Raising Ferrari FVE to EUR 50 from EUR 46
We raised our fair value estimate on the Borsa Italiana traded shares of Ferrari to EUR 50 from EUR 46 (U.S. traded shares to $53 from $52 on USD/1 EUR exchange rate of $1.0607 versus the prior rate of $1.1223). The increase was the result of several factors including: a 20 basis point improvement in midcycle EBITDA margin to 26.5% (added EUR 1); a 1 percentage point reduction in our midcycle tax rate to 29% (added EUR 1) mainly due to the change in Italian tax code; a 10 basis point reduction i...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.