finance – business evaluation

Audience for Assignment: You are presenting your analysis and proposal to the managing director at
UBS who was leading the team to price the Ferrari’s shares in its IPO deal. Both the investment banking
team and Ferrari Chairman Sergio Marchionne would rely on your report/analysis to make the best
decisions on the IPO offering in a minimum amount of time.
Assignment Objective: This assignment relates to Course Learning Outcomes:
 Review the institutional aspects of the equity issuance transaction / IPO.
 Explore the costs and benefits associated with public share offerings.
 Hone the skills in applying the relative valuation model to value a business
 Develop an appreciation for the considerations associated with identifying an appropriate comparable set.
Procedure:
– Please closely follow the “General Guideline” as posted on Canvas (Module -“About Case
Study”) to prepare for the case study and write the case report.
– Include the answers to all the case questions; Keep the report professional, to the point and
precise; Be clear and concise, you may include the details as an appendix or in the Excel file;
Make the format and layout as uncluttered as you can.
– Case Questions
1. Summarize the case (What happened? Who? Why? How?) and identify key strategic
issue(s).
2. In your view, what are the pros and cons of going public?
3. What do you think Ferrari’s worth (per share basis) in euros?
Use EV/EBITDA multiple and apply the relative valuation model to value Ferrari.
o Identify the company’s key value driver;
o In Exhibit 6, which companies would you choose as comps in “Auto Manufacturers”
group? in “Luxury Brands” group? Explain your rationale;
o using both the comparable companies and precedent transactions;
o Use mean of selected comps and median of all companies in both group to value Ferrari;
o Which year’s EBITDA would you use as Ferrari’s fundamental?
o Complete the implied value table as presented in the worksheet of case data Excel file.
4. In preparation for Ferrari’s listing on the NYSE, at what price (in U.S. dollars) would you
recommend that Ferrari shares be sold? Justify your recommendation.

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