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 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>
</ul>



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

Writing about Companies with an Unfair Advantage, Unfair Advantage

Unfair Advantage

Writing about Companies with an Unfair Advantage

I write about companies that have an unfair advantage. I might invest in them as well.

Thematic (Sector/Industry)

<ul><li>You can call me AK. My previous job was fixing companies and advising PE firms.</li><li>I live in Ireland with my wife, 2 dogs and a baby on the way. For my 9-5, I work for a semiconductor company and investing is my 5-9.</li><li>Before this, I used to be a management consultant with Bain &amp; Company working mostly on competitive and growth strategy &amp; Private Equity deals. </li></ul>

You can call me AK. My previous job was fixing companies and advising PE firms.I live in Ireland with my wife, 2 dogs and a baby on the way. For my 9-5, I work for a semiconductor company and investing is my 5-9.Before this, I used to be a management consultant with Bain &amp; Company working mostly on competitive and growth strategy &amp; Private Equity deals. 

I investigate companies for a living (sort of)

<ul><li>Luxury stocks are quietly having a midlife crisis.</li><li>Despite looking optically expensive on a trailing earnings basis, luxury names are trading at their cheapest levels in the last five years.</li><li>Stocks like LVMH, Hermès, and Ferrari are all down 20%+ over the past year. Not exactly what you’d expect from brands that sell handbags for the price of a car.</li></ul>

Luxury stocks are quietly having a midlife crisis.Despite looking optically expensive on a trailing earnings basis, luxury names are trading at their cheapest levels in the last five years.Stocks like LVMH, Hermès, and Ferrari are all down 20%+ over the past year. Not exactly what you’d expect from brands that sell handbags for the price of a car.

What Happened to My Rolexes, Champagnes and Birkins? Luxury Is Not so Pricey Anymore $MC.PA, $RM...

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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Krungthai XSpring

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In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend selling FERRARI80 with a return of -2.8%, while opening new positions in ESTEE80, MUFG19, and SONY80.</li><li>The KTX DR Tactical Picks portfolio gained slightly, up +0.38% from the previous day, supported by the rise in NVDA80 after the US government approved chip exports to the Middle East.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling FERRARI80 with a return of -2.8%, while opening new positions in ESTEE80, MUFG19, and SONY80.The KTX DR Tactical Picks portfolio gained slightly, up +0.38% from the previous day, supported by the rise in NVDA80 after the US government approved chip exports to the Middle East.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 10, 2025 (Eng.)

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'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

I investigate companies for a living (sort of)

I start reading books on the company, biographies of their CEO, arcane unknown interviews that lie in a forgotten corner of the internet and talk...

Unfair Advantage

What Happened to My Rolexes, Champagnes and Birkins? Luxury Is Not so Pricey Anymore $MC.PA, $RM...

Luxury stocks are quietly having a midlife crisis. Despite looking optically expensive on a trailing earnings basis, luxury names are trading...

Unfair Advantage

KTX TACTICAL DR PICKS - October 10, 2025 (Eng.)

The KTX DR Tactical Picks portfolio gained slightly, up +0.38% from the previous day, supported by the rise in NVDA80 after the US government...

Krungthai XSpring

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