Valuation of a Company Producing and Trading Seaweed for Human Consumption: Classical Methods vs. Real Options
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Valuation of a Company Producing and Trading Seaweed for Human Consumption: Classical Methods vs. Real OptionsData
2021Cita bibliográfica
Pérez-Vas, R.; Puime Guillén, F.; Enríquez-Díaz, J. Valuation of a Company Producing and Trading Seaweed for Human Consumption: Classical Methods vs. Real Options. Int. J. Environ. Res. Public Health 2021, 18, 5262. https://doi.org/10.3390/ijerph18105262
Resumo
[Abstract] Aquaculture is an increasingly relevant sector in the exploitation of natural resources;
therefore, it is appropriate to propose various models that include the fundamental variables for its
economic-financial valuation from a business point of view. The objective of this paper is to analyze
different models for the valuation of investment projects in a company in the aquaculture sector
in order to conclude whether there is a model that represents a better valuation. Therefore, in this
study, four valuation models have been applied, three classical models (net present value, internal
rate of return, and payback) and a more recent model, real options (RO) for a company producing
and marketing seaweed in Galicia (region located in the northwest of Spain). The results obtained,
RO (€5,527,144.04) and net present value (€5,479,659.19), conclude that the RO model estimates a
higher added value by taking into account in its calculations the flexibility given by the expansion
option. Future lines of research include the application of valuation models that have been applied to
companies belonging to the same sector in order to compare whether the results found are similar.
Palabras chave
Discount cash-flow
Real options
Aquaculture
Human consumption
Real options
Aquaculture
Human consumption
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Atribución 4.0 Internacional
ISSN
1660-4601