$(20$ points$)$ What was going on at Ferrari $($i$.$e$.,$ executive summary$)?$ What was the relationship between FCA and Ferrari? Why did FCA intend to separate entirely from Ferrari? How would the spin$-$off affect Ferrari?

$(15$ points$)$ Post$-$IPO, Ferrari$$s debt$-$to$-$equity ratio changes. What are the implications of this change for Ferrari$$s weighted average cost of capital $($WACC$)?$ Do you expect WACC to increase or decrease? Please explain your reasons.

$(20$ points$)$ How much is Ferrari worth in $2015($in US dollars$)$ based on the DCF approach? Please describe and explain your assumptions and key steps.

$(20$ points$)$ How much was Ferrari worth in $2015($in US dollars$)$ based on multiples valuation? Please justify the reasons for selecting or excluding specific comparable companies. What are the key assumptions underlying the multiples valuation in general? Please describe and justify the assumptions made for your Ferrari valuation analysis.

$(10$ points$)$ What would be the share price based on the numbers you obtained from questions $3$ and $4?$ Please explain how the equity value is calculated and how the share number used in your calculation is determined. $[*$Note that "share number" is NOT a typo. Share price $=$ equity value$/$share number. You need to explain wher