The sports car manufacturer achieves a record return and raises its annual forecast − share price jumps
bl Milan
The share price of the Italian sports car manufacturer Ferrari reacted to the publication of the half-year figures with a significant jump in price. After new record results, the “most expensive” Italian company raised its annual forecast. Instead of sales of more than 6.4 billion euros, more than 6.55 billion euros are now forecast. The operating margin (EBIT) is expected to reach more than 27.5% (previously: more than 27%). The free industrial cash flow is now targeted at more than 950 million euros (instead of previously more than 900 million euros).
With a limited increase in sales of 1% to 7,044 units in the half-year, sales increased by 14% to 3.3 billion euros. With an EBIT margin of 28.9 (previous year: 28.3)%, Ferrari was just ahead of the Audi subsidiary Lamborghini, which achieved 28.2% in the same period. Lamborghini sold 5,558 units in the first half of the year and achieved sales of 1.6 (plus 14%) billion euros. In the fourth quarter, Ferrari achieved a margin of 29.9 (29.7)%, putting it at the top worldwide. The company cites a positive sales mix with a high proportion of customized vehicles as the main reason for the positive development. In addition to the Roma Spider and 296 GTS models, the new SUV Purosangue also made a significant contribution to sales for the first time. Regionally, the main impetus came from sales to North and South America, which grew by 8% to 1,978 units. However, the most important market remains the Europe/Middle East region with sales of 3,228 vehicles (plus 2%). Sales to China fell significantly.
Positive mix
In June, Ferrari opened the new building for the production of electric vehicles and their most important components. The four hybrid models already account for 48% of sales. The first fully electric vehicle is scheduled to come onto the market in 2025. About a month ago, the fifth tranche of a share buyback program was launched: it has a volume of 250 million euros.
Both Ferrari and the Audi subsidiary Lamborghini are optimistic about the future. The order books of both companies cover the next 1.5 to 2 years. Ferrari is valued on the stock market more like a luxury goods company than a car manufacturer. With a capitalization of 77.7 billion euros, the Maranello-based company is far ahead of its competitor Porsche, which is 20 times larger in terms of unit sales and has a value of 31.6 billion euros. The largest Ferrari shareholder, with a share of 24.65%, is the listed holding company Exor, owned by the former Fiat owner family Elkann/Agnelli.
Maserati is lagging behind
At the national level, Ferrari is also clearly outperforming the Stellantis subsidiary Maserati. Its sales fell from 15,300 units in the previous year to 6,500 in the first half of the year. Sales eroded to just 631 million euros (previous year: 1.3 billion). Maserati posted a negative “return” of 13%, after a margin of 9.2% in the same period last year.
Stellantis has just denied persistent rumors that it wants to separate from Maserati or bring it under Ferrari’s control. The company is in a “transition phase.” Recently, production of several models has ended. The launch of several new vehicles has been postponed.
