Ferretti (AO) | Hold | Strong profitability in Q1. Challenging guidance for FY26

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Ferretti (AO) | Hold | Strong profitability in Q1. Challenging guidance for FY26

Ferretti Hold | Target Price: EUR4.10

Company description Management

With EUR1.2bn of sales in 2025, Ferretti is a global leader in the yacht market Tan Ning, Chairman

above nine metres (17% share) and among the top players in the superyacht Stassi Anastassov, CEO

segment. It owns a portfolio of seven renowned and complementary brands, Marco Zammarchi, CFO

including Riva, distributed via an in-house sales team and dealers/brokers. It Key shareholders

aims to increase its focus on 30m+ vessels (c. 55% of 2025 turnover) and to Free float 21.90%

expand its offering in ancillary activities. Ferretti was IPOed in Hong Kong in FIH (Weichai) 39.50%

March 2022 and in Milan in June 2023. KKCG (K. Komárek) 23.20% Bader Nasser Al-Kharafi 5.00%

Investment case Valuation methodology

The seven brands in Ferretti’s portfolio allow the company to We value Ferretti using a DCF model (WACC 10.8%, g 2.5%).

virtually cover the entire reference market in terms of yacht size, The most appropriate peer group is listed yacht makers, i.e.

performance, and style (i.e. highly diversified). This generates TISG and Sanlorenzo, with the latter being the closest.

relevant cross-selling opportunities, apart from industrial We would exclude extremes from the peer spectrum: boat mass

synergies and cost efficiencies. market (e.g. Beneteau) on the one hand, and luxury on the

Ferretti, which in 2025 generated nearly 40% of its revenues other.

from under-30m yachts, has been trying to shift its mix Risks to our rating

increasingly towards made-to-measure yachts and superyachts, Ferretti's main risk is represented by the cyclical nature of its

which offer greater visibility, higher resilience to macro reference market.