Exhibit 3 Ferrari: The 2015 Initial Public Offering Ferrari Income Statement (millions of euro)
	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 & Amortization Expense	238	270	289	130
Selling, General, and Admin. Expense	243	260	300	152
Research & 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

1a. Value shares for the IPO based on comparables? What comparables should we use V/EBITDA, V/(EBITDA-Cash), P/E, etc. If we use a ratio that contains EBITDA should we use 2014 or 2015 EBITDA? What are the Pros and Cons of using multiples? What comparable companies do you use and why? What is your final number for the share valuation?

b. Value shares using PV of FFCF? Justify assumptions for WACC and the constant growth of FFCF used for the terminal value calculation? What is your share value?

Total Revenue Capital Expend Projected EBITDA Growth Rate Market Value of Equity Total Debt Cash Auto Manufacturers BMW Daimler Fiat Chrysler Ford Motor General Motors Honda Motor Hyundai Motor Kia Motors Nissan Motor Peugeot Renault Tata Motors Tesla Motors Toyota Motor Volkswagen 80,401 129,872 96,090 108,619 117,554 96,196 63,924 33,730 82,101 53,607 41,055 33,811 2,411 196,622 202,458 6,099 6,307 8,121 5,626 8,946 6,374 3,385 1,446 11,432 2,428 2,703 4,100 731 24,233 16,613 16,426 18,514 8,271 8,537 6,674 12,730 7,233 2,800 10,879 3,318 3,967 5,647 9 30,260 23,048 6.1% 6.9% 4.6% 10.1% 4.5% 6.9% 6.8% 1.6% 6.2% 7.0% 8.9% 5.5% 94.9% 3.2% 56,562 77,906 18,657 52,925 46,554 51,128 33,631 16,977 40,013 12,230 23,096 16,701 26,400 186,069 52,916 77,506 86,689 33,724 98,484 38,710 52,483 40,802 3,535 51,796 21,914 36,299 10,952 7,688 15,543 23,601 25,743 24,391 11,427 19,547 5,502 6,698 10,521 14,049 7,125 1,590 3.5% 147,344 139,021 40,497 34,143 Luxury Brands Burberry Group Cie Financiere Hermes International LVMH Moet Hennessy Prada Tiffany & Co. 3,221 10,410 4,119 30,638 199 708 279 1,848 362 189 745 2,902 1,478 7,027 954 819 2.6% 3.1% 6.8% 2.1% 1.9% 4.7% 7,691 38,986 35,297 80,731 8,772 9,125 90 3,093 41 9,243 865 8,553 1,481 4,648 720 648 519 3,552 3,248 989 Total Revenue Capital Expend Projected EBITDA Growth Rate Market Value of Equity Total Debt Cash Auto Manufacturers BMW Daimler Fiat Chrysler Ford Motor General Motors Honda Motor Hyundai Motor Kia Motors Nissan Motor Peugeot Renault Tata Motors Tesla Motors Toyota Motor Volkswagen 80,401 129,872 96,090 108,619 117,554 96,196 63,924 33,730 82,101 53,607 41,055 33,811 2,411 196,622 202,458 6,099 6,307 8,121 5,626 8,946 6,374 3,385 1,446 11,432 2,428 2,703 4,100 731 24,233 16,613 16,426 18,514 8,271 8,537 6,674 12,730 7,233 2,800 10,879 3,318 3,967 5,647 9 30,260 23,048 6.1% 6.9% 4.6% 10.1% 4.5% 6.9% 6.8% 1.6% 6.2% 7.0% 8.9% 5.5% 94.9% 3.2% 56,562 77,906 18,657 52,925 46,554 51,128 33,631 16,977 40,013 12,230 23,096 16,701 26,400 186,069 52,916 77,506 86,689 33,724 98,484 38,710 52,483 40,802 3,535 51,796 21,914 36,299 10,952 7,688 15,543 23,601 25,743 24,391 11,427 19,547 5,502 6,698 10,521 14,049 7,125 1,590 3.5% 147,344 139,021 40,497 34,143 Luxury Brands Burberry Group Cie Financiere Hermes International LVMH Moet Hennessy Prada Tiffany & Co. 3,221 10,410 4,119 30,638 199 708 279 1,848 362 189 745 2,902 1,478 7,027 954 819 2.6% 3.1% 6.8% 2.1% 1.9% 4.7% 7,691 38,986 35,297 80,731 8,772 9,125 90 3,093 41 9,243 865 8,553 1,481 4,648 720 648 519 3,552 3,248 989