Discounted Cash Flow

Ferrari N.V. Foreign

RACE · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $3.1b $398.8m $252.0m 12.8% $2.11
2017 $3.4b (10.0%) $535.4m (34.3%) $662.8m (163.0%) 15.7% (22.0%) $2.83 (34.1%)
2018 $3.4b (0.1%) $784.7m (46.6%) $934.0m (40.9%) 22.9% (46.4%) $4.16 (47.0%)
2019 $3.8b (10.1%) $695.8m (-11.3%) $1.3b (39.8%) 18.5% (-19.5%) $3.73 (-10.3%)
2020 $3.5b (-8.1%) $607.8m (-12.6%) $838.2m (-35.8%) 17.6% (-4.9%) $3.29 (-11.8%)
2021 $4.3b (23.4%) $830.8m (36.7%) $1.3b (53.0%) 19.5% (10.7%) $4.50 (36.8%)
2022 $5.1b (19.3%) $932.6m (12.3%) $598.7m (-53.3%) 18.3% (-5.9%) $5.11 (13.6%)
2023 $6.0b (17.2%) $1.3b (34.3%) $847.7m (41.6%) 21.0% (14.6%) $6.91 (35.2%)
2024 $6.7b (11.8%) $1.5b (21.6%) $937.5m (10.6%) 22.8% (8.7%) $8.47 (22.6%)
2025 $7.1b (7.0%) $1.6b (4.9%) $1.4b (50.0%) 22.3% (-2.0%) $8.97 (5.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model