La Ferrari debuts today at Business Square in the presence of Prime Minister Matteo Renzi and the General Staff of FCA (from President John Elkann to CEO Sergio Marchionne), from which it spun off in all respects yesterday. FCA shareholders will be allocated one Ferrari ordinary share for every 10 FCA ordinary shares.
After the debut on October 21st on Wall Street, the Red from Maranello lands on the Italian Stock Exchange and is now running on its own. But what all financial analysts are wondering is how much will Ferrari and FCA be worth individually? According to the market's first calculations, Ferrari should be worth 8,3 billion euros while Fca without Ferrari should capitalize just under 10 billion. Which means that the starting value of a Ferrari share is 43,94 euros while that of an FCA share is 8,51 euros. Is that the right price? It will take a few days to tell because the distribution of the shares and the settlement of the stock market values of the two car companies that belong to the Agnelli family's Exor group will be completed only at the end of the week.
Of Ferrari, Exor will have 23,5% of the capital but thanks to the multiple vote granted to stable shareholders by Dutch law (Ferrari is a Dutch company) Exor will hold the 33,4%, which will be further strengthened by the shareholders' agreement entered into with Piero Ferrari, son of the founder Enzo, who has 10% in portfolio of the capital and voting rights equal to 15,4%.
"Now Ferrari can really walk alone and prove its worth", offering everyone the opportunity to invest directly in the Ferrari, he said some time ago Sergio Marchionne, according to which the spin-off and the Italian listing of Ferrari are not ends in themselves but are a step in FCA's general strategy which aims to achieve major consolidation within the year through marriage with another high-ranking car manufacturer that could be General Motors, if the American giant is convinced to take the plunge, or some other producer, without excluding an eye to the giants of Silicon Valley.
