Valoración de una empresa tecnológica emergente mediante opciones reales

Abstract

This paper aims to value a StartUp technology using the methodology of the real options as a complement of the traditional valuation. Due to the high volatility of the variables that affect the development of these companies the Real Option methodology helps to obtain the final value. This work presents a traditional valuation under the discounted cash flow at an adequate rate for the company's risk, and subsequently the valuation of a real expansion option. Basically the company has the possibility of opening its operations in a new market, so this allow to value this real option. The combination of both methodologies enable to approach the reality presented by this type of companies since it includes the value of flexibility in the final value of the company. The Risk Simulator software is used to calculate the uncertainties of the variables associated with this type of companies, as well as the SLS software to assess the real expansion option.