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File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments @ A & Cut Garamond 12 III NO ab Wrap Text General Paste AutoSum Fill Sort & Clear Filter B I - A A A - El U - E 3 Merge & Center $ lili % Ideas , Sensitivity 5000 Insert Delete Format Cell Styles Conditional Format as Formatting Table Styles Find & Select Font Number Alignment L Copy Format Painter Clipboard : x B C Alignment Cells Editing Ideas Sensitivity + 315 A Fix D E F G J K L M N O P Q R S T U V W X Y H I First Half of Year 2014 2015 Full Year 2013 2012 2014 7 By Model Type Sports Cars 9 V8 V12 Total 4,274 1,581 481 3,944 1,401 5,345 3,651 1,565 5,216 2,077 900 2,977 645 4,755 2,226 GT Cars V8 V12 1,589 1,061 2,650 1,219 436 1,655 1,645 394 2,039 454 237 1,280 188 1,468 16 Total 691 17 686 686 705 456 755 659 616 18 By Geography Europe, Middle East, and Africa United Kingdom Germany Switzerland Italy France Middle East Rest of EMEA Total EMEA 350 332 243 408 353 181 132 138 214 155 139 318206 330 273 472 663 3,309 253 521 423 232 604 349 1,793 185 320 1,598 3,703 3,274 Americas Americas 2,208 2,382 2,462 1,199 1,287 261 Asia Pacific Greater China Rest of APAC Total APAC Total 789 705 1,494 572 737 1,309 7,000 675 844 1,519 289 387 676 3,668 548 809 7,405 7,255 3,694 Exh i Exh 3 Exh 4 Exh 5" Exh 6 Exh 8 Ex9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 - + 809 File Home Insert Draw Page Layout Formulas Data Review View Help Comments X Cut Garamond 12 AA NO Share 4 # ab Wrap Text General 7 p . 9 E AutoSum48 AutoSum Fill Clear Paste BIU A Merge & Center - Insert Delete Format LG Copy Format Painter Clipboard Ideas $ - % Number Sensitivity Conditional Format as Formatting Table Styles Sort & Filter Cell Styles Find & Select Font to Alignment Cells Editing Ideas Sensitivity X fc B A | C D E F H I J K L M N O P Q R S T U V E G First Half 2015 2012 2013 2014 Sales Cars and Spare Parts (1) Engines (2) Sponsorship, Commercial and Brand (3 Other (4) Total Sales 1,695 77 385 69 2,225 1,655 188 412 80 1,944 311 417 1,007 121 212 10 91 11 12 46 1,387 13 961 964 270 14 238 243 15 1,217 289 300 541 Cost of Sales excluding Dep and Amort Depreciation & Amortization Expense Selling, General, and Admin. Expense Research & Development Other Operating Expense Operating Income (EBIT) 260 16 17 479 -2 364 26 18 389 19 20 Net Financial Income (Expense) Profit before Tax Income Tax Expense Net Profit 120 398 133 265 246 23 Capital Expenditures 258 271 330 (1) Includes the net revenues generated from shipments of our cars, including any personalization revenue generated on these cars and sales of spare parts. (2) Includes the net revenues generated from the sale of engines to Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 27 Exh TN3 Exh TN4 + - + 100% File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments 12 === Number AutoSum" AY O 5 Our E ag Wrap Text 3 Merge & Center - Fill A - El A $ v % , 800 Ideas Conditional Format as Formatting Table Cell Styles Insert Delete Format Sensitivity Clear Sort & Filter X Cut Garamond [Copy Paste Format Painter BIU - D Clipboard E23 x fx Find & Select Alignment Number Styles Cells Editing Ideas Sensitivity Font 2266.9 E F G H J K L M N O P Q 31-Dec-2013 798 206 863 238 115 2,219 31-Dec-2014 1,077 184 1,224 8 296 30-Jun-2015 258 154 1,181 352 100 2,045 48 149 589 Cash and cash equivalents Trade receivables Receivables from financing activitie: Inventories Other current assets Total current assets Investments and other financial asse Deferred tax assets Property, plant, and equipment Intangible Assets (1) Goodwill Total assets 10 11 12 37 64 2,845 47 112 585 265 787 4,641 42 568 242 787 3,895 14 283 787 16 17 3,900 18 19 536 110 20 21 774 Trade payables Current tax payables Other current liabilities Total current liabilities Long-term debt Other liabilities Total equity Total liabilities and equity 486 104 475 1,065 317 197 2,316 3,895 578 182 836 1,595 2,267 239 23 24 25 1,420 510 233 2,478 4,641 -201 3,900 26 27 28 (1) Costs incurred for car project development are recognized as as asset following the conditions of IAS38. Capitalized development costs are amortized on a straight-line basis over the estimated life of the model (generally 4 to 8 years). > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + EL - + 10 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments AutoSum E DE General 48 0 A 5 Fill $ Ideas % ) 0 -20 Insert Delete Format Sensitivity Conditional Format as Cell Formatting Table Styles Clear Sort & Filter Find & Select Number Styles Cells Editing Ideas Sensitivity X Cut Garamond 12A === du alle Wrap Text [Copy Paste BIU SE E Merge & Center v Format Painter Clipboard Font Alignment A1 : x V for Exhibit 5 A B C D E F G H 1 Exibit 5 2 FERRARI: THE 2015 INITIAL PUBLIC OFFERING 3 FCA Car Shipments by Brand (000s of units) I J K L M N O P Q R S T U 2013 2014 2,500 Mass-Market Vehicle Brands NAFTA (U.S., Canada, Mexico) LATAM (Latin America) APAC (Asia Pacific) EMEA (Europe, Middle East, Afri Total 800 2,100 900 200 1,100 4,300 300 1.200 4,800 20 40 Maserati Ferrari Mass-market Brands: Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, and Ram. 19 Source: FCA Annual Report > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + O P - + 100 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments X Cut Garamond 12 AA NO ab Wrap Text # Number 7 p . 