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Ferrari NV RACE

Morningstar Rating
$413.57 −11.78 (2.77%)
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Company Report

Ferrari Earnings: Crosses 2023 Finish Line With Another Record, 2024 Guide Looks to Top 2023

Wide-moat-rated Ferrari posted fourth-quarter diluted earnings per share of EUR 1.62, beating the EUR 1.48 FactSet consensus by EUR 0.14 and up EUR 0.41 from the prior year. Fourth-quarter record consolidated revenue of EUR 1.523 billion increased 11%, as cars and spare parts revenue rose 11%, while sponsorship, commercial, brand, and other revenue increased 22%. Engine revenue increased 7% as final shipments to Maserati were made on contract expiration at year-end. The strength of Ferrari’s wide moat and pricing power was on display as the 11% revenue increase substantially outpaced the 2% decline in volume. Excluding foreign currency translation, revenue improved 12% over the prior year.

Price vs Fair Value

RACE is trading at a 44% premium.
Price
$413.57
Fair Value
$173.00
Uncertainty
Medium
1-Star Price
$932.94
5-Star Price
$679.30
Economic Moat
Rqz
Capital Allocation
Wgqsrgyc

Bulls Say, Bears Say

Bulls

Ferrari's low volatility in revenue and profitability, gross margins in excess of 55%, EBITDA margins above 30%, and high ROICs are characteristics of substantial pricing power and commensurate with the metrics of luxury goods companies.

Bears

Highly dependent on F1 racing and exclusivity, Ferrari risks damaging the brand on a prolonged racing title drought and hurried road car volume expansion.

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News

Trading Information

Previous Close Price
$425.35
Day Range
$408.79415.05
52-Week Range
$252.17430.08
Bid/Ask
$411.06 / $411.48
Market Cap
$74.53 Bil
Volume/Avg
184 / 356,696

Key Statistics

Price/Earnings (Normalized)
25.01
Price/Sales
11.62
Dividend Yield (Trailing)
0.48%
Dividend Yield (Forward)
0.64%
Total Yield
1.15%

Company Profile

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. In 2022, Europe, Middle East, and Africa accounted for 48% of revenue, the Americas was 28%, China was 12%, and the rest of Asia was 12%.
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Growth
Total Number of Employees
4,988

Competitors

Valuation

Metric
RACE
MBGAF
STLAM
Price/Earnings (Normalized)
25.015.373.83
Price/Book Value
22.050.890.91
Price/Sales
11.620.520.41
Price/Cash Flow
33.433.742.74
Price/Earnings
RACE
MBGAF
STLAM

Financial Strength

Metric
RACE
MBGAF
STLAM
Quick Ratio
2.600.830.90
Current Ratio
3.561.241.24
Interest Coverage
54.8862.1515.84
Quick Ratio
RACE
MBGAF
STLAM

Profitability

Metric
RACE
MBGAF
STLAM
Return on Assets (Normalized)
15.84%5.98%10.04%
Return on Equity (Normalized)
44.84%17.96%25.58%
Return on Invested Capital (Normalized)
23.09%8.72%17.50%
Return on Assets
RACE
MBGAF
STLAM
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