Fiat Valuation: Considerare l’aritmetica

It’s easy to see why Fiat Group is mulling a spin-off of its car business. The Italian industrial company’s alliance with Chrysler is a bankruptcy judge’s gavel away from fruition. And a deal could be in the works to acquire General Motors’ Opel division. An enlarged and independent Fiat Auto, with an acquisition currency of its own, would be in pole position to lead the car industry’s global consolidation. Yet investors aren’t ascribing a whole lot of value to Fiat boss Sergio Marchionne’s gra...