Ferrari Races to Record Results
The wide-moat Formula One racer and exotic sportscar-maker is now fairly priced based on our forecasts for cash flow and returns on invested capital.
Wide-moat-rated
Third-quarter volume was 1,978, versus 1,949 last year, representing only a 1% increase. Even so, Ferrari revenue was EUR 783 million, up 8% versus the prior year at EUR 723 million. Adjusted (before special items) EBITDA was EUR 234 million with an expansive margin of 30.0%, versus EUR 217 million with a margin of 29.5% in the third quarter of 2015.
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