9 E AutoSum48 AutoSum Fill Clear 4 Paste B A - I U - E LG Copy Format Painter Clipboard 3 Merge & Center w $ % , Ideas 8.00 Insert Delete Format Conditional Format as Cell Formatting Table Styles Sensitivity Sort & Filter Find & Select Alignment Go Number Number Cells Editing Ideas Sensitivity styles D34 X for - Font =D33*D17 C D 2014 2015 3.6% 7.0% 5.0% 3.0% 3.0% I J K L M N O P Q R S T U V W X 5 Assumptions Growth in Cars Shipped Growth in Revenue/Car Growth in Engine Revenue Growth in Other Revenue E 2016 5.0% 5.0% 3.0% 6.0% F 2017 4.0% 5.0% 3.0% 6.0% G 2018 4.0% 5.0% 3.0% 6.0% H 2019 3.0% 5.0% 3.0% 6.0% Operating Margin - Cars Operating Margin - Engines Operating Margin - All Other Revenue 12.5% 9.1% 24.9% 13.0% 10.0% 25.0% 13.5% 10.0% 27.0% 14.0% 10.0% 28.0% 14.0% 10.0% 30.0% 14.0% 10.0% 30.0% 1.9 2.0 2.1 3.3 34% 2.2 3.5 34% 2.2 3.7 34% 2.2 3.8 34% 34% 34% 20 Net Working Capital Turnover 16 Net Fixed Asset Turnover 17 Deprec&Amort/PPE 18 19 Financial Forecast Car Shipments (000s) Avg Revenue per Car (Euro 000s) Car Revenue Engine Revenue All other Revenue Total Revenue 9 7.26 268 1,944 311 7.76 281 2,184 320 523 3,027 8.15 295 2,408 330 554 3,292 8.48 8.82 310 326 2,6292,871 340 350 587 623 3,5563,844 .08 342 3,105 361 660 4,126 507 2,762 325 368 28 34 Operating Profit-Cars Operating Profit-Engines Operating Profit-All Other Revenue Total Operating Profit 284 32 131 447 33 150 508 402 35 187 624 435 36 198 669 164 | 567 Net Working Capital Net PP&E and Int. Assets Dep & Amort 1,425 1,513 851 932 289317 1,568 998 339 1,617 1,016 345 1,747 1,039 353 1,875 1,086 369 Total Revenue Growth EBITDA Margin Exh 1 Exh 3 37 18% 25% Exh 5 10% 25% Exh 6 9% 26% Exh 8 8% 26% Exh 9 Screenshot saved The screenshot was added to your OneDrive. OneDrive 8% 7% 25% 25% Exh TN1 Exh 4 Exh TN2 Exh TN3 Exh TN4 + Average: 382 Count: 2 Sun. TOS File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments # B AutoSum E 47 0 A === du E E % alle Wrap Text 3 Merge & Center X Cut [Copy Format Painter Clipboard Garamond 12A BIU - D O A Fonto Fill General $ v % Paste , 5800 Conditional Format as Formatting Table Ideas Cell Styles Insert Delete Format Sensitivity Clear Sort & Filter Find & Select Alignment Number Styles Cells Editing Ideas Sensitivity G23 E F G H I J K L M N O P Q R S T U V Ent Val / (Ent Val-Cash) EBITDA / EBITDA A B C D 2 FERRARI: THE 2015 INITIAL PUBLIC OFFERING 3 Market Multiples for Comparable Companies 4 EBITDA Projected Margin* Growth Rate 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 Luxury Brands Burberry Group Cie Financiere Richemont Hermes International LVMH Moet Hennessy Prada Tiffany & Co. * EBITDA Margin = EBITDA / Total revenu > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Number 2 AutoSum ~ 48 0 4 Vor E alle Wrap Text 3 Merge & Center - Fill $ v % , 800 Conditional Format as Formatting Table Ideas Cell Styles Insert Delete Format Sensitivity Clear Sort & Filter Find & Select Alignment Number Styles Cells Editing Ideas Sensitivity X Cut Garamond 12 A A === [Copy Paste BIU - D Format Painter - A Clipboard Font to E9 : x fix A B C / D 1 Exhibit TN2 2 FERRARI: THE 2015 INITIAL PUBLIC OFFERING 3 Multiples-based Valuation for Ferrari E F G H I J K L M N O P Ferrari EBITDA estimate (2015) Debt Shares USD/EUR Exchange Rate 8 2,300 189 1.138 91 10 12 | 13 EBITDA Implied Ent Implied Share multiple* Value (EUR) Price (USD) Trading Multiples Median of all auto comps Avg of select auto comps** Median of all luxury comps Avg of select luxury comps*** EBITDA for Ferrari using comparables 14 16 17 18 20 *EBITDA multiple = Ent Val / EBITDA ** Select Auto Comparables are BMW, Daimler, Ford, Honda, Hyundai, and Renault *** Select Luxury Comparables are Hermes and Tiffany 21 22 23 > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + 0 - + 110 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments 12 === P Number X Cut L Copy v Format Painter Clipboard Garamond B I U D v^^ ^ A ag Wrap Text Merge & Center AutoSum Fill Sort & Clear Filter Paste $ - % , Insert Delete Format Ideas Sensitivity Conditional Format as Cell Formatting Table Styles Find & Select Font Alignment Number Styles Cells Editing Ideas Sensitivity ILI K L M N O P R S T U 131 447 150 508 F 164 567 G 187 624 H 198 669 32 1,513 932 317 1,568 9 98 339 1,617 1,016 345 1,747 1,039 353 1,875 1.086 369 34 G22 - X v fx =G20*G21 _ A Operating Profit - All Other Revenue 126 Total Operating Profit 398 31 Net Working Capital 1,425 33 Net PP&E and Int. Assets 851 Dep & Amort 289 35 36 Valuation 37 Tax Rate 38.0% Discount Rate 5.0% LT Growth Rate 2.0% 2014 EBITDA Margin 25% ROC 11% 43 Projected Profit/Growth Rate 11.0% 44 NOPAT Change in P&PE 46 Change in NWC Free Cash Flow 48 2020 2015 25% 11% 2016 26% 12% 2017 26% 13% 2018 25% 14% 2019 25% 14% 42 45 Horizon value from 2020 after PV (2015) of each year's CF 2,300 Implied Ent Value (2015) Debt Implied Equity Value Shares Post-IPO) Implied Share Price in EUR Implied Share Price in USD 189 Screenshot saved The screenshot