa start-up, cujo o seu valor é encontrado usando diversos métodos. O resultado principal mostra que o valor da empresa obtido com a utilização de opções reais é muito maior do que o encontrado com o método tradicional de fluxos de caixa descontados (DCF). Também mostra que a diferença entre as valorizações obtidas, leva a diferentes decisões estratégicas: de acordo com DCF determinados projectos não devem ser realizados, no entanto segundo as opções reais, a empresa deve expandir suas operações2014-04-16T14:50:09Z2013-01-01T00:00:00Z20132013-04info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfapplication/octet-streamhttp://hdl.handle.net/10071/6964engKöppl, Stefaninfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T17:29:40Zoai:repositorio.iscte-iul.pt:10071/6964Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:13:15.924642Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Valuation of Phoenics
title Valuation of Phoenics
spellingShingle Valuation of Phoenics
Köppl, Stefan
Real options valuation
Discounted cash flow valuation
Start-up companies
Método de avaliação
Opção real
title_short Valuation of Phoenics
title_full Valuation of Phoenics
title_fullStr Valuation of Phoenics
title_full_unstemmed Valuation of Phoenics
title_sort Valuation of Phoenics
author Köppl, Stefan
author_facet Köppl, Stefan
author_role author
dc.contributor.author.fl_str_mv Köppl, Stefan
dc.subject.por.fl_str_mv Real options valuation
Discounted cash flow valuation
Start-up companies
Método de avaliação
Opção real
topic Real options valuation
Discounted cash flow valuation
Start-up companies
Método de avaliação
Opção real
description This work presents theoretical background for diverse valuation methods, with special attention paid to the real options method and its advantages over traditional methods for valuation of young entities. Additionally, it presents a case study of a start-up company, the value of which is found using diverse methods. The main result shows that the value of the company obtained with the real options approach is much higher than the one found with traditional discounted cash flow (DCF) method. Moreover, it shows that the difference in the obtained valuations leads to different strategic decisions: according to DCF certain projects should not be undertaken, whereas according to the real options approach the company should expand its operations.
publishDate 2013
dc.date.none.fl_str_mv 2013-01-01T00:00:00Z
2013
2013-04
2014-04-16T14:50:09Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10071/6964
url http://hdl.handle.net/10071/6964
dc.language.iso.fl_str_mv eng
language eng
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instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
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