Ferrari F80
Ferrari
Ferrari shareholders’ nerves must be jangling. Despite the company’s relentless success in building profits, the share price has been under pressure. After the Italian luxury supercar maker announced its first-quarter results, a barely perceptible pessimistic tone from management set off selling, with the shares diving 4% after an initial 1% rise. The shares have since rallied when the healthy long-term outlook was established.
Benedetto Vigna, chief executive officer of Ferrari NV. Photographer: Naina Helén Jåma/Bloomberg
© 2025 Bloomberg Finance LP
But watch out for another attack of nerves later this month, when Ferrari launches its first electric sports car, yours if you’ve got nearly $600,000. Will there really be a market for a Ferrari that doesn’t announce itself with a roaring, screaming V-12 concerto?
Germany’s Berenberg Bank thinks it will be a success, of which more later.
Ferrari announced Monday that earnings before interest, taxes. depreciation and amortization (EBITDA) rose 4% to €722 million ($849 million) in the first quarter. Revenue increased 3% to €1.85 billion ($2.17 billion). Ferrari said profits were boosted by higher demand for personalization and sales of higher-priced machines like the F80. Deliveries fell 4.4% to 3,436 because of model changeovers.
“With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance,” CEO Benedetto Vigna said. Earlier this year, Ferrari said it expected EBITDA of at least €2.93 billion ($3.44 billion) in 2026. That compares with $2.77 billion ($3.26 billion) in 2025.
Berenberg Bank said in a report entitled “Strong Q1; cadence shift causing whiplash” that investors misinterpreted management’s view that the second half would be more balanced, suggesting a weaker outcome.
“We still view the 2026 guidance as an achievable floor, with the company able to offset potential tariffs with price increases and manage temporary costs/disruptions with mix,” Berenberg Bank said.
“Regarding H2 versus H1, we believe the market has been overinflating the impact of F80 deliveries in 2026, and we suspect total F80 deliveries this year will be more limited than expected, preserving greater earnings power for 2027 and 2028. We remain bullish on the Ferrari business model and reiterate our Buy rating and €381 price target,” the bank said.
After Monday’s share price shenanigans, on Tuesday the shares gained almost 2-1/2% to close at €286.10.
Investment researcher Bernstein talked about exasperated investors confused by the company’s remarks after the bare numbers were published.
“So why did Ferrari reverse a 1% stock price gain on the publication of the figures to close down 4% after the call?” Bernstein asked.
This was because of concern second-half profit growth might be slower than the first half’s, while average selling prices might not be higher than in the first half, according to Bernstein.
This is reminiscent of the debacle last year. Ferrari shares lost almost a third of their value last October, when it provided profit estimates which investors interpreted as a signal the long-established era of super profits might be ending. Investors had become used to the company providing conservative estimates which it easily exceeded. But in October, the level of modesty was overdone and investors became nervous.
UBS said it retains its “Buy” recommendation on Ferrari shares, saying the 4% decline was overdone.
“In the current context, we believe Ferrari remains a unique defensive name with high exposure to high net-worth individuals, with strong visibility on volumes,” UBS said in a report
The conference call made these points, according to UBS
Berenberg Bank reassured investors there were positive signs for the upcoming launch of the Luce electric vehicle.
“Crucially, interest is coming from both existing “Ferraristi” and new customers, a meaningful data point that addresses one of the more persistent investor concerns: whether the brand’s first all-electric model will resonate with the core loyalist base. We view this early signal as encouraging and believe investor expectations for the Luce’s success are low,” the bank said.
此内容由惯性聚合(RSS阅读器)自动聚合整理，仅供阅读参考。 原文来自 — 版权归原作者所有。