Fiat Chrysler’s Ferrari May Be Worth EU7.5b, Exane BNP Says
2014-12-15 11:32:23.789 GMT
By Brian Lysaght
(Bloomberg) -- Ferrari EV is EU6b-EU10b with base case
~EU7.5b, or 252% est. 2016 EV/sales, Exane says in note.
* Ferrari qualifies as luxury co. “in many respects,”
including exclusivity, rev. growth, Ebitda margin
* Ferrari’s limited “scalability” and capital intensity
are big exceptions -- capex & R&D costs are >2x those of
luxury companies
* Ferrari’s limited “scalability” and capital intensity
are big exceptions -- capex & R&D costs are >2x those of
luxury companies</li></ul>
* In separate note, Exane reinstates Fiat Chrysler at neutral,
previously was underperform
* Says balance sheet concerns partly addressed, while
Latam and FCF risks remain
* PT raised to EU10.1 from EU8.1 on Ferrari value
* PT raised to EU10.1 from EU8.1 on Ferrari value</li></ul>
* NOTE: Fiat Chrysler shares up 22% since co. annced Ferrari
IPO, capital plans on Oct. 29 vs SXAP index up 10%
* See Nov. 13: Ferrari Will Pay Fiat Chrysler $2.8b Before
Spinoff Link
* Oct. 30: Marchionne’s EU12b Ferrari May Be Too Expensive
for Market Link
* Oct. 30: Marchionne’s EU12b Ferrari May Be Too Expensive
for Market Link</li></ul>
Link to Company News:{FCAU US <Equity> CN <GO>}
For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}
To contact the reporter on this story:
Brian Lysaght in London at +44-20-7330-7908 or
blysaght@bloomberg.net
To contact the editor responsible for this story:
Gaurav Panchal at +44-20-7392-0511 or
gpanchal2@bloomberg.net
2014-12-15 11:32:23.789 GMT
By Brian Lysaght
(Bloomberg) -- Ferrari EV is EU6b-EU10b with base case
~EU7.5b, or 252% est. 2016 EV/sales, Exane says in note.
* Ferrari qualifies as luxury co. “in many respects,”
including exclusivity, rev. growth, Ebitda margin
* Ferrari’s limited “scalability” and capital intensity
are big exceptions -- capex & R&D costs are >2x those of
luxury companies
* Ferrari’s limited “scalability” and capital intensity
are big exceptions -- capex & R&D costs are >2x those of
luxury companies</li></ul>
* In separate note, Exane reinstates Fiat Chrysler at neutral,
previously was underperform
* Says balance sheet concerns partly addressed, while
Latam and FCF risks remain
* PT raised to EU10.1 from EU8.1 on Ferrari value
* PT raised to EU10.1 from EU8.1 on Ferrari value</li></ul>
* NOTE: Fiat Chrysler shares up 22% since co. annced Ferrari
IPO, capital plans on Oct. 29 vs SXAP index up 10%
* See Nov. 13: Ferrari Will Pay Fiat Chrysler $2.8b Before
Spinoff Link
* Oct. 30: Marchionne’s EU12b Ferrari May Be Too Expensive
for Market Link
* Oct. 30: Marchionne’s EU12b Ferrari May Be Too Expensive
for Market Link</li></ul>
Link to Company News:{FCAU US <Equity> CN <GO>}
For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}
To contact the reporter on this story:
Brian Lysaght in London at +44-20-7330-7908 or
blysaght@bloomberg.net
To contact the editor responsible for this story:
Gaurav Panchal at +44-20-7392-0511 or
gpanchal2@bloomberg.net