Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hyper cars; one-off and track cars; and Icona cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars. In addition, the company licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods; Ferrari World, a theme park in Abu Dhabi, the United Arab Emirates; and Ferrari Land Portaventura, a theme park in Europe. Further, it provides direct or indirect finance and leasing services to retail clients and dealers; manages racetracks, as well as owns and manages two museums in Maranello and Modena, Italy; and develops and sells a line of apparel and accessories through its monobrand stores. As of December 31, 2021, it had a total of 30 retail Ferrari stores, including 14 franchised stores and 16 owned stores. The company also sells its products through a network of 172 authorized dealers operating 191 points of sale worldwide, as well as through its website, store.ferrari.com. Ferrari N.V. was founded in 1947 and is headquartered in Maranello, Italy.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	5,095.3	5,970.1	6,676.7	7,118	7,686.5	8,208.8	8,208.8	8,208.8
Revenue % Chg.	19.3%	17.2%	11.8%
EBIT	1,221.2	1,611.2	1,884	2,079.4	2,295.1	2,484.9	2,484.9	2,484.9
EBIT Margin	24%	27%	28.2%
Tax Rate	20.2%	21.5%	19.2%
NOPAT	973.9	1,264.4	1,521.9	1,620.1	1,771.2	1,900.6	1,900.6	1,900.6
NOPAT Margin	19.1%	21.2%	22.8%	22.8%	23%	23.2%	23.2%	23.2%
D&A	288.5	319.6	336	663	714.8	762.4	762.4	762.4
D&A / Revenue	5.7%	5.4%	5%
Capex	-347.7	-381.8	-482.3	-928.2	-942.5	-974.4	-974.4	-974.4
Capex / Revenue	-6.8%	-6.4%	-7.2%
Chg. NWC	-146.2	-358.3	-382.6	-346.4	-374.1	-399.5	-399.5	-399.5
Chg. NWC / Revenue	-2.9%	-6%	-5.7%
Unlevered FCF (UFCF)	768.5	844	993	1,008.4	1,169.4	1,289	1,289	1,289
UFCF % Chg.	27.3%	9.8%	17.7%	1.6%	16%	10.2%	—	—
PV of UFCF	—	—	—	906.1	944.2	935.2	840.3	755
Sum of PV of UFCF	—	—	—	906.1	1,850.3	2,785.5	3,625.7	4,380.8

Cost of Debt
Tax Rate
After Tax Cost of Debt	1.1%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	12%
Total Debt	3,351.9
Market Cap	51,482
Total Capital	54,833.9
Debt Weighting	6.1%
Equity Weighting	93.9%
WACC	11.3%

Exit Multiple EV/FCF
Terminal Value	52,764.7
PV of Terminal Value	27,770.8
Cumulative PV of UFCF	4,380.8
Net Debt	1,489.4
Equity Value	30,662.1
Shares Outstanding	177.3
Implied Share Price	172.9
Current Share Price	337.3
Implied Upside / (Downside)	-48.7%