was added to your OneDrive. OneDrive 57 Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Garamond 11A alle Wrap Text AutoSum E DE General A === du SE E Fill X Cut [Copy Format Painter Clipboard Paste BIU Merge & Center v Ideas $ % ) 0 -20 Insert Delete Format Sensitivity Conditional Format as Cell Formatting Table Styles Clear Sort & Filter Find & Select Font Alignment Number Styles Cells Editing Ideas Sensitivity L22 4. A B C D E F G K L M N O P Q R S T U V W X H 1-Dec-15 2-Dec-15 3-Dec-15 4-Dec-15 7-Dec-15 8-Dec-15 9-Dec-15 10-Dec-15 11-Dec-15 14-Dec-15 15-Dec-15 16-Dec-15 17-Dec-15 18-Dec-15 21-Dec-15 22-Dec-15 23-Dec-15 24-Dec-15 28-Dec-15 29-Dec-15 30-Dec-15 31-Dec-15 4-Jan-16 5-Jan-16 6-Jan-16 7-Jan-16 8-Jan-16 11-Jan-16 12-Jan-16 13-Jan-16 14-Jan-16 15-Jan-16 19-Jan-16 20-Jan-16 21-Jan-16 22-Jan-16 25-Jan-16 26-Jan-16 27-Tan-16 I $46.50 $47.88 $47.44 $47.34 $48.65 $48.49 $47.44 $48.07 $48.01 $48.05 $46.93 $48.32 $48.65 $46.96 $46.25 $47.48 $47.04 $46.62 $47.29 $46.84 $47.93 $48.26 $47.29 $48.60 $47.75 $46.42 $46.60 $43.20 $43.95 $43.43 $42.47 $40.47 $40.69 $40.98 $40.28 $41.21 $41.47 $40.28 $4131 > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + E - L + 740 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments @ X Cut 11 AA NO ab Wrap Text 2 General 2 . E A AutoSum Fill Clear AutoSum" 28 A EE 3 Merge & Center - $ v % , $8.00 Insert Delete Format Ideas Sensitivity Sort & Filter Conditional Format as Cell Formatting Table Styles Styles Garamond LG Copy Paste Format Painter BI U - Clipboard F L22 : x Fix 41 A B C D Find & Select Font El Alignment Number Cells Editing Ideas Sensitivity E F J K L M N O P Q R S T U V W X G I H 26-Jan-16 27-Jan-16 28-Jan-16 29-Jan-16 1-Feb-16 2-Feb-16 3-Feb-16 4-Feb-16 5-Feb-16 8-Feb-16 9-Feb-16 10-Feb-16 11-Feb-16 12-Feb-16 16-Feb-16 17-Feb-16 18-Feb-16 19-Feb-16 22-Feb-16 23-Feb-16 24-Feb-16 25-Feb-16 26-Feb-16 29-Feb-16 1-Mar-16 2-Mar-16 3-Mar-16 4-Mar-16 7-Mar-16 8-Mar-16 9-Mar-16 10-Mar-16 11-Mar-16 14-Mar-16 15-Mar-16 16-Mar-16 17-Mar-16 18-Mar-16 21-Var-16 Exh TN1 Exh TN2 I $40.28 $41.31 $40.82 $39.48 $38.92 $39.84 $37.24 $36.25 $38.73 $37.04 $34.44 $35.03 $32.29 $32.34 $34.62 $36.38 $38.76 $37.90 $39.42 $39.25 $37.26 $38.21 $38.77 $38.49 $38.78 $39.07 $39.10 $39.24 $39.11 $41.93 $41.72 $41.98 $42.09 $42.57 $41.46 $41.11 $42.49 $42.73 $42.38 Exh TN3 109 110 111 Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN4 - + 749 File Home Insert DrawPage Layout Formulas Data Review View Help B Share Comments Cut 11 === Oxu General Garamond BI U - B A A - A - ag Wrap Text Merge & Center - Paste $ - % 9 OO Insert Delete Format Ideas AutoSum Fill Sort & Clear Filter Editing Sensitivity [Copy or Format Painter Clipboard - A B Conditional Format as Cell Formatting Table Styles Styles Find & Select Font Alignment Number Cells Ideas Sensitivity L148 fix D C E F G J K L M N O P Q R S T U V W X 111 112 113 114 115 116 118 119 129 130 H 21-Mar-16 22-Mar-16 23-Mar-16 24-Mar-16 28-Mar-16 29-Mar-16 30-Mar-16 31-Mar-16 1-Apr-16 4-Apr-16 5-Apr-16 6-Apr-16 7-Apr-16 8-Apr-16 11-Apr-16 12-Apr-16 13-Apr-16 14-Apr-16 15-Apr-16 18-Apr-16 19-Apr-16 20-Apr-16 21-Apr-16 22-Apr-16 25-Apr-16 26-Apr-16 27-Apr-16 28-Apr-16 29-Apr-16 2-May-16 3-May-16 4-May-16 5-May-16 6-May-16 9-May-16 10-May-16 11-May-16 12-May-16 13-Var-16 Exh TN2 I $42.38 $41.64 $41.66 $40.23 $41.04 $40.87 $42.10 $41.59 $40.73 $41.24 $40.21 $40.19 $40.88 $41.26 $41.17 $41.24 $41.94 $42.06 $43.31 $43.83 $44.44 $44.66 $44.59 $43.50 $43.24 $43.74 $43.82 $44.06 $45.37 $46.50 $43.85 $44.13 $43.79 $43.04 $43.09 $43.18 $43.18 $43.53 $4357 131 132 145 146 147 148 149 > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN3 Exh TN + 74 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments X Cut 11 AA NO AutoSum D ab Wrap Text General E 3 E . autosum 48 0 A Merge & Center - Ideas $ - % Insert Delete Format Cell Styles Sensitivity Clear Conditional Format as Formatting Table Styles Sort & Filter Find & Select Garamond LG Copy Paste BIU Format Painter Clipboard F L186 - X V fix A B C D Font El Alignment Number Cells Editing Ideas Sensitivity E F G J K M N O P Q R S T U V W X 149 H 13-May-16 16-May-16 17-May-16 18-May-16 19-May-16 20-May-16 23-May-16 24-May-16 25-May-16 26-May-16 27-May-16 31-May-16 1-Jun-16 2-Jun-16 3-Jun-16 6-Jun-16 7-Jun-16 8-Jun-16 9-Jun-16 10-Jun-16 13-Jun-16 14-Jun-16 15-Jun-16 16-Jun-16 17-Jun-16 20-Jun-16 21-Jun-16 22-Jun-16 23-Jun-16 24-Jun-16 27-Jun-16 28-Jun-16 29-Jun-16 30-Jun-16 1-Jul-16 5-Jul-16 6-Jul-16 7-Jul-16 8-Jul-16 Exh TN2 I $43.57 $43.73 $42.78 $42.12 $41.73 $41.20 $40.48 $40.94 $42.22 $42.11 $42.05 $42.39 $42.35 $42.71 $43.00 $42.65 $43.54 $43.98 $43.15 $42.15 $40.97 $40.95 $40.83 $40.57 $41.60 $43.42 $43.37 $43.11 $43.54 $40.67 $39.71 $40.02 $39.92 $40.38 $41.71 $40.93 $38.90 $39.80 $40.96 Exh TN3 172 175 183 184 185 186 187 > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 | Exh TN1 Exh TN4 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments @ Cut 11 AA NO ab Wrap Text 2 General 2 . E A AutoSum Fill Clear AutoSum" 28 A Merge & Center - $ - % Insert Delete Format Ideas Sensitivity Conditional Format as Formatting Table Styles Cell Styles Sort & Filter Garamond LG Copy Paste BIU