Company & History
This Italian city is where Enzo Ferrari was born and founded Scuderia Ferrari in 1929.
What is Modena?
This bank served as the lead underwriter for Ferrari's 2015 IPO.
What is UBS?
Ferrari's average operating margin across 2012–2015, which was roughly this many times higher than the auto industry average of 5%.
What is 3x higher / ~15%?
In 2014, Ferrari sold this many total cars — a number deliberately kept below demand to maintain exclusivity.
What is 7,255?
This company purchased 50% of Ferrari in 1969, eventually growing its stake to 90% by 1988.
What is Fiat?
Ferrari's IPO shares were offered at this final price per share on October 20, 2015.
What is $52?
This was Ferrari's DCF-derived share price, calculated using a 5% WACC, 38% Italian tax rate, and 2% terminal growth rate.
What is $49.88?
Ferrari held this title awarded by Brand Finance, recognizing it as the most powerful brand in the world in 2013.
What is the world's most powerful brand?
Montezemolo was fired in 2014 over a disagreement about this core business strategy.
What is production volume / exclusivity?
During the road show, investor demand for Ferrari shares reportedly reached this many times the available shares.
What is 10 times oversubscribed?
After absorbing €2.3B of FCA's debt in the deal, Ferrari's net debt to EBITDA ratio flipped from this negative figure to 1.8x leveraged overnight.
What is -0.8x?
Beyond selling cars, Ferrari generated roughly this percentage of yearly revenue from sponsorships, licensing, and brand activities alone.
What is 15%?
Before founding his own company, Enzo spent two decades working for and racing on behalf of this automaker.
What is Alfa Romeo?
In a spin-off, FCA distributed its remaining ~80% Ferrari stake to shareholders in this form — not as cash.
What is a stock dividend?
Our team's recommended IPO offer price, derived by triangulating the DCF, auto comps, luxury comps, and a Hermès-anchored multiple.
What is $50 per share?
Only this many of the $2.5 million F60 America roadsters were produced in 2014, all pre-sold to U.S. clients before a single car was built.
What is 10?