With respect to the case "Ferrari: The 2015 Initial Public Offering", please submit the answers to the following questions. Please make sure to fully explain and show all of your work (in other words, make sure to explain why your numbers and approach are suitable).

What are the financial implications of Ferrari's current strategy?

Do you agree with the financial forecast in Exhibit 8? If so, why? If not, what specific concerns do you have?

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

In preparation for Ferrari's listing on the New York Stock Exchange, at what price in U.S. dollars would you recommend that Ferrari shares be sold?