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

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What do you think Ferrari is worth in Euros? Justify yourrecommendation based on current market multiples valuation and aDCF valuation.
2012 2013 2014 First Half 2015
Sales
Cars and Spare Parts (1) 1,695 1,655 1,944 1,007
Engines (2) 77 188 311 121
Sponsorship, Commercial and Brand (3) 385 412 417 212
Other (4) 69 80 91 46
Total Sales 2,225 2,335 2,762 1,387
Cost of Sales excluding Dep. and Amort. 961 964 1,217 592
Depreciation and Amortization Expense 238 270 289 130
Selling, General, and Admin. Expense 243 260 300 152
Research and Development 431 479 541 291
Other Operating Expense 17 -2 26 4
Operating Income (EBIT) 335 364 389 218
Net Financial Income (Expense) -1 3 9 -27
Profit before Tax 335 366 398 191
Income Tax Expense 101 120 133 65
Net Profit 233 246 265 126
CapitalExpenditures 258 271 330 151

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Transcribed Image Text

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

	2012	2013	2014	First Half 2015
Sales
Cars and Spare Parts (1)	1,695	1,655	1,944	1,007
Engines (2)	77	188	311	121
Sponsorship, Commercial and Brand (3)	385	412	417	212
Other (4)	69	80	91	46
Total Sales	2,225	2,335	2,762	1,387
Cost of Sales excluding Dep. and Amort.	961	964	1,217	592
Depreciation and Amortization Expense	238	270	289	130
Selling, General, and Admin. Expense	243	260	300	152
Research and Development	431	479	541	291
Other Operating Expense	17	-2	26	4
Operating Income (EBIT)	335	364	389	218
Net Financial Income (Expense)	-1	3	9	-27
Profit before Tax	335	366	398	191
Income Tax Expense	101	120	133	65
Net Profit	233	246	265	126

CapitalExpenditures	258	271	330	151