Discounted Cash Flow (DCF) Analysis Levered

Ferrari N.V. (RACE)

$186.25

-2.88 (-1.52%)
All numbers are in Millions, Currency in USD
Stock DCF: 41.41 | 186.25 | overvalue

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 3,416.893,420.323,766.613,459.794,270.894,543.414,833.315,141.715,469.795,818.80
Revenue (%)
Operating Cash Flow 662.80934.041,306.09838.211,282.731,232.561,311.211,394.881,483.881,578.56
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 271.39295.70600.48129.21545.58445.61474.05504.29536.47570.70

Weighted Average Cost Of Capital

Share price $ 186.25
Beta 0.973
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 8.289
Total Debt 2,630.01
Total Equity 34,420.12
Total Capital 37,050.13
Debt Weighting 7.10
Equity Weighting 92.90
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 3,416.893,420.323,766.613,459.794,270.894,543.414,833.315,141.715,469.795,818.80
Operating Cash Flow 662.80934.041,306.09838.211,282.731,232.561,311.211,394.881,483.881,578.56
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 271.39295.70600.48129.21545.58445.61474.05504.29536.47570.70
WACC
PV LFCF 413.45408.08402.78397.55392.39
SUM PV LFCF 2,014.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.78
Free cash flow (t + 1) 582.12
Terminal Value 10,071.21
Present Value of Terminal Value 6,924.54

Intrinsic Value

Enterprise Value 8,938.79
Net Debt 1,285.87
Equity Value 7,652.92
Shares Outstanding 184.81
Equity Value Per Share 41.41