Format Painter Clipboard G L262 : X V fix A B C D Find & Select Font El Alignment Number Cells Editing Ideas Sensitivity E F J K L M N O P Q R S T U V W X G | H 31-Aug-16 1-Sep-16 2-Sep-16 6-Sep-16 7-Sep-16 8-Sep-16 9-Sep-16 12-Sep-16 13-Sep-16 14-Sep-16 15-Sep-16 16-Sep-16 19-Sep-16 20-Sep-16 21-Sep-16 22-Sep-16 23-Sep-16 26-Sep-16 27-Sep-16 28-Sep-16 29-Sep-16 30-Sep-16 3-Oct-16 4-Oct-16 5-Oct-16 6-Oct-16 7-Oct-16 10-Oct-16 11-Oct-16 12-Oct-16 13-Oct-16 14-Oct-16 17-Oct-16 18-Oct-16 19-Oct-16 20-Oct-16 21-Oct-16 24-Oct-16 25-Oct-16 Exh TN1 Exh TN2 I $48.19 $48.27 $48.25 $48.25 $49.55 $49.10 $49.22 $47.36 $48.11 $47.52 $46.95 $46.55 $47.56 $47.49 $48.55 $50.43 $50.65 $50.22 $50.08 $50.65 $51.49 $51.42 $51.92 $52.55 $53.31 $53.29 $53.32 $54.18 $53.42 $53.10 $52.89 $52.85 $52.75 $52.73 $52.01 $52.48 $52.02 $52.83 $52 99 Exh TN3 261 262 263 Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN4 - + 749 Home Insert Draw Page Layout Formulas Data Review View Help B Share Comments X Cut -11 ~AA Av General === v EE ele Wrap Text AutoSum Fill Sort & Clear Filter Merge & Center $ % ) . Insert Delete Format Ideas Sensitivity Conditional Format as Cell Formatting Table Styles Find & Select Garamond [Copy Paste BI U Format Painter Clipboard 1300 X r fix A B C D 263 Font Alignment Number Styles Cells Editing Ideas Sensitivity E F G J K L M N O P R S T U V W X I $52.99 $52.79 $53.12 $52.63 $52.73 $53.09 $51.14 $50.97 $50.43 $53.52 268 269 $54.43 H 25-Oct-16 26-Oct-16 27-Oct-16 28-Oct-16 31-Oct-16 1-Nov-16 2-Nov-16 3-Nov-16 4-Nov-16 7-Nov-16 8-Nov-16 9-Nov-16 10-Nov-16 11-Nov-16 14-Nov-16 15-Nov-16 16-Nov-16 17-Nov-16 18-Nov-16 21-Nov-16 22-Nov-16 23-Nov-16 25-Nov-16 28-Nov-16 29-Nov-16 30-Nov-16 1-Dec-16 2-Dec-16 5-Dec-16 6-Dec-16 7-Dec-16 8-Dec-16 9-Dec-16 12-Dec-16 13-Dec-16 14-Dec-16 15-Dec-16 16-Dec-16 19-Dec-16 Exh TN2 286 287 $53.99 $53.46 $53.38 $53.57 $52.78 $53.15 $53.23 $53.19 $53.20 $53.83 $53.14 $54.69 $54.00 $53.82 $54.94 $54.01 $54.20 $55.03 $55.07 $56.32 $56.66 $56.82 $57.07 $57.04 $58.00 $57.88 $58.10 $58.34 Exh TN3 294 295 296 297 298 299 300 301 > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 | Exh TN1 Exh TN4 - + 749 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments AutoSum 11A A A === du E E DE alle Wrap Text 3 Merge & Center - General $ v % Fill , 400 Insert Delete Format Ideas Sensitivity Conditional Format as Cell Formatting Table Styles Clear Sort & Filter - to Find & Select Font Alignment Number Styles Cells Editing Ideas Sensitivity X Cut Garamond [Copy Paste Format Painter BIU - D Clipboard L338 : x fix A B C D 301 302 303 304 E F G K L M N O P Q R S T U V W X 305 H I 19-Dec-16 20-Dec-16 21-Dec-16 22-Dec-16 23-Dec-16 27-Dec-16 28-Dec-16 29-Dec-16 30-Dec-16 3-Jan-17 4-Jan-17 5-Jan-17 6-Jan-17 9-Jan-17 10-Jan-17 11-Jan-17 12-Jan-17 13-Jan-17 17-Jan-17 18-Jan-17 19-Jan-17 20-Jan-17 23-Jan-17 24-Jan-17 25-Jan-17 26-Jan-17 27-Jan-17 30-Jan-17 31-Jan-17 1-Feb-17 2-Feb-17 3-Feb-17 6-Feb-17 7-Feb-17 8-Feb-17 9-Feb-17 10-Feb-17 I $58.34 $58.13 $58.60 $58.52 $58.44 $58.41 $58.15 $58.16 $58.44 $59.16 $58.84 $59.44 $58.97 $57.77 $58.98 $59.00 $60.57 $60.10 $59.66 $60.00 $59.86 $60.31 $61.07 $62.46 $62.78 $61.94 $62.03 $60.92 $60.94 $62.50 $65.01 $65.49 $64.33 $64.47 $64.21 $65.20 $64.54 336 337 338 339 Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 1 - 1 74 File Home Insert Draw Design Layout References Mailings Review View Help Share Comments C) PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View 1 ...liiiiiiiiiiiiiiii2Lili,. 3 Enable Editing ITI.4.iiii.5. III r. :6 1 :1.7... 1 . . . . . . . Case Report 11 Ferrari: Initial Public Offering . . . . . 1 . . . . . . 2 . . . . Questions: 1. Summarize the company history and case briefly. 2. Find the market multiples of comparable firms in Exh TN1. Then using these multiples in Exh TN2, find the implied share price of Ferrari in USD. To do this, you have to decide which comparable firms' EBITDA margin average you should use. Explain your decision. 3. Find implied stock price of Ferrari in USD using discounted cash flow (DCF) model in Exh TN3. 4. Depending on your above analysis, at what price in USD would you recommend Ferrari shares to be sold? 5. Using your recommended offer price in part 4 and the number of shares the company planned to issue (given in the case study), how much could the company have raised in IPO in USD? (Assume 7% flotation costs) 6. On Tuesday, October 20, 2015, FCA management issued Ferrari shares at USD52 per share. Is your estimate in part 4 close to this amount? Which model (DCF or multiples) gave you a closer estimate? Why? 7. Use Exh TN4. Was the IPO underpriced? Find the 'money left on the table'. How much does it correspond to in terms of total amount raised in the IPO (find the percentage)? Is it close to the average amount and ratio we discussed in class? (Opening price of a day is the closing price of the previous day) 8. How would you update the assumptions in Exh TN3 to reach a closer estimate to the first day's closing price? Discuss your suggestions. . 3 . . . 4 . . . . 