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Ferrari NV RACE

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Morningstar’s Analysis

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Ferrari Continues Strong Performance in Q3 Results; Raising FVE to EUR 113 From EUR 110

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

Wide-moat rated Ferrari, Formula 1 racer and maker of ultraluxury and exotic sports cars, reported third-quarter diluted earnings per share of EUR 1.11, EUR 0.09 better than the EUR 1.02 FactSet consensus and up EUR 0.19 from the COVID-19-affected year-ago result. Third-quarter revenue increased 19% to EUR 1.053 billion from EUR 888 million reported last year and 15% higher versus the third quarter of 2019. Unit volume was also strong, jumping 19% to 2,750 from 2,313 a year ago, with all regions posting positive year-over-year growth. China was the strongest performer in the quarter with shipments jumping 109%, followed by the Americas region reporting a 40% increase. Third-quarter adjusted EBITDA was EUR 371 million, up from EUR 330 million last year. That said, adjusted EBITDA margin came in at 35.2%, a 200-basis-point decrease compared with the 37.2% margin a year ago as operating expenses weighed on margins.

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Company Profile

Business Description

Ferrari engineers and manufactures some of the world's most expensive exotic sports cars. The Ferrari brand is synonymous with Formula One racing, exclusivity, Italian design, and state-of-the-art technology. Ferrari also has a captive finance company that provides funding for dealers and clients.

Via Abetone Inferiore n. 4
Maranello, I-41053, Italy
T +39 536949111
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 4,562