Ferrari's financials not so racy - Moneyweb.co.za

The plan to spin off Ferrari as a separate business is on the starting blocks after Fiat Chrysler Automobiles (FCA) formally filed for an initial public offering on the New York stock exchange late in June. FCA, which owns 90% of the legendary carmaker, intends listing 10% of Ferrari shares on the New York Stock exchange sometime later this year. The remaining 80% of the shares will be distributed to FCA shareholders while Piero Ferrari, son of founder Enzo Ferrari will retain his 10% stake. “We believe that as a standalone company with an iconic brand name, we will be better positioned to promote and extend the value of our brand, maintain our heritage, attract and reward technical and management talent and further enhance Ferrari’s... Ferrari chairman Sergio Marchionne, who engineered the operating and financial turnaround of Fiat and Chrysler such that it is now the seventh largest automaker in the world (based on 2014 vehicle sales), was quoted in saying he expected the... “There are clear expectations from ourselves as Ferrari brand is unique,” Marchionne said. “My fair value estimate, based on an implied earnings multiple of 17x values Ferrari at EU5. 4 billion. Source: investor.moneyweb.co.za