الفهرس 
The Valuation of Egyptian Power Plants using Real Options Analysis
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Abstract
Traditional discounted cash flow approaches do not take into account managerial flexibility to change the initial business strategy due to unexpected market developments. Thus, it has severe limitations in the valuation of large scale investments that are characterized by uncertainty and irreversibility. As a result, real options analysis (ROA) has become increasingly used in practice as a complementary approach to overcome these limitations. ROA has an advantage over traditional methods since it takes uncertainties into account and allows for flexibility to respond to them. A further advantage of ROA is that it does not only compute the option value of the investment but also it identifies the iptimal timing to exercise the option