Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/ferrari-n-v" target="_blank" data-smartkarma-citation="entities:21010:1" rel="noopener">Ferrari N.V. (RACE US)</a> reported Q3 FY25 revenue and earnings growth of 7% and 3% YoY, respectively (4% above analysts' estimates), due to better mix and personalization.</li>
<li>Management is confident it will meet its conservative (revised upwards in capital markets day) FY25 guidance, projecting baseline revenue and EPS growth of 6% and 4% YoY, respectively.</li>
<li>The stock trades at 38.4x FY25 PE and 22.4x EV-EBITDA. <a href="https://www.smartkarma.com/entities/ferrari-n-v" target="_blank" data-smartkarma-citation="entities:21010:1" rel="noopener">Ferrari N.V. (RACE US)</a>  continues to maintain its unique pricing power, driven by its loyal customer base.</li>
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Ferrari N.V. (RACE US) reported Q3 FY25 revenue and earnings growth of 7% and 3% YoY, respectively (4% above analysts' estimates), due to better mix and personalization.
Management is confident it will meet its conservative (revised upwards in capital markets day) FY25 guidance, projecting baseline revenue and EPS growth of 6% and 4% YoY, respectively.
The stock trades at 38.4x FY25 PE and 22.4x EV-EBITDA. Ferrari N.V. (RACE US)  continues to maintain its unique pricing power, driven by its loyal customer base.


Ferrari (RACE US) Q3 FY25: Beat + Revision Of Guidance Upwards

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<a href="https://www.smartkarma.com/entities/ferrari-nv" target="_blank" data-smartkarma-citation="entities:24708:1" rel="noopener">Ferrari NV (RACE IM)</a> has been a steady compounder of earnings growing operating profits at 14% CAGR and sales volumes at 6% CAGR over the last 20 years. </li>
<li>The company has expanded EBITDA margins from 25% in 2014 to 35% in 2022 and is expected to increase by another 300 bps in FY23 to 38%, as per guidance. </li>
<li>At 41x/35x FY23e/FY24e, we conceded it is a tad expensive, but we would look at investing in this company over the long term.</li>
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Ferrari NV (RACE IM) has been a steady compounder of earnings growing operating profits at 14% CAGR and sales volumes at 6% CAGR over the last 20 years. 
The company has expanded EBITDA margins from 25% in 2014 to 35% in 2022 and is expected to increase by another 300 bps in FY23 to 38%, as per guidance. 
At 41x/35x FY23e/FY24e, we conceded it is a tad expensive, but we would look at investing in this company over the long term.


Ferrari: Classic Fisher Company, Almost Perfect Score on The Fisher 15 Framework

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Ferrari presented its Q2 2025 financial results, reflecting both its operational strengths and the challenges it faces in a complex global environment.</li><li>During this period, Ferrari exhibited growth across key financial metrics, demonstrating a robust and disciplined execution of its business strategy despite uncertain macroeconomic and geopolitical conditions.</li><li>One of the standout achievements in this quarter was the increase in total revenues, which reached approximately EUR 1.8 billion, marking a 4.4% growth year-over-year.</li></ul>

Ferrari presented its Q2 2025 financial results, reflecting both its operational strengths and the challenges it faces in a complex global environment.During this period, Ferrari exhibited growth across key financial metrics, demonstrating a robust and disciplined execution of its business strategy despite uncertain macroeconomic and geopolitical conditions.One of the standout achievements in this quarter was the increase in total revenues, which reached approximately EUR 1.8 billion, marking a 4.4% growth year-over-year.

Ferrari N.V.: Initiation Of Coverage- Balancing Tradition & Innovation But Can It Dominate the Luxury Performance Market?

