Valuation of a Company Producing and Trading Seaweed for Human Consumption: Classical Methods vs. Real Options.

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.

Impact of the COVID-19 crisis: Analysis of the fishing and shellfishing sectors performance in Galicia (Spain).

The COVID-19 crisis has had consequences in every area of the Spanish economy. The fisheries and shellfishing sectors in Galicia have been significantly affected due to the measures taken to curb the pandemic. In particular, the closure of the HORECA channel and the confinement of the population have adversely affected the production of fresh fish and shellfish. In this study, a three-stage analysis of the management of the pandemic in Spain has been carried out (confinement, "new normality" and closure of the HORECA channel). The direct and indirect effects of the pandemic have been considered, as well as other factors independent of it, which usually influence production. The results show a decrease in catches, revenue and average price (euros/kg) at first sale of Galician fish and shellfish products over the three study periods, with an incidence level that varies between phases, species, fleet segments and sectors.