5 . Reporting: Instructions Thoronart should include at lonet 600 words with 1 inch murainc anton bottom loft right . Page 1 of 1 366 words C Focus - + 1009 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments @ A & Cut Garamond 12 III NO ab Wrap Text General Paste AutoSum Fill Sort & Clear Filter B I - A A A - El U - E 3 Merge & Center $ lili % Ideas , Sensitivity 5000 Insert Delete Format Cell Styles Conditional Format as Formatting Table Styles Find & Select Font Number Alignment L Copy Format Painter Clipboard : x B C Alignment Cells Editing Ideas Sensitivity + 315 A Fix D E F G J K L M N O P Q R S T U V W X Y H I First Half of Year 2014 2015 Full Year 2013 2012 2014 7 By Model Type Sports Cars 9 V8 V12 Total 4,274 1,581 481 3,944 1,401 5,345 3,651 1,565 5,216 2,077 900 2,977 645 4,755 2,226 GT Cars V8 V12 1,589 1,061 2,650 1,219 436 1,655 1,645 394 2,039 454 237 1,280 188 1,468 16 Total 691 17 686 686 705 456 755 659 616 18 By Geography Europe, Middle East, and Africa United Kingdom Germany Switzerland Italy France Middle East Rest of EMEA Total EMEA 350 332 243 408 353 181 132 138 214 155 139 318206 330 273 472 663 3,309 253 521 423 232 604 349 1,793 185 320 1,598 3,703 3,274 Americas Americas 2,208 2,382 2,462 1,199 1,287 261 Asia Pacific Greater China Rest of APAC Total APAC Total 789 705 1,494 572 737 1,309 7,000 675 844 1,519 289 387 676 3,668 548 809 7,405 7,255 3,694 Exh i Exh 3 Exh 4 Exh 5" Exh 6 Exh 8 Ex9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 - + 809 File Home Insert Draw Page Layout Formulas Data Review View Help Comments X Cut Garamond 12 AA NO Share 4 # ab Wrap Text General 7 p . 9 E AutoSum48 AutoSum Fill Clear Paste BIU A Merge & Center - Insert Delete Format LG Copy Format Painter Clipboard Ideas $ - % Number Sensitivity Conditional Format as Formatting Table Styles Sort & Filter Cell Styles Find & Select Font to Alignment Cells Editing Ideas Sensitivity X fc B A | C D E F H I J K L M N O P Q R S T U V E G First Half 2015 2012 2013 2014 Sales Cars and Spare Parts (1) Engines (2) Sponsorship, Commercial and Brand (3 Other (4) Total Sales 1,695 77 385 69 2,225 1,655 188 412 80 1,944 311 417 1,007 121 212 10 91 11 12 46 1,387 13 961 964 270 14 238 243 15 1,217 289 300 541 Cost of Sales excluding Dep and Amort Depreciation & Amortization Expense Selling, General, and Admin. Expense Research & Development Other Operating Expense Operating Income (EBIT) 260 16 17 479 -2 364 26 18 389 19 20 Net Financial Income (Expense) Profit before Tax Income Tax Expense Net Profit 120 398 133 265 246 23 Capital Expenditures 258 271 330 (1) Includes the net revenues generated from shipments of our cars, including any personalization revenue generated on these cars and sales of spare parts. (2) Includes the net revenues generated from the sale of engines to Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 27 Exh TN3 Exh TN4 + - + 100% File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments 12 === Number AutoSum" AY O 5 Our E ag Wrap Text 3 Merge & Center - Fill A - El A $ v % , 800 Ideas Conditional Format as Formatting Table Cell Styles Insert Delete Format Sensitivity Clear Sort & Filter X Cut Garamond [Copy Paste Format Painter BIU - D Clipboard E23 x fx Find & Select Alignment Number Styles Cells Editing Ideas Sensitivity Font 2266.9 E F G H J K L M N O P Q 31-Dec-2013 798 206 863 238 115 2,219 31-Dec-2014 1,077 184 1,224 8 296 30-Jun-2015 258 154 1,181 352 100 2,045 48 149 589 Cash and cash equivalents Trade receivables Receivables from financing activitie: Inventories Other current assets Total current assets Investments and other financial asse Deferred tax assets Property, plant, and equipment Intangible Assets (1) Goodwill Total assets 10 11 12 37 64 2,845 47 112 585 265 787 4,641 42 568 242 787 3,895 14 283 787 16 17 3,900 18 19 536 110 20 21 774 Trade payables Current tax payables Other current liabilities Total current liabilities Long-term debt Other liabilities Total equity Total liabilities and equity 486 104 475 1,065 317 197 2,316 3,895 578 182 836 1,595 2,267 239 23 24 25 1,420 510 233 2,478 4,641 -201 3,900 26 27 28 (1) Costs incurred for car project development are recognized as as asset following the conditions of IAS38. Capitalized development costs are amortized on a straight-line basis over the estimated life of the model (generally 4 to 8 years). > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + EL - + 10 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments AutoSum E DE General 48 0 A 5 Fill $ Ideas % ) 0 -20 Insert Delete Format Sensitivity Conditional Format as Cell Formatting Table Styles Clear Sort & Filter Find & Select Number Styles Cells Editing Ideas Sensitivity X Cut Garamond 12A === du alle Wrap Text [Copy Paste BIU SE E Merge & Center v Format Painter Clipboard Font Alignment A1 : x V for Exhibit 5 A B C D E F G H 1 Exibit 5 2 FERRARI: THE 2015 INITIAL PUBLIC OFFERING 3 FCA Car Shipments by Brand (000s of units) I J K L M N O P Q R S T U 2013 2014 2,500 Mass-Market Vehicle Brands NAFTA (U.S., Canada, Mexico) LATAM (Latin America) APAC (Asia Pacific) EMEA (Europe, Middle East, Afri Total 800 2,100 900 200 1,100 4,300 300 1.200 4,800 20 40 Maserati Ferrari Mass-market Brands: Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, and Ram. 19 Source: FCA Annual Report > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + O P - + 100 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments X Cut Garamond 12 AA NO ab Wrap Text # Number 7 p . 