FERRARI N.V. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 422.5 USD | +2.49% |
|
+3.38% | +24.83% |
| Apr. 26 | Triboo has a new board of directors, Monti will lead it | AN |
| Apr. 26 | Europeans in the green; Nexi tops on Mib. | AN |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 27,357 | 34,718 | 41,850 | 36,421 | 55,320 | 71,258 | - | - |
| Enterprise Value (EV) 1 | 28,549 | 36,081 | 43,136 | 37,844 | 56,675 | 72,441 | 72,108 | 71,803 |
| P/E ratio | 39.8 x | 57.3 x | 50.6 x | 39.3 x | 44.4 x | 50.9 x | 46 x | 42.5 x |
| Yield | 0.7% | 0.46% | 0.6% | 0.9% | 0.8% | 0.64% | 0.71% | 0.84% |
| Capitalization / Revenue | 7.26 x | 10 x | 9.8 x | 7.15 x | 9.27 x | 11 x | 10.2 x | 9.56 x |
| EV / Revenue | 7.58 x | 10.4 x | 10.1 x | 7.43 x | 9.49 x | 11.1 x | 10.3 x | 9.63 x |
| EV / EBITDA | 22.5 x | 31.6 x | 28.2 x | 21.3 x | 24.9 x | 28.7 x | 26.2 x | 24 x |
| EV / FCF | 42.3 x | 210 x | 79 x | 63.4 x | 66.8 x | 73.2 x | 56.6 x | 51.5 x |
| FCF Yield | 2.36% | 0.48% | 1.27% | 1.58% | 1.5% | 1.37% | 1.77% | 1.94% |
| Price to Book | 18.4 x | 19.5 x | 19 x | 14 x | 18.2 x | 19.8 x | 17 x | 15.1 x |
| Nbr of stocks (in thousands) | 185,283 | 184,748 | 183,843 | 181,953 | 180,418 | 180,073 | - | - |
| Reference price 2 | 147.6 | 187.9 | 227.6 | 200.2 | 306.6 | 395.7 | 395.7 | 395.7 |
| Announcement Date | 2/4/20 | 2/2/21 | 2/2/22 | 2/2/23 | 2/1/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,766 | 3,460 | 4,271 | 5,095 | 5,970 | 6,504 | 7,016 | 7,455 |
| EBITDA 1 | 1,269 | 1,143 | 1,531 | 1,773 | 2,279 | 2,520 | 2,756 | 2,989 |
| EBIT 1 | 917 | 716 | 1,075 | 1,227 | 1,617 | 1,823 | 2,012 | 2,194 |
| Operating Margin | 24.35% | 20.69% | 25.17% | 24.08% | 27.09% | 28.03% | 28.68% | 29.43% |
| Earnings before Tax (EBT) 1 | 875 | 667 | 1,042 | 1,178 | 1,602 | 1,791 | 1,979 | 2,159 |
| Net income 1 | 699 | 608 | 833 | 939 | 1,257 | 1,398 | 1,543 | 1,679 |
| Net margin | 18.56% | 17.57% | 19.5% | 18.43% | 21.06% | 21.49% | 21.99% | 22.52% |
| EPS 2 | 3.710 | 3.280 | 4.500 | 5.090 | 6.900 | 7.781 | 8.600 | 9.320 |
| Free Cash Flow 1 | 675 | 172 | 546 | 597 | 848 | 990 | 1,275 | 1,393 |
| FCF margin | 17.92% | 4.97% | 12.78% | 11.72% | 14.2% | 15.22% | 18.17% | 18.69% |
| FCF Conversion (EBITDA) | 53.19% | 15.05% | 35.66% | 33.67% | 37.21% | 39.29% | 46.25% | 46.62% |
| FCF Conversion (Net income) | 96.57% | 28.29% | 65.55% | 63.58% | 67.46% | 70.83% | 82.6% | 82.99% |
| Dividend per Share 2 | 1.030 | 0.8670 | 1.362 | 1.810 | 2.443 | 2.548 | 2.808 | 3.307 |
| Announcement Date | 2/4/20 | 2/2/21 | 2/2/22 | 2/2/23 | 2/1/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,842 | 1,503 | 1,957 | 2,046 | 1,053 | 1,172 | 2,225 | 1,186 | 1,291 | 2,477 | 1,250 | 1,368 | 2,618 | 1,429 | 1,474 | 2,903 | 1,544 | 1,523 | 3,067 | 1,547 | 1,641 | 1,638 | 1,698 | 1,693 |
| EBITDA 1 | 644 | 441 | 702 | 762 | 371 | 398 | 769 | 423 | 446 | 869 | 435 | 469 | 904 | 537 | 589 | 1,126 | 595 | 558 | 1,153 | 596 | 674.6 | 632.1 | 641.7 | - |
