Certain business situations, and the parent firms in those cases, are also logically analysed under an options framework; see "Applications" under the Real options valuation references. Just as a financial option gives its owner the right, but not the obligation, to buy or sell a security at a given price, companies that make strategic investments have the right, but not the obligation, to exploit opportunities in the future; management will of course only exercise where this makes economic sense. Thus, for companies facing uncertainty of this type, the stock price may (should) be seen as the sum of the value of existing businesses (i.e., the discounted cash flow value) plus any real option value. Equity valuations here, may (should) thus proceed likewise. Compare PVGO.