9 E AutoSum48 AutoSum Fill Clear 4 Paste B A - I U - E LG Copy Format Painter Clipboard 3 Merge & Center w $ % , Ideas 8.00 Insert Delete Format Conditional Format as Cell Formatting Table Styles Sensitivity Sort & Filter Find & Select Alignment Go Number Number Cells Editing Ideas Sensitivity styles D34 X for - Font =D33*D17 C D 2014 2015 3.6% 7.0% 5.0% 3.0% 3.0% I J K L M N O P Q R S T U V W X 5 Assumptions Growth in Cars Shipped Growth in Revenue/Car Growth in Engine Revenue Growth in Other Revenue E 2016 5.0% 5.0% 3.0% 6.0% F 2017 4.0% 5.0% 3.0% 6.0% G 2018 4.0% 5.0% 3.0% 6.0% H 2019 3.0% 5.0% 3.0% 6.0% Operating Margin - Cars Operating Margin - Engines Operating Margin - All Other Revenue 12.5% 9.1% 24.9% 13.0% 10.0% 25.0% 13.5% 10.0% 27.0% 14.0% 10.0% 28.0% 14.0% 10.0% 30.0% 14.0% 10.0% 30.0% 1.9 2.0 2.1 3.3 34% 2.2 3.5 34% 2.2 3.7 34% 2.2 3.8 34% 34% 34% 20 Net Working Capital Turnover 16 Net Fixed Asset Turnover 17 Deprec&Amort/PPE 18 19 Financial Forecast Car Shipments (000s) Avg Revenue per Car (Euro 000s) Car Revenue Engine Revenue All other Revenue Total Revenue 9 7.26 268 1,944 311 7.76 281 2,184 320 523 3,027 8.15 295 2,408 330 554 3,292 8.48 8.82 310 326 2,6292,871 340 350 587 623 3,5563,844 .08 342 3,105 361 660 4,126 507 2,762 325 368 28 34 Operating Profit-Cars Operating Profit-Engines Operating Profit-All Other Revenue Total Operating Profit 284 32 131 447 33 150 508 402 35 187 624 435 36 198 669 164 | 567 Net Working Capital Net PP&E and Int. Assets Dep & Amort 1,425 1,513 851 932 289317 1,568 998 339 1,617 1,016 345 1,747 1,039 353 1,875 1,086 369 Total Revenue Growth EBITDA Margin Exh 1 Exh 3 37 18% 25% Exh 5 10% 25% Exh 6 9% 26% Exh 8 8% 26% Exh 9 Screenshot saved The screenshot was added to your OneDrive. OneDrive 8% 7% 25% 25% Exh TN1 Exh 4 Exh TN2 Exh TN3 Exh TN4 + Average: 382 Count: 2 Sun. TOS File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments # B AutoSum E 47 0 A === du E E % alle Wrap Text 3 Merge & Center X Cut [Copy Format Painter Clipboard Garamond 12A BIU - D O A Fonto Fill General $ v % Paste , 5800 Conditional Format as Formatting Table Ideas Cell Styles Insert Delete Format Sensitivity Clear Sort & Filter Find & Select Alignment Number Styles Cells Editing Ideas Sensitivity G23 E F G H I J K L M N O P Q R S T U V Ent Val / (Ent Val-Cash) EBITDA / EBITDA A B C D 2 FERRARI: THE 2015 INITIAL PUBLIC OFFERING 3 Market Multiples for Comparable Companies 4 EBITDA Projected Margin* Growth Rate 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 Luxury Brands Burberry Group Cie Financiere Richemont Hermes International LVMH Moet Hennessy Prada Tiffany & Co. * EBITDA Margin = EBITDA / Total revenu > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Number 2 AutoSum ~ 48 0 4 Vor E alle Wrap Text 3 Merge & Center - Fill $ v % , 800 Conditional Format as Formatting Table Ideas Cell Styles Insert Delete Format Sensitivity Clear Sort & Filter Find & Select Alignment Number Styles Cells Editing Ideas Sensitivity X Cut Garamond 12 A A === [Copy Paste BIU - D Format Painter - A Clipboard Font to E9 : x fix A B C / D 1 Exhibit TN2 2 FERRARI: THE 2015 INITIAL PUBLIC OFFERING 3 Multiples-based Valuation for Ferrari E F G H I J K L M N O P Ferrari EBITDA estimate (2015) Debt Shares USD/EUR Exchange Rate 8 2,300 189 1.138 91 10 12 | 13 EBITDA Implied Ent Implied Share multiple* Value (EUR) Price (USD) Trading Multiples Median of all auto comps Avg of select auto comps** Median of all luxury comps Avg of select luxury comps*** EBITDA for Ferrari using comparables 14 16 17 18 20 *EBITDA multiple = Ent Val / EBITDA ** Select Auto Comparables are BMW, Daimler, Ford, Honda, Hyundai, and Renault *** Select Luxury Comparables are Hermes and Tiffany 21 22 23 > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + 0 - + 110 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments 12 === P Number X Cut L Copy v Format Painter Clipboard Garamond B I U D v^^ ^ A ag Wrap Text Merge & Center AutoSum Fill Sort & Clear Filter Paste $ - % , Insert Delete Format Ideas Sensitivity Conditional Format as Cell Formatting Table Styles Find & Select Font Alignment Number Styles Cells Editing Ideas Sensitivity ILI K L M N O P R S T U 131 447 150 508 F 164 567 G 187 624 H 198 669 32 1,513 932 317 1,568 9 98 339 1,617 1,016 345 1,747 1,039 353 1,875 1.086 369 34 G22 - X v fx =G20*G21 _ A Operating Profit - All Other Revenue 126 Total Operating Profit 398 31 Net Working Capital 1,425 33 Net PP&E and Int. Assets 851 Dep & Amort 289 35 36 Valuation 37 Tax Rate 38.0% Discount Rate 5.0% LT Growth Rate 2.0% 2014 EBITDA Margin 25% ROC 11% 43 Projected Profit/Growth Rate 11.0% 44 NOPAT Change in P&PE 46 Change in NWC Free Cash Flow 48 2020 2015 25% 11% 2016 26% 12% 2017 26% 13% 2018 25% 14% 2019 25% 14% 42 45 Horizon value from 2020 after PV (2015) of each year's CF 2,300 Implied Ent Value (2015) Debt Implied Equity Value Shares Post-IPO) Implied Share Price in EUR Implied Share Price in USD 189 Screenshot saved The screenshot was added to your OneDrive. OneDrive 