The Black & Scholes and the binomial models for financial options valuation give, as a result, premiums whose value increases proportionally to the increase of the degree of uncertainty about the return of the underlying assets, as measured by the standard deviation. When companies are valuated, financial options theory can be extended to valuate them as real options. This method is adequate when analysing company assets subjected to great uncertainty, in which the options flexibility adds considerable value to the physical assets. In this context, this research shows the analysis of an international airline of a regular passenger air transport company. The analysis is adequate as long as the air transport industry, nowadays in crisis, is subjected to strong uncertainties like passenger revenue and fuel costs. Through the real options analysis, the research showed that the flexibility given by the options of increasing or decreasing flights frequencies, and even of abandoning operations, together with the Market uncertainties, adds considerable value to the assets of an air carrier. In this sense, valuating them only according to the orthodox method of the Net Present Value in a scenario of crisis as nowadays, is an incomplete analysis. The study was based on a discrete time and discrete state model, combining the evolution of revenue and fuel cost uncertainties according to a quadrinomial decision tree.