외식 기업의 가치 평가에 관한연구 - ROV(실물옵션), DCF(현금흐름할인) 중심으로

A Study on Valuation of Food Service related Company : ROV and DCF model of Listed Company

  Reasonable valuation method of food service companies is very important for the sound development of food service companies, reasonable investment decision-making, and the growth of stock market. This dissertation suggests valid valuation and method for food service companies. The author chose 3 companies from KOSDAQ and KOSPI registered companies as analysis samples and calculated highest, lowest, and mean stock price of each company from January 2004 to December 2006. Applying audit report of 3 years, the author output 5 variablesnies from each companies by using Growth Option Model of Real Option Model, The author valuated companies by adding option value calculated with these variables and residual value discounted with cash flow discount method. Food service companies value of ROV model showed that 50% of the food companies, had stock price higher than the lowest price. This result indicates that value of food service companies may have high option premium, which is the growth factor. This result indicates that the food companies have companies with low and high option premiums which signifies growth potential have not been approved