57 Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Garamond 11A alle Wrap Text AutoSum E DE General A === du SE E Fill X Cut [Copy Format Painter Clipboard Paste BIU Merge & Center v Ideas $ % ) 0 -20 Insert Delete Format Sensitivity Conditional Format as Cell Formatting Table Styles Clear Sort & Filter Find & Select Font Alignment Number Styles Cells Editing Ideas Sensitivity L22 4. A B C D E F G K L M N O P Q R S T U V W X H 1-Dec-15 2-Dec-15 3-Dec-15 4-Dec-15 7-Dec-15 8-Dec-15 9-Dec-15 10-Dec-15 11-Dec-15 14-Dec-15 15-Dec-15 16-Dec-15 17-Dec-15 18-Dec-15 21-Dec-15 22-Dec-15 23-Dec-15 24-Dec-15 28-Dec-15 29-Dec-15 30-Dec-15 31-Dec-15 4-Jan-16 5-Jan-16 6-Jan-16 7-Jan-16 8-Jan-16 11-Jan-16 12-Jan-16 13-Jan-16 14-Jan-16 15-Jan-16 19-Jan-16 20-Jan-16 21-Jan-16 22-Jan-16 25-Jan-16 26-Jan-16 27-Tan-16 I $46.50 $47.88 $47.44 $47.34 $48.65 $48.49 $47.44 $48.07 $48.01 $48.05 $46.93 $48.32 $48.65 $46.96 $46.25 $47.48 $47.04 $46.62 $47.29 $46.84 $47.93 $48.26 $47.29 $48.60 $47.75 $46.42 $46.60 $43.20 $43.95 $43.43 $42.47 $40.47 $40.69 $40.98 $40.28 $41.21 $41.47 $40.28 $4131 > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 + E - L + 740 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments @ X Cut 11 AA NO ab Wrap Text 2 General 2 . E A AutoSum Fill Clear AutoSum" 28 A EE 3 Merge & Center - $ v % , $8.00 Insert Delete Format Ideas Sensitivity Sort & Filter Conditional Format as Cell Formatting Table Styles Styles Garamond LG Copy Paste Format Painter BI U - Clipboard F L22 : x Fix 41 A B C D Find & Select Font El Alignment Number Cells Editing Ideas Sensitivity E F J K L M N O P Q R S T U V W X G I H 26-Jan-16 27-Jan-16 28-Jan-16 29-Jan-16 1-Feb-16 2-Feb-16 3-Feb-16 4-Feb-16 5-Feb-16 8-Feb-16 9-Feb-16 10-Feb-16 11-Feb-16 12-Feb-16 16-Feb-16 17-Feb-16 18-Feb-16 19-Feb-16 22-Feb-16 23-Feb-16 24-Feb-16 25-Feb-16 26-Feb-16 29-Feb-16 1-Mar-16 2-Mar-16 3-Mar-16 4-Mar-16 7-Mar-16 8-Mar-16 9-Mar-16 10-Mar-16 11-Mar-16 14-Mar-16 15-Mar-16 16-Mar-16 17-Mar-16 18-Mar-16 21-Var-16 Exh TN1 Exh TN2 I $40.28 $41.31 $40.82 $39.48 $38.92 $39.84 $37.24 $36.25 $38.73 $37.04 $34.44 $35.03 $32.29 $32.34 $34.62 $36.38 $38.76 $37.90 $39.42 $39.25 $37.26 $38.21 $38.77 $38.49 $38.78 $39.07 $39.10 $39.24 $39.11 $41.93 $41.72 $41.98 $42.09 $42.57 $41.46 $41.11 $42.49 $42.73 $42.38 Exh TN3 109 110 111 Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN4 - + 749 File Home Insert DrawPage Layout Formulas Data Review View Help B Share Comments Cut 11 === Oxu General Garamond BI U - B A A - A - ag Wrap Text Merge & Center - Paste $ - % 9 OO Insert Delete Format Ideas AutoSum Fill Sort & Clear Filter Editing Sensitivity [Copy or Format Painter Clipboard - A B Conditional Format as Cell Formatting Table Styles Styles Find & Select Font Alignment Number Cells Ideas Sensitivity L148 fix D C E F G J K L M N O P Q R S T U V W X 111 112 113 114 115 116 118 119 129 130 H 21-Mar-16 22-Mar-16 23-Mar-16 24-Mar-16 28-Mar-16 29-Mar-16 30-Mar-16 31-Mar-16 1-Apr-16 4-Apr-16 5-Apr-16 6-Apr-16 7-Apr-16 8-Apr-16 11-Apr-16 12-Apr-16 13-Apr-16 14-Apr-16 15-Apr-16 18-Apr-16 19-Apr-16 20-Apr-16 21-Apr-16 22-Apr-16 25-Apr-16 26-Apr-16 27-Apr-16 28-Apr-16 29-Apr-16 2-May-16 3-May-16 4-May-16 5-May-16 6-May-16 9-May-16 10-May-16 11-May-16 12-May-16 13-Var-16 Exh TN2 I $42.38 $41.64 $41.66 $40.23 $41.04 $40.87 $42.10 $41.59 $40.73 $41.24 $40.21 $40.19 $40.88 $41.26 $41.17 $41.24 $41.94 $42.06 $43.31 $43.83 $44.44 $44.66 $44.59 $43.50 $43.24 $43.74 $43.82 $44.06 $45.37 $46.50 $43.85 $44.13 $43.79 $43.04 $43.09 $43.18 $43.18 $43.53 $4357 131 132 145 146 147 148 149 > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN3 Exh TN + 74 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments X Cut 11 AA NO AutoSum D ab Wrap Text General E 3 E . autosum 48 0 A Merge & Center - Ideas $ - % Insert Delete Format Cell Styles Sensitivity Clear Conditional Format as Formatting Table Styles Sort & Filter Find & Select Garamond LG Copy Paste BIU Format Painter Clipboard F L186 - X V fix A B C D Font El Alignment Number Cells Editing Ideas Sensitivity E F G J K M N O P Q R S T U V W X 149 H 13-May-16 16-May-16 17-May-16 18-May-16 19-May-16 20-May-16 23-May-16 24-May-16 25-May-16 26-May-16 27-May-16 31-May-16 1-Jun-16 2-Jun-16 3-Jun-16 6-Jun-16 7-Jun-16 8-Jun-16 9-Jun-16 10-Jun-16 13-Jun-16 14-Jun-16 15-Jun-16 16-Jun-16 17-Jun-16 20-Jun-16 21-Jun-16 22-Jun-16 23-Jun-16 24-Jun-16 27-Jun-16 28-Jun-16 29-Jun-16 30-Jun-16 1-Jul-16 5-Jul-16 6-Jul-16 7-Jul-16 8-Jul-16 Exh TN2 I $43.57 $43.73 $42.78 $42.12 $41.73 $41.20 $40.48 $40.94 $42.22 $42.11 $42.05 $42.39 $42.35 $42.71 $43.00 $42.65 $43.54 $43.98 $43.15 $42.15 $40.97 $40.95 $40.83 $40.57 $41.60 $43.42 $43.37 $43.11 $43.54 $40.67 $39.71 $40.02 $39.92 $40.38 $41.71 $40.93 $38.90 $39.80 $40.96 Exh TN3 172 175 183 184 185 186 187 > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 | Exh TN1 Exh TN4 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments @ Cut 11 AA NO ab Wrap Text 2 General 2 . E A AutoSum Fill Clear AutoSum" 28 A Merge & Center - $ - % Insert Delete Format Ideas Sensitivity Conditional Format as Formatting Table Styles Cell Styles Sort & Filter Garamond LG Copy Paste BIU Format Painter Clipboard G L262 : X V