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Ferrari NV RACE

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Morningstar’s Analysis

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Ferrari Reports Strong Q2 Results, Tweaks Guidance; Maintaining EUR 110 Fair Value Estimate

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 second-quarter diluted earnings per share of EUR 1.11, EUR 0.05 better than the EUR 1.06 FactSet consensus and up EUR 1.06 from the COVID-19-affected year-ago result. Second-quarter revenue jumped 81% to EUR 1.035 billion from EUR 571 million reported last year and 5% higher versus the second quarter of 2019. Unit volume skyrocketed 93% to 2,685 from 1,389 last year, with China sales exploding 564% after being hit by COVID-19 and stricter emissions regulations a year ago. Second-quarter adjusted EBITDA was EUR 386 million for a margin of 37.4%, up substantially from EUR 124 million and 21.9% margin last year, but also increasing from the EUR 314 million and 32.0% margin reported in the second quarter of 2019.

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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 Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 4,560