Financials Ferrari N.V. Swiss Exchange

Equities

RACE

NL0011585146

Auto & Truck Manufacturers

Delayed Swiss Exchange Other stock markets 11:35:37 2023-04-04 EDT			5-day change	1st Jan Change
280 ^CHF	+9.80%		-.--%	-.--%

12:54pm	Ferrari to Offer Unsecured Debt Securities	MT
08:28am	Futures up slightly, focus is on results	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	67,702	-	-
Enterprise Value (EV) ¹	28,549	36,081	43,136	37,844	56,675	68,866	68,559	68,213
P/E ratio	39.8 x	57.3 x	50.6 x	39.3 x	44.4 x	48.7 x	44 x	40.1 x
Yield	0.7%	0.46%	0.6%	0.9%	0.8%	0.7%	0.77%	0.88%
Capitalization / Revenue	7.26 x	10 x	9.8 x	7.15 x	9.27 x	10.4 x	9.66 x	9.07 x
EV / Revenue	7.58 x	10.4 x	10.1 x	7.43 x	9.49 x	10.6 x	9.78 x	9.14 x
EV / EBITDA	22.5 x	31.6 x	28.2 x	21.3 x	24.9 x	27.2 x	24.7 x	22.6 x
EV / FCF	42.3 x	210 x	79 x	63.4 x	66.8 x	66.4 x	52.7 x	48.7 x
FCF Yield	2.36%	0.48%	1.27%	1.58%	1.5%	1.51%	1.9%	2.05%
Price to Book	18.4 x	19.5 x	19 x	14 x	18.2 x	18.6 x	16.2 x	14.5 x
Nbr of stocks (in thousands)	185,283	184,748	183,843	181,953	180,418	180,038	-	-
Reference price ²	147.6	187.9	227.6	200.2	306.6	376.0	376.0	376.0
Announcement Date	20-02-04	21-02-02	22-02-02	23-02-02	24-02-01	-	-	-

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	6,515	7,012	7,465
EBITDA ¹	1,269	1,143	1,531	1,773	2,279	2,528	2,772	3,019
EBIT ¹	917	716	1,075	1,227	1,617	1,825	2,014	2,209
Operating Margin	24.35%	20.69%	25.17%	24.08%	27.09%	28.01%	28.72%	29.59%
Earnings before Tax (EBT) ¹	875	667	1,042	1,178	1,602	1,798	1,999	2,196
Net income ¹	699	608	833	939	1,257	1,401	1,541	1,692
Net margin	18.56%	17.57%	19.5%	18.43%	21.06%	21.51%	21.97%	22.66%
EPS ²	3.710	3.280	4.500	5.090	6.900	7.714	8.538	9.379
Free Cash Flow ¹	675	172	546	597	848	1,037	1,301	1,401
FCF margin	17.92%	4.97%	12.78%	11.72%	14.2%	15.92%	18.55%	18.77%
FCF Conversion (EBITDA)	53.19%	15.05%	35.66%	33.67%	37.21%	41.04%	46.94%	46.41%
FCF Conversion (Net income)	96.57%	28.29%	65.55%	63.58%	67.46%	74.03%	84.43%	82.82%
Dividend per Share ²	1.030	0.8670	1.362	1.810	2.443	2.635	2.880	3.324
Announcement Date	20-02-04	21-02-02	22-02-02	23-02-02	24-02-01	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	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 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	1,842	1,503	1,957	2,046	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	1,585	1,636	3,212	1,638	1,695	3,318	1,723	1,747
EBITDA ¹	644	441	702	762	398	769	423	446	869	435	469	904	537	589	1,126	595	558	1,153	605	664	1,276	636.2	642	1,245	-	-
EBIT ¹	446	243	473	540	265	535	307	323	630	299	298	597	385	437	822	423	372	795	442	495.6	950	461.7	455.9	891	508.4	509.4
Operating Margin	24.21%	16.17%	24.17%	26.39%	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%	27.89%	30.3%	29.58%	28.19%	26.9%	26.85%	29.51%	29.15%
Earnings before Tax (EBT) ¹	420.4	219	448	521	261	521	299.2	313.2	612.5	285	280.8	565.3	380.7	428	809	426	367	793	440	500.3	-	455.1	430	883	501.2	502.2
Net income ¹	-	175	433	-	214	421	239	251	490	226	221	449	297	334	631	332	294	626	352	379.2	-	352.4	350.8	689	359.6	360.6
Net margin	-	11.64%	22.13%	-	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%	22.21%	23.18%	-	21.52%	20.7%	20.77%	20.87%	20.64%
EPS ²	-	-	-	-	1.160	-	1.290	1.360	-	1.230	1.210	-	1.620	1.830	-	1.820	1.620	-	1.950	2.119	-	1.944	1.913	-	2.110	2.262
Dividend per Share ²	-	-	-	-	1.360	-	1.362	1.362	-	1.362	-	-	-	1.810	-	1.810	-	-	-	0.5896	-	0.5896	0.5896	-	0.7032	0.7032
Announcement Date	20-02-04	20-08-03	21-02-02	21-08-02	22-02-02	22-02-02	22-05-04	22-08-02	22-08-02	22-11-02	23-02-02	23-02-02	23-05-04	23-08-02	23-08-02	23-11-02	24-02-01	24-02-01	24-05-07	-	-	-	-	-	-	-

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	1,164	857	511
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9393 x	1.192 x	0.84 x	0.8026 x	0.5946 x	0.4606 x	0.3091 x	0.1694 x
Free Cash Flow ¹	675	172	546	597	848	1,037	1,301	1,401
ROE (net income / shareholders' equity)	49.2%	32.7%	41.7%	38.9%	44.3%	41%	37.6%	35.1%
ROA (Net income/ Total Assets)	13.6%	9.12%	12.7%	12.7%	15.8%	16.3%	16.9%	16.6%
Assets ¹	5,149	6,667	6,563	7,365	7,940	8,574	9,142	10,190
Book Value Per Share ²	8.030	9.660	12.00	14.30	16.90	20.20	23.20	26.00
Cash Flow per Share ²	6.960	4.520	6.950	7.660	9.460	11.50	13.30	13.20
Capex ¹	706	709	737	806	869	963	997	1,014
Capex / Sales	18.75%	20.49%	17.26%	15.82%	14.56%	14.77%	14.21%	13.58%
Announcement Date	20-02-04	21-02-02	22-02-02	23-02-02	24-02-01	-	-	-

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

Ratings for Ferrari N.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

376 EUR

Average target price

399.2 EUR

Spread / Average Target

+6.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automobiles & Multi Utility Vehicles

	1st Jan change	Capi.
BYD COMPANY LIMITED	+3.82%	88.32B
STELLANTIS N.V.	-0.45%	84.06B
PORSCHE AG	+3.90%	80B
MARUTI SUZUKI INDIA LTD	+23.02%	47.71B
KIA CORPORATION	+14.10%	33.01B
SAIC MOTOR CORPORATION LIMITED	+7.98%	23.19B
CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED	-12.18%	17.76B
FORD OTOMOTIV SANAYI	+56.59%	12.52B
GUANGZHOU AUTOMOBILE GROUP CO., LTD.	-6.34%	10.31B

Automobiles & Multi Utility Vehicles