fix A B C D Find & Select Font El Alignment Number Cells Editing Ideas Sensitivity E F J K L M N O P Q R S T U V W X G | H 31-Aug-16 1-Sep-16 2-Sep-16 6-Sep-16 7-Sep-16 8-Sep-16 9-Sep-16 12-Sep-16 13-Sep-16 14-Sep-16 15-Sep-16 16-Sep-16 19-Sep-16 20-Sep-16 21-Sep-16 22-Sep-16 23-Sep-16 26-Sep-16 27-Sep-16 28-Sep-16 29-Sep-16 30-Sep-16 3-Oct-16 4-Oct-16 5-Oct-16 6-Oct-16 7-Oct-16 10-Oct-16 11-Oct-16 12-Oct-16 13-Oct-16 14-Oct-16 17-Oct-16 18-Oct-16 19-Oct-16 20-Oct-16 21-Oct-16 24-Oct-16 25-Oct-16 Exh TN1 Exh TN2 I $48.19 $48.27 $48.25 $48.25 $49.55 $49.10 $49.22 $47.36 $48.11 $47.52 $46.95 $46.55 $47.56 $47.49 $48.55 $50.43 $50.65 $50.22 $50.08 $50.65 $51.49 $51.42 $51.92 $52.55 $53.31 $53.29 $53.32 $54.18 $53.42 $53.10 $52.89 $52.85 $52.75 $52.73 $52.01 $52.48 $52.02 $52.83 $52 99 Exh TN3 261 262 263 Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN4 - + 749 Home Insert Draw Page Layout Formulas Data Review View Help B Share Comments X Cut -11 ~AA Av General === v EE ele Wrap Text AutoSum Fill Sort & Clear Filter Merge & Center $ % ) . Insert Delete Format Ideas Sensitivity Conditional Format as Cell Formatting Table Styles Find & Select Garamond [Copy Paste BI U Format Painter Clipboard 1300 X r fix A B C D 263 Font Alignment Number Styles Cells Editing Ideas Sensitivity E F G J K L M N O P R S T U V W X I $52.99 $52.79 $53.12 $52.63 $52.73 $53.09 $51.14 $50.97 $50.43 $53.52 268 269 $54.43 H 25-Oct-16 26-Oct-16 27-Oct-16 28-Oct-16 31-Oct-16 1-Nov-16 2-Nov-16 3-Nov-16 4-Nov-16 7-Nov-16 8-Nov-16 9-Nov-16 10-Nov-16 11-Nov-16 14-Nov-16 15-Nov-16 16-Nov-16 17-Nov-16 18-Nov-16 21-Nov-16 22-Nov-16 23-Nov-16 25-Nov-16 28-Nov-16 29-Nov-16 30-Nov-16 1-Dec-16 2-Dec-16 5-Dec-16 6-Dec-16 7-Dec-16 8-Dec-16 9-Dec-16 12-Dec-16 13-Dec-16 14-Dec-16 15-Dec-16 16-Dec-16 19-Dec-16 Exh TN2 286 287 $53.99 $53.46 $53.38 $53.57 $52.78 $53.15 $53.23 $53.19 $53.20 $53.83 $53.14 $54.69 $54.00 $53.82 $54.94 $54.01 $54.20 $55.03 $55.07 $56.32 $56.66 $56.82 $57.07 $57.04 $58.00 $57.88 $58.10 $58.34 Exh TN3 294 295 296 297 298 299 300 301 > Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 | Exh TN1 Exh TN4 - + 749 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments AutoSum 11A A A === du E E DE alle Wrap Text 3 Merge & Center - General $ v % Fill , 400 Insert Delete Format Ideas Sensitivity Conditional Format as Cell Formatting Table Styles Clear Sort & Filter - to Find & Select Font Alignment Number Styles Cells Editing Ideas Sensitivity X Cut Garamond [Copy Paste Format Painter BIU - D Clipboard L338 : x fix A B C D 301 302 303 304 E F G K L M N O P Q R S T U V W X 305 H I 19-Dec-16 20-Dec-16 21-Dec-16 22-Dec-16 23-Dec-16 27-Dec-16 28-Dec-16 29-Dec-16 30-Dec-16 3-Jan-17 4-Jan-17 5-Jan-17 6-Jan-17 9-Jan-17 10-Jan-17 11-Jan-17 12-Jan-17 13-Jan-17 17-Jan-17 18-Jan-17 19-Jan-17 20-Jan-17 23-Jan-17 24-Jan-17 25-Jan-17 26-Jan-17 27-Jan-17 30-Jan-17 31-Jan-17 1-Feb-17 2-Feb-17 3-Feb-17 6-Feb-17 7-Feb-17 8-Feb-17 9-Feb-17 10-Feb-17 I $58.34 $58.13 $58.60 $58.52 $58.44 $58.41 $58.15 $58.16 $58.44 $59.16 $58.84 $59.44 $58.97 $57.77 $58.98 $59.00 $60.57 $60.10 $59.66 $60.00 $59.86 $60.31 $61.07 $62.46 $62.78 $61.94 $62.03 $60.92 $60.94 $62.50 $65.01 $65.49 $64.33 $64.47 $64.21 $65.20 $64.54 336 337 338 339 Exh 1 Exh 3 Exh 4 Exh 5 Exh 6 Exh 8 Exh 9 Exh TN1 Exh TN2 Exh TN3 Exh TN4 1 - 1 74 File Home Insert Draw Design Layout References Mailings Review View Help Share Comments C) PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View 1 ...liiiiiiiiiiiiiiii2Lili,. 3 Enable Editing ITI.4.iiii.5. III r. :6 1 :1.7... 1 . . . . . . . Case Report 11 Ferrari: Initial Public Offering . . . . . 1 . . . . . . 2 . . . . Questions: 1. Summarize the company history and case briefly. 2. Find the market multiples of comparable firms in Exh TN1. Then using these multiples in Exh TN2, find the implied share price of Ferrari in USD. To do this, you have to decide which comparable firms' EBITDA margin average you should use. Explain your decision. 3. Find implied stock price of Ferrari in USD using discounted cash flow (DCF) model in Exh TN3. 4. Depending on your above analysis, at what price in USD would you recommend Ferrari shares to be sold? 5. Using your recommended offer price in part 4 and the number of shares the company planned to issue (given in the case study), how much could the company have raised in IPO in USD? (Assume 7% flotation costs) 6. On Tuesday, October 20, 2015, FCA management issued Ferrari shares at USD52 per share. Is your estimate in part 4 close to this amount? Which model (DCF or multiples) gave you a closer estimate? Why? 7. Use Exh TN4. Was the IPO underpriced? Find the 'money left on the table'. How much does it correspond to in terms of total amount raised in the IPO (find the percentage)? Is it close to the average amount and ratio we discussed in class? (Opening price of a day is the closing price of the previous day) 8. How would you update the assumptions in Exh TN3 to reach a closer estimate to the first day's closing price? Discuss your suggestions. . 3 . . . 4 . . . . 5 . Reporting: Instructions Thoronart should include at lonet 600 words with 1 inch murainc anton bottom loft right . Page 1 of 1 366 words C Focus - + 1009