Answering a journalist and banker interested in issuing shares for initial public (IPO) of Ferrari, Mr. Sergio Marchionne estimated value of this Italian car brand is more than 5 billion euros (7, $ 3 billion) - has led to a number of people present in the audience show their astonishment. Valuation Mr Marchionne's Ferrari greater analysis of the 2 billion euros, and in 63% of the market value of 8 billion euros including the Fiat Group."I always thought of Ferrari is a brand gods, gods and brands are of course different," Mr. Marchionne said in an interview held at the Fiat headquarters in Turin, Italy.
Ferrari is the most profitable brand of Fiat today. Profit before tax of sports car company has increased 23% last year to 302 million euros, 1.92 billion in revenue in euros.
The banks are forcing Mr. Marchionne Ferrari shares listed on the Stock Exchange to reduce debt and increase credit rating for Fiat. Standard & Poor's lowered the credit rating of BB + to BB from Fiat in February last year after splitting the Fiat industrial activity from the automotive sector.
Credit rating organization said could continue if the lower level of the Fiat Group completes acquisition of majority stake in Chrysler this year. Mr. Marchionne, CEO of both Fiat and Chrysler, said currently he has no plans to put Ferrari on the stock market, because Fiat has enough money to increase the percentage of ownership Chrysler.
Ferrari brand value
It is difficult to value brands 'divine' as Ferrari, "Mr. Marchionne said in an interview Friday 4 / 4. "Many times I thought to number more than 5 billion euros."
Mr. Marchionne has revealed its ability to Ferrari in the IPO in November last year, when he says could sell some assets of Fiat, including Ferrari shares, if he needed cash to buy up shares may Chrysler. As of late 2010, Fiat has 12.2 billion euros in cash and cash equivalent assets, while net debt was 542 million euros.
Fiat has resolved nearly half of the debt last year, before splitting the production department truck and trailer separated from the passenger car division. The result of this split will have two independent companies: Fiat SpA and Fiat SpA Industrial, with two new logo.
Fiat SpA burden of around 500 million euros in total debt of 2.4 billion euros, the remaining parts by truck and trailer to take. Fiat SpA's debt is likely to increase from 1.5 to 1.8 billion euros at year's end, the demand for capital will increase to around 4.5 billion euros, as announced by Fiat in May 1 / 2011.
The average valuation of four analysts Bloomberg consultation that the Ferrari is worth about 3 billion euros, with about 10 times its operating profit. This number is so low over his valuation Marchione 2 billion euros.
Mr Jochen Gehrke, an analyst at Deutsche Bank AG, also is one of four analysts by Bloomberg reference pricing Ferrari, said: "Ferrari is a very valuable asset of the Fiat. With its profitability, the IPO will attract great interest. "
With 2700 workers, Ferrari last year increased sales by 6% over 6573 vehicles. Meanwhile, competitors are its main Lamborghini sold 1,302 cars last year, reaching sales of 271 million euros.
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