Ferretti SpA "1Q26 Results: A new chapter, but geopolitics weighs on..."

Research evidence excerpt

Ferretti SpA "1Q26 Results: A new chapter, but geopolitics weighs on..."

Global Research

20 May 2026ab

Ferretti SpA Equities

Italy1Q26 Results: A new chapter, but geopolitics

weighs on near-term momentum Shipbuilding

12-month rating Buy

12m price target €3.70New CEO is focussed on improvement momentum, but short-term momentum

challenging Prior : €4.35

Newly appointed CEO Mr Anastassov presented Ferretti’s 1Q results and his initial views Price (19 May 2026) €3.08

on the business. In the near term, a volatile macro and geopolitical backdrop is clearly RIC: YACHT.MI BBG: YACHT IM

weighing on customer decision-making, with the order book down 34% YoY, albeit

against tough comps. With governance uncertainty largely resolved, this marks the start Trading data and key metrics

of a new chapter for Ferretti, though without a change in control after Weichai secured 52-wk range €4.21-2.62

52% of the votes at the AGM last week. Mr Anastassov highlighted a focus on Market cap. €1.04b/US$1.21b

improving conversion rates and strengthening the order book, while ensuring growth Shares o/s 338m (ORD)

remains profitable, with potential for M&A also under consideration. While visibility on a Free float 39%

demand recovery remains limited, and we acknowledge that order intake may continue Avg. daily volume ('000) 792

to weigh on the shares in the very near term, we see significant upside potential on a 12- Avg. daily value (m) €3.1

month view, particularly post a 25% fall in the share price in the last 4 weeks. This is Common s/h equity (12/26E) €0.99b

despite factoring in an increased overhang risk from the second largest shareholder, P/BV (12/26E) 1.0x

KKCG, following its unsuccessful attempt to gain board control, and a cut to our base Net debt to EBITDA (12/26E) NM