Discounted Cash Flow (DCF) Analysis Levered

Ferrari N.V. (RACE)

$424.77

-3.79 (-0.88%)
All numbers are in Millions, Currency in USD
Stock DCF: 88.38 | 424.77 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 3,766.613,459.794,270.895,095.255,9706,742.637,615.258,600.819,713.9210,971.08
Revenue (%)
Operating Cash Flow 1,306.09838.211,282.731,403.341,716.641,958.512,211.982,498.252,821.573,186.73
Operating Cash Flow (%)
Capital Expenditure -705.61-709-737.14-804.62-868.91-1,170.95-1,322.49-1,493.64-1,686.95-1,905.27
Capital Expenditure (%)
Free Cash Flow 600.48129.21545.58598.72847.73787.56889.491,004.601,134.621,281.46

Weighted Average Cost Of Capital

Share price $ 424.77
Beta 0.925
Diluted Shares Outstanding 181.51
Cost of Debt
Tax Rate 21.55
After-tax Cost of Debt 3.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.630
Total Debt 2,477.19
Total Equity 77,100.43
Total Capital 79,577.61
Debt Weighting 3.11
Equity Weighting 96.89
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 3,766.613,459.794,270.895,095.255,9706,742.637,615.258,600.819,713.9210,971.08
Operating Cash Flow 1,306.09838.211,282.731,403.341,716.641,958.512,211.982,498.252,821.573,186.73
Capital Expenditure -705.61-709-737.14-804.62-868.91-1,170.95-1,322.49-1,493.64-1,686.95-1,905.27
Free Cash Flow 600.48129.21545.58598.72847.73787.56889.491,004.601,134.621,281.46
WACC
PV LFCF 726.07756787.17819.62853.41
SUM PV LFCF 3,942.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.47
Free cash flow (t + 1) 1,307.09
Terminal Value 20,202.31
Present Value of Terminal Value 13,454.04

Intrinsic Value

Enterprise Value 17,396.30
Net Debt 1,355.20
Equity Value 16,041.09
Shares Outstanding 181.51
Equity Value Per Share 88.38