What do you think Ferrari is worth in Euros? Justify your recommendation based on current market multiples valuation and a DCF valuation.

USD/EUR

1.1375

Estimated US RACE Price

$52

Estimated EUR Stock Price

$45.71

=$52/1.1375 Net Working Capital Turnover        1.9        2.0        2.1        2.2        2.2        2.2 Net Fixed Asset Turnover        3.2        3.2        3.3        3.5        3.7        3.8 Deprec. & Amort./PP&E 34% 34% 34% 34% 34% 34% Financial Forecast Car Shipments (000s) 7.26 7.76 8.15 8.48 8.82 9.08 Avg Revenue per Car (Euro 000s) 268 281 295 310 326 342 Car Revenue 1,944 2,184 2,408 2,629 2,871 3,105 Engine Revenue 311 320 330 340 350 361 All Other Revenue 507 523 554 587 623 660 Total Revenue 2,762 3,027 3,292 3,556 3,844 4,126 Operating Profit – Cars 243 284 325 368 402 435 Operating Profit – Engines 28 32 33 34 35 36 Operating Profit – All Other Revenue 126 131 150 164 187 198 Total Operating Profit 398 447 508 567 624 669 Net Working Capital 1,425 1,513 1,568 1,617 1,747 1,875 Net PP&E and Int. Assets 851 932 998 1,016 1,039 1,086 Deprec. & Amort. 289 317 339 345 353 369 Total Revenue Growth 18% 10% 9% 8% 8% 7% EBITDA Margin 25% 25% 26% 26% 25% 25%

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