Ferrari NV Early look at the quarter : solid execution

研报英文原文证据摘录

Ferrari NV Early look at the quarter : solid execution

Jose M Asumendi AC Europe Equity Research

(44-20) 7742-5315 25 June 2026 J P M O R G A N

jose.m.asumendi@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We have a great deal of confidence in management’s ability to

execute on its long-term plan given ample evidence that demand

currently far outstrips supply. Higher profits from increased

sports car sales form one of the key pillars of increased earnings

in our model. While there is likely to be a level of deliveries

beyond which expansion would harm exclusivity (and therefore

pricing and profits), we estimate it lies significantly in excess of

the company’s current ~14K per annum amount (perhaps as

many as 20K or 25K vehicles over the long term), and, at any

YTD 1m 3m 12m rate, we see plentiful opportunity to drive earnings from

Abs -3.5% 2.0% 10.1% -22.9% continued price and mix gains, including personalisation. We do

Company Data not view emissions regulations as a significant inhibiting factor

Shares O/S (mn) 178 over any reasonably foreseeable timeframe and are increasingly

52-week range (€) 447.50-269.00 confident the company will be highly relevant in battery electric

Market cap ($ mn) 62,349.77 sports cars. We also estimate the company benefits from CEO

Exchange rate 0.88

Free float (%) 59.3% Benedetto Vigna’s leadership style, which has challenged the

3M ADV (mn) 0.60 company to capitalise on collaboration to increase the speed at

3M ADV ($ mn) 202.7 which it embraces innovation. An imminent Supercar launch

Volatility (90 Day) 37

Index - may also have the potential to turbocharge profits.

BBG ANR (Buy | Hold | Sell) -

Valuation

Key Metrics (FYE Dec) We value Ferrari on an EV/Ebitda multiple based on historical