I need help doing a Discounted Cash Flow (DCF) valuation! Information is in the pictures attached.
it Valuing the Enterprise: Acquisitions and Buyouts EXHIBIT 46.3 | Ferrari Income Statement (millions of euro) First Half 2012 2013 2014 2015 Sales Cars and spare parts 1.695 1,655 1.944 1,007 Engines 77 188 311 121 Sponsorship, commercial and brand 385 412 417 212 Other* 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 Source: Company prospectus. "Includes the net revenues generated from shipments of our cars, Including any personalization revenue generated on these cars and sales of spare parts. "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 racing teams `Includes the net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues and net revenues generated through the Ferrari brand, Including merchandising, licensing and royalty income. Primarily includes Interest income generated by the Ferrari Financial Services group and net revenues from the management of the Mugello racetrack.Case 46 Ferrari: The 2015 Initial Public Offering EXHIBIT 46.4 | Ferrari Balance Sheet (millions of euro) 31-Doc-2013 31-Doc-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 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 Source: Company prospectus. "Costs incurred for car project development are recognized as asset following the conditions of IA538. Capitalized development costs are amortized on a straight-line basis over the estimated life of the model (generally four to eight years). EXHIBIT 46.5 | FCA Car Shipments by Brand (thousands of units) 2013 2014 Mass-market vehicle brands NAFTA (U.S., Canada, Mexico) 2.100 2.500 800Part Eight Valuing the Enterprise: Acquisitions and Buyouts EXHIBIT 46.8 | Ferrari Forecast (millions of euro, except as noted) 2014 2015 2016 2017 2018 2019 Assumptions Growth in cars shipped 3.6% 5.0% 4.0% 4,0% 3.0% Growth In revenue/car 5.0% 5.0% 5.0% 5.0% Growth in engine revenue 3.0% 3.036 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% 14.06 14.0% Operating margin-Engines 9.1% 10.0% 10,0% 10.0% 10.0% 10.0% Operating margin-All other revenue 24.935 25.0% 27.0% 28,09% 30.09% 30.0% Net working capital turnover 19 2.0 2.1 2.2 2.2 22 Net fixed asset tumover 32 3.3 3.5 3.7 Deprec and amort/PPE 34% 34% 346 34% 34% 34% Financial forecast Car shipments (DOOs) 720 7.76 B. 15 B.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 311 320 330 340 350 351 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 Operating profit-Engines 325 368 402 435 28 32 33 Operating prom-All other revenue 34 35 36 126 131 Total operating profit 150 164 187 198 398 147 506 567 524 669 Net working capital 1,425 Not PPLE and int. assets 1.513 1.568 851 1,617 1.747 1,875 Dep and amort 932 998 1,016 1.039 1.085 289 317 239 345 353 369 Source: Created by suther based on author estimaby