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Ferrari NV RACE

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Stock XNYS Rating as of
$407.43 +1.21 (0.30%)
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As of Delayed Price Closed
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Company Report

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Ferrari Earnings: Solid Pricing/Mix Driving Healthy Top-Line Growth

Matthew Young,

Wide-moat-rated Ferrari's first-quarter consolidated revenue of EUR 1.6 billion increased 13% (excluding foreign exchange), as cars and spare parts revenue rose 14%, while sponsorship, commercial and brand revenue increased 12% (higher sponsorships, partly offset by a lower 2023 Formula 1 ranking). Other revenue, which includes the engine business, was flat for the quarter as financial services activities offset a lower contribution from the expired Maserati contract. Favorable pricing and mix (product and country) drove revenue gains, which handily outpaced flattish volume trends.

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Price vs Fair Value

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RACE is trading at a 93% premium.
Price
$406.22
Fair Value
$914.00
Uncertainty
Medium
1-Star Price
$795.40
5-Star Price
$947.40
Economic Moat
Wbb
Capital Allocation
Qwyfppd

Bulls Say, Bears Say

Bulls

Ferrari's low volatility in revenue and profitability, gross margins in excess of 55%, EBITDA margins above 30%, and high ROICs are characteristics of substantial pricing power and commensurate with the metrics of luxury goods companies.

Bears

Highly dependent on F1 racing and exclusivity, Ferrari risks damaging the brand on a prolonged racing title drought and hurried road car volume expansion.

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Trading Information

Previous Close Price
$406.22
Day Range
$404.07–408.27
52-Week Range
$283.20–442.80
Bid/Ask
$400.08 / $415.24
Market Cap
$73.35 Bil
Volume/Avg
255,337 / 268,815

Key Statistics

Price/Earnings (Normalized)
23.96
Price/Sales
11.10
Dividend Yield (Trailing)
0.64%
Dividend Yield (Forward)
0.69%
Total Yield
1.39%

Company Profile

Ferrari engineers and manufactures some of the world's most expensive exotic sports cars. The Ferrari brand is synonymous with Formula One racing, exclusivity, Italian design, and state-of-the-art technology. Ferrari also has a captive finance company that provides funding for dealers and clients. In 2023, Europe, Middle East, and Africa accounted for 48% of revenue, the Americas was 30%, China was 10%, and the rest of Asia was 12%.
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Growth
Total Number of Employees
5,204
Website
https://www.ferrari.com

Competitors

Valuation

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Metric
RACE
VWAGY
MBGAF
Price/Earnings (Normalized)
 23.964.065.41
Price/Book Value
 20.750.410.76
Price/Sales
 11.100.210.47
Price/Cash Flow
 31.551.443.66
Price/Earnings
RACE
VWAGY
MBGAF

Financial Strength

Metric
RACE
VWAGY
MBGAF
Quick Ratio
 2.800.890.92
Current Ratio
 3.871.161.35
Interest Coverage
 1,653.0629.4326.85
Quick Ratio
RACE
VWAGY
MBGAF

Profitability

Metric
RACE
VWAGY
MBGAF
Return on Assets (Normalized)
 11.84%2.83%5.21%
Return on Equity (Normalized)
 32.67%10.57%15.04%
Return on Invested Capital (Normalized)
 17.31%4.62%7.71%
Return on Assets
RACE
VWAGY
MBGAF
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