Discounted Cash Flow (DCF) Analysis Levered
Ferrari N.V. (RACE)
$251.25
-2.47 (-0.97%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3,416.89 | 3,420.32 | 3,766.61 | 3,459.79 | 4,270.89 | 4,543.41 | 4,833.31 | 5,141.71 | 5,469.79 | 5,818.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 662.80 | 934.04 | 1,306.09 | 838.21 | 1,282.73 | 1,232.56 | 1,311.21 | 1,394.88 | 1,483.88 | 1,578.56 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -391.41 | -638.34 | -705.61 | -709 | -737.14 | -786.95 | -837.16 | -890.58 | -947.41 | -1,007.86 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 271.39 | 295.70 | 600.48 | 129.21 | 545.58 | 445.61 | 474.05 | 504.29 | 536.47 | 570.70 |
Weighted Average Cost Of Capital
| Share price | $ 251.25 |
|---|---|
| Beta | 0.950 |
| Diluted Shares Outstanding | 184.81 |
| Cost of Debt | |
| Tax Rate | 20.29 |
| After-tax Cost of Debt | 1.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.034 |
| Total Debt | 2,630.01 |
| Total Equity | 46,432.51 |
| Total Capital | 49,062.52 |
| Debt Weighting | 5.36 |
| Equity Weighting | 94.64 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3,416.89 | 3,420.32 | 3,766.61 | 3,459.79 | 4,270.89 | 4,543.41 | 4,833.31 | 5,141.71 | 5,469.79 | 5,818.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 662.80 | 934.04 | 1,306.09 | 838.21 | 1,282.73 | 1,232.56 | 1,311.21 | 1,394.88 | 1,483.88 | 1,578.56 |
| Capital Expenditure | -391.41 | -638.34 | -705.61 | -709 | -737.14 | -786.95 | -837.16 | -890.58 | -947.41 | -1,007.86 |
| Free Cash Flow | 271.39 | 295.70 | 600.48 | 129.21 | 545.58 | 445.61 | 474.05 | 504.29 | 536.47 | 570.70 |
| WACC | ||||||||||
| PV LFCF | 413.87 | 408.91 | 404.02 | 399.18 | 394.40 | |||||
| SUM PV LFCF | 2,020.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.67 |
| Free cash flow (t + 1) | 582.12 |
| Terminal Value | 10,266.60 |
| Present Value of Terminal Value | 7,095.01 |
Intrinsic Value
| Enterprise Value | 9,115.39 |
|---|---|
| Net Debt | 1,285.87 |
| Equity Value | 7,829.52 |
| Shares Outstanding | 184.81 |
| Equity Value Per Share | 42.37 |