Ferrari Group (AO) | Buy | Q1 26 preview: we expect a good start to the year

研报英文原文证据摘录

Ferrari Group (AO) | Buy | Q1 26 preview: we expect a good start to the year

Ferrari Group Buy | Target Price: EUR12.50

Company description Management

Founded in 1959, Ferrari Group is a global provider of logistics and security Nigel Richard Paxman, Chairman

services for high-value goods such as jewellery and watches, operating through a Marco Deiana, CEO

network spanning over 60 countries. Its asset-light model combines international Alessandro Nicolo' Ugo, CFO

freight forwarding, customs brokerage and warehousing for leading luxury

brands, leveraging strong client relationships and decades of expertise. The Key shareholders

company was IPOed in early 2025 and is still majority owned by the founding Free float 28.64% Deiana Holding Ltd. 71.36%

family.

Investment case Valuation methodology

Founded in 1959, Ferrari Group has rapidly emerged as a global We value Ferrari Group using a DCF model (9.0% WACC, 3.0% g).

leading provider of logistics and security services for hard luxury Ferrari Group has no pure peers listed.

players. Freight forwarders are the most similar listed companies. Non-

It operates an extremely lean and flexible business model, luxury secure specialists (focus on cash management) are

relying on third-party providers for air shipments, and is fully further away.

exposed to a structurally growing and little cyclical industry. Risks to our rating

Its reference market is a niche, unlikely to attract new entrants Lower circulation of hard luxury goods due to factors such as

or the large freight forwarders. trade wars, pandemics, or customs restrictions.

Catalysts The company is unable to pass cost inflation on to its customers.

Ferrari has the opportunity to consolidate its fragmented Hiccups in the ongoing digital transformation journey.