Uma Aplicação de Opções Reais na Avaliação de Licença de Prestação de Serviços de Telefonia Móvel 3G no Brasil

We analyze the contributions of the real option method to the decisionmaking process in the telecommunications industry. We study the case of apublic auction purchase of the license to operate a 3G mobile phone systemin Brazil. The results indicate that the embedded flexibilities increase thevalue of the project by 64% in relative to the discounted cash flow method,which could justify the high premiums paid by the winning firms, which areincompatible with the value obtained from traditional methods of analysis.This suggests that the real options approach used, which can be easilyreplicated and is fairly intuitive, can be a useful tool to support thedecision making process of these firms.