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> continued its stellar quarterlies, showing no signs of a slowdown, with Q4 2023 revenue/profits increasing 11.3%/34% YoY.</li>
<li>FY24 will see the newly launched Purosangue become 20% of the product mix, and personalization trends continue with a mid-single-digit price hike. Ferrari Lifestyle brand will continue strong growth.</li>
<li>Trading at 48x/41x FY24e/25e, the stock seems expensive, but growth at a &gt;25% ROCE seems highly probable in the not-to-distant future.</li>
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Ferrari N.V. (RACE US) continued its stellar quarterlies, showing no signs of a slowdown, with Q4 2023 revenue/profits increasing 11.3%/34% YoY.
FY24 will see the newly launched Purosangue become 20% of the product mix, and personalization trends continue with a mid-single-digit price hike. Ferrari Lifestyle brand will continue strong growth.
Trading at 48x/41x FY24e/25e, the stock seems expensive, but growth at a &gt;25% ROCE seems highly probable in the not-to-distant future.


Ferrari Q4 2023: Just Killing It! No Slowdown in Ultra High-End Luxury

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>The Ferrari N.V. reported its financial and operational results for the first quarter of 2026, demonstrating a solid start to the year amid a challenging global environment marked by geopolitical uncertainty, notably in the Middle East.</li><li>The company highlighted three primary messages: strong and growing earnings supported by product mix, an extended order book reaching toward the end of 2027, and confirmation of full-year guidance.</li><li>In Q1, Ferrari generated revenues of approximately EUR 1.85 billion, reflecting a 6% increase at constant currency and 3% growth including a currency headwind driven primarily by the U.S. dollar and Japanese yen fluctuations.</li></ul>

The Ferrari N.V. reported its financial and operational results for the first quarter of 2026, demonstrating a solid start to the year amid a challenging global environment marked by geopolitical uncertainty, notably in the Middle East.The company highlighted three primary messages: strong and growing earnings supported by product mix, an extended order book reaching toward the end of 2027, and confirmation of full-year guidance.In Q1, Ferrari generated revenues of approximately EUR 1.85 billion, reflecting a 6% increase at constant currency and 3% growth including a currency headwind driven primarily by the U.S. dollar and Japanese yen fluctuations.

Ferrari N.V.: Initiation Of Coverage: A €720 Million EBITDA Quarter

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<li>Q1FY26 revenues rose +3.2% YoY to EUR 1,848M (+6.0% at cc), driven by richer mix, personalizations (~20% of revenues). EBITDA expanded +4.1% to EUR 722M (39.1% margin, +40 bps YoY). </li>
<li>Management confirmed the overbooked status of the launch premiere across two days, 25th/26th May, but still unavailable to accommodate another 100 participants. Order book to open formally after the premiere.</li>
<li>At $325, RACE trades at ~31.4x FY26E PE and ~17.8x EV/EBITDA (guidance floor). Supported by end-2027 order book visibility, &gt;90% cash conversion, and a EUR 3.5B multi-year buyback.</li>
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Q1FY26 revenues rose +3.2% YoY to EUR 1,848M (+6.0% at cc), driven by richer mix, personalizations (~20% of revenues). EBITDA expanded +4.1% to EUR 722M (39.1% margin, +40 bps YoY). 
Management confirmed the overbooked status of the launch premiere across two days, 25th/26th May, but still unavailable to accommodate another 100 participants. Order book to open formally after the premiere.
At $325, RACE trades at ~31.4x FY26E PE and ~17.8x EV/EBITDA (guidance floor). Supported by end-2027 order book visibility, &gt;90% cash conversion, and a EUR 3.5B multi-year buyback.


Ferrari (RACE US) Q1FY26: Strong Results, Luce EV Unveil For 25th May Overbooked

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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 solid Q4FY25 results, demonstrating the company can still grow, though its elevated multiple should compress in the near term. </li>
<li>Based on its guidance, <a target="_blank" rel="noopener">Ferrari N.V. (RACE US)</a> trades at 33x FY26 PE, with mid-to-high single-digit growth. </li>
<li>Going forward, personalization and new limited-edition model launches will continue to drive profits, and we eagerly anticipate the launch of Ferrari Luce (EV) in May. </li>
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Ferrari N.V. (RACE US) reported solid Q4FY25 results, demonstrating the company can still grow, though its elevated multiple should compress in the near term. 
Based on its guidance, Ferrari N.V. (RACE US) trades at 33x FY26 PE, with mid-to-high single-digit growth. 
Going forward, personalization and new limited-edition model launches will continue to drive profits, and we eagerly anticipate the launch of Ferrari Luce (EV) in May. 


Ferrari's Solid Q4FY25 And FY26 Guidance Show Select Luxury Brands In A Good Space

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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 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

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)

Ferrari Q4 2023: Just Killing It! No Slowdown in Ultra High-End Luxury

Trading at 48x/41x FY24e/25e, Ferrari is expensive, but growth of 10-15% at >25% ROCE + margin accretion will aid the company in holding on to its...

Sameer Taneja

Ferrari N.V.: Initiation Of Coverage: A €720 Million EBITDA Quarter

The Ferrari N.V. reported its financial and operational results for the first quarter of 2026, demonstrating a solid start to the year amid a...

Baptista Research

Ferrari (RACE US) Q1FY26: Strong Results, Luce EV Unveil For 25th May Overbooked

Ferrari Q1FY26: mix/personalization drive +6% ccy revenue growth; 39.1% EBITDA margin, >25% ROCE; Luce EV launch premiere overbooked; FY26 guidance...

Sameer Taneja

Ferrari's Solid Q4FY25 And FY26 Guidance Show Select Luxury Brands In A Good Space

Ferrari (RACE US) faces a multiple derating. Solid 2026 guidance has paused the decline. This quarterly update reviews Q4 results and near‑term...

Sameer Taneja

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

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