As a method to incorporate flexibility into the quantitative assessment of investment projects and thereby create a better foundation for investment decisions aimed at maximizing company value, the real options approach has increasingly gained attention in the literature in recent years. Additionally, the real options approach is occasionally regarded as a suitable tool for company valuation, which is understandable since company valuation ultimately represents a special case of investment valuation. Opinions vary on the extent to which the real options approach will influence practical investment valuation in the future. This paper examines the suitability of the real options approach for practical investment calculations and company valuation, based on an analysis of the analogy.