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As a financial analyst, which three assumptions would you question? Be specific 2017 2018 2019 2016 5.0% 5.0% 3.0% 6.0% 13.5% 10.0% 27.0% 2.1 3.3

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As a financial analyst, which three assumptions would you question? Be specific

2017 2018 2019 2016 5.0% 5.0% 3.0% 6.0% 13.5% 10.0% 27.0% 2.1 3.3 34% 4.0% 5.0% 3.0% 6.0% 14.0% 10.0% 28.0% 2.2 3.5 34% 4.0% 5.0% 3.0% 6.0% 14.0% 10.0% 30.0% 2.2 3.7 34% 3.0% 5.0% 3.0% 6.0% 14.0% 10.0% 30.0% 22 3.8 34% Exhibit 8 Ferrari forecast (millions of euro, except as noted) Assumptions 2014 2015 Growth in Cars Shipped 3.6% 7.0% Growth in Revenue/Car 5.0% Growth in Engine Revenue 3.0% Growth in Other Revenue 3.0% Operating Margin-Cars 12.5% 13.0% Operating Margin--Engines 9.1% 10.0% Operating Margin-All Other Revenue 24.9% 25.0% Net Working Capital Turnover 1.9 2.0 Net Fixed Asset Turnover 3.2 3.2 Deprec & Amort/PPE 34% 34% Financial Forecast Car Shipments (000) 7.76 Ang Revenue per Car (Euro 000) 268 281 Car Revenue 1,944 2,184 Engine Revenue 311 320 All Other Revenue 507 523 Total Revenue 2,762 3,027 Operating ProfilCars 243 284 Operating Profit-Engines 28 32 Operating Profit-All Other Revenue 126 131 Total Operating Profit 398 447 Net Working Capital 1,425 1,513 Net PP&E and Int. Assets 851 932 Dep & Amort 289 317 Source: Created by author based on author estimates 7.26 9.08 8.48 310 8.15 295 2,408 330 554 3.292 325 33 150 508 1,568 998 339 2,629 340 587 3,556 368 34 164 567 1,617 1,016 345 8.82 326 2,871 350 623 3,844 402 35 187 624 1.747 1,039 353 342 3,105 361 660 4,126 435 36 198 669 1,875 1,086 369

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