π-Economy π-Economy 2782-6015 32 The comparison of discounted cash flow and real options  methods for business evaluation Сопоставление методов дисконтированных денежных  потоков и реальных опционов при оценке стоимости бизнеса Pashkevich Maxim pashkevitch1@yandex.ru Tikhomirov Anton antontikh@mail.ru 10 08 2012 4 151 194 197

The comparison of discounted cash flow (DCF) and real options (RO) methods within the income approach to business evaluation by example of OJSC «Power machines» is conducted. Advantages of RO method as compared with conventional DCF method are shown.

 BUSINESS EVALUATION DISCOUNTED CASH FLOW METHOD REAL OPTIONS BLACK-SCHOLES MODEL EQUITY VALUE