Real option

Real options sind Flexibilität, und eine Unternehmung verfügt über Realoptionen, wenn sie ohne größeren Aufwand den Geschäftsplan ändern kann, wenn dies die Umstände nahelegen sollten.

the Net present value method und andere Methoden, die auf dem Prinzip der Diskontierung von zukünftigen Cashflows nach einem einzigen Geschäftsplan basieren, ignorieren die Flexibilität. Three types of real options are observed again and again:
1. Learning options: These are opportunities to wait for new information and only then make decisions about investments or divestments. Application examples are multi-stage development investments.

2. Growth options: A growth option opens up opportunities for the company to consolidate and develop strategic success positions and thus future profit opportunities. These include, for example, investments in basic research or the creation of a brand name and thus a brand value.

3. Insurance options: With insurance options, a company can react to negative developments or influences by reducing future expenses. Examples are exit options from contracts, but also options to hedge currency risks.

Real options are not easy to evaluate, but it would be wrong to ignore them entirely for that reason. A special feature should be mentioned: the higher the uncertainty, the more valuable an option is. A company without an option loses value as uncertainty increases. Companies with options can even increase in value as uncertainty increases.

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