Valuation of listed shares: comparative and multi-sectoral approaches between traditional methods and real options.

Summary The first chapter deals with the performance of traditional valuation models. Through a detailed literature, it highlights the factors that impact the financial structure as well as theoretical adjustments to improve the different valuation methods. It then discusses the creation of value from control operations and outlines the methods to be used in specific contexts. The second part of the paper is dedicated to the evaluation of the investment decision using the real options approach. First, a framework defines their modeling and their current level of use by practitioners. Then, the literature studied develops the interactions of the different categories of options present within a single investment project. In particular, it reveals the foundations of the "wait-and-see" option model, which determines the right time to invest, the "divestment" option, including in particular contexts, and the "growth" option, which affects diversification choices and acquisition strategies. Finally, the third section focuses on the valuation of the financial liability structure using the real options approach. The option models described in the literature propose a new allocation of the enterprise value between an economic value of equity and net debt. Then, the papers studied discuss the integration of agency problems and debt refinancing from option models. Finally, three statistical studies aim at comparing company valuations from traditional and real options methods. The aim is to determine whether the option method grants a surplus value to equity, by taking into account an economic net debt. Furthermore, the analyses performed aim to attest the relevance and reliability of the real options method compared to traditional methods.