Aquaculture is an increasingly relevant sector in the exploitation of natural resources; therefore, it is appropriate to propose various models that include the fundamental variables for its economic-financial valuation from a business point of view. The objective of this paper is to analyze different models for the valuation of investment projects in a company in the aquaculture sector in order to conclude whether there is a model that represents a better valuation. Therefore, in this study, four valuation models have been applied, three classical models (net present value, internal rate of return, and payback) and a more recent model, real options (RO) for a company producing and marketing seaweed in Galicia (region located in the northwest of Spain). The results obtained, RO (€5,527,144.04) and net present value (€5,479,659.19), conclude that the RO model estimates a higher added value by taking into account in its calculations the flexibility given by the expansion option. Future lines of research include the application of valuation models that have been applied to companies belonging to the same sector in order to compare whether the results found are similar.

中文翻译：

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为人类消费生产和交易海藻的公司的评估：经典方法与实物期权

水产养殖是自然资源开发中越来越重要的部门。因此，从业务角度出发，建议各种模型，包括其经济财务估值的基本变量。本文的目的是分析水产养殖业中一家公司的投资项目估值的不同模型，以得出是否存在代表更好估值的模型的结论。因此，在本研究中，已应用了四个估值模型，三个经典模型（净现值，内部收益率和投资回收期），以及一个最新模型，即在加利西亚生产和销售海藻的公司的实物期权（RO）（位于西班牙西北部的地区）。获得的结果RO（5,527,144.04欧元）和净现值（5,479,659.19欧元），结论是，RO模型通过在计算中考虑扩展选项提供的灵活性来估计更高的附加值。未来的研究方向包括应用估值模型，该模型已应用于属于同一行业的公司，以比较发现的结果是否相似。