Ferrari's IPO

Ferrari and FIAT have been linked since the late 1960s, when Gianni Agnelli bought 50% of Ferrari from Enzo Ferrari. This rose to 90% in 1988, when Enzo Ferrari died. But in mid-2014, Sergio Marchionne, head of FCA (the group created by the merger of Fiat and Chrysler), announced that Ferrari would be spun off in early 2016. Before this separation, 10% of Ferrari's capital will be floated on the stock market.
The IPO is part of a series of financial operations aimed at separating Ferrari from FCA, the latest being a spin-off, with Ferrari shares being distributed to FCA group shareholders. Ferrari has always been considered the "jewel in the crown" of the group, so why separate it? Why was this split organised via an IPO and then a spin-off? The background to these operations is examined, as well as the valuation of Ferrari at the time of the IPO and the consequences of the spin-off.

- Study the mechanism of an IPO, with specific features, in this case a spin-off following the IPO
- Examine the influence of context on financial decisions, particularly during an IPO
- Deciphering financial information
- Work on the benchmarking mechanism
- Analyse the advantages and disadvantages of such a decision
- Demonstrate critical thinking by comparing theory and practice

IPO, shareholding, governance, family business, valuation, comparables, multiples, preference shares

The case is intended for Masters level students, as part of a finance course (financial strategy, corporate finance, financing operations, financial engineering)

Sale of cars and light motor vehicles

Debrief PPT : 30 slides

Année de la problématique : 2015

Livraison : Livraison par lien de téléchargement

Nombre de pages : 18 avec 14 page(s) annexe(s)

Temps d'utilisation : plus de 3 heures (3 to 4 hours)

Code du secteur d'activité : 34 - Industrie automobile