| EBIT 1 | 446 | 243 | 473 | 540 | 270 | 265 | 535 | 307 | 323 | 630 | 299 | 298 | 597 | 385 | 437 | 822 | 423 | 372 | 795 | 432.8 | 503 | 455.3 | 470.3 | 514.5 |
| Operating Margin | 24.21% | 16.17% | 24.17% | 26.39% | 25.64% | 22.61% | 24.04% | 25.89% | 25.02% | 25.43% | 23.92% | 21.78% | 22.8% | 26.94% | 29.65% | 28.32% | 27.4% | 24.43% | 25.92% | 27.97% | 30.66% | 27.79% | 27.7% | 30.39% |
| Earnings before Tax (EBT) 1 | 420.4 | 219 | 448 | 521 | 260 | 261 | 521 | 299.2 | 313.2 | 612.5 | 285 | 280.8 | 565.3 | 380.7 | 428 | 809 | 426 | 367 | 793 | 430.4 | 492.5 | 448 | 476.3 | 505 |
| Net income 1 | - | 175 | 433 | - | 207 | 214 | 421 | 239 | 251 | 490 | 226 | 221 | 449 | 297 | 334 | 631 | 332 | 294 | 626 | 331.2 | 378.6 | 344.9 | 367.1 | 362.4 |
| Net margin | - | 11.64% | 22.13% | - | 19.66% | 18.26% | 18.92% | 20.15% | 19.44% | 19.78% | 18.08% | 16.15% | 17.15% | 20.78% | 22.66% | 21.74% | 21.5% | 19.3% | 20.41% | 21.4% | 23.08% | 21.05% | 21.63% | 21.41% |
| EPS 2 | - | - | - | - | 1.110 | 1.160 | - | 1.290 | 1.360 | - | 1.230 | 1.210 | - | 1.620 | 1.830 | - | 1.820 | 1.620 | - | 1.826 | 2.084 | 1.926 | 1.958 | 2.118 |
| Dividend per Share 2 | - | - | - | - | 0.8670 | 1.360 | - | 1.362 | 1.362 | - | 1.362 | - | - | - | 1.810 | - | 1.810 | - | - | 0.5895 | 0.5895 | 0.5895 | 0.5895 | 0.7085 |
| Announcement Date | 2/4/20 | 8/3/20 | 2/2/21 | 8/2/21 | 11/2/21 | 2/2/22 | 2/2/22 | 5/4/22 | 8/2/22 | 8/2/22 | 11/2/22 | 2/2/23 | 2/2/23 | 5/4/23 | 8/2/23 | 8/2/23 | 11/2/23 | 2/1/24 | 2/1/24 | - | - | - | - | - |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,192 | 1,363 | 1,286 | 1,423 | 1,355 | 1,183 | 850 | 545 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.9393 x | 1.192 x | 0.84 x | 0.8026 x | 0.5946 x | 0.4693 x | 0.3084 x | 0.1824 x |
| Free Cash Flow 1 | 675 | 172 | 546 | 597 | 848 | 990 | 1,275 | 1,393 |
| ROE (net income / shareholders' equity) | 49.2% | 32.7% | 41.7% | 38.9% | 44.3% | 40.1% | 37.1% | 34.6% |
| ROA (Net income/ Total Assets) | 13.6% | 9.12% | 12.7% | 12.7% | 15.8% | 16.6% | 17.1% | 16.6% |
| Assets 1 | 5,149 | 6,667 | 6,563 | 7,365 | 7,940 | 8,420 | 9,042 | 10,113 |
| Book Value Per Share 2 | 8.030 | 9.660 | 12.00 | 14.30 | 16.90 | 20.00 | 23.30 | 26.20 |
| Cash Flow per Share 2 | 6.960 | 4.520 | 6.950 | 7.660 | 9.460 | 11.10 | 13.10 | 13.20 |
| Capex 1 | 706 | 709 | 737 | 806 | 869 | 957 | 989 | 1,008 |
| Capex / Sales | 18.75% | 20.49% | 17.26% | 15.82% | 14.56% | 14.71% | 14.1% | 13.52% |
| Announcement Date | 2/4/20 | 2/2/21 | 2/2/22 | 2/2/23 | 2/1/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
395.7
EUR
Average target price
397.3
EUR
Spread / Average Target
+0.40%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +24.83% | 76.07B | |
| +8.96% | 94.79B | |
| +12.39% | 87.34B | |
| -0.75% | 84.51B | |
| +23.31% | 47.89B | |
| +18.20% | 34.02B | |
| +12.34% | 23.85B | |
| -1.54% | 19.82B | |
| +49.97% | 11.99B | |
| -10.47% | 10.13B |
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