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What do you think Ferrari is worth in Euros? Justify your recommendation based on current market...

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Finance

What do you think Ferrari is worth in Euros? Justify yourrecommendation based on current market multiples valuation and aDCF valuation.

201220132014First Half 2015
Sales
Cars and Spare Parts (1)1,6951,6551,9441,007
Engines (2)77188311121
Sponsorship, Commercial and Brand (3)385412417212
Other (4)69809146
Total Sales2,2252,3352,7621,387
Cost of Sales excluding Dep. and Amort.9619641,217592
Depreciation and Amortization Expense238270289130
Selling, General, and Admin. Expense243260300152
Research and Development431479541291
Other Operating Expense17-2264
Operating Income (EBIT)335364389218
Net Financial Income (Expense)-139-27
Profit before Tax335366398191
Income Tax Expense10112013365
Net Profit233246265126
CapitalExpenditures258271330151

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What do you think Ferrari is worth in Euros? Justify yourrecommendation based on current market multiples valuation and aDCF valuation.201220132014First Half 2015SalesCars and Spare Parts (1)1,6951,6551,9441,007Engines (2)77188311121Sponsorship, Commercial and Brand (3)385412417212Other (4)69809146Total Sales2,2252,3352,7621,387Cost of Sales excluding Dep. and Amort.9619641,217592Depreciation and Amortization Expense238270289130Selling, General, and Admin. Expense243260300152Research and Development431479541291Other Operating Expense17-2264Operating Income (EBIT)335364389218Net Financial Income (Expense)-139-27Profit before Tax335366398191Income Tax Expense10112013365Net Profit233246265126CapitalExpenditures258271330151

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