What do you think Ferrari is worth in Euros? Justify your recommendation based on current market multiples valuation and a DCF valuation.

USD/EUR	1.1375
Estimated US RACE Price	$52
Estimated EUR Stock Price	$45.71	=$52/1.1375

	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%
Financial Forecast
	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%