Build a DCF model for Ferrari based on the projected financials from the case. Your model should ultimately calculate the intrinsic stock price for Ferrari in US dollars.

Ferrari Forecast (Millions of Euro, except as noted)
Assumptions		2014	2015	2016
	Operating Margin - Cars	12.5%	13.0%	13.5%
	Operating Margin - Engines	9.1%	10.0%	10.0%
	Operating Margin - All Other Revenue	24.9%	25.0%	27.0%
	Net Working Capital Turnover	1.9	2.0	2.1
	Net Fixed Asset Turnover	3.2	3.2	3.3
	Deprec. & Amort./PP&E	34%	34%	34%
Financial Forecast
	Car Shipments (000s)	7.26	7.76	8.15
	Avg Revenue per Car (Euro 000s)	268	281	295
	Car Revenue	1,944	2,184	2,408
	Engine Revenue	311	320	330
	All Other Revenue	507	523	554
	Total Revenue	2,762	3,027	3,292
	Operating Profit - Cars	243	284	325
	Operating Profit - Engines	28	32	33
	Operating Profit - All Other Revenue	126	131	150
	Total Operating Profit	398	447	508
	Net Working Capital	1,425	1,513	1,568
	Net PP&E and Int. Assets	851	932	998
	Deprec. & Amort.	289	317	339
	Total Revenue Growth	18%	10%	9%
	EBITDA Margin	25%	25%	26%
	WACC	5%