Financials Ferrari N.V. Buenos Aires S.E.

Equities

RACE

AR0227017768

Auto & Truck Manufacturers

End-of-day quote Buenos Aires S.E. Other stock markets 03:30:00 24/06/2024 am IST			5-day change	1st Jan Change
6,564 ^ARS	+2.71%		+5.68%	0.00%

25/06	Industrials Down After Weak Factory Data -- Industrials Roundup	DJ
25/06	FERRARI : Goldman Sachs sticks Neutral	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,357	34,718	41,850	36,421	55,320	71,185	-	-
Enterprise Value (EV) ¹	28,549	36,081	43,136	37,844	56,675	72,359	71,937	71,575
P/E ratio	39.8 x	57.3 x	50.6 x	39.3 x	44.4 x	50.8 x	45.9 x	41.8 x
Yield	0.7%	0.46%	0.6%	0.9%	0.8%	0.64%	0.73%	0.84%
Capitalization / Revenue	7.26 x	10 x	9.8 x	7.15 x	9.27 x	10.9 x	10.1 x	9.48 x
EV / Revenue	7.58 x	10.4 x	10.1 x	7.43 x	9.49 x	11.1 x	10.2 x	9.53 x
EV / EBITDA	22.5 x	31.6 x	28.2 x	21.3 x	24.9 x	28.6 x	25.9 x	23.7 x
EV / FCF	42.3 x	210 x	79 x	63.4 x	66.8 x	68.9 x	55.7 x	51.5 x
FCF Yield	2.36%	0.48%	1.27%	1.58%	1.5%	1.45%	1.8%	1.94%
Price to Book	18.4 x	19.5 x	19 x	14 x	18.2 x	19.8 x	16.9 x	15.2 x
Nbr of stocks (in thousands)	1,85,283	1,84,748	1,83,843	1,81,953	1,80,418	1,79,771	-	-
Reference price ²	147.6	187.9	227.6	200.2	306.6	396.0	396.0	396.0
Announcement Date	04/02/20	02/02/21	02/02/22	02/02/23	01/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,766	3,460	4,271	5,095	5,970	6,523	7,034	7,509
EBITDA ¹	1,269	1,143	1,531	1,773	2,279	2,528	2,775	3,022
EBIT ¹	917	716	1,075	1,227	1,617	1,826	2,019	2,213
Operating Margin	24.35%	20.69%	25.17%	24.08%	27.09%	27.99%	28.7%	29.47%
Earnings before Tax (EBT) ¹	875	667	1,042	1,178	1,602	1,801	1,998	2,195
Net income ¹	699	608	833	939	1,257	1,405	1,551	1,698
Net margin	18.56%	17.57%	19.5%	18.43%	21.06%	21.53%	22.04%	22.61%
EPS ²	3.710	3.280	4.500	5.090	6.900	7.795	8.627	9.484
Free Cash Flow ¹	675	172	546	597	848	1,050	1,292	1,389
FCF margin	17.92%	4.97%	12.78%	11.72%	14.2%	16.1%	18.37%	18.49%
FCF Conversion (EBITDA)	53.19%	15.05%	35.66%	33.67%	37.21%	41.55%	46.55%	45.95%
FCF Conversion (Net income)	96.57%	28.29%	65.55%	63.58%	67.46%	74.76%	83.31%	81.8%
Dividend per Share ²	1.030	0.8670	1.362	1.810	2.443	2.551	2.910	3.332
Announcement Date	04/02/20	02/02/21	02/02/22	02/02/23	01/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	1,842	1,503	1,957	2,046	1,172	2,225	1,186	1,291	2,477	1,250	1,368	2,618	1,429	1,474	2,903	1,544	1,523	3,067	1,585	1,642	3,212	1,641	1,670	3,318	1,723	1,747
EBITDA ¹	644	441	702	762	398	769	423	446	869	435	469	904	537	589	1,126	595	558	1,153	605	668.4	1,276	635.5	635.2	1,245	-	-
EBIT ¹	446	243	473	540	265	535	307	323	630	299	298	597	385	437	822	423	372	795	442	499.3	950	459.8	443.2	891	512.5	513.5
Operating Margin	24.21%	16.17%	24.17%	26.39%	22.61%	24.04%	25.89%	25.02%	25.43%	23.92%	21.78%	22.8%	26.94%	29.65%	28.32%	27.4%	24.43%	25.92%	27.89%	30.4%	29.58%	28.02%	26.53%	26.85%	29.74%	29.38%
Earnings before Tax (EBT) ¹	420.4	219	448	521	261	521	299.2	313.2	612.5	285	280.8	565.3	380.7	428	809	426	367	793	440	500.3	-	455.1	430	883	505.3	506.3
Net income ¹	-	175	433	-	214	421	239	251	490	226	221	449	297	334	631	332	294	626	352	384.9	-	351.2	330.1	689	362.6	363.6
Net margin	-	11.64%	22.13%	-	18.26%	18.92%	20.15%	19.44%	19.78%	18.08%	16.15%	17.15%	20.78%	22.66%	21.74%	21.5%	19.3%	20.41%	22.21%	23.43%	-	21.4%	19.76%	20.77%	21.05%	20.81%
EPS ²	-	-	-	-	1.160	-	1.290	1.360	-	1.230	1.210	-	1.620	1.830	-	1.820	1.620	-	1.950	2.119	-	1.944	1.913	-	2.118	2.271
Dividend per Share ²	-	-	-	-	1.360	-	1.362	1.362	-	1.362	-	-	-	1.810	-	1.810	-	-	-	0.5896	-	0.5896	0.5896	-	0.7090	0.7090
Announcement Date	04/02/20	03/08/20	02/02/21	02/08/21	02/02/22	02/02/22	04/05/22	02/08/22	02/08/22	02/11/22	02/02/23	02/02/23	04/05/23	02/08/23	02/08/23	02/11/23	01/02/24	01/02/24	07/05/24	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,192	1,363	1,286	1,423	1,355	1,174	752	391
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9393 x	1.192 x	0.84 x	0.8026 x	0.5946 x	0.4647 x	0.2709 x	0.1293 x
Free Cash Flow ¹	675	172	546	597	848	1,050	1,292	1,389
ROE (net income / shareholders' equity)	49.2%	32.7%	41.7%	38.9%	44.3%	41.9%	37.7%	35.2%
ROA (Net income/ Total Assets)	13.6%	9.12%	12.7%	12.7%	15.8%	16.5%	16.8%	16.6%
Assets ¹	5,149	6,667	6,563	7,365	7,940	8,524	9,247	10,227
Book Value Per Share ²	8.030	9.660	12.00	14.30	16.90	20.00	23.40	26.10
Cash Flow per Share ²	6.960	4.520	6.950	7.660	9.460	12.00	12.50	13.60
Capex ¹	706	709	737	806	869	956	986	1,003
Capex / Sales	18.75%	20.49%	17.26%	15.82%	14.56%	14.65%	14.02%	13.36%
Announcement Date	04/02/20	02/02/21	02/02/22	02/02/23	01/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ferrari N.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

396 EUR

Average target price

406.9 EUR

Spread / Average Target

+2.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Automobiles & Multi Utility Vehicles