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 a Q3 2024 result in line with expectations, with volumes disappointing slightly -2.2% YoY but revenue/profits coming in at 7%/13% YoY. </li>
<li>The company stuck to its FY24 guidance. It reiterated that supply would remain limited and that it would focus on pricing/mix to maintain high margins.</li>
<li>The valuations at 52x FY24/45x FY25 PE are rich, but any correction in share price would be worth exploring for this name. </li>
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Ferrari N.V. (RACE US) reported a Q3 2024 result in line with expectations, with volumes disappointing slightly -2.2% YoY but revenue/profits coming in at 7%/13% YoY. 
The company stuck to its FY24 guidance. It reiterated that supply would remain limited and that it would focus on pricing/mix to maintain high margins.
The valuations at 52x FY24/45x FY25 PE are rich, but any correction in share price would be worth exploring for this name. 


Ferrari (RACE US) Q3 2024: Growth Trajectory Intact, Share Price Correction An Opportunity

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Intel's EUR10 billion semiconductor plant in Germany faces delays due to budget battles over chips and batteries, impacting the nation's technology sector and economic growth.</li><li>Taiwan's luxury car market growth reflects its prosperous economy, while the country continues to prioritize a nuclear-free energy agenda despite increasing energy needs.</li><li>AI is revolutionizing nuclear energy production, enhancing efficiency and safety, leading to innovative developments in the industry and heightened global interest. StarLux Airlines is boosting Taiwan's role as a transit hub in Asia amidst evolving global dynamics.</li></ul>

Intel's EUR10 billion semiconductor plant in Germany faces delays due to budget battles over chips and batteries, impacting the nation's technology sector and economic growth.Taiwan's luxury car market growth reflects its prosperous economy, while the country continues to prioritize a nuclear-free energy agenda despite increasing energy needs.AI is revolutionizing nuclear energy production, enhancing efficiency and safety, leading to innovative developments in the industry and heightened global interest. StarLux Airlines is boosting Taiwan's role as a transit hub in Asia amidst evolving global dynamics.

Tech Supply Chain Tracker (01-Oct-2024): Intel's EUR10B plant stalls in Germany.

<ul><li>Lenovo commits $1B to AI advancements, strengthens F1 collaboration, showcasing innovation in technology sector.</li><li>Garmin experiences growth in SEA sales for smart wearables, indicating a maturing market and strong consumer demand.</li><li>Taiwan's Transcom gains from global surge in military spending, develops world's first open-source 6G core network, while Stellantis partners Maserati with China's Chery amidst struggles in German automotive industry.</li></ul>

Lenovo commits $1B to AI advancements, strengthens F1 collaboration, showcasing innovation in technology sector.Garmin experiences growth in SEA sales for smart wearables, indicating a maturing market and strong consumer demand.Taiwan's Transcom gains from global surge in military spending, develops world's first open-source 6G core network, while Stellantis partners Maserati with China's Chery amidst struggles in German automotive industry.

Tech Supply Chain Tracker (25-Sep-2024): Lenovo invests US$1 billion in AI over 3 years.

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<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 another strong Q2 2024, with revenues up 16% and profits up 25% YoY. EBITDA margins expanded to 39% due to pricing/personalization(20%). </li>
<li>The company raised its guidance on revenue/EPS by 2.3%/5%, flagging Q3 would be weak as it transitions to its new ERP, but we believe the company is being conservative. </li>
<li>Trading at 48.7x FY24e, the stock seems a tad expensive, but it's up 28% YTD because of upgrades, which we believe will continue. </li>
</ul>



Ferrari N.V. (RACE US) reported another strong Q2 2024, with revenues up 16% and profits up 25% YoY. EBITDA margins expanded to 39% due to pricing/personalization(20%). 
The company raised its guidance on revenue/EPS by 2.3%/5%, flagging Q3 would be weak as it transitions to its new ERP, but we believe the company is being conservative. 
Trading at 48.7x FY24e, the stock seems a tad expensive, but it's up 28% YTD because of upgrades, which we believe will continue. 


Ferrari (RACE US) Q2 2024: Margin Uptrend Continues, No Demand Weakness

Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

<ul><li>Practice of committing to ownership, governance, and leadership alignment with companies similar to other respected examples like Berkshire Hathaway and the Walnbergs in Sweden</li><li>Focus on long-term thinking, staying current through innovation, and renewing oneself to ensure enduring success in business</li><li>Importance of family ownership, stability, and long-term thinking in combination with the benefits of being a public company; John Elkann's background and path to leadership within the family-owned company.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Practice of committing to ownership, governance, and leadership alignment with companies similar to other respected examples like Berkshire Hathaway and the Walnbergs in SwedenFocus on long-term thinking, staying current through innovation, and renewing oneself to ensure enduring success in businessImportance of family ownership, stability, and long-term thinking in combination with the benefits of being a public company; John Elkann's background and path to leadership within the family-owned company.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Exor CEO John Elkann: Family Ownership, Football and Ferrari

Italy

Ferrari designs, engineers, produces, and sells luxury performance sports cars globally, offering a range including special series, Icona, and supercars, alongside racing cars and after-sales services. The company also licenses its brand for luxury goods and participates in Formula 1 racing. Ferrari was founded in 1947 and is headquartered in Maranello, Italy.

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Ferrari (RACE IM)

Tech Supply Chain Tracker (01-Oct-2024): Intel's EUR10B plant stalls in Germany.

Intel's semiconductor plant in Germany faces delay due to chip and battery budget battle, Taiwan's luxury car market thrives, AI boosts nuclear...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (25-Sep-2024): Lenovo invests US$1 billion in AI over 3 years.

Lenovo invests $1B in AI, Garmin sees sales boost, iPhone 16 shows strong start, military spending surges, Taiwan leads 6G, Stellantis partners...

Tech Supply Chain Tracker

Ferrari (RACE US) Q2 2024: Margin Uptrend Continues, No Demand Weakness

We summarize Ferrari's (RACE US) results for Q2 2024 as well as the post-results conference call. The stock trades at 48.7x FY24e PE but there is...

Sameer Taneja

Exor CEO John Elkann: Family Ownership, Football and Ferrari

John Elkann's leadership at Exor focuses on aligning ownership with governance and leadership in a similar fashion to Warren Buffett's Berkshire...

In Good Company with Nicolai Tangen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ferrari (RACE US) Q3 2024: Growth Trajectory Intact, Share Price Correction An Opportunity

We summarize the Q3 2024 results for Ferrari (RACE US) and the unveiling of the F80 supercar. The company commands a strong premium on its brand...

Sameer Taneja

Tech Supply Chain Tracker (01-Oct-2024): Intel's EUR10B plant stalls in Germany.

Intel's semiconductor plant in Germany faces delay due to chip and battery budget battle, Taiwan's luxury car market thrives, AI boosts nuclear...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (25-Sep-2024): Lenovo invests US$1 billion in AI over 3 years.

Lenovo invests $1B in AI, Garmin sees sales boost, iPhone 16 shows strong start, military spending surges, Taiwan leads 6G, Stellantis partners...

Tech Supply Chain Tracker

Ferrari (RACE US) Q2 2024: Margin Uptrend Continues, No Demand Weakness

We summarize Ferrari's (RACE US) results for Q2 2024 as well as the post-results conference call. The stock trades at 48.7x FY24e PE but there is...

Sameer Taneja

Exor CEO John Elkann: Family Ownership, Football and Ferrari

John Elkann's leadership at Exor focuses on aligning ownership with governance and leadership in a similar fashion to Warren Buffett's Berkshire...

In Good Company with Nicolai Tangen