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• What do you think Ferrari is worth in Euros? Justify your recommendation based on current market multiples valuation and a DCF 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
  Capital Expenditures	258	271	330		151

• 	31-Dec-2013	31-Dec-2014	30-Jun-2015
  Cash and cash equivalents	798	1,077	258
  Trade receivables	206	184	154
  Receivables from financing activities	863	1,224	1,181
  Inventories	238	296	352
  Other current assets	115	64	100
  Total current assets	2,219	2,845	2,045
  Investments and other financial assets	37	47	48
  Deferred tax assets	42	112	149
  Property, plant, and equipment	568	585	589
  Intangible assets (1)	242	265	283
  Goodwill	787	787	787
  Total assets	3,895	4,641	3,900
  Trade payables	486	536	578
  Current tax payables	104	110	182
  Other current liabilities	475	774	836
  Total current liabilities	1,065	1,420	1,595
  Long-term debt	317	510	2,267
  Other liabilities	197	233	239
  Total equity	2,316	2,478	-201
  Total liabilities and equity	3,895	4,641	3,900

• 	2014	2015	2016	2017	2018	2019
  Growth in Cars Shipped	3.6%	7.0%	5.0%	4.0%	4.0%	3.0%
  Growth in Revenue/Car		5.0%	5.0%	5.0%	5.0%	5.0%
  Growth in Engine Revenue		3.0%	3.0%	3.0%	3.0%	3.0%
  Growth in Other Revenue		3.0%	6.0%	6.0%	6.0%	6.0%
  Operating Margin - Cars	12.5%	13.0%	13.5%	14.0%	14.0%	14.0%
  Operating Margin - Engines	9.1%	10.0%	10.0%	10.0%	10.0%	10.0%
  Operating Margin - All Other Revenue	24.9%	25.0%	27.0%	28.0%	30.0%	30.0%
  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%
  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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