Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. 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 Analyst

Ferrari N.V. (RACE US) Q2 FY2026 Results Update: Orderbook, Pricing, and Guidance All Improving

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

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

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

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

<ul>
<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>
</ul>


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