119.23 0.00 (0.00%)
After hours: 4:19PM EDT
|Bid||117.28 x 800|
|Ask||0.00 x 900|
|Day's Range||118.92 - 120.57|
|52 Week Range||103.65 - 149.85|
|PE Ratio (TTM)||34.33|
|Earnings Date||Nov 5, 2018|
|Forward Dividend & Yield||0.85 (0.63%)|
|1y Target Est||137.51|
If you like wearing fancy hats and hobnobbing around the golf links while bidding millions of dollars for classic cars, you probably go to Pebble Beach, Calif. every August. One of the world's top car shows takes place on California's Monterey Peninsula every year, with rare classic cars on display, vintage races and record-setting top-shelf car auctions.
In a tweet, Tesla’s (TSLA) CEO, Elon Musk, surprised the market by revealing that he’s “considering taking Tesla private at $420. While Musk’s tweet initially fueled a rallied in Tesla stock, the gain didn’t last long. On August 7, after Musk revealed his intention to take Tesla private, Tesla stock reached the highest level since October 2017.
Last week, Ferrari stock (RACE) continued to tank for the fourth consecutive week. On August 10, the stock settled at $120.63 with a fall of ~3.4%.
Last week, Tesla (TSLA) stock continued to trade on a positive note for the second consecutive week despite continued weakness in other auto stocks. In the week that ended on August 10, TSLA rose 2.1%, extending its previous week’s 17.2% gain. TSLA ended the second quarter in positive territory with a 28.9% rise to become the top gainer among auto stocks in the quarter.
Last week, Fiat Chrysler Automobiles (FCAU) stock fell 4.6% to close at $16.14. In the last month, the stock has seen a 17.2% value erosion as of August 13. The stock fell ~12% on July 25 when it reported its second-quarter results.
Public to private companies do exist. We’ve seen it before, most notably with Dell and founder Michael Dell. The conversion comes up as CEO Elon Musk now talks about taking Tesla (NASDAQ:TSLA) private. There are less regulations and scrutiny for private companies, while more potential reward for those who get in on the deal.
The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. Index (PMI) data, output in the Consumer Goods sector is rising.
Next week more than 20,000 car enthusiasts will trek to Pebble Beach, Calif., the Pacific peninsula 90 minutes south of Silicon Valley, for one of the most important classic car shows on earth, the Pebble Beach Concours d’Elegance. There will be an aurora-blue 1967 Ferrari 330 GTC Speciale, expected to sell at auction for $3.3 million to $3.8 million, and a 1963 Aston Martin DP 215 Grand Touring Competition Prototype, listed for $18 million to $22 million. Total auction sales from the likes of Bonhams, Gooding & Co., and RM Sotheby’s are expected to bring in $342 million this year, up 4 percent from 2017 and the highest since a record $428 million in 2014, according to Hagerty predictions.
If you have the means, we highly recommend you consider picking up this replica Ferrari GT Spyder California that had a starring role in 1986 film "Ferris Bueller's Day Off." Granted, Ferris Bueller (played by Matthew Broderick) and his friend Cameron Frye (played by Alan Ruck) ended up completely destroying the car in the movie – don't worry, this wasn't the one that went careening backwards out of a garage. This car, one of three built for the film, is fully restored and is in complete working order, according to Mecum Auctions. Set to go under the auction hammer later this month during Monterey Car Week, the 'Ferris Bueller Ferrari' is a cinematic and photogenic gem, despite the fact that, ahem, it's not an actual classic Ferrari.
Xtreme Xperience lets drivers pay a few hundred dollars to ride top-of-the line sports cars around a track, at top speeds. After signing a couple of waivers, drivers can get behind the wheel of a Lamborghini, Porsche, and a few other models. While you can't take the Ferrari, Lamborghini or Porsche home with you, for just a few hundred dollars you can take one for a spin — and a high-speed one at that.
Last week, which ended on August 3, Ferrari stock (RACE) continued to trade on a negative note for the third consecutive week. On August 3, the stock settled at $124.84, a 5.1% weekly loss. There was a sell-off in the stock after its second-quarter earnings conference call on August 1. The stock plunged 11% during that session.
According to the latest consensus data compiled by Reuters, 55% of analysts covering Ferrari (RACE) stock have given it a “buy” recommendation. Another 36% have recommended a “hold.” One analyst (or 9%) expects the stock to underperform the market and has given it a “sell” rating.
Last week, Tesla stock (TSLA) turned positive after falling 5.2% the previous week. On August 3, the stock settled at $348.17 with an impressive 17.2% weekly gain. It ended the second quarter in positive territory with a rise of 28.9% to become the top gainer among auto stocks for the quarter.
As of August 3, Ferrari’s (RACE) forward EV-to-EBITDA multiple was 18.1x. That’s based on the company’s estimated EBITDA for the next 12 months. About three months ago, the multiple was higher at 20.1x.
Last week, which ended on August 3, Fiat Chrysler stock (FCAU) was unchanged from its previous week’s closing price of $16.91 when it plunged 12.5% after its second-quarter results. The company revised its 2018 outlook downward during its earnings event, as did peers (IYK) General Motors (GM) and Ford (F). We looked at those automakers in the previous two parts of this series. FCAU now expects its 2018 adjusted EBIT to be 7.5 billion–8 billion euros, down from its original guidance of 8.7 billion euros.
Now let’s review Ferrari’s progress toward its 2018 guidance and its long-term business plan. During Ferrari’s second-quarter earnings conference call, its newly appointed CEO Louis Camilleri said the targets of former CEO Sergio Marchionne’s 2022 business plan were aspirational. Earlier this year, Ferrari’s management gave guidance to ship more than 9,000 car units globally, which is 7.2% higher than 8,398 units in 2017.
The auto industry has had its ups and downs lately, which has made it a bumpy run for automobile stocks so far in 2018. More recently, tariff concerns on auto parts and vehicles have made life less enjoyable in the C-suites for many auto companies. Some automobile stocks will continue to be buys right now, while others are struggling but look like good long-term picks.
In the second quarter, Ferrari (RACE) reported a 7% YoY (year-over-year) rise in its adjusted EBITDA to 290 million euros (or $336 million). Similarly, Ferrari’s second-quarter adjusted EBIT margin rose to 23.9% from 21.9% in the second quarter of 2017. Continued growth in Ferrari’s shipments and a rise in sponsorship revenues were key factors for RACE’s improved profit margins in the second quarter.
In the previous part of this series, we looked at some key factors that drove Ferrari’s (RACE) second-quarter shipments in Europe, including Germany, France, and Italy, its home country. In the EMEA (Europe, the Middle East, and Africa) segment, the United Kingdom is Ferrari’s largest single market. Let’s see how the company performed there in the second quarter before we look at its Asia-Pacific performance.
In the second quarter, Ferrari (RACE) reported shipments of 1,073 car units to its EMEA (Europe, the Middle East, and Africa) region. That was 7% higher than 1,001 units in the second quarter of 2017. In the previous quarter, the company also reported a 7% YoY (year-over-year) rise in its EMEA market shipments at 1,103 units.
This summer has been an emotional one for Ferrari and its devotees. Sergio Marchionne, the much-beloved Ferrari NV boss who boosted the brand’s value by spinning it off from Fiat Chrysler Automobiles NV and doubled profit in just four years, died on July 25. It’s the replacement to the humble California T, which debuted 10 years ago and has since become Ferrari’s all-time best-seller.