Build a DCF model for Ferrari based on the projected financials below. Please show formulas/work in excel. The model should calculate the intrinsic stock price for Ferarri in U.S. Dollars.

FERRARI: THE 2015 INITIAL PUBLIC OFFERING Ferrari Forecast (Millions of Euro, except as noted) 2014 3.6% Assumptions Growth in Cars Shipped Growth in Revenue/Car Growth in Engine Revenue Growth in Other Revenue 2015 7.0% 5.0% 3.0% 3.0% 2016 5.0% 5.0% 3.0% 6.0% 2017 4.0% 5.0% 3.0% 6.0% 2018 4.0% 5.0% 3.0% 6.0% 2019 3.0% 5.0% 3.0% 6.0% Operating Margin - Cars Operating Margin - Engines Operating Margin - All Other Revenue 12.5% 9.1% 24.9% 13.0% 10.0% 25.0% 13.5% 10.0% 27.0% 14.0% 10.0% 28.0% 14.0% 10.0% 30.0% 14.0% 10.0% 30.0% 2.0 2.1 2.2 Net Working Capital Turnover Net Fixed Asset Turnover Deprec. & Amort./PP&E 1.9 3.2 3.3 2.2 3.5 34% 3.2 34% 3.7 2.2 3.8 34% 34% 34% 34% Financial Forecast Car Shipments (000s) Avg Revenue per Car (Euro 000s) Car Revenue Engine Revenue All Other Revenue Total Revenue 7.26 268 1,944 311 507 2,762 7.76 281 2,184 320 523 3,027 8.15 295 2,408 330 554 3,292 8.48 310 2,629 340 587 3,556 8.82 326 2,871 350 623 3,844 9.08 342 3,105 361 660 4,126 435 Operating Profit - Cars Operating Profit - Engines Operating Profit - All Other Revenue Total Operating Profit 243 28 126 284 32 131 447 325 33 150 36 368 34 164 402 35 187 624 198 398 508 567 669 Net Working Capital Net PP&E and Int. Assets Deprec. & Amort. 1,425 851 289 1,513 932 1,568 998 339 1,617 1,016 345 1,747 1,039 353 1,875 1,086 369 317 Total Revenue Growth EBITDA Margin 18% 25% 10% 25% 9% 26% 8% 26% 8% 25% 7% 25% FERRARI: THE 2015 INITIAL PUBLIC OFFERING Ferrari Forecast (Millions of Euro, except as noted) 2014 3.6% Assumptions Growth in Cars Shipped Growth in Revenue/Car Growth in Engine Revenue Growth in Other Revenue 2015 7.0% 5.0% 3.0% 3.0% 2016 5.0% 5.0% 3.0% 6.0% 2017 4.0% 5.0% 3.0% 6.0% 2018 4.0% 5.0% 3.0% 6.0% 2019 3.0% 5.0% 3.0% 6.0% Operating Margin - Cars Operating Margin - Engines Operating Margin - All Other Revenue 12.5% 9.1% 24.9% 13.0% 10.0% 25.0% 13.5% 10.0% 27.0% 14.0% 10.0% 28.0% 14.0% 10.0% 30.0% 14.0% 10.0% 30.0% 2.0 2.1 2.2 Net Working Capital Turnover Net Fixed Asset Turnover Deprec. & Amort./PP&E 1.9 3.2 3.3 2.2 3.5 34% 3.2 34% 3.7 2.2 3.8 34% 34% 34% 34% Financial Forecast Car Shipments (000s) Avg Revenue per Car (Euro 000s) Car Revenue Engine Revenue All Other Revenue Total Revenue 7.26 268 1,944 311 507 2,762 7.76 281 2,184 320 523 3,027 8.15 295 2,408 330 554 3,292 8.48 310 2,629 340 587 3,556 8.82 326 2,871 350 623 3,844 9.08 342 3,105 361 660 4,126 435 Operating Profit - Cars Operating Profit - Engines Operating Profit - All Other Revenue Total Operating Profit 243 28 126 284 32 131 447 325 33 150 36 368 34 164 402 35 187 624 198 398 508 567 669 Net Working Capital Net PP&E and Int. Assets Deprec. & Amort. 1,425 851 289 1,513 932 1,568 998 339 1,617 1,016 345 1,747 1,039 353 1,875 1,086 369 317 Total Revenue Growth EBITDA Margin 18% 25% 10% 25% 9% 26% 8% 26% 8% 25% 7% 25%