<ul>
<li>
<a target="_blank">Ferrari N.V. (RACE US)</a> reported Q2 FY25 revenue and earnings growth of 4.4% and 3% (a slight miss on analysts' estimates) due to increased tax rates and slower growth.</li>
<li>Management is confident of meeting its conservative guidance for FY25, projecting baseline revenue and EPS growth of 5% and 2% YoY.</li>
<li>The stock trades at 41.6x FY25 PE and 24x EV-EBITDA. <a href="https://www.smartkarma.com/entities/ferrari-n-v" target="_blank" data-smartkarma-citation="entities:21010:1" rel="noopener">Ferrari N.V. (RACE US)</a>  continues to maintain its unique pricing power position due to its loyal customer base.</li>
</ul>



Ferrari N.V. (RACE US) reported Q2 FY25 revenue and earnings growth of 4.4% and 3% (a slight miss on analysts' estimates) due to increased tax rates and slower growth.
Management is confident of meeting its conservative guidance for FY25, projecting baseline revenue and EPS growth of 5% and 2% YoY.
The stock trades at 41.6x FY25 PE and 24x EV-EBITDA. Ferrari N.V. (RACE US)  continues to maintain its unique pricing power position due to its loyal customer base.


Ferrari (RACE US): Deceleration in Q2 FY25, But Confident On Future Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ferrari-n-v" target="_blank" data-smartkarma-citation="entities:21010:1" rel="noopener">Ferrari N.V. (RACE US)</a> reported yet another high-quality quarter with 11%/18% YoY revenue/net profit growth on a flat YoY(%) volume quarter driven by mix improvement.</li>
<li>Although there seems to be earnings upside, and the street was literally searching for it in the concall, management stuck to their 6.5%/9% revenue/net profit growth guidance for FY24.</li>
<li>Trading at 50x FY24, the stock seems expensive, but the strong branding and order book implies very visible earnings growth into the future.  </li>
</ul>



Ferrari N.V. (RACE US) reported yet another high-quality quarter with 11%/18% YoY revenue/net profit growth on a flat YoY(%) volume quarter driven by mix improvement.
Although there seems to be earnings upside, and the street was literally searching for it in the concall, management stuck to their 6.5%/9% revenue/net profit growth guidance for FY24.
Trading at 50x FY24, the stock seems expensive, but the strong branding and order book implies very visible earnings growth into the future.  


Ferrari Q1 FY24: Another Beat, Conservative Guidance And High-Quality Growth

Italy

Ferrari NV designs and manufactures sports cars. The Company offers new and used vehicles, warranty programs, financial supports, and maintenance, as well as watches, apparels, earphones, caps, and other accessories. Ferrari markets its products worldwide.

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Ferrari N.V. (RACE US)

Ferrari (RACE US) Q3 FY25: Beat + Revision Of Guidance Upwards

Ferrari (RACE US) beat analysts' estimates by 4% and raised its floor guidance. With 81% repeat customers (39% EBITDA) and high ROCE (>25%) and...

Sameer Taneja

Ferrari: Classic Fisher Company, Almost Perfect Score on The Fisher 15 Framework

Ferrari is a classic Fisher stock. We analyze Ferrari based on the Fisher 15 criteria and find that it meets almost all criteria, implying it could...

Sameer Taneja

Ferrari N.V.: Initiation Of Coverage- Balancing Tradition & Innovation But Can It Dominate the Luxury Performance Market?

Ferrari presented its Q2 2025 financial results, reflecting both its operational strengths and the challenges it faces in a complex global...

Baptista Research

Ferrari (RACE US): Deceleration in Q2 FY25, But Confident On Future Growth

Base effect on pricing is catching up with Ferrari (RACE US) as evident in their Q2 FY25 results. The stock trades at 41.6x FY25 PE and is a tad...

Sameer Taneja

Ferrari Q1 FY24: Another Beat, Conservative Guidance And High-Quality Growth

We summarize the results of Ferrari and concall highlight for Q1 FY24. Ferrari is reaffirming its strong branding with strong realizations, a title...

Sameer Taneja

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